Tag: Haiku Land
Maui Real Estate Blog
Big Ocean View Land Opportunities in Haiku
A quiet country road that wanders towards the ocean. Cooling trade winds. Swaying palm trees. Vibrant greens and the vivid blues of the ocean along Maui’s North shore. If this sounds like a place that you would like to call home, 300 Mehana Road offers two separate opportunities for those that want to build their dream home or cottage on Maui. The state recently approved plans to drill a well to serve the parcel, making these two CPR properties a great places to create your own personal paradise.
300 Mehana Road is located in the community of Haiku on Maui’s North Shore. This quiet town is located on the windward side of the island. Mehana Road is a small private road on the ocean side of Hana Highway. It is about 10 minutes away from a grocery store, restaurants, food trucks, the post office and fitness centers at the Haiku Cannery. It is about 15 minutes from Paia town. Ho’okipa Beach Park is ten minutes away. The airport is roughly half an hour away.
300 Mehana Road Unit A
Unit A consists of 3.88 acres of gently sloped agriculturally zoned land. This unit is designated for the construction of the main house on the property. There is plenty of space for your building site with lots of room left over for gardens or orchards or you can expand upon the existing grove of Coconuts. The property is just one lot back from Uaoa Bay. You don’t just see the ocean, you can smell it and hear it too.
300 Mehana Road Unit B
Unit B has entitlements to build a 1,000 square foot accessory farm dwelling (cottage), This unit includes 4.22 acres of gently sloped land. As with unit A, it offers big ocean views and Haleakala views. There is a grove of guava trees and plenty of space to plant your own orchard, gardens and more. There is even an ag storage shed included in the sale for you to keep all your farm and garden tools.
Electric and high speed internet both run to the edge of the property. A buyer will be responsible for bringing those utilities to the building sites. There are two options for water. Many homes in the Haiku area rely on water catchment. Water is caught off a metal roof, stored in a catchment tank and then filtered prior to consumption. The seller also recently obtained approvals from the state for a well. The buyers of the units would be responsible for installation costs of the well.
Contact The Maui Real Estate Team
Unit A is offered for sale for $985,000. Check out the 300 Mehana Unit A listing page for additional photos. Unit B is offered for $895,000. Check out the Unit B listing page for additional photos. If you want the opportunity to build both a house and a cottage and just over 8 acres of land in total, you can of course buy both! Contact The Maui Real Estate Team with questions or to arrange a tour of the two listings.
Maui Real Estate Blog
Kauhikoa Farms CPR Lot
We just brought a new listing to market in the Kauhikoa Farms subdivision in Haiku. This is the main house portion of CPR land. The land consists of roughly 1.3 usable acres. The lot offers ocean and mountain views. It is partially fenced. There is electricity adjacent to the property. Water for the property will be provided via a private water system. This is a great option for those that are thinking of building a house in Haiku.
Kauhikoa Farms is the newest subdivision in Haiku. It is located within a short distance of Haiku town. Haiku Town includes a fitness center, yoga studio, shops and restaurants such as Nuka and Colleen’s. The neighborhood is less than ten minutes from the world renowned Ho’okipa Beach Park and fifteen minutes from Paia Town.
This listing is offered for $378,500. This property sold! Contact The Maui Real Estate Team for assistance with other Maui Land Listings.
Maui Real Estate Blog
Haiku Acreage Near Jaws
Last week, we brought a great new land listing to the market in the North Shore Community of Haiku. This 17 acre parcel of land is located on the ocean side of Hana Highway just a short distance from the world renowned, big wave surf break Jaws. The lot includes two installed county water meters, substantial Hana Highway frontage and a perfect building site tucked away from the rest of the property. The building site offers beautiful ocean and East Molokai views and a preferred Northwestern orientation. The acreage makes the property a good fit for someone looking for an equestrian property or an agricultural operation. The views, location and the privacy make it well suited for someone looking for an estate.
The property is roughly 15 minutes from Paia town and ten minutes from Ho’okipa Beach Park. With good restaurants, good yoga studios and a new grocery store coming to Haiku, you don’t even have to venture that far for nice amenities. This property is offered for $1,195,000. Check out the 4505 Hana Highway listing page for additional photos and details. You can contact The Maui Real Estate Team with questions or to arrange a viewing of the property.
Maui Real Estate Blog
Two Building Lot Opportunities in Haiku
We recently listed Apartment A and Apartment B of a condominiumized agricultural lot in Haiku. Typically an agricultural lot allows for the construction of a primary residence and an accessory farm dwelling (a cottage) with up to 1,000 square feet of living space. The sellers split the two acre lot via the CPR process or what is known as condominiumization. The end result is two “apartments”. Apartment A consists of 1.3 acres and the rights to build a primary residence . This lot has approved building plans already in place for a three bedroom, two bath, Hawaiian Plantation Style home. A new owner could literally start construction within days of closing. Apartment B consists of .7 acres of land with the potential to build an accessory farm dwelling with two beds, two baths and 1,000 square feet of living space.
These lots are located in the Peahi Hui subdivision. The subdivision consists of 16 full (not condominiumized) agriculturally zoned lots between 2 and 4 acres in size. Peahi Hui has convenient access to Hana Highway. It is roughly 10 minutes to the world renowned Ho’okipa Beach Park and 15 minutes from Paia Town. It is just over 5 minutes from Haiku amenities like Colleens and Nuka Restaurants, Haiku Grocery, a fitness center and yoga studio.
These condo lots represent a good opportunity for Haiku buyers looking for new construction. You can choose the finishing and details to your specifications. Apartment A is offered for sale for $258,500. Apartment B is offered for $358,500. Check out the listing pages for Apartment A and Apartment B for additional photos, maps and details. Contact The Maui Real Estate Team if you have questions on the properties, condominiumized land or to arrange a showing of the lots.
Maui Real Estate Blog
Haiku Off The Grid Lot
People have been living off the grid in Maui for decades. In rural parts of our island, electrical and water infrastructure can be limited. That means people may need to use catchment systems to capture their water supply and photovoltaic panels to generate power. While off the grid living may be the norm for some island residents, it is something that is getting more and more discussion and interest from the general public. PV systems have become more advanced and less expensive to install. We are also appear to be on the cusp of seeing some exciting advances in home energy storage. On a recent investor call, Elon Musk announced that Tesla will be entering the home energy storage market. Tesla batteries are supposed to start production in as soon as six months.
With off the grid becoming more accessible, it is a particularly exciting time to bring an off the grid land listing to market. This lot in Haiku is .7 acres of flat and usable land. The ocean views from the building site are truly stunning.
The lot is located near the end of a quiet country road. It overlooks Opana Gulch. Opana stream runs through the gulch and can sometimes be heard from the lot. Looking across the gulch, there is nothing but forest views extending up towards the Koolau gap of Haleakala. This is truly a place of quiet that brings you back to nature.
Opana Gulch includes areas of Bamboo Forest.
Opana Stream running through the gulch near the property.
There is nothing but forest land when you get to the end of the road. This is a view from off the property looking up Opana Gulch towards the Koolau Gap on Haleakala.
This Haiku off the grid lot is listed for $357,500. This property sold in 2015. Contact The Maui Real Estate Team for assistance with other Haiku land listings.
Maui Real Estate Blog
Haiku 2013 Midyear Real Estate Market Update
While we have taken a look at the overall Maui Midyear Maui Real Estate Statistics, I wanted to hone in on some of the individual communities across the island. We are going to start with the North Shore community of Haiku. Haiku encompasses a broad geographic area along the Northern slope of Haleakala Volcano. It ranges in elevation from a few dozen feet above sea level all the way to almost 1,400 feet above the Pacific. While known to receive more rainfall than most parts of the island, there are a pretty wide variety of micro climates. Some areas receive approximately 40 inches of rain a year and while other areas of true rainforest receive over 100 inches of rain a year. The area’s agricultural roots still have an impact on local real estate. Many of the properties are agriculturally zoned meaning they are on lots of two acres or greater. The community is popular with residents due to a variety of factors including the sense of community, natural beauty, tropical climate, bohemian vibe and access to wind and water sports. Those same reasons also attract some second home owners.
The first half of 2013 proved to be strong for Haiku Property Sales. There were both increases in the number of homes sold and land sold when compared to the first half of 2012. That being said, there are some interesting dynamics when you drill down into various price points of the Haiku Real Estate Market. In this update, I will provide specific numbers on median and sales volumes, point at a few additional numbers that I thought were noteworthy, give my take on the numbers and the state of the Haiku Real Estate market and give some additional thoughts on what we may expect to see in the second half of 2013.
During the first six months of 2013, there were 44 homes sold in Haiku with a median sales price of $588,975. During the first half of 2012, there were 33 homes sold with a median price of $620,000. That calculates to a 33% increase in sales activity this year with median prices dipping approximately 5%.
There were 14 land sales reported during the first half of 2013 in Haiku with a median sales price of $454,500. During the first six months of 2012, there were 12 land sales in Haiku with a median price of $393,750. That is approximately a 17% bump in activity and approximately a 15% bump in median price.
Here were a few other numbers that were noteworthy from the first six months of Haiku Real Estate Sales:
- The high sale for a home was $1,600,000 for a 4,259 square foot home on approximately two acres of land. This house is situated on the ocean side of Hana Highway.
- That was one of 7 sales over $1,000,000 in Haiku during the first six months of the year. That is a modest increase in sales activity over last year when there were 5 sales over $1,000,000.
- The lowest sales price for a home was $150,000 for a serious fixer upper out in the Huelo area of Haiku.
- The highest priced land sale for the first six months of the year was $1,000,000 for 2 acres on the ocean in Western Haiku.
- There were 6 bank owned or REO sales that closed in the first six months of 2013. There were 3 REO that closed in the first six months of 2012. This makes Haiku something of an anomaly as most areas of the island showed a sharp drop in foreclosure transactions. I would not take this as a harbinger of things to come in the second half of 2013.
- There were four short sales that closed in the first six months of 2013.
The Haiku market saw some clear signs of improvement during the first six months of 2013. The 33% increase in home sales was strong. While median price decreased, that is a reflection of the distribution of sales rather than a decrease in values. Homes priced below $1,000,000 generally saw pretty clear appreciation. The increase in land sales volume was not quite as robust, but I think some of that may stem from a lack of inventory that fit buyer demand. I will delve into my thoughts on that a little later in the blog post. While there was improvement in the market, it would be a stretch to say all elements of the Haiku market improved. The chart below shows the distribution of sales by price point.
The biggest bump in sales activity occurred at or near the median price points of the market. The lower price ranges saw a little bit of improvement. If there were more inventory at the low end of the Haiku market, I think it is safe to say it would have sold. The high end of the Haiku market is another story altogether. There was a modest increase in sales over $1,000,000 with seven sales reported vs. the five last year. That being said, there is lots of inventory that has yet to be absorbed on the high end.
This chart gives a sense of the abundance of high end inventory on the market in Haiku. Once you get above $1,000,000, there is lots of red representing active listings. There are a handful of blue bars representing sales in the first half of the year and there is just one green bar representing the lone pending sale. This should limit the potential for any appreciation in the near future at the high end of the market. The middle of the market has fairly limited inventory between $500,000-$1,000,000. Most price points are under six months of inventory. This has led to modest appreciation in values in these price ranges. When you get below $500,000, the pickings are particularly slim. There are properties under contract, but nothing active. When properties do come on the market, they tend to go very quickly if they are priced well. This is the segment of the market that has seen the most appreciation. I will provides some thoughts on the outlook for the rest of the year a little later in our video portion of the blog.
Shifting to the Haiku land market, the chart below shows a comparison of the distribution of sales by price point between the first half of 2012 and 2013.
This chart didn’t provide me with any great revelations. The pool of land for sale in Haiku is pretty heterogeneous. Value is driven by acreage, views, location, the presence or absence of infrastructure and utilities, micro-climates and exposure to the elements. Due to those factors, the shift in distribution of sales can be just as much a factor of the variability of properties sold as it is a shift in market dynamics. That being said, I can say I have seen anecdotal signs of a market shift. Land sales in Haiku started to pick up in the second half of 2012. Buyers were drawn to the land market as home inventory started to shrink. Two acre lots with infrastructure and ocean views have been in particular demand. As supplies shrink, we have seen some price increases. At this time last year, a two acre lot with water and ocean views started around the low to mid $300,000s. Most of these properties are now starting in the $400,000s.
While the chart with the comparison of 2012 and 2013 sales didn’t show much, the chart below offers a little more insight into the current market. This chart compares the active inventory, the properties that are pending and the properties that sold in the first six months of 2013.
There are two things that stand out in this chart. The first is the big number of pending sales in the $300,000-$400,000 range. Almost all of these are from the Peahi Hui subdivision. This is a new agricultural subdivision boasting views and all utilities. It never officially went on the MLS and sold out within a couple of weeks of being announced in the real estate community. The lots were priced at or below recent comparable sales and buyer demand was strong. The second thing that stands out in the chart is the abundance of active inventory above $1,000,000 with only one recent sale in that range and no pending properties. It is setting up as a tale of two markets with upward price pressure near the top of the market and downward price pressure on many of these higher end Haiku land listings.
Now that you have a little better sense of what happened in the first half of the year and how things look currently, I wanted to give a few thoughts on what we may see the rest of the year in the Haiku Real Estate market via this video commentary.
Just a quick note on the video above, there was one home listing below $500,000 that came back on the market after I completed filming. If you have any questions about Haiku property, don’t hesitate to contact the Maui Real Estate Team. We would welcome the opportunity to discuss the market and your real estate needs. You can also search the current inventory of Haiku Real Estate listings on MauiRealEstate.com.