Maui Real Estate Blog
Maui Real Estate Market Weekly Update August 28, 2020
New pending sales for the seven day period between August 19th and 25th remained similar to the week prior. Closed transactions jumped back up closer to normals after a quiet previous seven days. New listings are up this week led once again by more new condo inventory. Find out more details on the numbers below.
New Pending Sales
Maui Realtors reported 54 new pending sales over the seven day period between August 19th and August 25th. That is a modest 4% increase in activity over the week prior. That is 5% less activity than the same seven day period of 2019.
Notable Numbers from This Week’s Pending Sales
- The 54 new pending sales include 27 homes, 22 condos and 5 lots.
- While condo sales outpaced pending home sales for about a four week period in July and early August, pending home sales outnumbered condos over the last two weeks. Buyer preference for homes remains higher overall during Covid-19. This mirrors trends in other markets across the country albeit for different reasons. On the mainland a desire for less density and more yard space is hurting the condo market. On Maui, decreased demand for vacation rental condos is hindering condo sales volumes.
- The 22 condo pending sales include 11 listings in vacation rental friendly condos. Two of the other listings are resort area condos that prohibit vacation rentals.
- The five pending lot sales are a slight bump over last week but below the weekly numbers in much of July and the first half of August.
- Maui Realtors reported four new pending home sales on properties listed for more than $2,000,000. One of the new pending sales is for a home in Makena listed for $11,750,000.
This Week’s Closed Transactions
Maui Realtors reported 54 sales over the seven day period between August 19th and August 25th. This is a 46% increase over the closed transactions for the week prior. As mentioned in the opening paragraph, the big increase over the week prior is a reflection of a quieter period between August 12th and 18th and more of a return to normal rather than a bug uptick in sales. The 54 sales is 4% above the same seven day period of 2019.
This Week’s New Listings
There is one thing to note about this week’s new listings. There were a few agents with a significant number of listings who switched brokerages between the 19th and the 25th. When agents switch brokerages, they cancel their listings under the old brokerage and relist under the new brokerage. This leads to an inflated number of “new” listings. I filtered this weeks new listing numbers to make sure I was only counting listings that were truly new to market.
With that caveat out of the way, Maui Realtors reported 89 new listings this week. That is the highest number to date for any week in the chart above. That is 11% higher than the number of new listings for the week prior. It is an impressive 71% higher than the same seven day period of 2019.
Once again, the condo market saw the highest number of new listings with 57 units coming to market. With only 22 condos going under contract over this week, the active condo inventory continues to increase. Many of the condos coming to market are vacation rentals. With no income to offset monthly overhead, some owners are feeling enough pain to go to market.
The higher inventory and motivated sellers are translating to price adjustments and decreases in value. This isn’t true of all vacation rental condo developments. Some with limited inventory are holding value. That said, anecdotally it seems like the number of developments with declining values is increasing. I may need to do a deeper dive into this market over the coming weeks.
The other market that seems to be seeing some downward price pressure is the entry level condo market in Kihei. A lot of owners and tenants in these developments work in the tourism industry. With tourism still shut down and no clear time frame to reopen, this is another area where sellers are experiencing some pain.
Maui Realtors brought 24 homes to market between the 19th and the 25th. That is less than the 27 homes that went under contract. This continues the trend of shrinking inventory for single family homes. The decrease in inventory is sustaining to potentially increasing home values on island.
Maui Realtors listed seven lots between the 19th and the 25th of August. That is a little more than the five lots that went under contract. The recent trend has been towards a slight decrease in inventory. The inventory levels are sustaining current pricing for lots on Maui.
Contact The Maui Real Estate Team
Overall market activity on island remains pretty resilient when you consider the state of the world and the current shape of the Maui economy. Contact The Maui Real Estate Team if you are considering dipping your toes in the waters of the Maui Real Estate market. We look forward to learning more about your needs, and providing guidance on market conditions specific to your needs.
Maui Real Estate Blog
Weekly Maui Real Estate Update May 16
It’s that time of the week when I check in on the Maui Real Estate market during the age of Covid-19. We continue to see some promising signs as pending sales activity increases. On the other end of the spectrum, this week’s closed sales numbers are the lowest yet since the pandemic began. Low pending sales in late March in early April left their mark are impacting current closings.
Maui Realtors reported 39 new pending sales over a seven day period between March 6th and 12th. That is an 8% increase over the previous week and the fourth straight weekly increase in pending sales. It is only 5% below the same week of 2019. While that number looks pretty remarkable all things considered, context is key. The 41 sales from the same week last year appear to be a comparatively slow week for activity in the spring of 2019. The weeks before and after included 62 pending sales and 60 pending sales respectively. While we are seeing positive signs with the increase of activity, buyer activity has yet to rebound like some mainland markets.
Inside This Week’s Pending Sales
- The 39 pending sales from the last week include 21 pending home sales, 14 pending condo sales and 4 new lot pendings.
- This marks seven of eight weeks that pending home sales outpaced pending condo sales.
- The composition of condo sales shifted this week. This is the first time that non-vacation rental condo pendings outpaced vacation rental pendings.
- The four land pending sales is the highest weekly total since early March.
This Week’s Closed Transactions
Maui Realtors reported 27 closed transactions over a seven day period between May 6th and 12th. That is down 25% from last week and 58% from the same seven day period of last year. Many pre-covid contracts closed already and the bulk of the sales stem from transactions during the pandemic. Closed sales are a lagging indicator of market demand.A lot of these transactions that are closing were from the weeks of really slow activity in late March and Early April.
The closed transactions include 12 home sales, 14 condo sales and 1 land sale. The one other thing that I thought was notable from the closings was the comparatively high number of luxury market sales. Fifteen percent of the transactions closed for more than $2,000,000.
A Quick look at The Big Picture
Maui and Hawaii in general effectively flattened the curve. We reported the last new case on island on Saturday. Only one patient remains hospitalized on Maui. These positive signs will allow the opening of additional business on the island. Hair and Nail salons are set to open May 22nd. Dine in restaurants open June 3rd. That said, social distancing will be in place for the foreseeable future. The governor is discouraging tourism through at least June. Determining a safe and effective plan for reopening the island’s for tourism remains a significant challenge.
It is likely that the lack of tourism will weigh on our real estate market, but the extent it will impact us remains a big unknown. At this time, inventory remains very low and prices appear to be stable.
Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We would welcome the chance to talk, Zoom or Facetime to discuss your real estate needs.
Maui Real Estate Blog
North Shore Paradise
Our listings past and present include quite a few beautiful properties. This new listing in Haiku certainly falls into the that category. The stunning main home went through a comprehensive remodel and the landscaping and grounds are truly stunning. However, this property is really distinguished by its fun quotient. It may well be the most fun property we have ever marketed. There are just so many things to keep you entertained on this two acre property. Its like owning your own mini resort just for the enjoyment of your family and friends.
The Main House
The four bedroom, three bathroom main home offers 2,570 square feet of luxurious, living space. The seller completed a comprehensive remodel of the home in 2016.
The screened front porch of the home was converted to a dramatic entry with a custom walnut door, built in desk, new coat closet and new light fixtures. Big windows provide views of the ocean and the beautiful landscaping around the property.
The remodel work extended to the living room. The sellers added new fixtures, a new built-in entertainment center and a new built-in hutch. A new split system A/C helps to cool the house on the warmest days.
The remodel work extended into the kitchen. The sellers installed a new farm sink and new Subzero, Thermador and Bosch Appliances. New Swarovski Crystal Pendants and a Custom 5,50 piece tile mosaic by Brian Lehto add to the aesthetic appeal.
The extensive remodel work extended into the master suite. The seller added a custom built-in tiger wood cabinet for clothing and a built-in zebra wood TV center. Other notable additions to the bedroom include a new walk in closet and split system a/c. The sellers added a double vanity and a new walk-in shower to the master bathroom. An outdoor meditation garden and outdoor lava rock shower were added just off the master bathroom.
Other notable remodel items for the main house include the following:
- New dark bamboo flooring throughout the home.
- A new back entry was added with a custom Walnut Door, a new laundry “closet” and a new organizer.
- New LED soffit lighting throughout the home.
- The home’s three other bedrooms received new fans and light fixtures.
- The sellers expanded the closet space of the two downstairs bedrooms and added built-ins.
- A new water filtration system that services the entire house.
- The sellers replaced the roof with a standing seam metal roof.
- The comprehensive remodel included a replacement of the septic system.
The Ohana and the Office
The remodel efforts extended to the detached two bedroom, one and a half bath ohana. The structure had pretty good bones with its high ceilings and tile floors. The sellers completely redid the kitchen, added new light fixtures, two new window a/c units, and they expanded the master bedroom to 300 square feet. The half bath has exterior access making it a good “pool bath” for the nearby pool area.
The sellers thoughtful touch extended to the office/studio space. The space received new lights and fixtures. An outside custom bar with seating was added to the exterior. They added a lanai area between the office and the ohana. New tile, a custom mosiac and turtle/ocean paintings by local artist Brian Lehto enhance this outdoor living space.
The Pool Area
The revamp and renovation of North Shore Paradise included the addition of a forty foot long, heated, saltwater pool. The pool has an attached spa and a combination waterfall,slide and rock jump feature. The pool area serves as a focal point for entertainment both day and night. There is a gazebo to escape the sun next to the pool. A larger pavilion area is big enough to accommodate plenty of friends and family for a meal. As the day cools to night and the stars begin to twinkle overhead, a poolside fire pit is another spot to gather with friends and family.
Pickleball, Chess and Fruit Picking
The fun doesn’t stop at the pool area. At this time, Pickleball is the fastest growing sport in America. It crossed the big blue of the Pacific and it can now be played among the verdant landscape of North Shore Paradise. A basketball hoop gives you the opportunity to hone your three pointers and free throw shooting.
An oversized outdoor chess board means that you can exercise your mind and your body at North Shore Paradise. Tucked next to the pool pavilion and surrounded on three sides by tropical landscaping, I can’t think of many better settings for a game of chess.
If you work up an appetite with all of your play, you can just meander through the property’s orchard to see if there is anything ripe to eat. There are over 20 varieties of fruit trees including citrus, avocado, lychee, macadamia nut, fig, banana, breadfruit, papaya, coffee and more. There is a small organic herb garden with room to add a vegetable garden. The edibles are just part of the beautiful landscaping on the property. Other highlights include a massive Banyan Tree, a majestic Royal Poinciana and a variety of tropical flowers.
Keeping it Green
North Shore Paradise has two large, net-metered, grid tied photovoltaic (solar) systems. There are 21 solar panels on the main house. An additional 41 panels are located on the ohana roof. The ohana panels power the ohana, office and pool. There are also solar hot water heaters on the house and the ohana. Collectively, the pv systems and the water heaters significantly reduce electric bills. Of course, they are also environmentally friendly.
Find out More…
North Shore Paradise is offered for $2,380,000. Find more photos and details on the 2423 Lilokoi Listing Page. Take a 3D tour of the main house to see the floor plan and more of the design details. You can also take a 3D tour of the cottage. Qualified buyers may contact the Maui Real Estate Team with questions or to arrange a private showing.
Maui Real Estate Blog
The Ultimate Maui Oceanfront Compound
The Maui Real Estate Team is proud to bring the Ultimate Maui Oceanfront Compound to market. The property is located in the heart of Spreckelsville just one property down from the beach access to Sugar Cove. Also known as Pa’ani Point, this gated estate consists of an acre of oceanfront land. With a main home and three cottages, the property provides a great space for hosting family and friends. People from all over the world come to the North Shore of Maui for its ocean sports. The ultimate Maui oceanfront compound has it all just offshore from the back yard. You can walk down the steps of the permitted sea wall to access surfing, windsurfing, foiling or stand up paddling. Kiteboarding is just a short distance away on Baldwin Beach.
The Sunset House
The main residence of the Maui Ultimate Oceanfront Compound is known as the Sunset House. It was originally built in 1926 with extensive remodels in 2002 and 2013. It has three bedrooms, a study and four bathrooms. The downstairs of the house is a finished basement with media room, office and the study currently used as a fourth bedroom. The total square footage for the house comes in at approximately 3,200 square feet. The long list of amenities includes a central a/c upstairs and split system a/c units downstairs, a recently remodeled kitchen with with shaker cabinets and Eco by Constantino countertops, a sunroom with stunning ocean views and an oversized outdoor lanai with custom pavers, dining table and hot tub. Want to see more? Take a 3D Tour of The Sunset House to see the interior and to get a better sense of the floor plan.
The Tree House
The Tree house is a two bedroom, one bath cottage with roughly 690 square feet of living space. The two story cottage has a massive lanai that is a great vantage point for watching the surf or the sunset. There is a studio/office with a full bath downstairs. This cottage has a substantial storage area, a workshop and lots of room for all of your ocean toys. There is bamboo flooring in the living and bedrooms with tile floors in the bathrooms. There is a two zone split system a/c unit that keeps the house cool on warm days. Take a 3D Tour of the Tree House to see the interior and the floor plan for this home.
The Palm Cottage
The Palm Cottage has one bedroom, one bathroom and a total of approximately 512 square feet of living space. The home has a single zone split a/c. There is a beautiful ocean view from the walk in shower. See the floor plan and the the interior of the Palm Cottage by taking a 3D Tour.
The Honeymooner lives up to its name. The studio unit with kitchenette is perched closest to the ocean of all of the structures on the property. The outside lanai is a great spot for taking in the surf, sunset or the reflection of the moonlight on the waves. A massive bay window gives great ocean views from inside the home. Take the Honeymooner 3D Tour to see more of this romantic oceanside cottage.
Other Features of the Ultimate Maui Oceanfront Compound
- The property has over 300 feet of ocean frontage protected by the aforementioned legal sea wall.
- A free standing laundry building
- The owners installed 18.3 Kilowatts of grid connected, net metered solar power. There is an EV charger that ensure your highway miles can be powered by the sun.
- Irrigation of the tropical landscaping is supported by a well.
- All Structures feature extended lifespan Presidential Roofing.
The Ultimate Maui Oceanfront Compound is offered for sale for $14,000,000. You can see more photos and details for the property at the Pa’ani Point listing page. Qualified buyers may contact the Maui Real Estate Team to discuss the property or to arrange an exclusive preview. Stay tuned to this blog for more content on this property. This post just scratches the surface of the many attributes of this oceanfront estate.
Maui Real Estate Blog
3035 Baldwin Avenue Details
“The details are not the details. They make the design.”-Charles Eames
Over the years, I have had the opportunity to look at a lot of properties throughout all corners of Maui. I have seen a number of beautiful homes. Some are distinguished for their views, some for their architecture, some for their setting and some for all of the above. 3035 Baldwin Avenue in Makawao is one that fits the all of the above category. That said, today I wanted to hone in on the details of the property. 3035 Baldwin is the type of home where you notice something new each time you visit. The photos below capture some of the details that you might miss on a quick visit.
The stainless steel circles in this railing are ubiquitous throughout the property. You see them at the front gate, you see them used for railings. They are used in the kitchen and bathrooms. The amazing thing is that the owner individually welded all of the circles together. There are over 2,000 on the property.
3035 Baldwin was part of the old Kaluanui Estate. An old cistern next to the main house was converted to a firepit. A great place to watch the sunset as day turns to night in Upcountry Maui and stars begin to blanket the skies.
Circles are a feature seen throughout the design of the house. This portal window reflects a trellis outside the master bedroom. The siding is also noteworthy. Rather than just using linear shakes on the exterior. The shakes are in a wave like pattern.
The circle theme carried over into this blue door down by the garage.
A sculpture outside the main home.
Jalousie or louvre windows are popular in tropical architecture. They can let in breezes while keeping out moisture. This home has oversized jalousies. The owner designed and built the mechanics to open and close these large jalousies. The end result is beautiful, durable and very functional.
The Japanese soaking tub outside the master suite uses as bamboo spigot that is turned on and off by a faucet made from a stack of river rocks.
These are just some of the eye catching design features around the home. Check out the youtube video below to see more details of the property.
This property is offered for $6,900,000. For a big picture view of the property, check out the Maui Haven Website. Qualified buyers may contact The Maui Real Estate Team to arrange an exclusive preview.
Maui Real Estate Blog
New York, Paris, London, Tokyo…Makawao?
There are so many attributes at 3035 Baldwin Avenue from the spectacular views, to the thoughtful design and construction, the privacy, the trails, the agriculture, the additional lot allocations etc. that it is easy to perhaps overlook one of the most outstanding features of all.
Situated at the epicenter of Maui, it is hard to find a more convenient location for a private estate on Maui.
- 2 minutes and .5 mile to Montessori of Maui
- 3 minutes and 1.2 miles to Makawao Elementary School
- 4 minutes and 1.5 miles to Makawao town
- 6 minutes and 2.4 miles to Seabury Hall
- 11 minutes and 5.4 miles to Haiku town
- 14 minutes and less than 5 miles to Makawao forest Mountain Biking
- 15 minutes and 6 miles to Paia town
- 17 minutes to Baldwin Beach Park
- 17 minutes and 7 miles to Hookipa Beach Park
- 18 minutes and 10.5 miles to Kahului Airport
- 36 minutes and 28.7 miles to Keawakapu Beach
- 67 minutes and 29.8 miles to Haleakala Summit
- 75 minutes and 44.1 miles to Honolua Bay
- 110 minutes and 42.2 miles to Travaasa, Hana
- Los Angeles, Silicon Valley and Seattle – Approximately 6 hours
- Tokyo – < 12 hours
- New York 14 hours
- Paris – 20 hours
Whether is be cycling, surf, snorkeling, school, sushi, shopping or more…3035 Baldwin Ave. So Close and Yet So Private.
Check out the listing page for more details and photos.
Contact The Maui Real Estate Team to arrange a private tour of the property. For more eye candy from this special property, watch the youtube video below.