Maui Real Estate Blog
The Oasis Spreckelsville
We are proud to bring the Oasis Spreckelsville to market. Every square inch of the property well conceived and intentional. Every fixture, material, appliance, furnishing and planting carefully curated. All elements of construction precision crafted. The home and detached garage with second story apartment are nestled amidst an assortment of water features and purposeful outdoor spaces. It makes the home well suited to either quiet contemplation or entertaining a group of friends or family.
The main home features two bedrooms with ensuite baths, a third bathroom, a formal dining area and an expansive kitchen/great room. The Italian designed Boffi Kitchen has beautiful marble countertops, Corian cabinetry and Gagneau appliances.
Baccarat Chandeliers punctuate the living and dining room areas.
Boffi sinks, fans and showers, Dornbracht fixtures and Flos lighting are among other design choices that complement the nearly flawless craftsmanship. Reclaimed, oiled teak floors, book matched marble counter tops and baths continue the theme of simple elegance.
The well cultivated, detached studio apartment offers finish and fixtures equivalent to the main house and one of the coolest “hidden kitchens” around. It is a perfect guest space or even a fantastic home office.
The pools of the property offer beauty, tranquility and refreshment. The zero edge main pool is a natural entertainment space. The 64 foot lap pool is a lot more than just a work out space. It serves as a reflection pool for the lush landscaping and exterior artwork. The 6′ x 12′ garden soaking tub is a salve for the soul. A fourth water feature with fountains creates additional sensory pleasures. Multiple outdoor showers offer a place to rinse off when coming back from the beach.
Other outdoor highlights include a kitchen/barbecue area overlooking the main pool, a covered patio area that provides a rain or shine space to enjoy tradewinds, bird song and surrounding foliage. Extensive additional lanai areas make for good spaces for morning coffee or tea or an outdoor dinner party. The lush tropical landscaping thrives with surprisingly little maintenance. The landscaping combined with privacy fencing make you feel like you truly are in your own little oasis.
Contact The Maui Real Estate Team for More Information
The Oasis Spreckelsville listed turnkey for $9,800,000. Check out the Oasis listing page for additional photos and details. Watch for additional content on this property on our blog. A video is in the works and there are tons of stunning photos not featured on the MLS. Contact The Maui Real Estate Team for additional information or to set up a showing.
Maui Real Estate Blog
Maui Market Musings Volume V
This week’s edition of the musings dives into recent numbers from the Maui Luxury Home and Luxury Condo market. There is also an update on the end of the State of Hawaii’s Safe Travels Program and Mask Mandates, a look at the national real estate market and a little bit of Maui beauty to brighten your day.
Maui Luxury Market Update
As we approach the end of the first quarter of the year, it is worth taking a moment to check into see how the luxury property market is fairing on Maui. For the sake of this article, luxury is defined as homes priced for $2,000,000 and above and condos priced $1,500,000 and above. The numbers below are based on sales numbers between January 1st and March 21st. Here are the numbers followed by a few thoughts on the luxury home and condo market.
Maui Luxury Home Market 2022 Sales Numbers
- Thus far, 47 homes sold over $2,000,000 as of March 21st. That is down 13% from the 54 sold during the same period last year.
- Six homes sold for more than $5,000,000 this year. That is down from 13 during the same period of 2021.
- When you look at sales over $10,000,000, activity is up just a little bit. Realtors reported 4 sales over $10,000,000 compared to 3 last year.
- A number of the stronger luxury home markets in early 2021 saw activity decrease in early 2022 as shown by the chart below. West Maui saw some of the more pronounced decreases with bigger drops in Lahaina and Ka’anapali.
- A number of communities that did not see sales in 2021 experienced activity in 2022. Notably, there were 5 sales in Haiku and 3 in Makawao this year.
- Days on Market decreased substantially on homes sold over $2,000,000. This year, the average sale is closing in 127 days. That is 29% less time on market than last year’s 179 days.
- Competition in this market place is up significantly. Of the homes that sold for $2,000,000 or above, 57.44% closed for asking price or higher. That is well above the 16.67% that sold for asking price or above during the same period of 2021.
- It is notable that the three highest priced home sales all closed for their full asking price.
Maui Luxury Condo Market 2022 Sales Numbers
- Maui Realtors reported 71 condos sold for $1,500,000 or higher as of March 21st. That is up almost 34% from the 53 sold during the same period of 2021.
- Of the 71 sales, 7 sold for $5,000,000 or more as of Match 21st. That is up slightly from the 6 that sold during the same period last year.
- The Ka’anapali Condo market stands out for the significant increase in sales activity compared to other Maui markets. The Napili and Kahana market also experienced a notable increase.
- Other markets saw less drastic annual changes with Lahaina and Kapalua repeating last year’s numbers and Wailea and Makena down slightly.
- A big reason for Ka’anapali’s increased activity is due to activity at Honua Kai. Honua Kai saw 12 sales after just 4 last year.
- Days on market decreased quite a bit for high end condos. The average of 67 days on market is 54% lower than the average of 145 days on market in early 2021. It is worth noting, that long term new developer sales are excluded from calculations for both years. These are contracts signed pre-construction, but do not close until 2-3 years later when construction is completed.
- Competition for luxury condos also increased. Of the 71 condos sold, 63.4% sold for asking price or above. That compares to 39.6% last year.
Some Takeaway from the Luxury Home and Condo Numbers
Volume may be down for homes, but that is more a function of reduced supply vs. decreased demand. The lower days on market and number of homes selling for at or above listing price support the notion of sustained demand and a more competitive market.
The impact of decreased inventory is also evident at the community level where places like Wailea and Makena are seeing lower sales volume due to decreased inventory. The Ka’anapali market and to an extent the Lahaina market are seeing lower sales for a few reasons. 1. Inventory is down at the lower price points of the luxury home market. 2. Some of the homes going under contract are “spec” houses with completion dates later in the year. Finally, some of the sellers are pushing the envelope on pricing. I mentioned the Lanikeha subdivision in Ka’anapali specifically in volume I of the market musings. The bulk of the inventory in that neighborhood is priced well above previous neighborhood high sales. To be fair, a couple of the higher priced homes have gone under contract since my post. That said, there are still quite a few homes available.
The increase in activity in new markets is also due to a combination of factors. We are seeing some homes selling above $2,000,000 due in part to appreciation. With price increases year over year ranging between 10 and 20 percent, some of last year’s below $2,000,000 sales are going for more money. Another factor is just plain old variability. Places like Haiku and Makawao both saw an increase in $2,000,000 sales over the last 4 years. It’s just that early 2021 was quieter in those communities. We are also seeing some luxury buyers expand their search outside the resort markets due to the lack of inventory.
The increase in activity in the condo market is largely due to better inventory selection compared to the luxury single family home market. That said, not all markets have an abundance of inventory. The Wailea and Makena area have lower inventory and it is reflected in the lower sales volume. We can see the impact of decreased inventory in some area of the luxury condo market in both the decreased days on market and the higher percentage of condos selling at or above asking price.
End of Safe Travels and the Mask Mandate
March 25th was the last day of the Hawaii Safe Travels program. Travelers coming to Hawaii will no longer need proof of vaccination or a negative covid test prior to arrival. It is also the last day of the indoor mask mandate in Hawaii. There are still requirements to wear masks on planes, buses, public schools and the airport.
Interest Rate Increases Don’t Seem to be Slowing the Market Around the Country
While keeping tabs on the local market, it’s also worth keeping an eye on national trends. This is particularly the case in the current market as interest rates hit heights we haven’t seen over the last few years. The folks over at Altos Research have good access to pending sales data around the country. That gives you a little better sense of current market conditions than what you would get by just looking at sales data. Here is their video overview of the most recent data and it’s worth a watch.
If you don’t have the time to watch, here are a few quick notes. Inventory ticked up again although pending sales and pricing both appear to be strong. They are watching closely to see if the recent rates are impacting buyers. While they aren’t seeing any data to really suggest a change in market conditions, they spoke to a few things they are looking for that might indicate a potential slow down from the current frenzy. They mentioned listening for anecdotal signs of less active bidding wars. Altos suggested keeping an eye out for an increase on cancelled transactions and an increase in cancelled new developer contracts. Again, they haven’t seen that in the national data yet.
For what it’s worth, they aren’t expecting any seismic shifts in the market other than moderation of the current activity. The caveat being that a more significant shift could occur if interest rates were to settle over 5%.
Interestingly, there were a few more cancelled contracts on the Maui MLS last week. I am hesitant to read too much into the cancellations at this point. While it might be related to the rise in rates, it could also be a coincidence. It is something to watch a little more closely going forward.
A Little Bit of Maui Beauty
It was another beautiful morning on Maui today. I thought it was worth sharing this photo from Baldwin Beach with the West Maui Mountains in all of their glory.
Contact The Maui Real Estate Team
Have questions on anything in this post? Need assistance buying or selling property on island? Just want to talk about a specific part of the market? Contact The Maui Real Estate Team. We look forward to being of assistance.
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. This property sold in 2019! Contact the Maui Real Estate Team for assistance with other Haiku properties.
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. This property sold in 2019. Contact the Maui Real Estate Team for assistance with other Maui Oceanfront Homes and homes in Spreckelsville.