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
January 2016 Maui Real Estate Statistics
I have to admit, I have been struggling to keep up with the blog as of late. It has been a busy start to the year between transactions and listings. On a personal level, we are finishing the remodel of a home and planning to move in on Friday. Needless to say, cobwebs and dust have been forming on the little corner of cyberspace known as our blog. I started the research for this post on the 6th and began to write this post over ten days ago. That said, I have a quick window this afternoon to finish up a look at the January numbers. January was a little bit off from last year’s numbers. I will give all the details below as well as a few thoughts on what it all means. Without further ado, here are the January 2016 Maui Real Estate Statistics.
January Sales Volumes and Median Prices
There were 73 homes sold in January with a median price of $630,000. Last January there were 75 homes sold with a median price of $577,000. That is roughly a 3% drop in volume and a 9% increase in median price.
Maui County Realtors reported 82 condos sold last month with a median price of $397,500. In January of 2014, there were 83 condos sold with a median price of $378,000. That is just over a 1% drop in volume and a 5% increase in median price.
It was a particularly slow month for land sales with 5 closes and a median of $850,000. Last year, there were 11 sales with a median price of $750,000. That is a 55% drop in volume and a 13% increase in median price.
Notable Numbers from the January 2016 Maui Real Estate Sales
While compiling the numbers above, I came across some other notable numbers that I thought were worth sharing.
- The highest priced home to sell in January closed for $3,975,000. That house is an oceanfront home in the Baby Beach area of Lahaina. That was the only home sold for more than $2,000,000 last month.
- The highest priced condo transaction closed for $3,300,000. That was a 3 bedroom, 3.5 bath top row unit at Ho’olei. It was one of the better located units in the complex.
- That was one of four condo sales for over $1,500,000 in January. The other sales included two transactions at Polo Beach and one sale at the Honua Kai Resort.
- There were no land sales for more than $1,000,000 in January. The highest priced land transaction for the month closed for $865,000. It was a 1.42 acre condominiumized lot in Launiupoko with entitlements to build a main house.
- There were 9 bank owned sales in Maui during January. There were also 9 bank owned sales in January of 2014.
- There was just one short sale that closed in January. Last year, there were 6 short sales that closed in January.
Pending Sales Activity in January
With the January Sales numbers down from last year, I was interested to see how many properties went under contract in January.
The number of homes that went pending in January was up 8% compared to January of 2015. The number of condos that were pending went down 8% compared to last year. Land was also down 26% compared to last year. That said, the 17 land pending sales is a nice improvement from the 5 closes in January.
Thoughts on the January Maui Real Estate Statistics
This is the first month since August 2014 where all three property types saw a decrease in sales volume compared to the year before. I can’t say that I am horribly surprised to see the decrease in activity in home sales. We saw accelerated demand in the later parts of 2015 as buyers were trying to grab properties before the anticipated bump in interest rates. After the rates bumped, albeit modestly, there was a a dip in demand. Looking at the pending numbers, this drop in activity for homes appears to be relatively short lived.
The condo market may be experiencing influences above and beyond fluctuations in interest rates. After seeing a decrease in sales compared to last January, condo pending sales were also down compared to January 2015. I would postulate that there are two additional factors at play. January was a bumpy month for the stock market. Purchasing a condo as a second home on Maui is a discretionary purchase that is more likely to occur when the potential buyer is feeling flush. If a potential buyer takes a big hit to their stock portfolio, that typically isn’t when they are reaching for their wallet to make a big discretionary purchase. The other factor that is dragging on our condo market is the weakened Canadian Dollar. From 2007-2014, the Canadian Dollar was at or near par with the U.S. Dollar. It is now sitting at roughly 70 cents on the dollar. A significant number of the Canadian buyers were from Alberta. The big dip in oil prices, one of the big drivers of the decrease in the Canadian Dollar, has been an extra hit to the oil driven Alberta economy.
The five land sales recorded in January was the second lowest monthly total since 2010. That said, we saw a pretty healthy number of land listings go under contract in January. The land market has never come close to reaching the sales numbers we saw during the last boom. Financing is harder and that is a factor. There also appear to be fewer lower priced lots on the market. We saw a little more activity a couple of years back as there were some lot prices that made more sense when doing a build vs. buy preexisting analysis. I am not saying there aren’t lots like that still on the market, but they appear to be fewer in number.
Overall, this remains a somewhat schizophrenic market with some parts of the market scorching hot while other segments are chock full of inventory with limited demand. Contact The Maui Real Estate Team if you are considering buying or selling property on Maui. We would welcome the change to listen to your needs and give you our thoughts on market conditions for the type of property that might fit your needs.
Maui Real Estate Blog
Stunning West Maui Oceanfront Home
In a recent post on our blog, I took a look at Maui 2011 Ultra Luxury Real Estate Sales. Thus far, Kapalua and West Maui Oceanfront appear to be the hot locales for this year’s ultra luxury buyers. Today, we wanted to highlight a spectacular West Maui oceanfront home. The views, setting, construction and pricing make this one of the better Maui oceanfront luxury values.
This exclusive gated two-story oceanfront estate is best described as contemporary elegance with Asian influences. Generously spread across 5,661 sq. ft. of living area between the main home and ohana, the estate is situated on a 20,705 sq. ft. lot. The main home offers 5 bedrooms & 5.5 bathrooms. The attached studio ohana is separated from the main home by the 2-car garage. The highest level of craftsmanship and appointments are discovered throughout the estate including antique redwood Thai doors, teak furnishings, palm wood floors, Noche-Night finished travertine tiled lanai. Mahogany wood is captured in accents & construction including pitched ceilings, stairway railings and recessed ceiling panels. Fully integrated audio and security systems allude to the modernization of the estate. Outdoor amenities include an oceanfront pond-like pool, Jacuzzi spa and outdoor shower. This wonderful West Maui Oceanfront Estate is offered fully furnished.
This home is listed through Maui Estates International for $7,810,000. The Maui Real Estate Team, Inc. may represent interested parties as buyer’s agents. Check out the 20 Hui Road East listing page for more photos. You can download the property fact pack for floor plans and additional property specifications. Contact the Maui Real Estate Team with additional questions or for an exclusive showing of this stunning West Maui Oceanfront Home.
Maui Real Estate Blog
Kuau Oceanfront Estate
Yesterday was Realtor Caravan for the North Shore of Maui. One of the featured properties was a spectacular oceanfront estate in Kuau. This approximately 1.283 acre property features two separate parcels, a primary residence of 7,384 square feet with an additional 3,053 square feet of lanai space, a pool, a spa, and a separate 2 bedroom cottage. I had my Flip Camera with me so I was able to shoot some video of this extraordinary North Shore Oceanfront Home for Sale.
Even with a much better camera (and videographer), I am not sure how well video captures the scale of the home and/or it’s quality of finishing. The list of materials and amenities used could fill a couple of blog posts. This Kuau Oceanfront Estate is listed through Equity One Real Estate for $15,500,000. The Maui Real Estate Team may represent you as buyers agents. You can check out the MLS information for additional photos and details on this one of a kind property. You can also check out MauiRealEstate.com for additional information on Maui Oceanfront Homes for Sale and the complete inventory of Maui Oceanfront Listings. For direct assistance, contact The Maui Real Estate Team today.