Maui Real Estate Blog
Paia is consistently a tight real estate market with limited inventory and strong demand. That makes our new Paia listing all the more compelling. It is truly a unique property with nothing equivalent on the market in some time. The property consists of just under a half of acre of land with a three bedroom, two bath home and a two bedroom, one bath home. Each structure has its own water meter and its own septic system. The property has already been through the CPR process. The process converted the property into two separate units that may be sold separately. The seller is opting to sell the property as a whole.
The lot in and of itself makes this property particularly compelling. There aren’t a lot of big lots in this small town. The bulk of the larger lots are more expensive oceanfront properties. This is the biggest lot to come on the market on the Mauka side of Hana Highway since 2010. The lot isn’t unique just due to its size. It is also offers a unique setting with a 753 acre agricultural parcel surrounding the property on three sides. Fewer neighbors means more quiet and more privacy. The well landscaped property includes a stately Monkeypod tree and edibles including Papaya, Banana, Mangoes and Coconuts.
There are two existing, well maintained homes on the property. The one is a two bedroom, one bathroom home with 1.050 square feet of living space. The other is a three bedroom, two bathroom home with 1,130 square feet of living space and an attached car port. Both homes have some view of the ocean. Building up offers the potential for outstanding ocean views.
I already mentioned that a second story could really enhance the views of the homes. I also mentioned that the completed CPR process for the property. That process converted each home and a surrounding area of land into separate condo units that may be sold individually. What I haven’t mentioned is that a future owner could add an additional cottage to the property. The property has the zoning, lot size and water available to build a cottage.
The quiet setting and the surrounding agricultural land make it easy to forget that you are a few minutes walk from Paia. Walk to the post office, restaurants, Mana Foods, shops, and yoga studios in five minutes. Paia Bay Park is about a ten minute walk. This is the type of property where you can leave your car parked in the driveway.
Find out More About 118 and 120 Ulumau
The asking price for this Paia Opportunity is $1,400,000. Find more photos and details on the 118 and 120 Ulumalu Listing Page. Take 3D tours of the three bedroom and the two bedroom homes. Contact The Maui Real Estate Team with questions or to arrange a showing.
Published May 20, 2019
Maui Real Estate Blog
May 2019 Paia Real Estate Market Update
It has been a while since we checked in on the Paia Real Estate Market. Paia town on Maui’s North Shore is where The Maui Real Estate Team office is located. It is one of our office’s core markets. This town has consistently seen strong demand and limited supply. The combination creates steady upward pressure on pricing. This post looks at market activity in the community during the second half of 2018 and the first four months of 2019.
One thing to note. Our local MLS groups Paia, Spreckelsville and Kuau together. We have always thought that Spreckelsville is its own market. As a result, this post looks at Paia and Kuau only. We provided a market update on Spreckelsville in February.
The map above shows sales market activity in Paia and Kuau between July 1, 2018 and May 1, 2019. The red pins represent sales. The yellow pins represent pending sales. The green sales represent active inventory. You can click on individual pins for more details on sales.
Paia Sales Summary
- There were 11 homes and 3 condos sold during the last six months of 2018. By comparison, there were 8 homes and one condo sold in the second half of 2017.
- The median price of the homes sold in the second half of 2018 was $878,000. The median price of homes sold in the same period of 2017 was $747,000.
- During the first four months of 2019, six homes and two condos sold. During the first four months of 2018, there were eight homes sold.
- The median price of the homes sold during the first four months of 2019 is $1,079,062. The median prices for the homes sold in the first third of 2018 was $800,000.
- The high sale for the first four months of 2019 is 50 Kai Place. This home and ohana is located on a 12,166 square foot lot on the ocean side of Hana Highway. The value may have been higher to the purchaser than the general market as it provides a potential second access point to the buyer’s oceanfront property. It closed for $2,150,000.
- The high sale for the last six months of 2018 is 116 Kuau Beach place. This oceanfront property consists of two homes on a lot of approximately 16,335 square feet. It sold for $3,500,000.
- The lowest priced home to sell during the first four months of 2019 is 514 Pahi Ka Street in Skill Village. This four bedroom, two and a half bath home with 1,670 square feet of living space sold for $649,000.
- The lowest priced home to sell in the last 6 months of 2018 sold for $350,000. This home, located located behind Cafe Des Amis, was in very poor condition. It was recently renovated and went under contract for $575,000 before it went to market.
Sales Activity in Specific Paia Neighborhoods
Three sales closed in Kuau Bayview between July 1, 2018 and May 1, 2019. More accurately, all three sales closed in the second half of 2018. That is a slight uptick over the two sales that occurred over the same period between 2017 and 2018. While we haven’t seen any sales in the $900,000 plus range as we have in the previous couple of years, that is more due to the size and location of the units that have sold. This neighborhood continues to see strong buyer demand due to its location and general pride of ownership.
Sales activity has been higher in Skill Village than any other neighborhood in Paia over the last five years. Some of that is due to the size of the neighborhood. It is also due to relative affordability. It typically offers some of the lower priced homes in Paia. Four homes sold in the neighborhood between July 1, 2018 and May 1, 2019. That is a slight dip from the five homes that sold in the year prior. Sales seem to be slowing due to a limited supply of inventory. The decreased inventory is helping to push prices up further.
Kuau Plaza, the thirty unit condo in Paia, saw a fair amount of sales activity with three sales in the last half of 2018 and two sales in the first four months of 2019. There is one additional condo in Kuau Plaza that is currently under contract. Units in the building tend to sell quickly when they come on market. The fact that you can vacation rent these condos legally helps boost demand for the property. That is particularly the case with the recent additional restrictions on vacation renting single family homes on island.
Only one oceanfront home sold in Paia since July 1, 2018. That is down quite a bit from the five sales over the same period of 2017-2018. Some of that stems from lack of inventory. There are only three oceanfront homes on the market at this time. Two of those homes came to market after January first. Oceanfront homes tend to spend more time on the market.
Overall Thoughts on the Statistics and the Paia Market Outlook
Looking at all of the numbers above, the median sales price for the first four months of 2019 is the most striking. Paia broke the million dollar median barrier. The median is driven in part by an increase in values, but also due to a lack of lower priced inventory. At this point, the lowest priced sale for the year is $649,000. I would anticipate that homes priced under $700,000 will remain scarce through the year which will continue the trend of high median sales prices.
If the overall economy continues on its current trajectory, values will continue to push upward. That said, I would not be surprised to see the rate of increase moderate. Homes in Paia are becoming increasingly inaccessible for the average island resident. If prices push up much further, I surmise it will be due to off island vs. local buyers.
Maui Real Estate Blog
Beautiful Estate in Maunaolu Plantation
The Main House at 193 Ohaoha
The custom built three bedroom, three and a half bathroom main home features 4,200 square feet under roof. There are a choice of two potential master suites with one on the ground floor and one on the second story. The living room features barreled ceilings and a beautiful stone fireplace. The kitchen includes custom cabinetry, granite counters and Viking and Bosch appliances. There is a media room, office, laundry room and utility storage. Central a/c keeps the home cool on the warmest days. A home security system provides additional peace of mind. A three car garage has plenty of space for all of your beach toys or gardening equipment.
The home has a massive solar photovoltaic system with 74 panels. It also includes a 24 kilowat backup generator.
Outdoor Living at 193 Ohaoha
The pool area is a fantastic entertainment space. The pool has a beach entry, spa and waterfall feature. Propane powered tiki torches decorate the pool area. They help to ensure that the fun continues as day slips into night. Propane also powers a pool side barbecue.
The Ohana at 193 Ohaoha
The home’s two bedroom, two bath cottage offers 1,000 square feet of living space and a six hundred square foot garage. The cottage is completely private from the main house with its own separate gated entrance. Quality features include a presidential roof, large stone tiles in the kitchen and bathrooms and poured concrete counters in the kitchen and the master bathroom.
About Maunaolu Plantation
Maunaolu Plantation is a gated community with two to three acre lots. Ideally situated between Makawao and Paia towns, this area of the island is known as Sunnyside. The climate strikes a good balance between warm days and cool evenings. There is enough rainfall to keep things lush throughout the year, but plenty of sun too. It is less than ten minutes to Ho’okipa Beach Park. There are a number of quality schools located nearby.
Find out More About this Maunaolu Plantation Estate
This property is offered for $2,298,000. Check out the 193 Ohaoha Listing page for additional photos and details. Contact The Maui Real Estate Team to discuss the property or to arrange an exclusive preview.
Maui Real Estate Blog
Close to it All in Kuau
This charming, Hawaii Plantation Style home is located in the heart of the North Shore. The three bedroom, two bath home also has a detached garage. Some of the highlights of the home include newer appliances and a spacious deck that is ideal for entertaining or just enjoying the trade winds.
The location of this home is truly ideal for those that enjoy the North Shore lifestyle. It is within walking distance of surf spots. There are a variety of spots within a mile for SUP, surf, windsurfing, kitesurfing, foiling and more. Ho’okipa Beach Park is less than a half mile from the house. The world renowned Maliko Run for downwind paddling runs just off shore from this stretch of coastline. Paia town is less than a mile from the house. Paia offers restaurants, shopping, the best little health food store around and a number of yoga studios.
This is one unit of a CPR property. This unit includes 8,441 square feet of land.
This home is offered for $879,000. The listing agent of the property is the father of the owner. Check out the 21 Meha listing page for additional photos and details of the property. Contact The Maui Real Estate Team to arrange a showing or to ask questions about the property.
Maui Real Estate Blog
August 2018 Paia Real Estate Market Update
As we approach the end of August, I thought this would be a good time to check in on the Paia Real Estate market. We already looked at the Spreckelsville neighborhood last week. This post will look at just Paia and Kuau. Paia has been a strong market due to high demand and constrained supplies. Hemmed in by cane fields, there have been no new subdivisions in the community since back in 2003. Over that time, Paia has continued to grow in prominence and popularity. People have sought out the North Shore town due to its proximity to North Shore wind and wave sports, natural beauty, preponderance of wellness related business and plantation town charm.
With no real growth in housing inventory and increased demand, pricing in the community has been on an upward trajectory since 2011. With limited plans for future development on the immediate horizon, the ingredients are in place for continued upward pressure on prices over the long term. This post looks at real estate activity in the community for the year to date and the outlook for the rest of 2018.
The map above shows real estate activity in Paia during 2018. The red pins represent sales while the yellow pins represent pending sales. You can click on individual pins to learn more about the individual properties. It is worth noting that the map above and the numbers below exclude the Spreckelsville neighborhood. Traditionally, the local Realtor Association lumps Spreckeslville in with Paia in our MLS.
Notable Paia Real Estate Numbers for the Year to Date
- There have been 17 homes sold as of August 18, 2018 with four homes currently under contract. Last year there were 11 homes sold over that same period of time. That is a 54% increase in sales volume.
- The median sales price for homes during this period is $615,000. The average price over this period is $1,154,610. Over the same period last year, the median price was 700K with an average price of $1,591,045. That is a 13% drop in median price and a 27% drop in average price.
- The high sales price for the year to date is $6,350,000 for a house and cottage on just under an acre of oceanfront land.
- The low sale for the year to date is $377,000 for a short sale in Skill Village. It is worth noting that the 2 bedroom, 1 bath home went under contract all the way back in February of 2017.
- There were two condos that sold at Kuau Plaza for the year to date with one more pending sale. The high sale is $375,000 for a remodeled one bedroom, one bath. This is above average activity for this small vacation rentable condo complex.
- There was one bank owned sale and two short sales among the seventeen sales in Paia this year. These are still properties being processed through the system from the last real estate downturn.
Thoughts on the Overall Activity to Date in Paia
The numbers above show a healthy bump in sales activity and a pretty sizable decrease in median and average prices compared to last year. These changes are not due to an increase in demand or a decreased value. Instead, it is a reflection of an increase in supply. For the first seven months of the year, Paia had a respite from the worst of the supply crunch. The more notable increase in supply came at the lower price points in the market. While the inventory for buyers under $650,000 remained relatively thin, it was a lot better than what was available last year. We even saw a few sales under $500,000. Unfortunately, the lowest priced inventory wasn’t that accessible to first time buyers as the condition of two of the three homes required cash buyers. The third was a home that had gone under contract all the way back in February of 2017. While Paia is a small community, it has a pretty diverse housing stock. The paragraphs below look at the sales activity in specific neighborhoods in Paia and Kuau.
Paia Halelani is a neighborhood located a few streets past the intersection of Hana Highway and Baldwin Avenue on the Mauka side of Hana Highway. It has had very little turnover in the last few years with no sales since 2015. During 2015, we saw record high sales for the neighborhood. This year, there have been two sales and both were priced under $500,000. That said, this is not a reflection of values dipping. Both homes were in poor condition requiring cash buyers.
Skill Village is located off of Baldwin Avenue about a mile above the intersection of Baldwin and Makawao Avenue. The neighborhood of modest homes sees more turnover than most parts of Paia. That said, 2017 proved to be pretty quiet year for sales with only 2 sales through Mid August. In 2018, much of the increase in Paia market activity can be attributed to a resurgence in Skill Village sales. There have been a total of 9 sales in the neighborhood this year. That is an impressive 450% increase. Skill Village also smashed its all time sales record this year with a close of $800,000. It is worth noting that this larger home was formerly owned by a building contractor who made significant upgrades to the finishing of the property.
Kuau Bayview is another neighborhood that experienced an increase in sales through the middle of August. After only two sales in all of 2017, there have been four sales this year. Three of the four sales were noteworthy. We saw the first ever $1,000,000 sale in the neighborhood, the highest sales price for a home that backs on to Hana Highway and the highest ever cost per square foot sale. It is clear that Kuau Bayview remains an in demand neighborhood for Paia buyers.
While not a neighborhood per say, I did want to look at the sales activity for Paia Oceanfront Homes. There have been two sales this year. One for a home on Nalu Place on Paia Bay. The other home was further East from downtown on Lae Place. The large oceanfront lot of just under one acre has a home and a cottage. That property has exchanged hands three times in the last ten years. The two sales to date this year equals the same number as last year through the same period of time. There is one other oceanfront home currently under contract.
Paia Outlook for the Rest of 2018
While the Paia market saw volume increase due to an increase in inventory over the last seven and a half months, the remainder of the year may see limited sales due to shrinking inventory. There are eight listings in Paia and Kuau currently with four of the eight homes under contract. While the pending sales will help to pad the year to date totals, buyers are going to find limited choices unless some additional homes come to market. You can see the current inventory of Paia Real Estate listings on MauiRealEstate.com. Contact the Maui Real Estate Team if you are thinking of buying or selling a property in Paia. We would welcome the chance to be of assistance.
Maui Real Estate Blog
Last of its Kind on Kuau Point
Kuau Point stands out as one of the best oceanfront neighborhoods on the island. Quiet streets, a couple of oceanfront access points for water sports, a neighborhood beach and the island’s most renowned restaurant are what puts this community on the list. This new listing offers a special, last of its kind opportunity in the neighborhood.
Hawaii Plantation Style Home on Kuau Point
The existing home is a restored Hawaii Plantation Style Home. The restoration maintains the charm of the era when it was constructed. The home has three bedrooms and one a half baths. The floors have been refinished and stained dark adding an additional warmth to the home. The home provides more than ample storage for your water toys. Take a 3D Tour of the Home to see more of the interior and to see the floor plan.
There Aren’t Many Lots Like This left on Kuau Point
This home is located on a large 17,481 square foot lot. The R-1 zoning allows for an additional home and an accessory dwelling. The seller acquired a second water ensuring that there is sufficient water for any new construction. Walk around Kuau Point and you will quickly see that there aren’t many properties with this type of opportunity for additional construction. Develop a family compound, CPR the property or plant more fruit trees. The choice is yours.
An Ideal Location on Kuau Point
Walk out the front door of this home and you are roughly 100 feet from the Public Ocean Access and 200 feet from the waters of Tavares Bay. There is another ocean access roughly 1000 feet from the front door. That spot gives you access Noriega’s and the Mama’s Surf breaks which are popular for surf, SUP and windsurfing. It is less than five minutes drive to the waves at Ho’okipa Beach Park. Drive less than a mile to Paia town for restaurants, groceries, shopping and yoga. If you don’t want to venture far from home, the Kuau Store offers sandwiches and tasty Poke. Head to Mama’s Fish House for some of the finest dining available on the island.
This Last of its Kind Opportunity on Kuau Point is offered for sale for $1,750,000. Check out more photos and details on the 17 Malie Place listing page. Buyers may also Contact The Maui Real Estate Team with questions or to arrange a showing.