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This picture perfect Pukalani home just hit the market! The seller and the previous owner frequently remodeled the home over the last twelve years. The end results are fantastic indoor and outdoor living spaces.

Stunning Indoor Spaces

This home stands out from the moment you come to the bright red, custom, Codel front door. Open the front door and you enter the living room with its vaulted ceilings and striking tiger wood floors. The living room also has big windows that allow lots of natural light and big panoramic views of majestic Haleakala. A Nelson Saucer Pendant Light and double hung blinds on the windows are nice additions to the space. There is a small reading nook off the living room with another big window adding more natural light. The living area is cooled by a split system a/c.

Just off the living room is the well appointed kitchen. The custom two tone cherry cabinets are beautiful and functional. They feature a lot of nice built ins like the pull out spice rack. The countertops and the back splash are slab granite. The kitchen floor is porcelain tile. The sellers installed new stainless steel appliances in the last year.

The rest of the living area is all on the same level with three beds, two baths and a laundry room. Central a/c keeps this side of the house cool on warm sunny days. The good sized master suite has new Pella Sliding glass doors that open on to the back deck. The master bathroom is sumptuous. The pebble floors soothe your feet. The pedestal sink has a rainforest granite slab. A motion light under the sink is a nice touch for those middle of the night trips to the loo. The oversized shower has travertine walls with a rainforest granite threshold. An overhead rain shower is complimented by body jets and hand sprayers.

Inviting Outdoor Spaces

The quality of the indoor livings spaces are matched by the equally compelling outdoor spaces. The large back deck made of durable and attractive Ipe offers a great place for entertainment. A six person hot tub will get good use on cool Upcountry evenings. The sellers also built a back wall of Ipe and stone that compliments the deck. A roof top deck offers 360 degree views of Haleakala, The West Maui Mountains, Kahului Harbor and Ma’alaea Bay. The back yard is fully enclosed offering security for pets or kids. The yard and landscaping stays green and vibrant year round thanks to the sprinkler system.

Some other notable features of this Pukalani Home include:

• The attached two car garage with a half bath
• Solar Hot Water
• Energy Rated Low E-Windows
• Durable Hardie Panel Siding

The home is just minutes from the Pukalani Community Center’s walking trails and pool. Foodland is just a two minute drive if you need to pick up groceries. The shopping and amenities of Central Maui are less than twenty minutes drive down Haleakala Highway. It is 25 minutes or less to North Shore Beaches like Kanaha, Baldwin and Ho’okipa.

This picture perfect Pukalani Home is offered for $825,000. This home sold in 2018. Contact The Maui Real Estate Team for assistance with other homes in Pukalani.

After looking at the North Shore communities of Paia and Spreckelsville, I wanted to head up the slopes of Haleakala to Pukalani. This Upcountry community has seen strong buyer activity over the last few years. Pukalani’s good weather, panoramic ocean views and easy access to Central Maui are all draws for buyers.

Notable Numbers from the Pukalani Real Estate Market

• As of August 29th, 31 homes have sold in Pukalani during 2018. That is down 11% from the 35 sales over the same period of 2017.
• The Median Price of homes sold is $715,000. That is up 7% from the median price of $668,000 during the same period of 2017.
• The average price for homes sold for the year to date is $744,393. That is up 11% from the average price of $697,307 during the same period of 2017.
• The lowest priced home sale for the year to date closed for $480,000. That home is a 1 bedroom, one bathroom home with 500 square feet of living space on a 8,364 square foot lot.
• The highest priced home sale for the year to date in Pukalani closed for $1,300,000. This 2 bedroom, 3 bathroom home has 2,060 square feet of living space on a 2.3 acre lot in Kula 200.
• There have been five condos sold in Pukalani during the year to date. That is down 29% from the seven condos sold over the same period of 2017.
• There have been four lots sold in Pukalani during the first eight months of the year. That is down substantially from the 41 lots sold in Pukalani during the same period of 2017. The sales in 2017 come with a bit of an asterisk. The vast majority of those closes were new development sales in the Kualono subdivision.

Thoughts on Overall Pukalani Market Activity for the Year

The Pukalani market has seen tight inventory for the better part of the first eight months of the year. The lower sales volumes for the year speaks more to the lack of inventory than a decrease in buyer demand. The limited supply is also a factor in the increase in both the median and average sales price. The limited supply of homes is contributing to upward pressure on home prices.

Looking at Some Specific Neighborhoods in Pukalani

The Pukalani Real Estate Inventory is diverse. There is a range of lot sizes and property types. With that in mind, I wanted to drill down into a handful of specific neighborhoods and subdivisions to get a sense of how they are faring this year compared to years past.

Kula 200

Kula 200 is completely unique in Pukalani in that it is a neighborhood of two plus acre agriculturally zoned lots. Located right on the border of Kula, it offers a location that balances low density, privacy and convenience. The neighborhood has the highest price point in the Pukalani area. Kula 200 has seen a relatively quiet 2018 with one sale, two pending sales and one active listing. By comparison, there were two sales in the neighborhood during the first eight months of 2018. Looking at a broader time frame, the number of homes sold in the first eight months of the year ranged between zero and four going back to 2011. This is not a high turnover neighborhood.

The Cottages at Kulamalu

The Cottages at Kulamalu is a collection of residential condos that includes stand alone units and duplexes. This development was originally constructed in 2008. It wasn’t 2011 that all of the units in the development sold. Since 2015, there have been 3-5 sales a year at the Cottages. It looks like we are going to see a similar pace for 2018. There have been two sales for the year to date, with two active listings.

The Residences at Kulamalu

The Residences at Kulamalu is a collection of homes on and across the street from the Pukalani Golf Course. Originally sold as vacant lots in the early 2000s, the neighborhood was built out with quality homes. As a result, it has seen some of Pukalani’s highest sales prices outside of Kula 200. There have been between one and four sales every year in the development over the last five years. This year, there have been two sales with one active listing on the market.

Pukalani Outlook for the Rest of 2018

Constrained supply is likely to keep market dynamics similar in Pukalani for the rest of 2018. Interest rates are something to keep an eye on towards the end of the year. We know interest rate increases are coming. Thus far, they have not put too much of a damper on the market. That said, we may start to see it become a source of friction to buyers if it starts to really compound affordability issues. Contact The Maui Real Estate Team if you are thinking of buying or selling a home in the Pukalani area. We would be happy to sit down to discuss your real estate needs. Check out the current active Pukalani Real Estate Listings on MauiRealEstate.com

Before we head into February, I wanted to take a quick look back at the 2015 Maui Real Estate market. This is a review of sales volumes, median prices and other notable numbers. I also wanted to address a few questions that arose in my own mind while compiling the statistics. Without further ado, here are the 2015 statistics.

Maui Sales Volume, Median Prices and Total Dollar Volume
There were 1090 homes sold on Maui during 2015 with a median sales price of $580,000. The total dollar volume of homes sold in 2015 was $931,646,757. There were 942 homes sold in 2014 with a median price of $570,000. The 2014 total dollar volume was $825,770,160. That means we saw almost a 16% increase in sales volume, just under a 2% increase in median price and a 13% increase in dollar volume when comparing 2015 to 2014.

There were 1,199 condos sold in Maui County during 2015 with a median sales price of $410,000. The total dollar volume of condos sold was $763,806,071. The 2014 condo totals were 1,201 sales with a median price of $414,750. The 2014 total dollar volume was $755,031,268. That means sales volume dropped two tenths of a percent, median price dropped just over one percent and the total dollar volume rose one percent in 2015.

There were 154 land sales in Maui County in 2015 with a median sales price of $447,650. The total dollar volume of land sold was $136,353,541. The 2014 sales figures for land were 166 sales and a median price of $520,000. The total dollar of land sold in 2014 was $119,330,455. That is just over a 7% drop in volume, a 14% drop in median price and a 14% increase in the total dollar volume.

Notable Numbers from the 2015 Maui Real Estate Sales

• The highest priced home to sell on Maui during 2015 closed for $41,775,000. This was by far and away the highest ever priced paid for a home on Maui. The subject property consists of 6,737 square foot house on 4.23 acres in Makena. More than a few eye brows were raised by a sale that was priced well above other comparable properties in the area. The property was not listed at the time that it sold.
• That was one of 56 homes to sell for more than $2,000,000 during 2015. The 56 homes sold over $2,000,000 was down by 14% from 65 sold in 2014.
• The Makena and Wailea area were busiest part of the island for sales over $2,000,000 with 13 total closes.
• There were 17 beach or oceanfront homes that sold in Maui County during 2015. That was a 29% decrease from the 24 oceanfront sales in 2014.
• On the other end of the spectrum, the lowest priced home to sell in Maui County closed for $94,750. That home is located in the Maunaloa Village area of Molokai. The lowest priced home to sell on the island of Maui closed for $210,000. The three bedroom, one bath home in Wailuku was situated on a tiny 2,370 square foot lot.
• The highest priced condo to sell on Maui during 2015 closed for $8,500,000. The beachfront, three bedroom unit at Wailea Beach Villas has over 2,900 square feet of living space.
• That was one of 91 condos sold for over $1,500,000 during 2015. That exceeded the 83 high end condo sold in 2014 by almost 10%.
• The Honua Kai Resort saw the most high end condo sales activity with 25 closes over $1,500,000. Montage Kapalua Bay was notable with 9 sales over $3,950,000.
• The lowest priced condo to sell closed for $20,000. That was a 1 bedroom, 1 bath unit at Harbor Lights in Kahului.
• The highest priced land transaction to close in 2015 sold for $10,800,000. That was for a half acre lot in the Maluaka Homesites area of the Makena Golf and Beach Club.
• That was one of 6 land sales in this neighborhood for $7,800,000 or more.
• There were 25 total land transactions of $1,000,000 or more in Maui County during 2015. That was up slightly from 24 sales over $1,000,000 in 2014.
• The lowest priced lot to sell in Maui County closed for $20,000 for a 5,351 square foot lot on Molokai. The lowest priced lot to sell on Maui proper closed for 26,000. That was a leasehold lot in the Hawaiian Home Lands in Kula.
• There were 168 bank owned or REO transactions that closed in Maui County during 2015. That was up from the 116 bank owned sales in 2014. That is almost a 45% increase in bank owned sales.
• There were 49 successful short sales that closed in 2015. That is down 49% from the 97 short sale transactions in 2014.
• Of the properties that closed in 2015, 36% were reported to have been cash sales. That is down from 2014 when 42% of the sales were said to have been cash transactions.

Some Questions and Answers About the Numbers
While reviewing the numbers above, a lot of questions came up in my mind. In the paragraphs below, I wanted to address some of these questions and give my thoughts on potential answers.

What drove the increased home sales activity this year?
When looking at the numbers above, homes were the only property type to outperform the 2014 numbers. What drove the increase in sales? There were a couple of factors that came into play. I believe a lot of the activity was driven by on island buyers. Island rents have soared over the last few years. Lower interest rates made the buy vs. rent argument that much more compelling. The threat of increased rates in the near term added to buyer urgency. Evidence of the increased demand from local buyers could be found in the big bump in activity in Central Maui. Home sales in that part of the island were up 33% over last year. The Upcountry area also saw a bump with Pukalani, Kula and Makawao sales up 28,31 and 7% respectively. These are communities that tend to draw on island vs second home buyers. A couple of strong years for tourism helped put local buyers in a better position to afford their purchase.

If sales activity was so strong, why did the median home price only increase 2%?
The first thing to note when answering this question is that changes in median price are not a direct reflection of changes in property values. Median price is also driven by shifts in where sales activity occurs. More high end sales can push up the median sales price while more low end sales can push down the median price. While values increased quite a bit more than 2% in many parts of the market, that was offset by a shift in where sales were occurring. There was a 14% decrease in sales over $2,000,000. As mentioned in the paragraph above, we were also seeing higher levels of activity in more affordable communities around the island. These shifts in market activity helped to offset stronger appreciation in some of the lower and middle priced communities on island.

As a follow up question, one might ask exactly how much Maui home values increased in 2015? That is a really tough question to answer. First and foremost, the rates of appreciation varied largely by price point and location. Homes at or below the median saw the most appreciation due to simple supply and demand. These price points had a much larger pool of buyers and supply was relatively limited. Higher end homes have much more inventory and a much smaller pool of buyers. As a result, upward price pressure has been far more limited.

Why did the condo market see a dip in activity?
If home sales were so strong, why were condo sales down? Condo sales are driven more by off island buyers. I would say the weakening Canadian Dollar played a big part in the decrease in condo sales activity. Maui has seen a significant number of Canadian Condo Buyers since about 2007. That was the first year that the Canadian Dollar was on par with the U.S. dollar. The emergence of Canadian buyers in 2007 helped to buoy the Maui market while a lot of mainland markets were already starting to see big decreases in sales and pricing. They continued to be buyers through the downturn and into the start of the recovery. Around 2013, the Canadian dollar started to dip below par and more substantial decreases occurred in 2014 and 2015. At the time of this post, the Canadian dollar is currently worth 72 cents in American dollars. Less buying power means fewer Canadian buyers. It doesn’t help that a lot of the previous Canadian buyers were coming from Alberta. The weakening Canadian dollar is a reflection of weakening oil prices. The drop in oil prices is a double whammy for buyers from the oil rich province of Alberta.

Final Thoughts
I know tomorrow is the first of February, but I still plan on putting out more posts specific to how different communities around the island performed during 2015. Those posts will also include some thoughts on what we might expect to see in those communities during 2016. Feel free to contact The Maui Real Estate Team if you have any questions on the numbers above, or if you need assistance buying or selling property on Maui. We welcome the opportunity to be of assistance.

Are you looking for a home with a mortgage helper? Perhaps you want a place that can accommodate you and your extended family? This Pukalani Golf Course home can fit either of those needs. The home is currently configured as a three bedroom, two bath main house with a one bedroom, one bath ohana. It can also be reconfigured into a four bedroom, three bathroom single family home by opening an interior stairwell that is currently locked off. The home features vaulted, open beam ceilings in the living room and kitchen. A spacious second story deck overlooks the Pukalani Golf Course. It also offers ocean, mountain and Central Maui views. It is a great spot for a barbecue or quietly enjoying the golden hour. The permitted one bedroom ohana has a kitchenette, living area and a smaller room that could be used as a potential office. The ohana has a separate electrical meter and its own solar hot water heater making it ready made for renters. The seller has recently painted the interior, added rain gutters and added new laminate flooring in the ohana.

Pukalani is an Upcountry community that offers a good climate, proximity to good schools and a nice community center. It is less than 20 minutes to Central Maui and its medical facilities, shopping and other amenities. You are also less than 20 minutes to North Shore Beaches.

This Pukalani home is offered for $694,000. This property sold! Contact The Maui Real Estate Team for assistance with other Pukalani Homes for Sale.

The sellers of our Pukalani listing just adjusted the price of their high potential property. This 4 bedroom, 2 bath home offers a flexible floor plan and an attached 2 bedroom, 1 bath ohana. This home is ideal for a buyer looking for a rental that could help offset some of your mortgage expenses. This home has loads of potential ready to be unleashed by the buyer who is willing to put in the elbow grease. There is a nice garden areas with citrus, avocado, banana, breadfruit, mango and Coconut trees. There are even small ocean views of both coastlines. This home’s Upcountry location is about as convenient as it gets. You are within walking distance of the Pukalani Town Center, Pool and Park. Central Maui shopping and Baldwin Beach in Paia are just a quick drive down Haleakala Highway.

This home is now offered for $619,000. You can check out the 172 Hiwalani Loop listing page for additional photos and details. This property sold! Contact The Maui Real Estate Team for assistance with other Pukalani Homes for Sale.