Maui Real Estate Blog
Spreckelville Real Estate June 2021 Market Update
While last week’s stats post was the first in a long time, it’s been even longer since I posted a neighborhood specific update. With that in mind, no time better than the present to catch up on the real estate happenings in the Spreckelsville neighborhood on Maui’s North Shore. This beachfront community is a favorite of the Maui Real Estate Team. Our broker Billy calls it his home as does Martin Lenny, one of our agents. The combination of convenient location, great beaches and access to world class wind and water sports make this an incredibly desirable location. Today’s post takes a look at market activity during the Covid-19 era.
Notable Sales Numbers
- Eight properties sold in Spreckelsville between April of 2020 and June of 2021. That includes 6 homes and 2 lots.
- Seven of the eight sales were cash transactions. The one other sale was a trade.
- The Maui Real Estate Team represented the buyer or the seller on seven of the eight sales.
- There was only one off market sale during this period. All of the other sales made it to the MLS.
- The sales activity was spread throughout all but the Kai Holu Subdivision. The sales included one home closed in the Sprecks V area, one home on Stable Road, one home and one lot in E Paepae Ka Puko’a (The Spencer Subdivision). The rest of the sales were in Old Sprecks.
- One oceanfront home closed thus far during Covid. There is a second oceanfront home pending.
- The highest priced transaction to close came in at $4,000,000 for a home on .57 acres on Stable Road. The four bedroom, two bath home sits one lot back from the oceanfront with easy beach access. This transaction closed in March of 2021.
- The highest priced lot closed for $2,750,000. This .789 acre lot is situated off of Nonohe in Old Sprecks is right next to the Maui Country Club with deeded access to Stable Road.
- In addition to the 8 sales, there are three properties under contract including our office’s listing at Sugar Cove.
Thoughts on The Sprecks Market
Maui’s high end real estate market boomed during Covid-19. More accurately, it took off in late 2020 and through the first half of 2021. Home sales over $2,000,000 are up 335% during the first five months of 2021 compared to the same period of 2020. They are up 368% compared to the first five months of 2019. Areas like Kapalua, Ka’anapali and Upcountry Maui saw record sales volume for luxury property. That also meant the occasional bidding war and an above asking sales prices became more common.
The Sprecks market hasn’t hit the same heights as some of the other areas of the island. While the five properties sold for the year to date is the highest since 2014, it wasn’t unprecedented. None of the properties that sold closed above asking price and we only saw one multiple offer situation. This is not an indictment of the Sprecks market or the appeal of the neighborhood. It is more of a reflection of the fact that Spreckelsville is a high demand low sales volume area. Inventory levels consistently remain low with limited turnover. Many of the markets that saw the sharpest increase in activity came into Covid with an abundance of inventory. Plentiful supply combined with strong demand to create record sales volumes.
Spreckelsville Market Outlook
Based on the above, I imagine it isn’t too much of a surprise that I view inventory as the driving factor in the market for the remainder of 2021. There are currently four active listings and three pending listings. Based on recent trends, I would imagine that additional inventory will remain relatively scarce. Check out our Spreckelsville Real Estate listings page for the current inventory of homes for sale. Contact the Maui Real Estate Team if you are interested in buying or selling a property in Spreckelsville. We know the market since it is our own backyard.
Maui Real Estate Blog
Spreckelsville 2020 Market Update
Now that we are a little over a month into the New Year, I thought it would be a good time to check in on the Spreckelsville Real Estate market. This North Shore Neighborhood remains one of the most desirable locales on the island. It offers good beaches, world class ocean sports just offshore and a very convenient location. Two of the members of the Maui Real Estate Team Call it home. This post takes a quick look at how 2019 shaped up for the neighborhood and how things are looking for 2020.
The map above shows sales activity in Sprecks since January of 2019. Green pins represent active listings. Red pins show sales. Clicking on the individual pins provides details on the properties.
Spreckelsville Sales Overview
- There were three sales in 2019 in Spreckelsville. The sales included two homes and one lot. Thus far, one home sold in Spreckelsville during 2020.
- The highest sales price in 2019 went to 316 Pa’ani. This oceanfront sale included an acre of land, a main house and three cottages. It sold for $8,600,000.
- The one other home that sold was a beachfront property on Stable Road. What was most notable about this transaction was that it was a tenants in common purchase. The buyer was purchasing the rights and use of one home on a two home property. That makes the $4,025,000 purchase price somewhat eye opening.
- The solitary lot that sold closed for $1,600,000. The lot in the E Paepae Ka Puko’a aka the “Spencer” subdivision included just under an acre of land and deeded beach access.
- The one home sale for 2020 was in the Sprecks V subdivision that abuts against the Maui Country Club Golf Course. The sales price of $2,300,000 set a new record for the subdivision.
- The Maui Real Estate Team represented parties on two of the last three home sales in the neighborhood.
Spreckelsville 2020 Market Outlook
The 2019 Sprecks Real Estate Market saw relatively meager activity continuing recent trends. The lack of sales don’t reflect a lack of demand. Instead, it speaks to tight inventory. With just three properties on the market at this time, I would expect that the sales totals for 2020 won’t jump off the page. About four to five years ago, a good chunk of the Sprecks sales were unlisted properties. While that has not been the case the last two years, I would not be shocked to see some unlisted sales this year. I know there are some buyers beating the bushes. I also know that there are some unlisted properties that could be available for purchase.
Contact The Maui Real Estate Team if you are interested in buying or selling property in Spreckelsville in 2020. We know the market well and always have our ears to the ground for opportunities. Check out the MauiRealEstate.com for the current Spreckelsville Real Estate listings.
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August 2018 Spreckelsville Real Estate Market Update
Now that we are seven months through the year, it is a good time to check on how some of the different markets around the island are faring for the year to date. First on the list is Spreckelsville. This North Shore neighborhood is a core market serviced by the Maui Real Estate Team. Sales volumes for the neighborhood are typically pretty small, but Sprecks tends to be one of the strongest markets on the island. Spreckelsville is highly unusual in that a disproportionate number of sales are unlisted properties. Constrained supply and high demand leads to buyers and their agents beating the bushes for opportunities.
This post takes a look at the activity for the year to date in Spreckelsville and some thoughts on the market outlook for the remainder of the year.
The map above shows current listings and sales for the year to date in Spreckelsville. Green pins represent active listings. The yellow pin represents a pending sale. The red pin represents a sale. You can click on the individual pins for details on the properties.
Sprecks Sales Activity
When you look at the map above, the first thing that sticks out is the solitary red pin. There has only been one sale for the year to date with one pending sale at this time. The one close was actually a bulk sale of three lots that were not on the market in the E Paepae Ka Puko’a subdivision. The pending sale is a home along Hana Highway in the Sprecks V subdivision. At this point, we are well behind the pace of 7 sales in 2017. It could well be the slowest year for sales in Spreckelsville since 2010.
Why have we seen a dip in activity? When we last checked in on the Sprecks market in March, I anticipated a slow year for sales volume. The reason I gave was a relatively small inventory. The market appears to be following my projections. Low inventory tends to keep sale volume in this neighborhood limited. This has been a year of particularly low inventory. For a good portion of the year to date, there were only two listed properties on the market. Two of the current listings have been on the market for less than 60 days.
The biggest years for sales activity in Sprecks have been when MLS sales are augmented by the sales of unlisted properties. This year, the one and only sale was an unlisted property. That is notable in and of itself, but I am wondering if the pool of potential off market sellers may be thinning. After a lot of years of off market sales activity, I am not surprised to see an ebb in purchases. Perhaps, there isn’t much fruit left to shake out of the tree. I don’t have any definitive evidence to back this up. I may well be wrong. This is just a feeling I have at this point.
Outlook for the Rest of the Year
I would anticipate a relatively quiet rest of 2018 for sales activity in Spreckelsville. As mentioned before, there is one property under contract. That said, the buyer and seller just agreed to terms this week so there are no absolute guarantees it will close. If it does, that will leave three active listings.
The sellers just reduced the price of 2409 Waipua by over $300,000. This is a big, well built, beautiful home right on the golf course. This price reduction makes this an appealing opportunity for executive home buyers. Pa’ani Point is a true legacy property. It includes an acre of oceanfront land with a legal seawall, a home and three additional cottages. At $14,000,000, the pool of buyers for homes at this price point is limited. That said, it is a value to compared to the two sales that have closed on Stable Road over the last couple of years.
You can find more photos and details for the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com. As I mentioned above, I wouldn’t anticipate many new listings coming to market or sales of unlisted properties, but you just never know. We will continue to keep our ears to the ground for opportunities for buyers. Contact The Maui Real Estate Team if you are interested in buying or selling in Sprecks. We would welcome the chance to be of assistance.
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The Little Blue Beach House
The Little Blue Beach House is a one bedroom, one bathoom, post and beam, plantation style cottage with deeded beach access to Spreckelsville Beach. Little Blue exudes charm and quality. Notable features include oak floors, reclaimed windows, brass door handles, a new gas stove, a new Bosch Dishwasher, a new washer and dryer and a new hot water heater. The seller also refreshed the home with fresh interior and exterior paint. An extensive lanai area adds to the living space. There is also quite a bit of storage space for all of your water toys. An outdoor shower is ideal for washing off the salt and sand from the beach.
While the home’s charms are considerable. The value is enhanced by the land and associated entitlements. It is located on a 1/4 parcel. There is plenty of room and the zoning to either expand on the house or to add an additional dwelling.
The property’s proximity to the beach isn’t the only thing that gives this home a great location. The street where it is located is said to be one of the best on Maui. The neighborhood is one of the island’s most desirable. Spreckeslville offers a number of great beaches, access to world class water sports, and convenience to the Maui Country Club. It is a quick drive to Paia and its shops, restaurants, great health food store and yoga studios. The amenities, stores, medical facilities and airports of Central Maui are five to ten minutes away.
The Little Blue Beach House is offered for $1,650,000. Check out the Little Blue listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a viewing of the property.
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Spreckelsville August 2014 Real Estate Market Update
With two members of the Maui Real Estate Team calling the Spreckelsville neighborhood home, we can literally say this community is part of our backyard. This North Shore community situated between Paia town and the Airport, offers convenience to amenities, access to beaches and some of the best wind and water sports venues on the planet. It is also home to the Maui Country Club which features a 9 hole golf course, tennis, beach access, a pool and a clubhouse with outstanding food. Sprecks has been a highly coveted address over the last 10 years, and interest and prices have continued to ratchet up in 2014. The map below shows the Spreckelsville Real Estate sales activity in 2014. There have been 12 sales to date this year with two listings still active at this time.
Here are some things that I thought were noteworthy about the 2014 Spreckeslville Real Estate Market.
- The 12 properties sold for the year as of 8/20/2014 is a huge increase over the 4 properties sold during all of 2013. It is also ahead of the 11 total properties sold in Spreckelsville during 2012.
- Buyers have had to beat the bushes to find properties to buy this year. Six of the 12 properties that have sold this year were not listed by Real Estate agents at the time that they went under contract. Two of those six were properties that had been listed previously.
- The four sales of $4,000,000 or greater represent a particularly robust period of high end sales. Prior to those closes, there had been only one sale in Spreckelsville above $4,000,000. While there are a number of other oceanfront homes that might be valued over $4,000,000, you just don’t see that type of turn over in the neighborhood. We will be hard pressed to see that level of activity again as Oceanfront Homes in Spreckeslville aren’t listed all that frequently.
- The lack of available homes for sale helped to drive demand for land in the neighborhood. The last developer owned lot sold at E Paepae Ka PuKo’a and there were two resales of lots in that subdivision. One resale represented by the Maui Real Estate Team ended up in a bidding war with a sales price well over asking price.
- After a quiet couple of years of sales activity, there has been one sale at the Sugar Cove condominiums. There are still two more active listings at this unique upscale condominium development.
- The Maui Real Estate Team represented the buyers or the sellers on 50% of the transactions that have occurred this year.
With just over four months remaining in the year, it will be interesting to see what happens for the rest of 2014 in Spreckelsville. Inventory could be the biggest constraint with only the two Sugar Cove listings active at this time. There are no homes or pieces of vacant land listed. Vacant land in Spreckelsville is becoming particularly scarce with most of the remaining undeveloped lots being held for the long term or being prepared for future construction. There is one potential bank owned home that has been rumored to be coming to market for well over a year.
Buyers who are interested in Spreckelsville are encouraged to contact The Maui Real Estate Team. We continue to keep our eyes and ears open for properties even before they come on to the market. You can find more information and photos on the current Spreckelsville Real Estate Listings on MauiRealEstate.com. If you own a property in Spreckelsville and are considering selling, we would welcome the chance to sit down with you for a free consultation on the value of your property.
Update on 8/22/2014
I checked with the agent who was going to be listing the bank owned property coming on the market in Spreckelsville. As per that agent, the bank sold that home directly to a buyer within the last couple of weeks. The home was in older Sprecks on the Makai (ocean) side of Nonohe right next to Maui Country Club. The sales price was rumored to be $1,700,000.
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Spreckelsville 2013 Year End Round Up and 2014 Outlook
After taking a look at the big picture of how the Maui Real Estate market performed in 2013, this is the first of what will be a few posts that look at how specific Maui communities performed in 2013. Today, we are shining the spotlight on the North Shore community of Spreckelsville. Nestled between the airport and Paia town, Spreckelsville is a collection of Oceanfront estates, golf course homes, executive homes and even a small beachfront luxury condominium complex. It has long been a popular place to live for Kama’aina. It is also a desirable spot for second home owners. The appeal of the area lies in its central location, beautiful beaches, the Maui Country Club and access to some of the best locations for wind and water sports in the world.
The map below shows all of the real estate activity that occurred in 2013. Sales are represented by red pins, the blue pin is for a property that went under contract in 2013 and closed in 2014, the yellow pins represent properties that went under contract in 2013 and have still not closed. Green pins represent all of the properties listed in 2013 that are still active.
Here are a few additional observations on Spreckelsville Real Estate activity in 2013.
- The five total home sales in 2013 were a sharp drop from the 11 homes sold in 2012. There were quite a few unlisted properties that sold in 2012. That may account for some of the difference.
- The second half of 2013 saw a marked increase in activity over the first half. All five sales in Spreckelsville occurred after July 1st.
- The high sale was $3,000,000 for an unlisted home on Pa’ani. This home was on the ocean side of the street, but not oceanfront. Sales on this street tend to be relatively rare.
- Of note, there were four properties that were listed for higher prices that went under contract in November and December and had not closed by year end. One of those four listings was an Oceanfront Home at 455 Pa’ani that closed in January of 2014 for $7,950,000. That is the second highest sale in the neighborhood all time.
- While there has been a surge in high end activity, the lower end of the Sprecks market has not had as strong of a demand from buyers. There were three sales in Sprecks V, but we have not seen the strong appreciation that we saw at lower price points in nearby Paia. The sale of 120 Ulupua was the highest in Sprecks V to date, but it is also the biggest house and by far the biggest lot in the neighborhood. This home also had extraordinary finishing and was considered to be a value at its price.
- There were no sales or listings at the Sugar Cove condominiums during 2013.
It will be interesting to see what 2014 brings for the Spreckelsville Real Estate market. We have already had one big close with potentially three more big closes coming in the first quarter. Beyond that, inventory is scarce with only two active listings. While there was a late surge in 2013 for beach and oceanfront properties in Sprecks, there are no active listings on the water. If we are to see any significant additional activity in 2014 beyond what is under contract, it will need to come in part from new listings or unlisted properties.
Contact The Maui Real Estate Team for additional information on Spreckelsville and the local real estate market. Our broker and one of our agents call this neighborhood home so we can give you a pretty good sense of what the Spreckelsville lifestyle has to offer. You can check out the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com.