Tag: Spreckeslville

Well, we made it to our twentieth Market Musings. This post took me a while to put together. I want to say it’s because it is chock full of tremendous insight. The truth is my last 9-10 days consisted primarily of battling Covid. My symptoms made writing this post a protracted slog. Give me some grace if there are typos and/or a few not so coherent thoughts interspersed throughout the text.

In our last post, I talked about the relative resilience of the Maui market under higher rates. Since that time, rates rose even more. The additional bump in rates or perhaps just a longer duration of time with higher rates is weighing on the Maui market. The single family home market in particular is feeling the burden of higher rates and decreased affordability. Musings 20 takes a look at some of the current market indicators including active and pending inventory, price reductions and how quickly new listings are going under contract.

End of October Maui Single Family Home Inventory

	8/31/22		9/31/22		10/31/22
	Active	Pending	Active	Pending	Active	Pending
<$750,000	11	11	7	14	9 (+1)	15 (+1)
$750,000-$999,999	31	44	21	46	29 (+8)	29 (-15)
$1,000,000-$1,499,999	58	28	45	33	64 (+19)	28 (-5)
$1,500,000-$1,999,999	46	13	44	17	41 (-3)	13 (-4)
$2,000,000-$2,999,999	36	12	33	12	35 (+2)	10 (-2)
$3,000,000-$4,999,999	32	11	35	11	32 (-3)	7 (-4)
$5,000,000-$9,999,999	26	5	27	6	26 (-1)	5 (-1)
$10,000,000-$19,999,999	11	0	11	0	9 (-2)	0
$20,000,000+	5	0	2	1	3 (+1)	1
Totals	256	124	225	140	248 (+23)	108 (-32)

	8/31/22		9/30/22		10/31/22
Haiku	20	7	24	7	28(+4)	9 (+2)
Hana	8	2	9	1	10 (+1)	0 (-1)
Ka’anapali	10	4	10	3	7 (-3)	2 (-1)
Kahului	11	25	7	26	16 (+9)	16 (-10)
Kapalua	4	1	4	0	6 (+2)	0
Kihei	44	16	35	16	40 (+5)	11 (-5)
Kula	24	10	22	11	20 (-2)	11
Lahaina	23	7	21	10	22 (+1)	13 (+3)
Makawao	15	11	13	11	13	9(-2)
Napili/Kahana/Hono…	14	4	9	7	11 (+2)	6 (-1)
Pukalani	8	5	6	7	8 (+2)	3 (-4)
Spreckelsville/Paia	15	3	10	4	8 (-2)	2 (-2)
Wailea/Makena	16	4	10	8	11 (+1)	4 (-4)
Wailuku	41	22	36	26	40 (+4)	21 (-5)

End of October Home Inventory Review

The information above is provided with the usual framework. The home inventory data by price point includes all of the island of Maui, but excludes the islands of Molokai and Lanai. The district information is limited to the districts and community with the most activity.

• After a pretty healthy drop in Inventory in September, active home listings increased by 10.22% by the end of October.
• The bulk of the inventory increased occurred between $750,00 and $1,500,000 with an increase of 27 listings in that range.
• It appears that this increase in inventory stems more from slower activity than an influx of new listings. That is reflected in the pending sales data with 20 fewer pending home sales between $750,000 and $1,500,000.
• This make sense as this is an area of the market where a higher percentage of buyers are using financing. Looking at all of the sales between August 1 and October 30th, 18.93% of the buyers in this price range paid cash. In all other price ranges, 41.77% of buyers used cash. Plain and simple, the increase in mortgage rates is hitting this segment of the market harder.
• Overall, the number of pending home sales decreased 22.86% between the end of September and the end of October. That is a substantial decrease, but worth noting that pending sales typically decline in the fall.
• Looking at the market on a community level, all but three districts increased inventory. The exceptions being Kula, Spreckelsville/Paia and Ka’anapali. Ka’anapali’s decrease stemmed in part due to cancelled listings rather than increased sales.
• Kahului experienced the biggest increase in active listings and the biggest decrease in pending sales. With the vast majority of the inventory in this community priced between $750,000 and $1,300,000, this is a market where the increased rates appear to causing a bigger shift in conditions.

End of October Condo Inventory

	8/31/22		9/30/22		10/31/22
	Active	Pending	Active	Pending	Active	Pending
<$250,000	1	6	1	3	2 (+1)	4 (+1)
$250,000-$499,999	14	17	11	16	19 (+8)	12 (-4)
$500,000-$749,999	34	43	28	40	32 (+4)	35 (-5)
$750,000-$999,999	33	43	33	33	27 (-6)	27 (-6)
$1,000,000-$1,499,999	29	31	19	36	21 (+2)	30 (-6)
$1,500,000-$1,999,999	24	35	18	34	14 (-4)	33 (-1)
$2,000,000-$2,999,999	22	38	14	43	15 (+1)	40 (-3)
$3,000,000-$4,999,999	12	19	10	17	10	17
$5,000,000-$9,999,999	8	1	7	0	11 (+4)	1 (+1)
$10,000,000+	4	0	4	0	3 (-1)	1 (+1)
Total	181	233	145	222	154 (+9)	200 (-22)

	8/31/22		9/30/22		10/31/22
	Active	Pending	Active	Pending	Active	Pending
Ka’anapali	25	16	17	14	18 (+1)	9 (-5)
Kahului	3	7	3	4	5 (+2)	5 (+1)
Kapalua	11	6	10	4	12 (+2)	4
Kihei	50	63	48	61	43 (-5)	60 (-1)
Lahaina	9	10	5	7	8 (+3)	4 (-3)
Ma’alaea	3	6	4	4	3 (-1)	6 (+2)
Napili/Kahana/Hono…	45	25	29	30	33 (+4)	17 (-13)
Wailea	24	86	19	86	19	85 (-1)
Wailuku	9	14	8	12	11 (+3)	10 (-2)

End of October Condo Inventory Review

Again, the tables above come with the usual framework for our end of month inventory. The table by price point includes all condos on Maui, but it does not include condos on the islands of Molokai or Lanai. The table with districts is limited to the communities with the most activity.

Pending sales at La’i Loa at Wailea Hills skew the data in Wailea and the $1,500,000-$5,000,000 price ranges. There are 75 pending sales in that development based on contracts penned in 2020 and the first quarter of 2021. Pending sales in La’i Loa won’t start to close until sometime in 2023. Paradise Ridge Estates in Kihei also skews the data albeit to a lesser extent. There are 18 pending sales with that development based on contracts penned between 2018 and the first quarter of 2022. Overall, 46.5% of the pending Condo inventory is in La’i Loa or Paradise Ridge Estates.

• After three straight months of decreased inventory, condo inventory increased by a modest 6.2%
• The largest increase in inventory occurred in the $250,000 to $499,999 price range. While this price range has a lower percentage of cash buyers than the overall condo market, the difference isn’t all that substantial.
• Active inventory increased in 6 out of 10 price ranges, decreased in three and stayed the same in one.
• Pending sales decreased 9.91% this month. As with home sales, it isn’t too uncommon to see pending sales decrease this time of year.
• The decrease in pending condo sales by price point was fairly consistent through most ranges, with the exceptions being the very lowest price range and the very highest price points in the market.
• At the community level, modest increases in inventory were common across the board. The two districts that actually saw a decrease in inventory at the community level were Ma’alaea and Kihei. Both are markets with a lot of vacation rentals. This is a market segment that is still seeing decent demand.
• Napili, Kahana and Honokowai experienced the biggest drop in pending sales. This is another big vacation rental condo market. Is the difference in activity levels a case of no clear narrative or just variability? This is something to watch with next month’s numbers.

How Quickly Are Properties Going Under Contract

One other metric we use on the blog to track market demand is how quickly properties are going under contract. Specifically, what percentage of new listings are going under contract in ten days or less. The very first time we started documenting this metric was back in February. At that point, 56% of all new listings went under contract within 10 days or less. Between September 12th and 19th, that number shrank to 34%. Between October 11th-18th, the number of properties that went under contract within 10 days or less fell further to 25.58%.

When you break it down by homes and condos, you can see that condos continue to show some measure of resilience. For condos listed between October 11th and 18th, 40% went under contract with buyers in ten days or less. That’s actually up from mid September when the number was 36.66%. For additional context, 66.67% of condos went under contract in 10 days or less between October 11th and 18th, 2021. Going back to 2019, 26% of all condos listed between October 11th and 18th went under contract in 10 days or less.

The numbers for the home market point to a more pronounced cooling. Only 13.04% of all homes listed between October 11th and 18th went under contract in 10 days or less. In mid-September, that number was 32.14%. For additional context, 54.17% of homes listed between October 11th and October 18th, 2021 went under contract in tend days or less. Going back to 2019, 9.09% of all homes listed between October 11th and October 18th, went under contract in ten days or less.

Price Reductions

One market indicator that surprised this month is the number of active listings with price reductions. Nationally, price reductions continue to rise as the real estate market slows under the weight of higher interest rates. Based on the numbers above, one might expect to see more price reductions, particularly with the home market. With fewer properties going under contract quickly and fewer properties going under contract in general, shouldn’t sellers be adjusting to the market?

As of the the 31st, 90 of 248 active home listings or 39.92% reduced their price one or more times. On September 29th, 42.41% of homes went under contract in 10 days or less. On September 2nd, 42.97% of all active listings had one or more price reduction.

On the condo front, 45 of 153 or 29.41% of active condo listings on October 31, 2022 reduced their price one or more times. That’s up from 25% on September 29th. On September 2nd, 27.84% of all active condo listings had price reductions.

Some General Thoughts on the Numbers Above and The State of The Market

It’s been an interesting last six months in the Maui Real Estate market. The first quarter of the year was largely a continuation of 2021. Strong demand combined with limited inventory to fuel strong price growth. Demand slowly started to taper in the second quarter. That said, inventory remained low. While the frenzy of the first quarter subsided, there was a balance between limited supply and just enough demand to make for a competitive market for buyers. While we were well below the frenzy of earlier in the year, homes and condos in particular sold faster and at a higher percentage of asking price than they would in a normal market.

This trend of a balanced ratio between buyers and sellers continued through the summer. Inventory actually contracted through most of the summer, but we lost FOMO (fear of missing out) buyers from the market. The lack of FOMO buyers had an impact. We started to see some downward pressure on values in limited parts of the market. With a discerning buyer pool, flawed properties that would have sold easily in the first quarter weren’t getting any love from buyers.

In my last musings, I showed stats that pointed to the relative resilience of this market despite rates well over 6%. The stats above point to a further shift downward in the market . Or at least two out of three did. The third is a reflection of Maui as a real estate market as a whole.

The increase in inventory and the decrease in pendings show a market where the balance in supply and demand is starting to shift. This is less due to an influx of new inventory as much as it is to decreased demand. When you look at the number of homes going under contract within 10 days or less, you can see where the push above 7% rates is starting to decrease the number of buyers. I am sure the more negative national real estate news is also having an impact on the buying decisions of some. Fomo has been replaced by wait and see.

The decrease in price reductions is the one anomaly in this market. As the market cools, you would expect sellers to adjust. Prior to Covid, Maui’s market dynamics were different than the typical mainland market. Sellers took time to adjust prices and days on market could really pile up before a listing was considered stale. It’s also worth remembering that this shift is pretty recent. We may need to see these conditions persist for a longer before more sellers begin to adjust prices.

The one other thing to note is that while we saw a shift in market conditions in these most recent stats, conditions remain variable. That’s pretty clear when we look at the difference between homes and condos. As of mid-October, new condo listings still went under contract much faster than they did pre-Covid. Condo inventory remains tight compared to demand and the volume of cash buyers blunts the impact of higher rates.There is variability in the home market too. The luxury market, which again includes a higher percentage of cash buyers, appears to be moving relatively well.

Looking forward, it will be interesting to see where the market goes from here. Since it’s taken me longer to write this blog post, I have the advantage of watching market conditions over the first ten days of November. While I haven’t crunched the numbers in any detail, pending sales stabilized to start the month. Yesterday’s inflation print out caused a shift in the bond market and mortgage rates to drop a half a point.Will that persist or will higher rates return? Needless to say, it’s too early tell. If anything, this points to continued weird market dynamics with a lot of variability in conditions.

A Little Maui Beauty to Brighten Your Day

It may not be Monday but…

It's Monday- we're mentally here. Via @HIOceanProject pic.twitter.com/gzQN8hpHwr

— Maui Hawaii (@Maui) November 7, 2022

Contact The Maui Real Estate Team

Variable market conditions and general market weirdness demand quality representation. Contact the Maui Real Estate Team to talk to one of our experienced agents if you are thinking of buying or selling Maui Real Estate. One of our healthy agents will be happy to learn more about your real estate needs. We look forward to being of assistance.

This home is Spreckelsville would be a dream property for a water person. The home’s deeded beach access to Spreckelsville Beach is ideal for windsurfers, stand up paddlers or those that just enjoy an afternoon dip or feeling the sand beneath their toes. There are neighborhoods where people own golf carts due to the proximity to the local golf course. While this home is close to the Maui Country Club, residents of this neighborhood own their golf carts to haul all of their water toys to the beach. The video below featuring Kai Lenny illustrates the home’s convenience to the beach.

The allure of Spreckelsville goes beyond the beach. In addition to access to water sports and the aforementioned Maui Country Club, it is 5 minutes to downtown Paia, five minutes to the airport and 5-15 minutes from the medical facilities, the Maui Arts and Cultural Center, the University of Hawaii Maui College, shopping and other amenities of Central Maui.

The single level, four bedroom, two bath home itself is impressive in its own right. The home features a big open floor plan with ten foot ceilings. It has extensive covered lanai space that is well suited to enjoying the indoor/outdoor lifestyle of Hawaii. The builder incorporated quality materials and features including granite counter tops, stainless steel appliances, crown molding, central a/c, a security system, a 4.2 KWh photovoltaic system, solar hot water and a hot tub. In addition to the main home; there is a detached, 899 square foot, 3 car garage with an upstairs 797 square foot bonus room. There is also a 600 square foot stand alone yoga studio. The .9 acre lot is beautifully landscaped and kept green via an automatic irrigation system.

This home is co-listed with Big Wave Realty with an asking price of $2,895,000. This home sold!  Contact The Maui Real Estate Team for assistance with other Spreckelsville Properties.

Back when I posted the June Statistics, I promised a series of mid year updates on the real estate markets around the island. Mea Culpa. Sometimes, the rest of my work obligations get in the way of blogging. I have only been able to produce updates on Paia and Spreckelsville. Today, I wanted to turn my sights on the island’s luxury home market. Since it is the end of August, we are going to include all of the sales for the year date. We wanted to look at the volume of high end home sales around the island, notable sales and market conditions specific to some of the different neighborhoods and communities around the island.

Just from a methodology standpoint, I am classifying luxury homes as homes priced for $2,000,000 or more. We have used this $2,000,000 threshold for luxury homes regularly throughout our discussions of stats on this blog. That isn’t to say that there aren’t some very nice homes that have sold this year for less than $2,000,000.

Luxury Home Sales Volumes and Median Prices
There were 43 homes sold for $2,000,000 or more between January 1, 2015 and August 22, 2015. The median price of those sales was $3,196,000. Between January 1, 2014 and August 22, 2014, there were 45 homes sold. The median luxury home price for this period of 2014 was $3,800,000. When comparing this year to last year, there was roughly a 4% drop in sales volume and a 16% drop in median price. Just to be clear, the drop in median does not reflect any sort of change in values in the market. It is a reflection of the inventory sold.

Notable Maui Luxury Home Sales for the Year to Date
Here are some notable numbers that I thought were worth passing along from this year’s luxury home sales.

• The highest priced sale thus far this year was for a home in the Keahou at Makena Subdivision. The 4 bed/ 4.5 bath home with 6,737 square feet of living space is located on 4.23 acres. It sold for a whopping $41,775,000. That isn’t just the high sales price for the year, it is the highest ever sale price for a home on Maui by a significant margin.
• Including the Keahou at Makena sale, there were 8 sales over $5,000,000.
• Wailea/Makena and Ka’anapali were the two busiest luxury home markets through the better part of the last eight months. Realtors reported nine sales in both of those markets.
• Of the 43 luxury home sales for the year to date, 14 sales were either oceanfront or beachfront.
• The 43 sales were spread among 12 different towns or resorts in Maui County. Hana and Molokai are two communities that haven’t seen all that many $2,000,000 sales over the previous few years, but they each had one $2,000,000 plus transaction this year.
• The 43 sales included one bank owned property and two short sales.

A Look at Selected Luxury Home Markets Around the Island
The Maui Luxury home market is fairly diverse. Buyers typically focus their search on one or perhaps two areas of the island. With that in mind, we want to look at how some of the different areas around the island performed during the first eight months of 2015.

Makena and Wailea
The Wailea and Makena area typically sees the most sales activity of any luxury community on island. That rang true during the first half of 2015 as it tied Ka’anapali for the busiest area for closes on the island. Digging a little deeper within the numbers, there were 8 sales in Wailea and just one sale in Makena. Within Wailea, there was a good cross section of neighborhoods that saw activity. There was a sale in Maluhia, a sale in Wailea Highlands, 2 sales in Wailea Golf Vistas, 2 sales in Wailea Golf Estates and 2 in Wailea Kialoa. The sales activity in Wailea was actually up a little from last year. There were 7 homes sold in Wailea proper in the first eight months of 2014.

Makena saw a drop in activity with the one solitary sale compared to 5 sales during the same period the year before. It is hard to say why there was a dip in sales in Makena. Some of that could just be a case of market variability and inventory. The one other factor that could be coming into play is the Makena Golf and Beach Club. This new development spearheaded by Discovery Land Company is located at and around the current Makena Golf and Beach Resort. This new community is set to be Maui’s most exclusive and high end luxury development to date. There are no single family homes for sale in the community yet, but there are some very high end home sites on the market in Maluaka Estates. There has been one lot sold and an additional three lots are under contract. All four lots have prices of $10,000,000 or more. It is possible that some of those buyers may have been potential buyers for other Makena properties. That said, Discovery Land Company is known to have a loyal following that might draw buyers who might not have otherwise looked at Maui.

I thought it was worth briefly revisiting the high sale in Makena. The sale at Keahou smashed the old Maui sales record by $14,700,000. I will be honest, the sales price is something of a head scratcher. The neighboring property is on a smaller piece of land and the house is 1,200 feet smaller, but it is currently listed for sale for $13,400,000. It seems like quite a stretch for there to be a $28,375,000 difference in value between the two homes. As much as it makes the new listing seem like a value, I think it points to the big sale as something of an outlier.

It will be interesting to see what happens over the rest of the year in Wailea and Makena. There is still a fair amount of inventory for buyers to choose from. There are twenty active home listings on the market currently with 7 properties in Makena and 13 in Wailea. Check out the full inventory of Makena and Wailea Homes for Sale on MauiRealEstate.com.

Ka’anapali
Ka’anapali had a pretty strong first eight months of the year with 9 total sales. That is up a little over the seven sales last year. The sales came from six different neighborhoods within Ka’anapali. There were 3 sales in the Pinnacle Neighborhood, 2 in the older section of Ka’anapli Golf Estates, 2 in the Summit at Ka’anpali, and a single sale in both Ka’anapali Hillside and Ka’anapali Coffee Farms. The high sale for the year to date was $3,500,000 for a four bedroom, three and a half bath home with 3,715 square feet of living space on a .65 acre lot in the Pinnacle.

There are 13 homes actively listed for over $2,000,000 in Ka’anapali. That should give buyers who prefer Ka’anapali some pretty good options. You can see the full inventory of Ka’anapali Homes for Sale on MauiRealEstate.com.

Kapalua
Kapalua has been the third busiest luxury home market this year with 7 closes over $2,000,000 for the year to date. All of the subdivisions of Kapalua with the exception of One Kapalua Place have seen sales activity thus far this year. There were 2 sales in Pineapple Hill Estates, 2 sales in Pineapple Hill, 2 sales in Plantation Estates and a single sale in Honolua Ridge. The high sale was $5,700,000 for the Honolua Ridge property. For a price tag of $5,700,000, that buyer now owns a four bedroom, five and a half bath home with 6,509 square feet of living space on a 2.82 acre lot. It has stunning views overlooking the renowned Honolua Bay.

The Kapalua market currently has 29 homes actively listed for sale. This is the biggest inventory of luxury homes of any of the communities around the island. This makes for an excellent selection for potential buyers. That may also allow for some opportunities. Typically, high end sellers have more staying power and will hold out for a premium. That said, you could make an argument that we have already seen a premium property go at a substantial discount with this year’s high sale in Kapalua. The home in Honolua Ridge sold for $4,000,000 below its original asking price and $1,995,000 below the list price at the time that it sold. You can see the full inventory of Kapalua Homes for Sale on MauiRealEstate.com.

Lahaina
There are two parts of Lahaina where high end home sale activity tends to be concentrated. The first is along the oceanfront. Homes along Front Street and Baby Beach typically start over $2,000,000. The other area is just south of the town in the neighborhood of Launiupoko. Launiupoko has been one of the stronger markets for high end sales over the last couple of years. There have been five sales in Lahaina thus far this year. Three of the sales have been in Launiupoko and two have been oceanfront homes. The highest priced sale was $3,500,000 for a 4 bedroom, 4 bathroom residential condominium with 3,675 square feet of living space on 8.513 acres.

There are 16 active luxury home listings for sale in Lahaina at this time. Eleven of the homes are in Launiupoko with the rest located along the ocean. Lahaina is another market where buyers have some pretty good options. Check out all of the current Lahaina Luxury Home listings on MauiRealEstate.com.

Upcountry
The Upcountry area of Maui tends to see fewer high end sales than the resort communities of the island. That said, there are some pretty spectacular estates located along the flanks of Haleakala. Kula and Olinda are places where you will see some bigger acreage estates. There are also some homes along Baldwin Avenue below Makawao that fit the luxury home mold. The first eight months of the year have seen only two sales above the $2,000,000 mark in the Upcountry Area. There was one sale in Kula and one sale in Olinda. Last year, there was just one sale over $2,000,000 in the Upcountry area in the first eight months of the year.

The highest priced sale Upcountry for the year to date was $3,500,000. That was for a 24 acre estate in Olinda. It included a 3,300 square foot, three bed, three bath home and a separate two bedroom cottage. The 24 acres property included three separate parcels of land all with their own water meter.

While there haven’t been a lot of high end home sales Upcountry this year, there has been an uptick in buyer activity over the last two months. There are four homes in Kula listed for $2,000,000 that are currently under contract. That is more than anywhere else on island. There are an additional 16 homes listed for more than $2,000,0000 currently on the market Upcountry. That means a pretty good selection for high end buyers looking for more privacy or a different feel than the resorts or the beach. You can see all of the Upcountry Luxury Home listings on MauiRealEstate.com.

North Shore
The North Shore of Maui has become an increasingly popular location for luxury home buyers over the last five years. Prior to this year, Paia and Spreckelsville was the focal point of high end sales while the Haiku market lagged behind. We saw something of a shift this year. The Spreckelsville market has had limited inventory, Paia has been quiet and Haiku has seen the strongest sales activity since the downturn began. There were three total sales over $2,000,000 through the first eight months of the year. Last year, there were six sales on the North Shore in the first eight month’s of the year. For this year’s sales, two were in Haiku and one in Spreckelsville. The Haiku sales were particularly notable as they were the first and second highest priced transactions for homes in that community. The highest sale was for the 38 acre Baldwin Estate. This historic property includes a 10 bedroom, 10.5 bathroom home with 8,716 square feet of living space as well as a number of outbuildings.

Buyers looking for North Shore luxury homes will find that market conditions are going to vary based on the specific community. Spreckeslville is arguably one of the only true seller’s markets for luxury homes on the island. There are no active home listings for more than $2,000,000. Over the last few years, roughly half of the homes that have sold in this neighborhood have sold before coming to market. Paia has been quiet and it currently boasts the largest inventory of oceanfront homes of any area on the island. I think there may be some values and/ or motivated sellers to be found among those listings. Haiku has seven active listings currently on the market giving buyers some good options. You can check out the current inventory of North Shore Luxury homes on MauiRealEstate.com.

Overall Maui Luxury Home Market Outlook and Thoughts
The Maui Luxury Home market continues to offer a broad cross section of homes for potential buyers. From the privacy of Upcountry Estates to Beachfront Luxury compounds, there is considerable depth of inventory. While a deep inventory typically gives buyers more leverage, that isn’t always the case with the luxury home market. Luxury home owners typically have the means to hold on to properties for longer periods of time and many are less likely to adjust their pricing. That said, there are still bound to be a few sellers out among the current inventory who may have higher motivations. The challenge is finding those sellers.

I would anticipate that the rest of the year will continue to see sales figures at or close to the levels we saw during the fall and early winter of 2014. While projected increases in interest rates have the potential to slow sales activity at lower price points in the market, the majority of the luxury sales involve cash transactions or private banking. The biggest threat to the high end market is the overall economy. If the recent stock market uncertainty continues, you may see some buyers postpone their purchases. Contact The Maui Real Estate Team if you are interested in buying or selling a luxury home on Maui. We would welcome the opportunity to sit down with you for a free consultation to discuss your needs.