Maui Real Estate Blog
August 2022 Spreckelsville Market Update
In our last Maui Market Musings Post, we did a deep dive on the Wailea and Makena areas of Maui. We wanted to use a stand alone post to drill into a smaller neighborhood on Maui’s North Shore. That of course is the Spreckelsville neighborhood located between the airport and Paia. It’s one of the core communities we serve. Both Billy and Martin from our office call the area home. This post looks at year to date sales, current inventory and the outlook for the rest of the year.
The map above helps show sales activity for the year to date in Spreckelsville. Red pins represent sold listings and green pins represent active listings. You can click on the pins for additional details about each of the properties.
Spreckeslville 2022 Sales Overview
- Seven properties sold thus far this year as of August 6th. That includes 5 homes and 2 lots. The same number of properties sold during the same period of 2021. That said, last year’s sales were exclusively homes.
- The highest priced home to close in the neighborhood for the year to date sold for $10,000,000. The oceanfront property included a 4 bedroom, 3 bathroom house with 2,462 square feet of living space, a pool and 1 bedroom, 1 bathroom cottage with 540 square feet of living space.
- The lowest priced sale in the area for the year to date closed for $3,650,000. The home with three bedrooms and two and a half baths on Pa’ani Place is located on a large .876 acre lot.
- The median price of this year’s Spreckelsville home sales is $4,950,000. The average price of the this year’s home sales is $5,920,000. For the same period of last year, the median sales price and average sales price were $3,450,000 and $3,423,714 respectively. Homes in Sprecks aren’t exactly cookie cutter, so it would be a mistake to attribute the big increase in median and average price solely to increased values. The size, lot size, condition and location of the homes sold is also a big factor in the increased average and median prices.
- Three of the homes sold this year are located in the Old Spreckelsville area (Laulea and Pa’ani) and two homes sold are located in E Paepae Ka Puko’a (The Spencer Subdivision). Two of the three old Sprecks homes that sold are oceanfront properties.
- Both lots that sold for the year to date are located in the E Paepae Ka Puko’a subdivision.
- For the better part of the past decade, a number of homes in Spreckelsville sold prior to going to market. That trend continued this year. Two of five homes went under contract prior to hitting the MLS.
- All seven purchases in Spreckelsville thus far this year were cash transactions.
Market Outlook for the Rest of 2022
It’s difficult to forecast market conditions for the rest of the year with any sort of certainty. The market is clearly transitioning from the frenzy of 2021 and the first quarter of 2022. On Maui in general, fewer properties are going under contract as higher interest rates curtail demand. That said, the luxury home market tends to be less interest rate sensitive than other markets. The fact that all sales reported this year in Spreckelsville were cash transactions would tend to support the idea that higher rates would have a minimal impact. Overall economic conditions, the state of equities markets and other factors are likely to be bigger market drivers.
On the supply side, there are currently three active listings on the market. All three properties are pretty extraordinary, and the pricing reflects the quality of the offerings. Both homes listed have asking prices over $9,000,000. The one condo listing in Sugar Cove is a stand alone beachfront building listed for $17,000,000. Buyers hoping for inventory at the lower price points of the Sprecks market in the Sprecks V neighborhood won’t find any options currently. That said, our office is aware of a few properties coming to market in Old Sprecks in the near future. That should give buyers some options at lower price points than the current inventory.
Contact The Maui Real Estate Team
If you are in the market for property in Spreckeslville, contact the Maui Real Estate Team. Our agents know the market well. We would be happy to discuss current inventory or anything we know about that may be coming to the market in the near future. You can find more photos and details on the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com.
Maui Real Estate Blog
Sugar Cove Building 6, The Guest Suite
Last month, our broker Billy Jalbert and agent Martin Lenny listed a truly extraordinary property. This is the first time a whole building at Sugar Cove on Maui’s North Shore came to market. The owners combined two of the three units into a truly luxurious primary living space. The sellers opted to keep the third unit separate as its own guest living space. Today’s blog focuses specifically at the guest unit and its many amenities that make it a condo of distinction and luxury in its own right.
The guest suite or unit C offers four bedrooms. Two of the bedrooms include en suite baths, Two bedrooms share a bath. There is also half bath downstairs along with a laundry area, a writing / desk space in the living room and complete high-end kitchen.
The kitchen includes Hans Grohe Fixtures, imported granite counters, custom maple cabinetry and gourmet appliances. The views from the kitcken over the living room aren’t too shabby either.
Two of the four bedrooms offer stunning ocean views. The ocean view bedrooms also have ensuite bathrooms and access to the second story lanai. The two non-ocean view bedrooms are spacious and comfortable. They share a bathroom. Vaulted ceilings, recessed lighting and a bamboo ceiling treatment enhance the vibe of all four guest bedrooms. While there may be a few arguments about who gets the rooms with ocean views, even the most finicky of house guests will be hard pressed to complain about any of these bedrooms.
The bathrooms include custom maple cabinets, imported granite and Hansgrohe fixtures.
The beautiful wood work throughout the home is apparent from the moment you walk up to the custom Koa front door. The flooring in the living room kitchen and bedrooms are Cumaru wood. As mentioned above, the custom cabinetry and shelves throughout the home are Cumaru and Maple. A stunning custom, hand made Cumaru staircase leads to the second floor. The lanai area decks are beautiful and durable Ipe.
In addition to the visually compelling features of the home, there are a number of features that keep guests comfortable throughout their stay.
- Triple glazed low-E windows for storm integrity, soundproofing, and energy efficiency
- Walls and attics insulated for comfort and energy efficiency
- Central Air Upstairs keeps the bedrooms cool and comfortable
- Programmable water recirculation systems for instant hot water
- Energy efficient & programmable water heaters
- Water filtration & RO systems
- High speed wi-fi and smart-house systems throughout; Lutron lighting; Sonos audio
- 2 large screen TVs
These are just some of the high quality upgrades made by the owners.
If guests enjoy ocean sports, there is plenty of space to keep all of their toys. There is storage for 18 surfboards & windsurfboards and 10 rigged windsurf sails. With the wind and waves of Sugar Cove right out the back door, there is ample opportunity for fun.
The whole building 6 of Sugar Cove is offered for sale for $17,000,000. Take a 3D tour of the guest quarters and the rest of the building here. Check out the Sugar Cove Building 6 listing page for additional photos and details. Contact The Maui Real Estate Team to discuss the property with one of our agents.
Maui Real Estate Blog
461 Laulea Place, An Oceanfront Classic in Spreckelsville
The Maui Real Estate Team is proud to bring the classic oceanfront home in Spreckelsville to market. Located on a quiet private road, this 1945 home draws on the architectural influences of C.W. Dickey. Old Hawaii design elements and materials include the double pitch roof, cathedral ceiling living room, fir floors, stained-glass windows and crystal door knobs. Numerous windows let in the cooling trade winds and ensure that there are plentiful views of the blue waters offshore. This classic home is ready for a new owner willing to update the home for modern living while preserving the charms of an earlier era.
The charm of the home extends to its landscaping and overall surroundings. Mature landscaping includes a stately monkey pod tree that offers cooling shade, towering coconut palms and a crown tree that draws monarch butterflies. Laulea Place is a quiet private road devoid of through traffic.
The Spreckelsville area is renowned for its combination of wind and waves around the globe. You can SUP, windsurf, wing or surf on the waves located just offshore from the backyard. There is even a massive unfinished basement at 461 Laulea ideally suited for storing ocean toys. Spreckelsville’s appeal extends beyond the ocean. There is easy access to the shops and restaurants of Paia and Central Maui.
The asking price for this oceanfront classic is $5,980,000. Check out the 461 Laulea Place listing page for additional photos and details. Tour the home from anywhere and find more floor plan details with the 461 Laulea 3D tour. Contact The Maui Real Estate Team with questions or to discuss the property with the listing agent.
Maui Real Estate Blog
Spreckelsville February 2019 Real Estate Market Update
We are right around the halfway point of peak real estate season on Maui. I thought it was worth checking in on some of the different real estate markets on island. The first on the list is the North Shore neighborhood of Spreckelsville. “Sprecks” is the home of our broker and one of our agents. While it is a small market, it sees strong demand.
The Appeal of Spreckelsville
The appeal of Spreckelsville stems from its lifestyle. The beach and the ocean play a significant component of the lifestyle whether it is taking morning and evening walks on Baldwin Beach or riding big waves on the outer reefs. Golf is a part of some residents lifestyle with the Maui Country Club offering a nine hole golf course, tennis courts, a pool and social events. It is a neighborhood where neighbors wave to each other as they walk the streets.
Recent Market Activity in Sprecks
This post looks at market activity in Spreckelsville during the last six months of 2018 and the year to date for 2019. The map below shows the current inventory of properties for sale and any homes that sold over that period. You can click on the pins on the map for additional details on the properties.
There have been only two sales in Spreckelsville since July 1, 2018. Both of those sales came during the second half of 2018. A few notes on the recent activity.
- Both sales occurred in the Sprecks V subdivision.
- The two sales during the second half of the year were the only Sprecks sales for the entire 2018 calendar year. That is also the slowest overall year of sales since 2010.
- This is the first year since 2010 that there have been no sales of off market homes.
Thoughts on Recent Activity
The bulleted points above illustrate the limited sales activity we have seen over the last 12 months. The last time sales numbers were this low, we were smack dab in the middle of the downturn. That said, the underlying markets in 2010 and 2018 are quite different. While the lack of activity in 2010 was a reflection of buyer demand, I would say 2018 and 2019 are driven by relative scarcity. All the homes in Sprecklesville below $2,000,000 have sold. The remaining inventory of homes for sale is listed substantially higher price points. The days on market for these properties falls within the norms of what we would typically see for multi million dollar properties. The two lots that are on the market are both being resold at list prices substantially higher than their previous sales.
While unlisted properties were a significant driver for sales activity between 2011 and 2017, there were no sales of off market properties during 2018. It may well be that buyers have flushed out most of the potential sellers. This is another way that scarcity has increased sales activity.
The Spreckelsville Outlook for the rest of 2019
Predicting the market in today’s day and age is increasingly challenging. Assuming that overall economic conditions remain somewhat constant, I would anticipate that 2019 will look pretty similar to 2018. I see demand for Sprecks to continue, but inventory is likely to remain the most limiting factor.
Contact The Maui Real Estate Team if you are interested in learning more about Spreckelsville and the Sprecks real estate market. You can search the current inventory of Spreckeslville Real Estate listings on MauiRealEstate.com.
Maui Real Estate Blog
Beautiful Spreckeslville Home
It has been a busy month of new listings for the Maui Real Estate Team. We just brought another home to market in Spreckelsville on Maui’s North Shore. This luxury home features 3 beds, 3.5 baths and 2,680 square feet of living space. There is also a detached two car garage with a storage and office area.
The home in the Sprecks V subdivision is chock full of amenities. Here are a few features that stand out:
- Ten foot ceilings
- Gourmet kitchen with black granite counters, custom cherry cabinets and top of the line appliances
- Imperial plaster walls
- Stained concrete and bamboo flooring
- Panoramic Haleakala Views from the second story
The home builder utilized a number of energy conservation features. The home was constructed with insulated concrete forms. Combined with energy conserving windows, the home stays cooler on warm days. On demand hot water also helps to keep down utility costs.
The location of his home is arguably its greatest amenity. 10 Ulupua is close to Maui Country Club, Baby Beach and Sugar Cove. That translates to convenient access to surfing, kitesurfing, windsurfing, SUPing, tennis, golf, running, beach walks or relaxation. It is hard to find a better location on Maui for an active outdoor lifestyle. The convenience extends beyond outdoor time. The property is less than 10 minutes to the airport and other Central Maui amenities. The shops, restaurants and yoga studios of Paia are a short bike ride from the home’s front door.
Maui Real Estate Blog
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.