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 Real Estate Market 2016 First Quarter Market Update
Spreckelsville has had one of the strongest real estate markets on Maui over the last few years. This North Shore neighborhood is desirable due to good beaches, great water sports, and its proximity to the Maui Country Club, Paia Town and Central Maui amenities. While the volume of properties sold is never that high, there has been strong appreciation and a good number of the properties have been sold before they are even listed. With that context, it has been a slow start to 2016.
The map above shows the current inventory of properties listed for sale in Spreckelsville and the 2015 sales. It is noteworthy that there have been no sales in 2016 and no sales in the second half of 2015 for that matter. What gives?
Well, for a good part of the second half of 2015 there was limited inventory in Spreckelsville. For a few months, there were only two listings. There was one condo at Sugar Cove that was priced well above market comparables. There was also one home that was listed in the Spreckelsville V neighborhood. The home backed up to Hana Highway and it was listed at a higher price than any previous Sprecks V sales price. That home was pulled from the market in October. 477 Laulea came to the market in October and 1050 Kapakaulua came to market in November of 2015. Limited inventory at higher price points tends to lead to fewer sales. Since the calendar has turned, we have seen 3 additional listings come on the market.
The combination of new inventory combined with a recent significant price reduction on the Sugar Cove condo suggests that the Spreckelsville dry streak for sales will likely end within the next few months. Check out the Spreckelsville Real Estate Listings for additional photos and details on the current inventory. Check out the Little Blue Beach House listing page for more details on our current Spreckelsville listing. Contact The Maui Real Estate Team if you have questions about the community or are interested in buying or selling property in Sprecks. Martin and Billy both call Spreckelsville home. They know the community as well as any agent on island.
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Spreckelsville 2015 Midyear Real Estate Market Update
Over the last few years, the community of Spreckelsville has established itself as one of the hottest real estate markets on island. The strength of the market is evidenced by a number of high dollar sales and numerous properties that have sold without ever hitting the MLS. The community has become a popular choice for both Kama’aina and second homeowners. Residents are drawn to the community due to its great beaches, access to world class water sports, the Maui Country Club, proximity to Paia town, and the overall convenience to island amenities. After a scorching year of sales in 2014, we suspected that the 2015 market might have a tough time replicating last year’s volume of transactions. Now that we are over six months into the year, let’s take a look at what has happened in Spreckelsville thus far this year.
The map above shows the location of and information about the four properties that sold in the first half of 2015 as well as the two properties that are actively listed. The four properties sold is a decrease from the seven that were sold during the first half of 2014. Here are a few noteworthy items about the Spreckelsville sales from the first half of the year.
- The four sales consisted of two homes, one Sugar Cove condo and one parcel of land.
- A significant number of sales in Spreckelsville over the last few years have been unlisted properties. This proved to be true in the first half of 2015 as two of the four sales were sold prior to listing.
- The sale of 161 Makahiki set a new high price for a home in the Kai Holu subdivision. The Kai Holu Subdivision consists of 17 agriculturally zoned lots in the middle of the neighborhood along Makahiki Street and Cane Place.
There is going to need to be a significant uptick in activity during the second half of the year for 2015 to come close to matching last year’s 14 total sales. With only two properties on the market currently in Sprecks, I have a tough time foreseeing us making up the difference. You never know though, we have already mentioned how this neighborhood is known for unlisted property sales. You can check out photos and more details for the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com. Contact The Maui Real Estate Team if you have questions on Sprecks or to see if one of us might have a line on an unlisted property or two. Our broker and one of our agents call the neighborhood home. They can literally say that they know this neighborhood like their own backyard.
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Spreckelsville 2014 Real Estate Year End Review and 2015 Outlook
The Maui Real Estate Team Blog has been using the month of January as an opportunity to look back at the year in sales for 2014 and to look forward to what we might expect in 2015. Today, we wanted to focus on Spreckelsville. This North Shore neighborhood continues to see increased demand from both primary residents and second home owners. Great beaches, access to some of the best wind and wave sport areas on the planet, the Maui Country Club, proximity to Paia, proximity to quality schools and general accessibility are important reasons for the neighborhood’s desirability. We wanted to take a look at the properties sold this year, some of the most notable numbers from the Sprecks year in sales and some thoughts on what we might expect in 2015.
The map below shows the real estate activity that occurred in Spreckelsville during 2014. The red pins represent properties that closed during the year. The yellow pin represents a sale that went under contract in 2014 and closed in 2015. The orange pin represents a property that came on the market in 2014 and went under contract in 2015. The green property represents a property that was put on the market in 2014 and is still actively listed for sale. You may need to zoom in on the map to see all of the sales activity. Click on the individual pins to learn the details of each sale.
The Spreckelsville Real Estate market experienced a particularly busy year for sales activity in 2015. Here are the most noteworthy numbers from the year in sales.
- The 14 total sales was busier than any other year in Spreckelsville according to MLS data. The 14 total sales included three transactions that did not appear in the MLS due to a lack of Realtor involvement.
- Of the 14 sales, 50% of the properties were not listed at the time that they sold. That is pretty unusual for the Maui market, and it speaks to buyers beating the bushes to find properties.
- There were 3 parcels of land that sold in 2014. All three sales were located in the E Paepae Ka PuKo’a subdivision. That total included the last developer owned lot in the subdivision.
- There was one sale that closed in Sugar Cove during 2014. That was a front row unit in building B. There was one additional unit that went under contract in 2014 and closed in 2015.
- This was a busy year for oceanfront sales in Spreckelsville with four homes selling on the water. There was also one beachfront unit at Sugar Cove.
- The highest priced sale in Spreckelsville was 473 Laulea. It closed for $8,250,000 in February. That property includes over 3 acres of oceanfront land with a 5,000+ square foot home. That was the second highest ever sale in Spreckelsville.
- The Maui Real Estate Team was the most active Real Estate Brokerage in Spreckelsville during 2014. We represented eight buyers and sellers. We were the buyer or seller’s brokerage in over 50% of the transactions that involved Realtors.
I think we would be hard pressed to see the same volume of sales activity in Spreckelsville during the coming year. Lack of inventory is likely to be a factor with only two properties on the market. Any sizable volume of sales is going to have to come from properties that are as of yet to be listed or some that never make it to the market. We saw quite a few sales come from unlisted properties last year. Buyers may need to beat the bushes again to find sellers.
With limited inventory available, it pays to work with people who know the neighborhood well. Our broker Billy and agent Martin both call Spreckelsville home. They are well positioned to hear about anything unlisted or something new coming to the market. They are also great resources for questions on the neighborhood. Contact The Maui Real Estate Team if you are interested in buying or selling property in Spreckelsville. You can also check out the current active Spreckelsville Real Estate listings on MauiRealEstate.com.
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Fun in The Surf at Sugar Cove
Sugar Cove in Spreckelsville is one of the favorite beaches of The Maui Real Estate Team. This small North Shore beach is a fun spot for windsurfing, kiteboarding, SUP and surfing. It is also a fun spot for kids to get in the water. Most of the time, the waves are user friendly for kids to body board, body surf or just play. I took my Contour Roam for its first spin in the surf last weekend and took some video of my niece and nephew enjoying all that Sugar Cove has to offer.
If you are a water sports family in the market for a luxury condo, it is tough to beat the condos at Sugar Cove. We currently have a three/three and half bath condo with over 2,000 square feet of living space listed for sale through our office. You can check out our Sugar Cove Condo for Sale listing page for photos and information on the property. You can also Contact The Maui Real Estate Team to arrange a showing.