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
Spreckelsville 2016 Year End Market Update
What makes Spreckelsville one of the more desirable communities on island? Convenience, access to water sports and beaches, proximity to Paia, proximity to Central Maui and a neighborhood golf course at the Maui Country Club. While demand may be high, the neighborhood sees limited turn over. When you have all the amenities of Spreckelsville, there aren’t many reasons to move. The post below outlines how the Spreckelsville Real Estate market fared in 2016 and gives a few thoughts on what we might expect in the coming year.
The map above shows the current active listings and the 2016 sales. Click on the individual pins for more details on the properties.
Spreckelsville continued to see signs of upwards price pressure during 2016. While volume wasn’t extraordinary, it was largely a reflection of supply. Here are some notable numbers from the 2016 Spreckelsville sales.
- There were five homes and one Sugar Cove Condo sold this year.
- Two of the five homes were sold prior to being listed. That continues a recent trend in the neighborhood that reflects demand for the area.
- The Oli Oli Kai sale was the highest ever price for a property in the North Shore or Upcountry area. 120 Ulupua was the highest ever sale in the Sprecks V subdivision.
- Sales were spread throughout Spreckelsville with one close on Stable Road, one sale in E Paepae Ka Puko’a, two sales in Old Sprecks and one sale in Sprecks V.
What will 2017 bring for this in demand North Shore neighborhood? Supply is going to be a limiting factor with only four active listings currently. If all four listings were to sell close to their current asking prices, they would be a testament to rising values. All of the listings would be a record of some kind for their property type. 600 Stable Road is priced higher than any previous home sale on the North Shore or Upcountry. 0 Paani is priced above any other lot to have sold in Sprecks. 204 Kealakai would be the highest priced non-oceanfront home sale in Spreckelsville. 2464 Waipua would have the highest cost per square foot for any home in Sprecks V and the second highest sales price in the neighborhood.
The Spreckelsville area is near and dear to the Maui Real Estate Team. Our broker Billy and agent Martin both call the neighborhood home. Either one would welcome the opportunity to talk to prospective buyers about their experiences living in the area. We keep a close eye on the market and an ear to the ground for unlisted properties. If you are a Sprecks resident considering selling or just wonder what you home might be worth in the current market, we would be happy to provide for a free evaluation of your home’s value and to discuss how we might be of assistance. Contact us today for assistance. You can see the current Spreckelsville Real Estate Listings on MauiRealEstate.com.
Maui Real Estate Blog
July 2016 Maui Real Estate Statistics
Why is the Maui condo market showing signs of improvement in 2016? That is one of the questions, I asked myself in this post and did my best to answer by taking a deeper dig into this year’s condo sales. You will find all of those thoughts and a rundown on the overall July 2016 Maui Real Estate Stats. Without further ado, here are the July numbers and some thoughts and context on the market.
July 2016 Median Prices and Sales Volumes
There were 93 home sales with a median price of $600,000. In July of 2015, there were 129 sales with a median price of $590,000. That is a 28% decrease in volume and approximately a 2% increase in median price.
There were 110 condos sold for a median price of $440,000. Last July, there were 94 sales with a median sales price of $394,000. That is a 17% increase in median price and a 12% increase in median price.
There were 7 land sales with a median price of $490,000. There were 13 sales in July of 2015 with a median price of $250,000. This is a 46% decrease in volume and a 96% increase in median price.
Notable Numbers from the July Real Estate Sales Activity
While compiling the sales volumes and median prices, I came across some other noteworthy numbers.
- The highest priced home sale in July closed for $18,000,000. The Beachfront Oli Oli Kai Property on Stable Road in Spreckelsville closed for a new North Shore record. That said, it could of or maybe should have been classified as three separate sales. The property was condominiumized into three separate units. The three units included a total of three homes and approximately 3.6 acres.
- This was one of 7 home sales over $2,000,000. The six other sales included three properties in Lahaina and one sale each in Wailea, Kula and Ka’anapali.
- The highest priced condo sale closed for $3,850,000. The 3 bed, 3.5 bath unit at Montage Kapalua has 2,789 square feet of living space.
- That was one of 10 sales over $1,500,000 to close in July. The other sales included 2 closes at Ho’olei and one each at Ka’anapali Ali’i, Sugar Cove, Wailea Elua, Makena Surf, Honua Kai, The Whaler and The Palms at Manele.
- The high land sale for the month closed for $1,800,000. The four acre lot is located in Kapalua Plantation Estates. There was one other $1,000,000 plus land sale this month. That 17.47 acre lot is located in the Makila Ranch Area of Launiupoko.
- There were 13 bank owned properties that closed in July. That is down from the 20 that closed in July of 2015. There was only one successful short sale completed last month compared to the 8 completed in July of 2015.
New July Pending Sales Contracts
We track the number of properties that go pending in a particular month. It gives us a more recent data point on buyer demand and it also helps us to better suss out whether the prior month’s sales activity is something of a one off event or part of a broader trend. I will spell that out a little better as we review last month’s pending data.
Looking at the pending sales activity, the number of homes that went under contract in July was down compared to last year. The number of condos that went under contract was the same as last year and land pending sales were up ever so slightly. The decrease in home sales is part of what appears to be a continuing trend that we have seen over the last few months. Shrinking home inventory, particularly at lower price points, has led to a reduction in sales activity. The condo market appears to be continuing a recent trend of sales at or above last year’s totals. I will delve into that in more detail below. While land sales aren’t exactly booming, it was good to see that they were up slightly from last year. That would suggest that the low July land sales numbers were more of an outlier than the start of any sort of trend.
Thoughts on the Market
We have discussed the decreases in home sales volumes over the last few posts, but I haven’t talked a whole lot about the increase in condo sales activity. Of the 7 months of sales this year, one month had the same sales volume as the same month from 2015, and one month was down from the same month last year. Five of the months have experienced greater sales volume than the same month of 2015. The last four months have all seen an increase over the same month of 2015. Over that period from April-July, sales volumes are up 14% compared to the same period of 2015. That raised the question of why we may be seeing an increase in activity. I dug into the sales data a few different ways to try to see if I could come to any conclusions as to what is driving the increase in sales activity.
The first thing I did was break down the sales volume over the last four months by price point.
I can’t say that this breakdown provided me with a clear picture of the driving force behind price increases. We can see an increase in sales below $300,000 and an increase in the $1,500,000 and higher range. The middle price ranges tend to be a mixed bag. The biggest increase in activity of any price range occurred between $500,000-$749,999. I can’t say off the top of my head why that would have occurred. The middle of the market, so to speak, also included the only two price points where sales were down compared to last year. The remaining price ranges saw relatively limited increases over 2016.
Not feeling like I had a clear answer, I took a look at two other data points. The first data point is is whether or not the property allows short term rentals. This data is somewhat flawed as it is not a mandatory field in our multiple listing service. In other words, not every condo sale that occurred over the last month reported whether or not the condo allowed vacation rentals.
It is pretty clear that there was an increase in sales for properties that are reported to be vacation rentals. I calculated a 26% increase over the period between April 1, 2015 and July 31, 2015. It was interesting to note that the increase in vacation rental condo sales was particularly evident in the $500,000-$749,999 price range. That appears to point to a significant driver for sales activity in that price range.
The one other data point I wanted to look at was new developer sales. New developments can be market drivers that boost the overall sales activity. In some cases, the boost can mask other market trends. An example of this is when Honua Kai started to close a lot of condos while we were still in the thick of the downturn. Overall condo demand was low, but sales numbers were relatively high as buyers were closing on contracts that were originally written pre-construction during the peak of the real estate boom. From what I could glean, we haven’t seen a similar phenomenon over the last four months. There was an uptick in new development sales. I counted 29 new development sales from April 1, 2016-July 31, 2016. That is up from 23 sales during that same period last year. However, the vast majority of these contracts were written recently.
While I can’t say I have definitive answers on what is driving the recent uptick in condo sales, the data above points to three price ranges where the improvement was most prevalent and a type of condo that saw more activity. Based on anecdotal evidence and the quantitative evidence, I am going to postulate a few reasons for the increases in each of these segments. The increase in sales at the low end is a reflection of the continued strength of the buy over renting argument on Maui. Maui rental rates have soared. Low borrowing costs make owning a number of Maui condo less expensive than renting. As long as rents remain high and rates remain low and inventory is sufficient, that part of the market should continue to be busy. I can’t say definitively why the high end market is outperforming last year in terms of sales. When I look at the luxury home market, sales totals between 2015 and 2016 have been almost identical. It just seems as if high end buyers are gravitating more towards condos this year. I believe the increase in vacation rental condo sales, and in the $500,000-$749,999 range in particular, is a reflection of pretty strong consumer confidence among some mainland buyers. West Coast real estate markets have been strong and the stock market has performed well. This means more cash for discretionary purchases like a vacation rental condo on Maui.
A Few Closing Thoughts for Maui Buyers and Sellers
I think there are some things to be learned for the overall Maui market from my review of the condo numbers. The biggest is that there is variability in the strength of the market by price point. I think you can also add geographic variability as another factor. Not all communities are seeing equal levels of buyer demand. While these stats tend to paint the market in broad brushes, how buyers and sellers approach the Maui market is going to be a reflection of their specific segment of the market. Contact The Maui Real Estate Team if you are interested in buying or selling a property on Maui. We would welcome the chance to hear about your needs and to discuss market conditions that are most relevant to you.
Maui Real Estate Blog
Maui Luxury Condo Market Update
Earlier this month, we took a look at Maui’s Luxury Home Market. Today, I wanted to turn my sights towards the high end condominium market. This post will include totals on all of the condos sold for the year to date (as of September 20), notable numbers from this year’s sales, and market conditions specific to the three resort areas of Wailea/Makena, Ka’anapali and Kapalua.
When we have discussed luxury condos on our blog, we have used the $1,500,000 and above price point as the threshold for pricing. When we first started to look at the luxury condo market, that was something of a starting point for some of the really high end condos. To be clear, there are some very nice condos below this price point. That said, we want to be consistent with our methodology. So all properties discussed in this particular blog sold for $1,500,000 or more.
Maui Luxury Condo Sales Volume and Median Price
There were 69 condos sold thus far this year as of September 23, 2015. The median price for those sales was $2,250,000. Between January 1, 2014 and September 23, 2014, there were 63 sales at a median price of $2,575,000. That is roughly a 10% increase in volume and a 13% decrease in median price.
Notable Luxury Condo Sales Numbers for the Year to Date.
Here are some of the most noteworthy numbers from the luxury condo sales this year.
- The highest priced condo to sell thus far this year closed for $8,500,000. This is a three bedroom, three and a half bath, beachfront unit with 2,919 square feet of living space at Wailea Beach Villas.
- Including the sale at Wailea Beach Villas, there were a total of 12 condos sold over $4,000,000.
- Honua Kai saw the most sales activity of any condo complex on the island. There were a total of 20 sales at Honua Kai over $1,500,000 including 11 new developer sales.
- The Wailea and Makena Market saw the most sales activity over $1,500,000 with a total of 28 sales. Kaanapali saw the second most activity and Kapalua was third.
- In addition to the sales activity in the major resort markets, there was one sale in Lahaina, one in Kihei, one in Spreckelsville and two on Lanai.
- There were no bank owned condos or short sale transactions among this year’s sales
Wailea and Makena Condos
Wailea and Makena have had a good year for sales to date. The 28 sales reported exceeded last year’s total of 20. That is a 40% increase in activity. Much of that increase in activity occurred in Makena. While there was only one sale in Makena during the same period last year, this year there were 6 sales. Five of the six Makena sales were at Makena Surf. The remaining sale was at Na Hale O Makena. This was a particularly busy year for Makena Surf with the five sales reported thus far more than any year since 2004.
The Wailea sales over $1,500,000 were spread out among a variety of complexes. There were 7 sales at Hoolei, 1 at Andaz, 2 at Kai Malu, 1 at Papali, 1 at Wailea Ekahi, 3 at Wailea Elua, 3 at Wailea Beach Villas and 3 at Wailea Point. Hoolei continues to lead the way in high end sales in Wailea. The size of the condos combined with their price point and the potential to access amenities at the Grand Wailea continues to be an attractive option to buyers. While Wailea Beach Villas did not have the same sales volume, it was noteworthy for the fact that it had the top two highest priced condo sales on the island thus far this year.
It will be interesting to see what happens in the Wailea and Makena market for the rest of the year and into 2016. There is still a good selection of variety to choose from on the MLS. There is plenty of active inventory on the MLS with 40 condos on the market. There are unlisted properties available at Andaz and the new Keala O Wailea development. There is also a chance that we might see pre-construction sales at Makali’i at Wailea before the end of the year. You can see all of the current Wailea and Makena Condos listed on the MLS on MauiRealEstate.com. Contact The Maui Real Estate Team if you have questions on any of the unlisted properties.
The Ka’anapali Condo market has also had a fairly strong year with 26 sales reported to date. That is down 7% from the 28 units sold during the same period last year. The Ka’anapali market has been buoyed over the last several years by activity at the Honua Kai Resort. Honua Kai has been a big draw as the first fee simple whole ownership new development along this stretch of coast for over 20 years. Of the 26 condos sold in Ka’anapali for $1,500,000 or more, 20 were at Honua Kai. Ka’anapali Ali’i has had 5 sales thus far this year. There was also one sale at the Masters.
The Ka’anapali luxury condo market is starting to see shrinking inventory with only 20 active listings over $1,500,000. A big part of that stems from Honua Kai. The developer is getting close to selling out their remaining units. There are only 3 new developer listings left on the MLS. I believe there are still a handful of additional new developer units in addition to those posted on the MLS. There are only three units active at Ka’anapali Ali’i with the remaining listings located at Ka’anapali Shores and the Whaler. It will be interesting to see if the dwindling inventory at Honua Kai will have an impact on places like the Whaler and Ka’anapali Shores. Buyers have shown a preference for the newer Honua Kai Condos leading to depressed sales at the other places. Will some of the older condos nearby start to see an uptick in activity? You can see the full inventory of Kaanapali Condos listed on the MLS via MauiRealEstate.com.
The Kapalua Market has seen pretty similar activity levels to what we saw last year. There have been 10 sales reported in the year to date this year. There were 9 sales reported over the same period last year. The focal point for luxury condo sales in Kapalua has been the Montage Residences on Kapalua Bay. Montage came on the market last June. This property was formerly the Ritz Carlton Residences. The Ritz Residences went into foreclosure and the property was purchased by Lantern Capital. Lantern appointed Montage to manage and revamp the property. Montage has seen steady sales since it has come on the market despite pricing that starts in the mid three million dollar range. There have been 8 sales reported at Montage thus far this year.
The other notable sale was at Ritz Carlton Residences. To be clear, this is a different animal from the Ritz Residences Kapalua Bay that was previously foreclosed upon. These condos are part of the Ritz Carlton Hotel. The Ritz condos had been on the market closer to the downturn and weren’t getting as much traction. They are back under the market with a new sales team. It will be interesting to see how these condos are received by the market going forward. From what I have heard, they are getting a pretty good response.
While the two new developments have been relatively well received, some of the older complexes have seen slower activity. High end Kapalua condos like Coconut Grove and the Ironwoods are traditionally condos that see limited inventory and limited sales volume. There was one sale in the Ironwoods this year. Kapalua Bay Villas is a condo that seems to be getting poor market feedback by luxury buyers. There have been 4 sales over $1,500,000 at Bay Villas since 2009. There are currently 7 active listings in the complex with none pending. It appears as if sellers in this complex may need to adjust pricing if they are going to generate interest from buyers.
For the rest of the year, I would anticipate that we will continue to see activity at Montage and the Ritz. Buyers in Kapalua have a good selection of inventory to choose from. You can see the full inventory of Kapalua Condos on the MLS on MauiRealEstate.com. Contact The Maui Real Estate Team directly if you would like us to assist you with buyer representation at either the Montage or the Ritz. There is more inventory available at both of those condos than what is showing on the MLS.
Other Condo Sales Around the Island
In addition to the activity at the resort communities, there have been a handful of sales from other communities around the island. There was one sale in Spreckelsville at Sugar Cove, one in Lahaina at Puamana and one at the Royal Mauian in Kihei. There were also two sales over on Lanai including one at the Terraces at Manele and the other was at the Palms at Manele. The two Lanai purchases were both Larry Ellison buys as he continues to expand his holdings on the island. We tend to see limited activity on higher priced condos outside the main resort areas not so much due to lack of demand as it is a lack of inventory. There are only a handful of condos outside the resorts that can sustain prices of $1,500,000 or greater and they tend not to have a ton of inventory.
Overall Thoughts on the Maui Luxury Condo Market
Buyers still have a great collection of condos to choose from around the island. There are both new development opportunities and condo resales in more established condominiums. While the depth of the inventory may provide options, sellers in this price range tend to have more staying power. The challenge is finding potentially motivated sellers who might want or need to redeploy their money elsewhere.
I would expect that the luxury condo market will continue to be perform at or near the levels we have seen for the year to date. While interest rate increases have been postponed, this isn’t a part of the market that is as interest rate sensitive. The bulk of the buyers are using cash or private banking. The biggest potential impacts to the market come from the greater global economy. Poor performance in the stock market is a potential threat. There seems to be something of a correlation between the DOW and high end sales on the island. We have not seen any significant influxes of buyers from China like some cities in the Western U.S. and Canada. Contact The Maui Real Estate Team if you are interested in buying or selling a luxury condo on Maui. We would welcome the chance to sit down with you for a free consultation and to discuss your interests and needs.
Maui Real Estate Blog
Sneak Peek at the January 2015 Maui Real Estate Statistics
I have to admit, the hardest part of writing my monthly stats posts is usually writing the opening paragraph. I am skipping the prose this month and cutting right to the numbers. Without further ado, here is our sneak peek at the January 2015 Maui Real Estate Stats.
January Maui Real Estate Sales Volumes and Median Prices
There were 74 homes sold in January with a median price of $576,000. In January of 2014, there were 64 homes sold with a median price of $691,500. That is a 16% increase in volume and a 17% decrease in median price.
There were 83 condos sold at a median price $378,000 in January of 2015. Last January, there were 94 sales at a median price of $441,000. That is a 12% drop in activity and a 14% drop in median price.
There were 11 land sales in January in Maui County with a median price of $700,000. There were 13 sales last January with a median price of $370,000. That is a 15% drop in activity and an 89% increase in median price.
While compiling the sales volumes and median prices, I came across some other notable numbers from January’s Maui Real Estate Sales Activity.
- The highest priced home sale in January was $3,500,000 for a Residential Condominium in the Launiupoko subdivision South of Lahaina. That luxury home featured 3,675 square feet of living space, big views, a pool and 8.5 acres of land.
- The Launiupoko sale was one of three homes sold for over $2,000,000 in January. There was one more big sale in Launiupoko with the third home located in Ka’anapali Golf Estates.
- The highest priced condo to close in January was located in the Wailea Beach Villas. The 3 bedoom, 3.5 bath condo with 2,889 square feet of living space closed for $3,800,000.
- That was one of four condos that sold for over $1,500,000 during the first month of 2015. The other units were located at Honua Kai, Wailea Ekahi and Sugar Cove in Spreckelsville.
- The highest priced paid for a parcel of land in January was $2,500,000 for 133 acres located off of Baldwin Avenue between Paia and Makawao. This ocean view acreage has the potential for further subdivision.
- That was one of three land sales over $1,000,000. The other two were located in Pukalani and Launiupoko .
- There were 9 REO or bank owned transactions that closed in January. That is up from the 4 bank owned transactions in January of 2014.
- There were 6 short sale transactions that were completed successfully in January. That is down from the 10 short sales in January of 2014.
A Few Comments on the December Stats
There are a few items from the statistics that merit additional commentary. In the December stats, condo activity made a comeback after seeing six consecutive months of lower sales than the year prior. I was anxious to see if we might see successive months of improved condo sales, but that was not to be the case. It will be interesting to see watch buyer demand for condos through the season. There are some positive signs as the January pending sales will show below, but there are also some headwinds in place. Canadians have been active condo buyers for quite a while, but the much weaker Canadian dollar may put a damper on the number of condo buyers from North of the Border.
The number of luxury property sales also seems to be relatively low for January. The three homes sold for over $2,000,000 are down quite a bit from the eight sold last January. The four condo sales over $1,500,000 are down from the seven sales last January. This will be something else to keep an eye on going forward. With a few luxury developments coming to market in the Wailea and Makena area this year, we may be seeing some buyers deferring their buying decisions.
The lower number of high end sales in January is likely one of the drivers for the decrease in median price compared to last year. This is a good reminder that changes in median price are not exclusively a reflection of changes in property values. Home and condo prices continue to rise despite the lower medians. Land prices are also rising but nowhere close to the 89% change in median. Land median price is particularly vulnerable to big fluctuations due to the small sample size of properties for sale.
January Pending Real Estate Sales
With the holidays marking the official start of Maui’s busy season for Real Estate, January is the first full month of our buyer’s season. We are able to get some sense of how our buyer’s season is starting by taking a look at the January pending sales. The chart below compares the number of properties that went under contract in January of 2015 to the number that went under contract in 2014.
The chart above shows improved performance in all three property types. I don’t want to go overboard on the significance of these numbers as we tend to see a lot of variability in sales month to month, but this is a generally positive sign for real estate activity during the start of this buyer’s season.
What Does it all Mean for Buyers and Sellers?
While our stats posts tend to focus on the island as a whole, the reality is that Maui is made up of many smaller markets. We see varying levels of supply and demand based on price point, community and even neighborhoods. The Maui Real Estate Team would welcome the opportunity to sit down with buyers and sellers to discuss market conditions specific to your real estate interests. Contact The Maui Real Estate Team for a free consultation so we can discuss your real estate needs.
Maui Real Estate Blog
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.