Upscale Maui Homes and Condos are setting sales records

The high-end sector of the Maui real estate market saw significant activity in the past week, including a record-breaking sale.  A Wailea Beach Villa luxury unit sold for a whopping $ 12,500,000, setting the high-mark for a condo unit in Maui.  And a few days later, a Makena luxury estate sold for a remarkable $ 17,500,000 in what is sure to be one of the best deals in the high-end market nationwide.  There were additional multi-million dollar sales this week, too many to list individually (contact us for details).  What does this mean for the luxury Maui property market?  Typically, the high-end sector is the last to see marked improvements, so it will be interesting to see the May Maui real estate statistics when they become available (subscribe, we will provide in-depth analysis later next week when the Realtors Association of Maui releases said data).  Keep in mind that according to a NYT report, consumer confidence increased for the third consecutive month, with the six month outlook being the highest since August of 2007.  Does this mean that the market is finally turning around?  Well, we could be in for an exciting 2010.  Aloha.  The Maui Real Estate Search team (MRES).

To anyone who has made the trip, it’s not a surprise that Maui’s “Road to Hana” was named as one of America’s top 10 road trips.   As Hana Highway unwinds after seeping through the surfer Mecca of  Paia, drivers will relish the next few hours as some of the best driving in America lays ahead of you. Here are a few tips for those making the joyful venture:

• Don’t fool yourself into thinking that this will be a short drive through Maui’s north shore, this will be an all day event (and one which will live in your memory for the rest of your life).
• At the halfway point (it is well-marked), stop at Aloha island Shaved Ice.  It is one of the best shaved ice places in Hawaii and certainly the best in Maui.  After this point, the driving fun will begin.
• Take turns at the wheel as this is a very fun road to drive, specially for those ready for a challenge.  600 hairpin turns will test your reflexes as much as the traffic will test your patience.
• Stop at the many roadside stands, you will find remarkably fresh produce, bread, and collectibles (some of which are worthy of happily displaying at home).
• Take the time to stop along any of the  pristine waterfalls that adorn the Road to Hana.  Hiking trails abound, but use caution and common sense (this is not a ‘walk in the park’).
• While you are at it, continue on to the Seven Sacred Pools (O’heo Gulch).  It is one of the hidden wonders of the world and well worth the trip.  Imagine dipping in a relaxing, calm, fresh water pool with the ocean as your soundtrack.
• If you are able, stay the night.  Hearing Hana come to life will truly heighten your experience to another level.

This world-famous adventure is a must for any visitor and resident of the Valley Isle.  Live Aloha, visit Hana.

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Paia is a world-class town with a laid-back surfer feel

In the wake of a New York Times article highlighting Paia, we felt it our duty to tell our readers a bit more.  For decades artists, free-spirits, and water-sport fanatics have made Paia  into a world-known destination and, for the lucky few, a place to call home.  As the rest of the island has welcomed modern world-class comforts in the shape of five star resorts, spas, golf course,  Paia has maintained its quaint feel of a small historic town even as it has grown in amenities available to residents and visitors.  There are numerous restaurants to satisfy every taste (from mexican, to pan-american, to indian, to the infamous Paia Fish Market, etc.), boutiques to appease every shopper’s appetites (including world-famous swimwear designer Maui Girl), and art galleries which showcase some of the most diverse art/talent in Hawaii and the world.  The nostalgic allure and essence of historic value is apparent as you drive through Hana highway or Baldwin Avenue.  Add convenient access to the north shore of Maui and unparalleled beauty of the Pacific and it is easy to see why mega athletes like Laird Hamilton and famous free-willed celebrities like Willie Nelson make Paia their home in paradise.

Aloha all.  When discussing the state of the real estate market, many are quick to spout opinions based on personal opinions (“No way, my home is worth twice that much”), but numbers tell the unrelenting truth of the true status.  Below you will find the statistics as provided by the Realtors Association of Maui (RAM) for the month of April, 2010.

Maui Single Family Residence Sales

*  Residential homes saw an increase in sales for the third consecutive month, from 70 the previous month to 88 sales.  Median price rose from $460,000 in March to $477,500 in April (an increase of 3.66%).  Days on market was 150 days, but keep in mind that this number is the total days from listing to settlement, so that accounts for 30-60 days in escrow.   Particular emphasis should be placed on Kihei, which saw sales of 19 properties with a median price of $493,546.

Maui Condo Sales

*  Condominium sales experienced a 50 month high by posting 158 sales.  Although of those sales 45 occurred at Honua Kai (a new luxury development on the west side), that is still a very impressive number and remarkable improvement over a year ago, with  a poultry 41 condo sales in April 2009.  Median price fell from $512,500 in March to $455,000 in April, while days on market for condo units posted at 179.  Kaanapali saw the lion’s share of sales activity, with 53 units sold for a median price of a whooping $805K.

Maui Land Sales

*  Land sales rose from 12 the previous month to 15 this month.  With such a small sampling, it’s easy for numbers to fluctuate dramatically, so take this data with a salt of grain.  Median price saw a drop from $600,000 to $520,000, but days on market decreased from 230 to 162.  The Wailea/Makena district experienced 3 sales, with a median price of $1,295,000.

Of key note, properties sold through a short sales process require a lengthy negotiation period (often times from 6 to 12 months), thereby when short sales are finally completed it can drive the number of days on market up dramatically.

The significant increase in sales activity reflects a rise in consumer confidence, as well as the added motivation by expected increases in mortgage interest rates.   And with an increase in foreclosure filings in the 1st quarter, there will be potential increase in  inventory of distressed properties resulting in median prices leveling off (or possible slight decrease).   Sellers face two options:   price realistically in order to compete with REO’s and short sales or stay off the market until more favorable conditions arise.  There is light at the end of the Maui real estate rainbow.

Oceanfront Maui Condos: Kai Makani

From time to time we preview properties on Maui in order to better present the benefits of real estate on the Valley Isle.  This week, our spotlight is on Kai Makani.  Ten acres of premium Maui real estate provide the setting for this newly constructed condominium development, directly across the street from Sugar Beach.  Showcasing residence-style living, units are:  2 bedroom/ 2 bath (ranging from 811 to 1126 square feet), and 3 bedroom/ 2 bath (1238 spacious square feet of living area).  Amenities include a centrally-located lap pool with Jacuzzi, a clubhouse with workout facilities and outdoor barbecue areas.

Enjoy breathtaking sunsets, peaceful strolls on the beach, and limitless water activities (this is a favorite locale for windsurfers and kite surfers).  A short drive away you will find all the conveniences of Kihei, which include a a superb nightlife, shopping to satisfy the most discriminating shopper, and local dining fare to please your appettite.  World-class championship golf courses in Wailea are a 10 minute drive, as well as of the best master-planned resorts and spas in the Pacific.   For the food aficionado in you,  a plethora of dining opportunities abound, where some of the world’s leading culinary masters work on their craft, to include such high-profile chefs as Bev Gannon, Wolfgang Puck, and Roy Yamaguchi.

Feel free to peruse through current Kai Makani condos for sale and let us know if you’d like a tour of this or other Maui oceanfront properties.