Ms. O has done it again! Oprah loves Maui! Especially Upcountry Maui! Recently her corporation acquired another property adjacent to her current real estate holdings of over 1,000 adjoining acres. A purchase by Oprah always skews the real estate stats for Kula sales.
Her most recent purchase was an 8.5 acre parcel of land with an ultra-modern 3 bedroom, 3.5 bath home just shy of 2,900 square feet. Amenities included an infinity lap pool, beautifully landscaped grounds and a charming plantation style detached cottage. Originally priced at $6.9 million, Oprah paid a cool 5 million. Please understand that Oprah only buys property which adjoin her current holdings in Ulupalakua.
The stats are posted for the month of July. These are indeed interesting times. The volume of home sales has dropped considerably, but the prices have inched ever minutely upward. Regardless, of all the hype, it is hard to predict if we have really hit bottom.
I am continually amazed at the diversity in opinions between Buyers and Sellers regarding the Maui real estate market. Each camp is dug in with their opinions and defend their direction of the market.
The reality is, we have two distinct markets on Maui. First, the distressed Sellers are the short sales and bank owned properties. Secondly, we have Sellers who are not distressed but wish to make a transition in their lives via an up-size, downsize or simplify. It is difficult for the second half as their values have been yanked downward as a result of the first group. It’s either compete, or stay out and wait for better conditions. As a Realtor, it’s best to be clear and concise with the current conditions so that both sides have an understanding of the market. If you want a bargain, than it is best to pursue the distressed sales, rather than pursuing a Seller wishing to transition as they may not be willing to bend as much. For Seller’s wanting the best bang for their buck, groom the yard, remove clutter, give it a inside and outside facial so that it’s attractive to the Buyers. Be prepare to compete with the market.
Again for Buyers, the time has NEVER, EVER been more favorable for purchasing property. Combine historically low interest rates, discounted values and a glut of inventory and sing praises as this is sensational time to buy.
For a full report on July 2010 statistics, visit: Maui Real Estate Statistics.
15.46 acres, 4 TMKs offered as a package! Located at the bottom and dead end of Upper Hogback Road, this spectacular parcel is an ideal site for a private estate, equestrian ranch, family compound and future resale. Surround yourself with ocean vistas, Mt. Haleakala and a soothing forest valley with a multitude of shades of green.
This land received final subdivision approval from the County of Maui, in 2001. Roadway and utility improvements were deferred. At this price it is a brilliant investment. Neighbored by quality built homes off La’akea Place and Haiku Ranch Estates, the property is a mere 5 mile drive to Makawao Town and only 8 miles from the heart of Paia. Located along the sunnier, drier side of Haiku, yet there is ample rainfall for water catchment and sunshine for solar and photovoltaic. The fertile ground has been in pasture for over 20 years and ideal for farming or grazing horses. An exceptional buy at $798,000!
This property is exclusively listed by: Patricia P. Chaney, Realtor(B)
Direct: 808.280.2625
Island Sotheby’s International Realty
Visitor numbers are up in June 13.6% compared to the same month last year. All islands increased with O’ahu having the highest jump. Maui’s traffic increased 5.9%. Year to date in the islands, Canadian traffic increased 11% followed by Japan at 7.2%. For the full story, see Pacific Business News: Visitors for June 2010.
REDUCED FOR ATTENTION! NOW PRICED AT $585,000. 51 Ululani Road is located in the Kula Nani subdivision in Upper Kula. This is the perfect starter home those Kula Buyers on a budget who seek privacy, views and two acres of land.
Where else in Kula can you find two acres with a house at this price! The last comparable land sale in Kula was a heavily wooded two acre parcel on Waiakoa Road closing at $500,000. 51 Ululani Road is a bargain with concrete drive, cleared land and building improvements.
Original Price: $625,000 Now priced at $585,000 51 Ululani Road, Kula MLS#: 343892
If you would like more information about this home or other homes for sale in Kula, contact us or call 808.283.2625. We know Upcountry Maui best!
Island Sotheby’s International Realty
Last Friday, July 16th, economist Paul Brewbaker provided his annual update to the Realtor’s Association of Maui. In so many words, Brewbaker stated that the “great recession” is over. It may not feel like it yet, but the worst is behind us. What is surprising to him and others, is that so many Buyers continue to wait, hoping to save a few thousand dollars or shave another five bucks from their mortgage payment. If Buyers wait too long in driving for that hard bargain, the opportunity may pass on to someone else. Combine historically low interest rates and Maui real estate pricing discounted as much as 30 to 50% from the 2006 peak and consider this the best and prime time to buy on Maui!
Brewbaker disclosed that Maui is unique in that the rest of the State has hit bottom and leveled off, Maui’s bottom may be here right now, or may continue for a couple more months. Until the statistics are behind us, we won’t really know. The Maui real estate market is unique and historically more similar to the Orange County, California market. For more information see the Maui News: Paul Brewbaker or watch the webcast.
May and June historically are sluggish months for Maui Real Estate sales and activity. Why is that? Perhaps the lull in the resort market? Summer vacations? No sense of urgency from Buyers? Perhaps all of the above and other unknown forces.
June’s posting were no surprise with just 77 homes closing in Maui County. Condo sales posted 105 closings, while land sales continue to lag with just 9 closings in June. Current absorption rate for housing is approximately 13 months of time on the market. The median price for homes in June was $499,000 and steps back to 2005’s median price. For a full report, see Maui real estate statistics June 2010.
In preparation for construction, the Developer of Kula ‘I’o, Pulehu Farm, LLC is offering drastic price reductions to boost sales over the summer months. Prices have been reduced by an average of 25%.
Updates to the development are as follows:
- Final Subdivision Approval is expected by October 1st 2010.
- Construction is anticipated to commence November 1st 2010.
- Site contractor is West Maui Land Co.
The restrictive covenants have been revised with significant changes.
- Setbacks. To simplify the building setback restrictions, the “Ag, Owner, and Homestead Areas” have been eliminated. A standard 40’ setback for front, back, and side yards will be implemented. Height restrictions will remain.
- Dwellings. The minimum primary farm dwelling size will be 2000 sq. ft. and a new minimum of 750 sq. ft. will be instituted for the accessory farm dwelling (Ohana). There will be no restriction to whether which dwelling is built first.
- Condos. Condominiumization of lots are allowed.
- Water System. The language of the water system documents will be simplified to make the per-lot allocations easier to understand and enforce. Per regulator request, the per-lot allocation of potable water will be increased to 2,250 gallons per day, and thus will be reducing the allocations of non-potable water use.
If you’ve been searching for the rural side of Maui real estate, begin your search in Upcountry, Maui.
Kula ‘I’o is exclusively listed with Island Sotheby’s International Realty and P&R Cole Corp.
Direct Line: 808.575.5722
This is the perfect starter home those Kula Buyers on a budget who seek privacy, views and two acres of land. Tucked up near the top of the long curving concrete driveway, this neat and clean 3 bedroom, 2 bath home comprised of 1,652 sq.ft. of living space.
The first floor is comprised of the kitchen and primary living space along with two bedrooms and a bath. A wood burning stove sufficiently warms the room. The open beam ceiling leads upstairs to the master bedroom with bath and an adjoining open loft office space. Sit on the covered deck and enjoy the down country views, the West Maui Mountains and the North and South coastlines.
Offered at $625,000 51 Ululani Road, Kula MLS#: 343892
Searching for that unique Kula home for sale? Vincent and I recently listed a beautiful estate in Upcountry Maui located within Keokea, Kula. 333 Middle Road offers peace, quiet, privacy and big views. Add to that the incredible indoor pool, your own veggie garden, a pasture for horses, even a level site for a tennis court, you may never leave home. You certainly won’t want to.
The house and cottage were extensively renovated during the late 90’s by the former owner, a well known architect, and further enhanced over the last two years by the current owner. Nestled amongst beautiful, mature trees, perennial gardens and rolling
lawns, the main home sits well off the country road, nicely separated from the quaint cottage. Both command expansive central valley and bi-coastal views. Set off, far away from the house and cottage, is a wonderful garage/utility building, perfect for your hobbies, art studio or ???
Offered at: $1,695,000 MLS#: 343802
Interested in Kula real estate, call Vincent: 808.2830.6364, or Patty: 808.280.2625.
We’d love to help you find your special place to call home.