RESIDENTIAL sales tallied to 79 closed transactions and just shy of the 80 closed sales for the previous month.  The median home price in Maui County increased from $432,500 in March to $469,000 in April.  Of the 79 homes that sold last month, 30.4% were distressed (short sale or bank-owned) properties.

The high sale in November occurred in South Maui within a neighborhood community known as Kilohana Hema, located at the south end of Kihei adjacent to the entrance of Wailea.  Comprised 4 bedrooms, 4.5 baths and over 3700 sf of interior living space, this home is the jewel of the neighborhood.   The sale price of this luxury Maui home closed at $2,366,666.  Sale terms: Lease/option.

LAND sales slowed down considerably in April with 8 closings. For the majority of buyers, home prices continue to be much more attractive to compete with vacant land.

CONDOMINIUMS: Condo sales walked away with the blue ribbon in April coming in with 128 closed transactions.  In comparing sales from last April, statistics improved 2% for the median sales price, and 18% for the average price.  Of the 128 closings, 29 properties or 22% were distressed sales.    Once again Wailea Beach Villas has taken the spotlight and closed the high sale.   Located on the 3^rd floor, this luxurious unit is comprised of 2,863 sq. ft. of interior living area with 3 bedrooms and 3.5 baths.  Sale price:  $4.5 million.

MARKET PULSE:  At the commencement of May there were 1,975 properties actively listed for sale (non-commercial) within Maui County.  8.4% of all the properties are currently listed as distressed real estate.  For April’s 215 closed transactions (residential, condo and vacant land), 53 or 25% were distressed transactions.  The good news is that the number of distressed properties actively listed and closings are dropping.  See Maui Real Estate Statistics – March 2012.  Additional positive news is that our inventory is being absorbed and the turn-key homes  and condos are selling rather than sitting in our MLS system collecting days on market.

• For a detailed report provided by Maui (RAM), Paragon MLS, click the link: April – 2012 Maui Real Estate Statistics – Maui County courtesy of RAM

The charming cottage, completed in 2007 was designed by Linda Lange and is comprised of 998 sf of interior living space. Over 2,100 sf of Ipe hard-wood decking covers the outdoor lanai area nicely blending the indoor with outdoor living area.

Designed to meld into its surroundings, the owners have recreated the spirit of kama’aina living with all the modern amenities.  Detailed high ceilings, crown molding, wainscoting and rich wood flooring are just of few of the fine finishes that recreate its timeless appeal.   A generous 864 sf three car garage provides ample storage for yard equipment, water-craft items and vehicles.

The 4.5 acres allows ample room to expand the existing cottage or build spacious main dwelling of your design.  A cornucopia of fruit bearing trees such as coconut, lychee, mango, avocado, grapefruit, lemon, lime, starfruit and many others have reached their maturity providing an array of breakfast fruits that are ripe and ready to be picked each morning.  Watch the whales from the spacious lanai, launch your canoe, paddle-board, kayak from the shore or decompress in the hammock beneath a cloudless sky filled with stars and soaring palm trees.  Take a tour of this extraordinary West Maui oceanfront home: 69 Kuahulu Place, Olowalu Makai. Come relax and enjoy!  Live Maui!

If you have questions about Maui real estate, give us a call!   We’ll be happy to share our local knowledge and real estate skills with you.

Architecturally designed and beautifully built, both homes offer 4 bedrooms, 4.5 baths, electronic gated entries, sound systems, Lutron lighting systems, central vac, saline pools and in-ground spas. They are irreplaceable in this location at these asking prices.

1181 Halepaka Place, listed at $3,502,000 is a two story home with the master bedroom on the main level as well as a separate guest suite with wet bar is approximately 2701 sq. ft. of comfortable living area on a 10,846 sq. ft. landscaped lot.

1189 Halepaka priced at $3,810,000, is a single level home offering 2964 sq. ft. of spacious living area on a 15,002 sq. ft. of tropical gardens. Both have a private walk-thorough gate direct to the beach.

Halepaka Place is a quiet lane away from the hustle and bustle yet walking distance to Lahaina Town’s fine restaurants, art galleries and shops. The homes are being offered fully furnished and accessorized. Bring your bathing suits and flip flops.

Call us today for your private tour of these exceptionally priced Maui oceanfront homes!

• 1181 Halepaka Place, Lahaina
• Listed by Patricia Chaney, R(B) Direct: 808.280.2625  &
• Vincent Palmieri, R(BIC)  Direct: 808.283.6364
• Island Sotheby’s International Realty

Many full time Realtors on Maui have breathed a sigh of relief at the end of the 1^st quarter of the year.  It has been a very active winter and buyer confidence has dramatically improved.  Here is our brief recap of Maui real estate sales for the month of March 2012.  The best news we have to report is the decline inventory and sales of distressed properties.  The March statistics show that this sector of the market hit a 15 month low.  The total tally of Maui real estate sales for March summed up 231 properties changing hands amounting to a 3% bump from March of 2011. In addition, total sales volume increased 10% or $137,701,971 from $125,216,654 over the previous March.

RESIDENTIAL sales tallied to 80 closings and a fall from the previous March with 89 sales.  The dollar volume increased 7.9% ($57,518,700 to $62,058,399). The average sales price rose 20% while the median home price fell 4.3%.  Of the 80 sales, 34 or 42.5% were listed as distressed properties.

The high sale for March occurred in South Maui at Wailea Highlands.  Perched above the famous Blue Course at Wailea this elegantly appointed 4 bedroom, 6 bath home boasts over 8,600 square feet of interior living space and over 2,500 square feet of lanai area making it ideal for indoor-outdoor living and absolutely ideal for first class living and entertaining. Sale price for this luxurious Maui home: $7,650,000.

LAND sales jumped considerably from last March rising from 10 transactions to 22.    The high sale took place in the Kula/Ulupalakua district with 4.9 acres closing at an even million.

CONDOMINIUMS:   March 2012 with 129 sales revealed a slight improvement over last March with 125 closed transactions.  The best news reveals distressed sales inventory fell 32.8% to 23.3% from the previous March.  The high condo sale was a double or connected unit at Wailea Point.  Located just steps away from Wailea Beach and the Grand Wailea Resort, this luxurious Maui oceanfront resort combined condo is comprised of 7 bedrooms,7.5 baths and over 4,500 square feet of living space and is somewhat of a rarity and worthy of its $5.3 million price tag.

MARKET PULSE:  As we move into the month of April, currently there are 2,075 properties for sale (non-commercial) in Maui County.  7.9% of the available inventory are tagged as distressed listings.   For a detailed report provided by Maui (RAM), Paragon MLS, click the link below.

• March – 2012 Maui Real Estate Statistics – Maui County courtesy of RAM

For February 2012, there were a total of 172 residential, condo and land transactions amounting to a 4.6% jump from Feb. 2011.

RESIDENTIAL sales surged dramatically from last February, with 79 home sales, amounting to a 25% increase from the 59 sales in Feb. 2011.  Residential sales volume revealed a significant increase from last year rising 36% from $46,886,090 to $63,752,900.  In addition both the median (+2%) and average (+12%) home price increased.

While the median Maui home price tallied in at $492,500 last month, the high sale occurred within the Makena District of South Maui.  Situated on over a third of an acre, with over 4,000 square feet of living area, this stunning 4 bedroom, 4 bath Maui oceanfront home is located at Makena Place with unobstructed views of Pu’u Olai, Kaho’olawe and Molokini.  Sale price for this magnificent island home:  $9,850,000.  Island Sotheby’s International Realty co-represented the Seller in this transaction.

LAND sales continue to be sluggish, with signs of improvement. In February there were 12 sales, a reasonable step up from last February with 7 transactions.  For the majority of buyers, home prices continue to be much more attractive to compete with vacant land.

The high land sale for February at $1.6 million occurred at Honolua Ridge, Kapalua, located on the northern end of West Maui.  This 6 acre parcel peers out at the Kapalua coastline, Honolua Bay and the Island of Molokai.

CONDOMINIUM:  Interestingly condo sales were off the mark in February.  Last month we reported Maui condo sales were active in January.  Though not dismal by any means, activity did plunge in comparison to January sales (91 to 81) and last February’s (98 to 81) activity. Perhaps the “good” inventory is diminishing?  We’ll have to keep a closer look and see how March compares to February sales.

In any event, the lead sale for February occurred in Wailea at Kai Malu.  Offering stunning views of the islands of Molokini and Kaho’olawe this 1,796 square foot 3 bedroom, 2.5 bath residential condominium in Wailea Resort is ideal as either a primary or secondary home.  Each unit has its own enclosed two car garage.  Sale price: $1,323,500.

MARKET PULSE:  Currently, there are 2,113 properties listed for sale (non-commercial) within Maui County.  8.4% of the active properties within Maui County are listed as distressed.  For all of the closed transactions during February (residential, condo and vacant land), 31% were distressed sales.  26 as short sales and 28 REOs (bank owned property).  For a detailed report provided by The Realtors Association of Maui (RAM) click the link below.

• February 2012 – Maui Real Estate Statistics – Maui County.  Courtesy of RAM

So here we go.  In January 149 properties exchanged hands in Maui County which is nearly even with January 2011’s 150 closed sales. The volume of sales from last January to the first month in 2012 dropped slightly ($72,710,480 in 2010 to $70,443,230 in 2011). The good news for number of distressed (short sales and bank-owned) property dropped 6% from the previous year and the number of days on the market also declined from 228 to 200.  The chatter from many Realtors is that the start of 2012 off to a good start and active with buyers.

RESIDENTIAL sales in realized 50 closings (54 in Jan. 2010).  Bear in mind that after the holidays are over buyers of Maui’s real estate begin to get serious again in mid-January.  Accepted offers in late January are not realized as closed sales on average until six weeks later.  In comparing January of 2011 with 2012, both the average ($602,978 / $547,106) and median ($495,414 / $408,000) values declined.  The worthy news is that distressed sales in the residential sector dropped 9.6% from last January.

The high sale for the first month of 2012 occurred in South Maui at 3417 Keha Drive, Maui Meadows.    Consisting of over 5,000 square feet of living space, this 6 bedroom, 8 bath home had a Balinese architectural flair and expansive ocean views. Originally listed three years ago at $3,988,00,0 the list price at the time of sale was $2,688,800. The sale price: $2,300,000, cash.

LAND sales continue to be sluggish.  For January 2012 there were just 9 sales.  For the second month in a row, the high sale for Maui land occurred Kula.  Previously used as for farming pineapple, this 89 acre parcel was the last owned by Maui Land & Pine in the Mauna Lani Subdivision off Lower Kula Road. The property sold for $1.5 million and included a 5/8” County water meter.

CONDOMINIUMS: Condos are selling.  In January 91 units traded hands.   The high sale occurred at The Ironwoods at Kapalua Resort at the North end of West Maui.  This stunning ground floor, single level 3 bedroom, 4 bath Maui oceanfront condominium had a million dollar makeover.  The sale price for this stunning Kapalua luxury condominium recorded at $3,425,000.  Maui’s condominium market improved across the board from Jan. 2011 to Jan. 2012. Dollar volume increased by 7%; average sale price improved by 2%; median sale price increased 12%, the number of sales were up by 5%; average days on market fell 16% and median days dropped by 11%.  Another slice of good news is that the number of distressed sale fell 6%.  Resort sales during the winter months are typically the most favorable time for Sellers and this January has proved to be a winner.

At the start of the year there were 2,171 properties listed for sale (non-commercial) within Maui County with 9.5 % listed as distressed (short sale & bank-owned).  For January’s closed transactions (residential, condo and vacant land), 31.5% were noted as distressed transactions.  26 were listed as short sales and 28 as REOs (property owned by a lender typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction).

The direction of Maui’s real estate market is still a bit opaque but is showing improvement.  The number of distressed sales has dropped to 31% of all sales, the lowest figure in fourteen months.  Many speculate the this drop is due to Act 48 – Mortgage Foreclosure Reform which disallows non-judicial foreclosures resulting in a backlog of pending REO’s to enter the market.  On the other hand, it’s evident in our business today that there is a renewed confidence in short mainly based on lowered values.  Clearly the Maui real estate market reveals noticable improvement in our resort real estate market.

• This information is deemed reliable, but not guaranteed.  Source:  Realtors Association of Maui (RAM), Paragon MLS.
  January 2012 – Maui Real Estate Statistics – Maui County courtesy of RAM

All six of the existing structures have been utilized as an integral part of the facility.  The original 100 year old Baldwin home is has been altered to a beautiful gathering place; the Mauna’olu College dormitories have been retrofitted into 24 guest suites and the kitchen facility is now the main dining area.  The single wall cottages are now used as living quarters for the onsite staff.

This unique Maui property was purchased by Soul Space Ranch, LLC for $1,280,000 in 2009. In January 2012, Lumeria Maui unanimously received a Special Use Permit from the County of Maui as a Retreat and Educational Center.   The creation of Lumeria Maui is headed by Xorin Balbes, an interior designer and developer.  It is said that the cost to renovate the buildings, infrastructure and landscape came in at around six million dollars.

On February 11, 2012, the owners of Lumeria Maui opened their doors to the Upcountry Realtor community and hosted a sunset Open House.  Nearly 60 Maui Realtors and their guests attended the soirée and were led on tours of the renovated facility and grounds. I have been watching the construction and transformation for over two years while driving from Makawao to Paia, and so was eager to attend and bring along a couple of friends.  We were all impressed by the thoughtful attempt to preserve a historic estate while transforming the property into a stylish retreat center befitting to the communities of the North Shore and Upcountry Maui.

Lately the result of falling property values and the improvement of the Canadian Dollar have lured Canadians to purchase Maui real estate in record numbers.  In 2011, 12% of all Maui sales were purchased by Canadians, amounting to an 8.75% increase from 2010 and a significant increase of 47.9% from 2008.

On September 7, 2007, the Canadian Dollar reached parity to the US Dollar for the first time in 31 years.  Since then the values have remained fairly even.  Not witnessing the economic and financial woes of their Southern neighbor and real estate values falling in Hawaii’s market by an average of 37%, the opportunity of acquiring a winter escape has become somewhat of a discount shopping spree and a dream come true for many Canadians and Northerners.  As a result we have seen investment in Maui real estate grow from 1.8% (2004) to 12% percent 2011.

Historical statistics provided by the Hawaii Bureau of Conveyances and the record keeping of Title Guaranty of Hawaii show that Canadians prefer Maui over the other Islands.  In the past three years 2009 to 2011, 55.6% of all the real estate purchases by Canadians in the State of Hawai’i were within Maui County.

The Canadian investment influx is not unique to Hawaii.  Throughout the Southern United States, Canadians have been purchasing second homes and resort properties for the same reasons, to get out of the cold and as a long term investment.

Japan was the second largest group of foreign buyers in Hawai’i last year.  Statewide, 298 Japanese nationalists purchased Hawaii real estate in 2011 with 278 of the purchases on the island of O’ahu and 20 scattered throughout the neighboring islands.  Hong Kong buyers came in 3^rd place with 23 purchases, followed by Australia in fourth place with 22 purchases, Germany in 5^th with 12 and Singapore in 6^th place with 11 transactions.

The economic boom in China hasn’t made a great impact in the Hawaii market yet.  Statewide in 2011, there were 7 transactions from Chinese buyers and 5 of these transactions occurred on the Island of O’ahu with 1 sale within Maui County.

If you’ve been looking for a winter retreat on Maui, contact us!  We’ll educate you about our market so that you can make the right choice on keeping the winter chill away!

Reduced from $2,775,000 to $2,490,000 is our spectacular Maui North Shore playground, Hale Ho’okipa.  Located in just minutes from Ho’okipa Beach Park within the Haiku Makai subdivision, this beautiful home consists of 4 bedrooms, 6 baths and over 5,000 sq. ft. of interior living space.  Situated on 2 landscaped acres this exceptionally appointed residence is ideal for family, friends and entertaining.  The accessory building is ideal for an assortment of ocean toys. For details of this beautiful North Shore home, visit: HaleHookipa.com

If Upcountry Kula is a better fit for your personality, perhaps Hoku Ululani – Star of the Heavenly Grove will tug at your heart strings.  The list price of this irreplaceable Kula home has been reduced from $2.9 million to $2.65 million.  Once the home of Hawaiian royalty (Princess Abigail Kapiolani Kawananakoa (1903 – 1961)) the current owners have meticulously restored the property well beyond its former glory.  This 3.6 acre estate is comprised of 5 buildings, meandering gardens, waterfalls, a grove of 50 avocado and 25 citrus trees and spectacular unobstructed views.  For further information regarding this exceptional property, visit: Kulahome.com

The prices reductions reflect both of our Sellers realizing the sensitivity to the market conditions for luxury estate homes in Upcountry and the North Shore of Maui.

Although the real estate market on a national level has taken a severe beating over the past several years, in a article in The Wall Street Journal yesterday announced that 74% of Americans who participated in a recent poll assert that owning their own home is one of the most important things in their lives and consider home ownership a significant part of the American Dream.   The poll was taken by Lake Research Partners for the National Association of Home Builders and presented Wednesday, February 08, 2012, at the International Builders Show. One third of those polled believed that housing and the real estate market was one of the best investments they could make for themselves.  Above real estate housing were retirement accounts such as an IRA and 401K.  More details can be found on The Wall Street Journal.

On a local level, we continue to see improvement in our market.  An increased level of buyer confidence is evident from both from residents and returning visitors to Maui with the number of sales occurring around our Island.  If you have about Maui real estate, give us a call.  We’d be happy to share our knowledge and guidance.

RESIDENTIAL:  There were 79 home sales for the month of December. The median home price dropped from $440,000 in November to $411,000 in December. While the average sale price in December soared to $916,863 from November’s average of $547,000. The rise is a results of a significant number of luxury homes and Maui oceanfront homes that changed hands that month.   Of the 79 closed sales, 50 homes, or 63.3% closed under $500,000. 17 properties (21%) closed between $500,000 and $1,000,000; 15% of Maui homes closed over a million.

The high sale occurred within the gated community known as Keauhou at Makena.  This beautifully appointed home situated on 3.069 acres offers expansive views of the Makena coastline, Molokini and Kaho’olawe.  Located directly across the street from Palauea Beach, this magnificent home is comprised of nearly 7,000 square feet of interior living area with 6 bedrooms, 6.5 baths.  The sale price recorded at $15,000,000.

LAND: For land transactions during May, there were 8 closings.  Average days on the market: 471, median: 211 days.

CONDOMINIUMS: Condo sales in December diminished to 89 properties.  195/125 was the average and median days on the market.  The average condo price came in at $349,500 and the median at $304,000.  Over 66% of all the condo sales closed under $500,000.  December’s top condominium sale occurred on the West side of Maui at Honua Kai – Konea Tower.  This 2^nd floor Ka’anapali oceanfront condominium closed at $2,050,000.

Currently, there are 2,171 properties currently listed for sale (non-commercial) through our local MLS system throughout the County of Maui.  Just 9% are listed as distressed properties. The interesting part of this picture is that in December, 45% of the closed transactions (residential, condo and vacant land) were distressed sales.  The disparity between active distressed listings to distressed sales reveals how competitive this sector of market can be for buyers.  If you are interested in purchasing a short-sale or REO, be prepared to act quickly.  Many of these properties, specifically the bank-owned (REO’s) have multiple offers presented to the bank.  The end result is that the bank or financial institution has moved into the driving seat, forcing Buyers to come forward with their best offer upfront. In 2011, 49.4% of all the bank-owned properties closed at or above their list or asking price.  We encourage you to get your finances in order and present your best offer with a pre-approval letter from the lender of your choice.

Click here to the December 2011 and year end statistics for Maui Real Estate compiled by the Realtors Association of Maui.