Maui Luxury Real Estate | Island Sotheby's Int'l Realty

Market Update for Kula Home Sales

Patricia Chaney — Mon, 20 May 2013 19:48:15 +0000

The outlook for home sales within Kula is looking favorable. Both the total dollar volume and number of home sales (units) sold have improved steadily from the trough of 2009. While both the average and median price of homes remain rather flat, the inventory of available properties continues to decline, fueling a demand for well priced homes. For many Sellers this is welcome relief. Several properties that have been on the market for 2 or 3 years have finally sold. For Buyers, 2013 may be the best year to purchase Kula real estate, before market values increase.

Sales volume increased 4% from 20011 to 2012.

The peak sales noted in 2008 and 2010 were purchases made by Oprah Whinfrey expanding her surrounding ranch land holdings in Kula. Average and median home prices are returning to levels realized in 2003.

The number of closed sales for 2012 surged 13% over 2011.

The aftermath of 9/11 in 2001 resulted in a severe dip in 2002 with just 26 transactions. However, activity rebounded significantly in 2003 with 102 sales. It is perceived that the boost of activity was fueled via the concerns of traveling outside the U.S. and questionable stability of real estate ownership in foreign countries. Many saw Maui as a safe haven as vacation spot and second home ownership. The surge continued in 2004 and 2005 with 82 and 89 closings before leveling off in 2006.

If you have an interest, or questions about Kula homes for sale or Kula real estate in general, please feel free to contact us. We’d be happy to share our knowledge with you.

Busy Weekend on Maui!

Patricia Chaney — Sat, 11 May 2013 01:04:09 +0000

Lahaina Town’s 2nd Friday Photo: Penny Palmer

Places to go, things to see, people to meet, it doesn’t matter if its mauka (towards the mountain) or makai (towards to the sea), it will be an active weekend of full of fun and enjoyment for Mauians.

Every month Maui’s historic towns host an evening under the stars. This Friday, May 10th – it’s Lahaina’s turn to host the Maui Friday Town Party. Maui Friday Town Parties are a safe, fun community-minded way for both residents and visitors to kickoff the weekend under the stars and enjoy our island’s small-town ambiance. Many retailers, galleries and boutiques operate extended hours and highlight special promotions. Crafters, artisans and culinary wizards add their creativity to the event. Attendees have fun while simultaneously supporting our economy and revitalizing historic Maui.

On Saturday, May 11th, Seabury Hall hosts its 40th Annual Craft Fair on the campus grounds located a just short drive above Makawao Town. The Fair opens at 9:00 a.m. and lasts until 5 p.m. and features more than 100 local artisans, live entertainment, great food, live and silent auctions, activities for kids, rummage and plant sales and so much more. The Seabury Craft Fair has become one of Upcountry Maui’s favorite and biggest events. All proceeds benefit Seabury’s Financial Aid program. A couple words of advise, don’t miss it if you haven’t been before and go early!

Olu Kai Footwear is hosting its 5th Annual Ho’olaulea (Celebration) on May 11 and 12th. The Ho’olaulea is open to ocean enthusiasts for three events. Starting on May 11th, at 9 a.m. the 3 mile Fun Paddle from Paia Bay to Kanaha Beach is held for all non-motored water-crafts (kayaks, paddle board, canoes, stand-up boards. etc). At 12 noon. the 8 mile Stand-Up Board (SUP) competition begins starting at Maliko Bay and finishes at Kanaha Beach Park followed by a luau feast, music and games. On Sunday at 12 noon, the outrigger OC-1 and OC-2 event occurs. All of these events are colorful and beautiful to watch if your not a participant.

The 3 mile Charity Walk for Habitat for Humanity takes place from 7 – 10 a.m. in Central Maui at the War Memorial Stadium. Remember to wear walking or tennis shoes!

Stella Blues Cafe’ in Kihei and Pay It Forward Concerts is hosting a Mother’s Day Concert sponsoring Maui Farm starting at 6 p.m. Dinner and concert $60/concert only $30.

The most important event this weekend is Mother’s Day on Sunday. Take your Mom out breakfast, lunch, or dinner, a movie, give her a massage, or better yet, cook her a wonderful meal!

Thank you Mom! I love you!

Global Reach – Sotheby’s International Realty

Patricia Chaney — Wed, 01 May 2013 21:36:44 +0000

Happy May Day!

We are pleased to announce that this exceptional Upcountry Maui home located off Olinda Road above Makawao Town is featured on the Sotheby’s International Realty- Farm and Ranch website for the month of May 2013. Our goal is to provide the broadest exposure to both the local and international real estate market to the benefit of our clients.

Virtual tour of 2000 Olinda Road.

If you have questions about the current status of Maui’s real estate market, or have been considering selling your home, give us a call. We would be happy to share our knowledge and skills of marketing at the local and international level.

Aloha!

The Ultimate Olinda Estate – Pu’u Alaea

Patricia Chaney — Fri, 19 Apr 2013 02:24:23 +0000

We just finished creating a video to enhance our marketing of this unique Olinda property. We hope you enjoy it!

For further information on this beautiful Upcountry Maui property, give us a call or drop us an email. We’d love to assist and answer your questions regarding this property and the current conditions of Maui’s real estate market.

Pu’u Alaea – 2000 Olinda Road, Makawao

Patricia Chaney — Thu, 18 Apr 2013 04:27:32 +0000

Exceptional Olinda land, beautiful, single level home, unsurpassed privacy and panoramic views. Enter through the electronic gates, enjoy the vistas as you travel up the long curved driveway wrapping around the knoll to the quality, custom home and cottage. You have arrived at the summit of Pu’u Alaea. Welcome Home!

From this elevated vantage point there are forever views to the Pacific as well as the ridge of Mt. Haleakala; not a neighbor in sight. Less than 4 miles from charming Makawao Town and even closer to Seabury Hall, the 23.9 cleared, grassed and fenced acres is comprised of three separate parcels (the house is perched on 19.9 acres) each with a County water meter. Superb interior finishes include top of the line appliances, custom built-in cabinetry and detailed trim work, three en-suite bedrooms, a large entertainment/family room and a sprawling covered lanai which overlooks the countryside, West Maui Mountains and Ma’alaea. In addition to the main home there is a detached 2/1 cottage, a 960 sq. ft. three car garage with a workshop plus a separate tractor shed. The property offers ideal sites for stables, an arena, your own riding trails, a pool, tennis court, whatever your wishes are, there is plenty of space to make them come true. Take a photo tour of 2000 Olinda Road.

The ultimate Olinda property, a sanctuary you will never want to leave.

This property is listed by:
Patricia Chaney, R(B) 808.280.2625
Vincent Palmieri, R(B) 808.283.6364
Island Sotheby’s International Realty

Please contact us for your private tour.

Hawaii Real Estate Appreciation – 4th in the Nation

Patricia Chaney — Fri, 05 Apr 2013 21:19:48 +0000

The article above was posted in Pacific Business News. According to CoreLogic, national home prices have increased 10% over last year, whereas Hawaii’s appreciation increased by 14.6%, the fourth highest in the nation. See PBN Hawaii real estate.

Who’s Buying Maui Real Estate?

Patricia Chaney — Thu, 28 Mar 2013 22:53:26 +0000

I like visual aids or graphs. In my opinion, I think they assist in placing statistics in a clearer perspective of understanding both numbers and percentages. The figures above spell out who is purchasing Maui real estate, or rather where they are from. The decline in property values shows that Islanders or residents of Hawaii stepped up to lead not only in the dollar volume of purchases but the number of units sold in 2012. Californians came in 2nd position, closing 20% of all transactions last year. How can you blame Californians, when our property taxes for residential zoned properties are about half of their rates. When I obtain more details on the 2011 statistics, I will post the comparison.

Purchases made by Canadians fell slightly from 2011 from 12% to 10% in 2012. Cash transactions represented in the graph above also realized a slight decline, from 50% to 49%.

(Maui Real Estate Stats for Feb. 2013 Compiled by the Realtors Association of Maui, click the underlined link. The information in the first graphic was compiled by Title Guaranty of Hawaii. (Hawaii and Maui Real Estate 2012 Buyer Stats )

Information is deemed reliable, but not guaranteed.

Golden Clouds and February Showers

Patricia Chaney — Wed, 06 Feb 2013 07:56:05 +0000

I stopped along the Hana Highway heading towards Paia Town and took this photo on my iphone as the sun was nestling down into the clouds above the West Maui Mountains. The glow through the clouds was breathtaking and I couldn’t help myself, I had to slow down and savor the moment.

The air has been cool throughout the island chain and we’ve seen a fair amount of rain showers over the past several weeks. Nevertheless, I can don my swimsuit or shorts, at my inclination during the day and find myself pattering around the house with a pair of slipper socks on my feet at night and early morning. Again, I am reminded of how grateful I am to claim this paradise as my home.

Maui Real Estate Statistics – December 2012

Patricia Chaney — Sat, 26 Jan 2013 00:32:14 +0000

The Realtors Association of Maui reports that “property showings have increased substantially and there are multiple offers on the new ‘well’ priced properties leaving the hesitant buyers as bystanders. In a nutshell, the market is improving and stabilizing.”

The graph above reflects the year over year difference based compiling each year’s average for both the median and average home sales within Maui County.

In comparing home sale prices within Maui County from 2011 to 2012, the median home price improved by 7.21%, while the average home sale price declined 10.41%. The number of sales increased 6.4%, from 2,190 in 2011 to 2,342 in 2012. No doubt, the focus of sales has been on the more affordable and distressed sector of our market.

The National Association of Realtors reports the median existing home sale price increased by 6.3% nationwide and the number of sales were up by 9.2% from 2011, resulting in the most improved year since 2007.

MARKET PULSE: During the first week of January there were 1,699 properties listed for sale (non-commercial) within Maui County. 3.9% of our active listing inventory are posted as distressed properties. Both the inventory of active listings and distressed properties are thinning. A year ago in January, there were 2,171 active listings and 9.5% were noted as distressed properties. Active inventory in Maui County is down 21.7% than a year ago.

For Maui County, RESIDENTIAL sales for the month of December tallied to 84 closed transactions (83 closed transactions in November). The median home price in Maui County rose from $465,000 to $508,000. Of the 84 homes that sold last month, 24 or 29% were listed as distressed (short sale or bank-owned) properties.

The high sale for December closed at $23 million. Situated on picturesque Keawakapu Beach, this stunning South Maui beachfront home was designed for indoor-outdoor living and designed with a Balinese architectural flair. Comprised of roughly 6,500 sq.ft. of living space, with 5 bedrooms and 8 full baths, in-ground pool and a desirable sandy beach frontage.

LAND sales realized 29 closings. For the majority of buyers, home prices continue to be much more attractive than purchasing vacant land and taking on the task of building. However, with our residential inventory declining, we are beginning to see a rise in land sales.

CONDOMINIUMS: Condo sales increased to 33 month high with 140 units sold. Of the 140 closings, 13 properties or 9.5% were listed as distressed.

The data above differs slightly from the data provided by RAM, due to a number of delayed postings. For a detailed report provided by Maui (RAM), Paragon MLS, click the link below.

December – 2012 Maui Real Estate Statistics – Maui County courtesy of RAM

Maui Luxury Real Estate – Marketing Your Property

Patricia Chaney — Fri, 18 Jan 2013 23:30:34 +0000

Maui’s real estate market is shifting and our inventory of available properties is thinning. The high end winter market is in full swing for another 3 months. If you have questions about the value of your property, please feel free to contact us, we are happy to provide you with an opinion of the value in today’s changing market and how we would help you market your property to obtain the greatest exposure to an array of buyers from around the world.