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Maui Oceanfront with Ocean Views

Maui Oceanfront 2B/2B Hale Kai O Kihei with Panoramic Ocean Views

Beachfront fun for the whole family! Beautiful 180 degree direct ocean views of Molokini, Kahoolawe, and the West Maui Mountains. Spectacular Maui sunsets. Hale Kai O Kihei is known for its peaceful and tranquil setting just steps to the beach. This roomy 2 bedroom, 2 bathroom Beachfront Condominium offers all the luxuries including swimming pool and friendly ocean access. Unit has been upgraded. Close to amenities such as shopping, dining, golf courses, bus, airport and most important-the beach. Community BBQ area, putting green, shuffleboard & laundry. This unit is a very popular vacation rental unit, call me today for additional information or to schedule a showing; soon you will be enjoying your own little bit of Paradise.  Michele Muir White R(S), ABR,SFR, Coldwell Banker Island Properties, 808.298.8448, [email protected]

Maui May 2014 Real Estate Stats

Maui Real Estate Stats, May 2014

85 homes sold in Maui County in May, 2014 with a median price of $540,000. By comparison, there were 109 homes sold in Maui County during May of 2013 with a median price of $549,000. This is a 22% drop in sales activity and a 2% drop in median price compared to last May. There were 116 condo sales in May of 2014 with a median price of $476,000. Last May, there were 139 sales reported in Maui with a median price of $380,000. That is a 17% drop in sales activity with a 25% jump in median price when comparing this May to last May. There were 20 land sales reported in May at a median price of $575,000. In May 2013, there were also 20 sales with a median of $267,500. That is a 215% increase in median price. While compiling the numbers above, I came across some more numbers and data from that are worth sharing. » The highest priced home sale last month was $3,150,000 for a Ka’anapali Coffee Farms residence. » That was one of five home sales over $2M last month. The other four sales were geographically diverse with closes in Haiku, Launiupoko, Wailea and Maui Meadows. » The highest priced condo transaction was $5M for a beachfront unit at Coconut Grove in Kapalua. » This was one of 15 condo sales over $1.5M last month. Honua Kai Resort led the way with seven sales over $1.5M. There were also two sales at The Whaler, one sale at Kaanapali Ali’i and one sale at Kaanapali Shores. The Kaanapali area condos were a hot ticket for luxury buyers. The other big sales occurred at Kapalua Bay Villas, Wailea Point and Na Hale O Makena. » The highest priced land sale last month was $1.6M for 42 acres on the ocean between Wailuku and Kahakuloa. » There were only 8 bank owned closes all of last month. Bank owned sales is down 50% from the 16 bank owned closes we saw last May. Buyers looking for bank owned bargains will find that the pickings slim. » There were 10 short sales last month. That was done 58% from the 24 completed in May of 2013. What is most apparent is the drop in sales activity. As noted in the April stats, there was a drop in the number of properties that were pending in April as compared to the same time last year. This makes the drop in sales a little less of a surprise. Maui is following some trends that are occurring on the mainland. The National Association of Realtors reports that April existing home sales were down 6.8% compared to the same time last year. It is hard to pinpoint all of the factors that have led to the drop in sales activity in Maui County. That said, I think a significant factor has been the lack of inventory. The decrease in homes and condos at lower price points in our market has meant not enough supply to meet demand. The median sales price was down a little from last year. The bigger driver may be a little less activity on the high end of the market. There were 7 fewer sales this May compared to last May over $1M. On the other end of the spectrum, the condo medians were way up this month. Some of that gain is attributed to price increases. The rest is due to shifts in market activity. Less inventory on the low end plays a part as does a big increase in activity on the high end. There were 26 condo sales over $1M this year compared to 12 last year. That is in spite of a 17% drop in overall condos sold. The huge jump in land medians can be attributed to a decrease in low end sales, an increase in high end sales and modest price increases. The small sample size for land sales contributes to big fluctuations in medians. Does it appear that sales activity will continue to be sluggish into the summer? Right now, the numbers are mixed. We might be seeing an uptick in home sales. Home pending sales were up a whopping 27% over last May. While condo numbers appear to be continuing their recent drop in activity with a 21% drop in pendings. Land pending sales were down 55% compared to last May. What does this all mean for Maui buyers and sellers? Buyers will find that prices are still below peak market levels in all but a very few neighborhoods around the island. That said, buyers will also find that we have seen significant appreciation from the bottom particularly at the lower price points of the market. Those that are expecting to find rock bottom deals will be challenged by the limited inventory and the smaller number of distressed and bank owned properties. Buyers should expect that well priced properties will go under contract quickly, and if it is in a particularly desirable segment of the market, those properties most likely will attract multiple bids. Sellers should expect improving conditions.  Yet, overpriced properties are still sitting. Contact Michele Muir White for a free consultation to discuss the specific market conditions for the communities and price ranges that fit interests and budget. I welcome the opportunity to be of assistance. Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea 808.298.8448 [email protected]

Residences at Kapalua Bay

RESIDENCES AT KAPALUA – MONTAGE

 


For the latest information on Planned Pricing, Pre-Registration, and the upcoming Sales Program for the Residences at Kapalua Bay, please contact me, Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, [email protected]

The Montage Residences, Kapalua Bay: Planned Pricing and Pre-Registration is now available.
The Montage Residences, Kapalua Bay condominiums will soon be offered for sale. The new ownership group of the property is in the process of registering it with the appropriate licensing boards, which is anticipated to be completed shortly. For information on the planned pricing, the pre-registration process, and the upcoming sales program for the Montage Residences Kapalua Bay condominiums, please contact me.

About the Residences at Kapalua Bay:
The Residences at Kapalua Bay opened on May 31, 2009 on over twenty oceanfront acres overlooking Maui’s much loved Kapalua Bay. Prior to its transformation to The Residences, the property was home to the Kapalua Bay Hotel, which was known for its understated elegance and outstanding location.

The Residences were originally designed with 84 wholly-owned, private condominium residences and 62 fractional residences. In the original developer sales release of the Residences, 13 were purchased by private parties and 15 were purchased by Exclusive Resorts, leaving 56 unsold 3 and 4-bedroom condominium Residences.

Due to poor market timing, the unsold components of the former Ritz-Carlton Club and Residences at Kapalua Bay, were foreclosed on by a lender based Joint Venture in early 2013.

The new ownership group appointed Montage Hotels & Resorts as the management group for The Residences at Kapalua Bay. At this time, they have elected to discontinue fractional sales, and convert the unsold fractional inventory to approximately 50 hotel suites to be operated by Montage Hotels & Resorts.

A New Direction–Montage Kapalua Bay:
The Residences at Kapalua Bay are currently undergoing an extensive, multi-million dollar improvement program to further enhance the property. Included in the improvements is a new full-service restaurant and bar, which will be open to the public. The new restaurant and bar will be located under the lobby, reminiscent of the original Kapalua Bay Hotel design. Until the improvement program is completed, the property will continue to operate as the Residences at Kapalua Bay. The luxury hotel group is anticipated to formerly operate the Montage Kapalua Bay sometime in early 2014. They have taken over management of the Kapalua Spa, which is now known as Spa Montage, Kapalua Bay.
Montage Hotels & Resorts is known for its luxury properties in Beverly Hills, Laguna Beach, and Deer Valley. In addition to adding the Residences at Kapalua Bay to their portfolio, the company has also added locations in Los Cabos and Palmetto Bluff.

The focus of the Montage brand is providing destinations and experiences that capture the unique “sense of place”, much in keeping with the spirit embodied by the original founder of the Kapalua.

The Residences at Kapalua Bay Design:
Luxuriously appointed with unparalleled ocean views, the spacious three and four bedroom floorplans have been configured for maximum view potential. These are the largest condominium residences offered within the Kapalua Resort. Each residence features expansive lanais to maximize views of Molokai, Lanai, Kapalua Bay, and Haw’ea Point. Lanais feature built-in Viking grills, TV and wine refrigerators and are beautifully furnished for entertaining. This is is truly one of the Kapalua Resort’s most spectacular locations. The Residences offer owners and guests two pools, dining, and concierge services.

The Residences at Kapalua Bay is nestled along the West Maui shoreline, overlooking the white sandy crescent of Kapalua Bay, with panoramic ocean views framed by the neighboring islands of Molokai and Lanai.

The Kapalua Resort features such amenities as the Kapalua Spa, championship golf at the Plantation Course and Bay Course, gorgeous beaches, and world class dining. Kapalua is the home of 2 world class golf courses. Miles of hiking trails on the 23,000 acres of the Resort. Beautiful beaches and gourmet dining.

Planned Pricing and Pre-Registration Information is now Available
The New Ownership is accepting Pre-Registration Agreements. A new sales program is expected to start in 2014.

Please contact me for details and updates: [email protected]

Maui Real Estate Stats March 2014

Sales of Maui condominiums soared by 31 percent last month, while prices of both condos and single-family homes in Maui County increased by double digits in March, according to statistics from the Realtors Association of Maui.

There were 127 condo units sold on the island of Maui alone last month, compared to 101 units sold in Maui County, including 97 on Maui, three on Lanai and one on Molokai. Condo sales for the county as a whole increased by 26 percent.

The median price of condo in Maui County was $420,000, a 12 percent increase from $375,000 in March 2013.

The median price for a single-family home in Maui County in March rose 17 percent to $596,000, from $509,500 during the same month last year.

As you can see, more homes, condos and parcels of land went under contract in February of 2014 as compared to February 2013. It will be interesting to see how the trends develop over an extended period of time. If we are going to meet or exceed last year’s sales totals, it will be due in part to stronger activity at higher price points. Limited data shows that the high end market is doing pretty well. There appears to be a connection between increased luxury sales and a bull stock market.

So you may be asking yourself what does all of this mean for buyers or sellers interested in Maui’s real estate market? Market conditions vary widely depending on the community, neighborhood and price range. The abundance or scarcity of inventory in any one area will have an effect on pricing and rates of appreciation. I welcome the opportunity to discuss the market that may fit your investment criteria. Please contact me for a free market consultation.  Mahalo nui loa.  Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea.  808.298.8448, email: [email protected]

 

 

February 2014 Maui Real Estate Stats

Winter in Maui is always a blissful time of year.  We have an abundance of whales, good surf, and rain to make our plants green and fill our reservoirs.

There were 60 home sales in February with a median sales price of $560,000. Last February, there were 66 home sales with a median price of $537,500. That is roughly a 9% drop in sales activity and a 4% increase in median price.

86 condo sales closed with a median sales price of $345,000. Last February of 2013, there were condo sales totaled 101 units with a median price of $360,000. That is a 15% reduction in volume and roughly a 4% reduction in median sales price.

11 land sales reported last month with a median price of $400,000. Last February, there were 14 land sales with a median price of $502,500. That is a roughly 21% drop in sales volume and a 20% drop in median.

It is worth mentioning that the decrease in median for both land and condos is a reflection of the distribution of sales rather than any decrease in property values. The decrease in condo medians may have something to do with heavy sales activity for entry level condos zoned for owner occupants and long term rentals. This is one segment of the market that has seen some of the strongest appreciation during the market recovery.

Some other compelling numbers worth mentioning are:

The highest priced home sale for the month of February was an oceanfront estate in Spreckelsville that sold for $8.25M. It had 3.42 acres, a luxurious home and beautiful pool area. Coldwell Banker Island Properties represented the buyer in this transaction.
There were 3 other home sales over $2M in February, Wailea, Ka’anapali and Lahaina.
The highest priced condo sale was $3,850,000 for a front row 2 bedroom, 2 bath condo at Wailea Elua. This was a new all time high sales price for Wailea Elua.
There were three other February condo sales over $1.5M. There was another Elua sale, Kai Malu and Ho’olei.
The highest land sale last month was $895k for a 5.45 acre lot in Ka’anapali Coffee Farms.
There were 8 REO or bank owned sales in February. This is down slightly from the 10 bank owned sales last year. It is noteworthy that a couple of the REO sales were higher priced transactions. There was a partially finished home in the Honolua Ridge subdivision of Kapalua that sold for $1.7M. There was also Kapalua Bay Villa that sold for $1,250,000.
There were 8 short sale closings which is down from the 15 that closed in February 2013. Rising prices and the end of short sale tax relief means that we will probably to less short sales on Maui.

Looking at the March numbers, it is very clear that we are seeing  a decrease in sales volume. At the end of 2013 also saw less activity than the end of 2012. It is hard to give an exact reason why the market is slowing down. My reasoning is that it is due to our shrinking inventory rising of  prices. The lower priced home inventory has been shrinking over the last 6-12 months giving fewer options to buyers. Sellers have been holding out for higher prices well above recent comparable sales and this pay turn off some hesitant buyers.

What does all of the above mean for buyers or sellers interested in entering the Maui real estate market? Market conditions vary pretty widely depending on the community, neighborhood and price range. The abundance or scarcity of inventory in any one area is bound to have a big impact on pricing and rates of appreciation. I welcome the opportunity to discuss our market with you, please contact me today for a free consultation.   Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, [email protected]

PRICE REDUCTION EXCLUSIVE OCEANFRONT ESTATE

NICE PRICE REDUCTION – EXCLUSIVE NORTH SHORE MAUI OCEANFRONT – SPRECKLESVILLE ESTATE

3 Bedrooms / 6 Bathrooms 7,384 square feet main residence
2 Bedrooms / 1 Bath 936 square feet ohana

Estate is Maui County Permitted Vacation Rental ($5k per night)
Qualified Buyers please contact me for your private showing, Michele Muir White R(S). ABR. SFR
Coldwell Banker Island Properties 808.298.8448, email: [email protected]

January 2014 Maui Real Estate Stats

64 homes sold in Maui County during the first month of 2014 with a median sales price of $691,500. Last January, there were 63 homes sold with a median price of $550,000. This is a less than 2% increase in sales activity and a 26% increase in median price when comparing this January to January 2013.

92 condos sold in January of 2014 with a median price of $431,000. In the first month of 2013, there were 63 sales at a median price of $297,000. This means a 46% increase in sales activity and a 45% increase in median prices over last January.

13 land sales in January 2014 at a median price of $370,000. In January 2013, there were 7 sales with a median price of $675,000. This is an 86% increase in activity and a 45% decrease in median. With the smaller sample sizes, the difference in sales and medians can be more dramatic.

Some other market notations:
• The highest priced home sale for January was $9.3M for a 4,000 square foot oceanfront home at Makena Place.
• This was one of 11 homes sold over $2M in January. January 2014 was a very strong month for ultra luxury purchases. For context, there were only two sales in that price range in January 2013. The properties represented a geographically diverse group of homes sold with closings in Spreckelsville, Pukalani, Lanai, Ka’anapali, Wailea, Kihei and Makena.
• The highest condo sale last month was $2.6M for a three bedroom unit at Hoolei in Wailea.
• The Ho’olei sale was one of 7 condo transactions that sold for over $1.5M. There were also high dollar transactions at Honua Kai, Ka’anapali Ali’i, Puamana and the Terraces at Manele on Lanai.
• There continues to be pretty extensive luxury sales activity on Lanai.
• The high land sale in January was $4,587,999 for 3,455 acres of land in Hana. This is all of the Hana Ranch land on the Mauka or Mountain side of Hana Highway. This was a complex transaction.
• Bio-Logical Capital was the entity that purchased the Hana Ranch. They plan to keep the land in agriculture and conservation with the hope of boosting the agricultural productivity.
• There were only 4 bank owned (REO) sales that closed last month. There were 6 REO sales in January of 2013. At this point, bank owned properties are having a very limited impact on the Maui market.
• There were 10 short sale transactions completed in January. Last January, there were 14 short sale transactions.

You will note that there is the high monthly median sales price for homes. To be clear, the drastic increase in medians is not a just a reflection of the increase in home values. It is safe to say that there were price increases around the island, but that wasn’t the only factor that drove up the median. Distribution of sales plays just as big if not an even bigger role than price increases when it comes to changing median sales prices. That brings us to the other number that really stood out this month in the stats. The 11 homes sold over $2M was significant. When 17% of the homes sold in a month are over $2M, that is going to push up your median sales price. We can attribute a good portion of this high end market activity to a very strong year for the stock market. There were high net worth buyers who cashed in on their stock returns and made discretionary purchases of Maui luxury properties.

January is typically a slower month for sales to be reported. That is because November and at least the first couple of weeks of December typically see fewer properties to go under contract.. While January may not bring a ton of sales, this is one of the three to four months of the year that constitute our peak buyer’s season.

For buyers considering entering the Maui Real Estate market, the analysis above looks at the market in broad brush strokes. Sales activity and pricing momentum varies around the island by community and price point.

I welcome your inquiries and am happy to give you a free market analysis of property you may be considering selling our buying. Aloha, Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea. 808.298.8448. Email: [email protected]

South Maui Ocean Front Condos

KAUHALE MAKAI 533 (2B/2B) with BIG OCEAN VIEWS – $525K
KAUHALE MAKAI 425 (1B/1B) with OCEAN VIEWS – $325K

Aloha and Hau ‘oli Makahihi Hou (Happy New Year)!! Since many of you snow birds are looking for a little Maui sunshine and soft sand, I thought you might appreciate a couple of new listings I have in South Maui at Kauhale Makai.

You will cherish time spent with family and friends at Kauhale Makai, enjoying magnificent ocean, beach, and island views, spectacular sunsets and soft sand. Unit 533 has an ocean facing expansive lanai which is accessible from living room or master bedroom. Big interior ocean views from living area, kitchen and master bedroom. Both condos are tastefully furnished with quality furnishings. Interiors are spotless and turnkey.

Unit 425 has been beautifully upgraded with travertine style tile flooring throughout and always provides ocean views from living area, bedroom and expansive lanai.  Central A/C. Maintenance fee includes all utilities (electric, cable, Wi-Fi Internet, unlimited local and long distance Canada phone service). Complex has complete photo-voltaic system. Ready to move into or continue excellent vacation rentals. Property is a six-story concrete building, with 2 elevators, pool, spa, gas grill BBQ area, picnic tables, shuffle board, sauna, and putting green. Six public tennis courts are within easy walking distance. Onsite front desk and concierge. Easy to show depending on guest bookings. Promoted by very successful rental management company. Whether you are dreaming of a 1 bedroom or 2 bedroom Maui ocean front condo, these Maui homes are what you have been waiting for!

Call me for your private tour, Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, [email protected]

 

 

 

Maui Real Estate Stats, November 2013

Here is a re-cap of the Maui Real Estate market for November 2013.

There were 75 homes sold on Maui in November with a median sales price of $515,000. There were 84 homes sold in November of 2012 with a median sales price of $465,000. This is an 11% drop in sales volume and an 11% increase in median prices when comparing this November to last November.

There were 96 condo sold in November of 2013 with a median price of $350,000. There were 100 condos sold in November 2012 with a median sales price of $400,000. This means that our November sales activity was down 4% and our median price was 12.5% lower than last year.

There were 23  land sales totals in November with a median price of $547,371. There were 22 land sales with a median price of $455,000 in November 2012. This is a 4% increase in sales activity and a 19.4% increase in median price for this November compared to November of last year.

Some other numbers that are worth noting.
» The highest sales price for a single family home last month was $3.6M.  A home across  the street from Big Beach in Makena
» Four other homes sold for over $2M.  These sales were in South Maui or West Maui (Kaanapali, Kihei, Launiupoko and Kapalua).
» The top condo sale last month was  a $11,395,000 for a 4B/5 B Villa at the new Andaz Residences. This was of the first two sales of one of the 10 units available at the new Andaz Resort in Wailea. The other Andaz sale closed at $10,730,250.
» There were 9 condo sales over $1.5M in November. This month’s luxury sales included condos at Makena Surf, Wailea Beach Villas, Honua Kai, Kaanapali Ali’i, Kapalua Ridge and Hoolei.
» Of the 23 land sales, 7 were commercial lots. Of the 16 remaining lots, five were new developer offerings at the Peahi Hui Subdivision in Haiku
» There were 7 bank owned (REO) closes last month compared to 22 bank owned closes last November. REO sales continue to have a limited impact on the market compared to years past.

November sales were relatively strong this year, but not quite as strong as what we saw during a booming fall in 2012. The market has backed off from its hectic pace. This fall’s activity is more in line with what we customarily encounter in our market. Lower visitor numbers on island tend to result in fewer sales. We are on the cusp of the peak season for Maui real estate as we approach the holidays. Maui’s busiest season is from Christmas through mid April. Transactions typically take 30-60 days to close so that reflects our market lag time.

Serving all of your Maui Real Estate needs. Please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties (808) 298-8448, e-mail: [email protected] for a free consultation and to discuss local market conditions. I look forward to hearing from you.