Keeping track of Maui real estate trends can be a big help in making an informed decision about an investment, whether you plan to live on your property full time, rent it out, or anything in between. Keeping track of fluctuations in sales and median prices can paint a pretty clear picture if you watch them over time. That's why we'd like to share the findings in the April report from the Realtors Association of Maui.
Based on statistics gathered in April, RAM has revealed that both single-family home and condo sales soared compared to the same month last year. Prices increased as well, though not so dramatically.
Single family home sales jumped 13.8 percent in April. There were 99 homes sold, compared to 87, year-over-year. Even considering the fact that Maui's market is relatively small in comparison to others, and therefore prone to large percentage swings, the increase is good news for those who purchased when prices were low, if they are thinking about selling. The total figure includes three sales on Molokai and one on Lanai. As for prices, the median selling price of a single-family home in Maui County was $680,000, which leapt 17 percent compared to $581,000 in April of last year.
The spike in condo sales was even more dramatic, with 125 units sold for a 19 percent increase compared to the 105 units that sold in April of 2015. The median price increase was more modest, up 8.5 percent to settle in at $445,000, compared to $410,000 in April of last year.
Remember, real estate prices are reported based on the median, which is just the middle of the range. That means there are plenty of interesting possibilities at various prices, and what you're looking for might be available within your budget. To increase your chances of finding and purchasing the right Maui real estate for your needs, we hope you'll put our expertise to work for you. If we work together, there's no telling what kind of wonderful property you might find in your possession in the future.
Over the years, West Maui has become a wonderland of luxury real estate, with home and condo developments inspired by extraordinary natural beauty. The majestic mountains, the rich blue ocean extending to the horizon, and the dramatic outlines of Molokai and Lanai in the distance all come together to create a place unlike any other. Its location on the opposite side of the West Maui Mountains from Central Maui also provides a bit of isolation, which has fueled efforts to make the region as self sufficient as possible. But with all the expensive housing, it can be difficult for the many hard working folks in the area to find an affordable place to live. That's why the Pulelehua project has been an interesting development to follow.
Maui Land & Pineapple (MLP) is now under contract to sell Pulelehua, a workforce housing project covering 304 acres for $15 million. The buyer was undisclosed. What stands out about the development is the fact that about half of its 882 homes will be considered affordable by the Housing and Urban Development (HUD) median income level.
The project's land is being held as collateral for for a loan that MLP has with American AgCredit. The proceeds from the sale of Pulelehua will be used to repay the loan. The development was approved by the Maui County Council back in 2011, and that was when MLP announced that half the homes would be affordable. In fact, they seem to have gone to great lengths to ensure that they stay that way.
To ensure that these West Maui homes remain affordable, the project requires certain terms to be met with regard to the owners who will later choose to sell. For example, the homes must be owner-occupied, a buyback restriction stipulates that Pulelehua Trust gets the first right of refusal, etc. The main goal is that homes remain affordable when and if they are resold. Qualified buyers must also meet several terms, like meeting the affordable median income requirement and not owning any other real estate.
Also to their credit, they have a very informative website, so those of you who are curious about the project can visit pulelehua.com to learn more about it. The website features FAQs as well as "community plan" and "about" sections. The FAQ section covers the required median family income needed to qualify as a buyer, but they may adjust this. If any interesting new developments come up regarding this project, we'll be sure to share them. Mahalo!
Since we blogged about the Olowalu Town Project back in November, we wanted to give our readers an update on the outcome. The plan included 636 acres with around 1,500 homes that would have been added to the West Maui real estate tally. The project was going to cost around $465 million. According to recent news, however, the plan has been scrapped.
The developers recently informed the Hawaii state Land Use Commission that the project won't be moving forward after the commission's rejection of their final environmental impact statement. This may have had something to do with the many voices in the community that were concerned about the general impact on the environment in Olowalu, but with a special focus on the remarkable coral reefs located along the shoreline. Olowalu is home to some of Maui's most impressive reef ecosystems, and a big project like that would have been sure to have an impact due to factors like runoff and erosion, among others.
Developer Bill Frampton apparently withdrew the project despite efforts that began back in 2005. Large scale projects like this can be extremely lucrative for developers when the process proceeds smoothly, but when they fail, a great deal of time and money are lost, so this can't be an easy time for them, even if the community's protection of the environment comes first.
The project would have included 750 affordable West Maui homes, which is a plus for Maui residents with lower income, but there will be future projects in more suitable locations that will be required to provide a percentage of affordable homes too.
The 636 acres of agricultural land are owned by Olowalu Elua Associates and Olowalu Ekolu LLC., and according to Frampton they are considering other options for the use of this acreage in the future. Hopefully in time they will collaborate on a plan that will be both productive and environmentally sound.
This week, we'd like to highlight Hale Makua Health Services and the wonderful work they do here for elders in the Maui community. Hale Makua is a non-profit organization that provides Maui elders with residential care regardless of their ability to pay. Their mission is to give elders compassionate health services, improve their well-being and honor the journey of their lives. Over the years, Hale Makua has earned its own impressive journey to share with those who are interested in learning how it all began.
Hale Makua was founded in 1946. After World War II, members of the community and the Young Buddhist Association joined forces to raise money to build the first 24-bed home in Happy Valley. Later, in 1953, they were given facilities at Malulani Hospital where they opened in 1968 as Hale Makua Wailuku. The facility is a 124-bed nursing home with an open-air design and garden setting.
As of 1968, Hale Makua also began providing nursing care for elders who prefer to remain in their own Maui homes during treatment. With the increasing demand for skilled care throughout the 1970s, Hale Makua opened its Kahului location in 1978. They established an adult day health program in 1987 for adults who needed a safe environment during the day, where those who needed it would get restorative and rehabilitative health services.
That's not the end of Hale Makua's impressive history of adaptation and expansion to meet the needs of the community. In 1996, the Weinberg Care Center opened, and Hale Makua Kahului expanded by 118 beds. In 2002, they added a short-stay rehab wing of another 16 beds, bringing the total number of beds at the facility to 254. Finally, in 2007, Hale Makua became the first and only Eden Alternative registered home in Hawaii, and their Adult Residential Home Care opened in 2013.
It seems fitting that an organization with so many years of its own rich history should see to the needs of the elderly, who have lived through their own incredible journeys in time. The same philosophy of nurturing that guides Hale Makua to take care of Maui's elders is likely the impetus of its own endurance, although the remarkable people who fostered its growth and services to the community may not have realized this.
If you're interested in learning more or contributing to this special organization, visit HaleMakua.org. As always, those of you in search of Maui real estate will find our contact information at the bottom of the page. We would be happy to lend you our expert assistance. Mahalo!
When most people think of Maui, the first thing that pops into their minds is an image of a pristine white sand beach with gently swaying palm trees and a sparkling azure ocean. That pristine natural beauty is what keeps visitors coming back, and buying oceanfront real estate on Maui. In fact, the lure of the ocean is about more than its beauty alone. It brings cleansing breezes to and through our homes, reduces our stress, and gives us an opportunity for exercise and adventure. In fact, ocean air contains negatively charged hydrogen ions, which are powerful anti-oxidants that bolster our immune systems. Swimming in ocean water also provides the body with healthy vitamins, mineral salts, trace elements and amino acids, which are absorbed through the skin. It's no wonder living in an oceanfront home makes people so happy.
Fortunately for those of you who appreciate all the special qualities of oceanfront living, Maui has some exquisite properties to bring those joys into your life. Among the Maui oceanfront real estate listings that you'll find on the market, you will discover breathtaking vistas, dazzling sunsets, the soothing sound of the waves, and easy access to dramatic sea cliffs and charming little coves along the coastline.
These luxury properties can be found in numerous areas around the island, and each one offers its own unique living experience and environment. West Maui oceanfront homes feature views of neighboring islands Lanai and Molokai. South Maui oceanfront homes provide views of neighboring Kaho'olawe and the tiny crater island of Molokini, while Hana and Haiku face the trade winds atop massive cliffs, frequented by the majestic sea storms that keep the jungle lush, green and full of cascading waterfalls. The only question is, what flavor of living appeals to you the most?
If you would prefer an oceanfront condo, then your number of choices multiply greatly, although the number of luxury oceanfront Maui condos are comparable. Condominium living does of course involve fees, but those fees cover many services and amenities that you would need to tend to yourself if you opted for a home.
If you need any assistance choosing and finding the right kind of oceanfront luxury Maui property to suit your preferences, you'll find our contact information at the bottom of the page. We look forward to introducing you to some of Maui's finest real estate and the amazing natural beauty surrounding them. Mahalo!
Keeping track of Maui real estate trends can be a big help in making an informed decision about an investment, whether you plan to live on your property full time, rent it out, or anything in between. Keeping track… Continue Reading
Over the years, West Maui has become a wonderland of luxury real estate, with home and condo developments inspired by extraordinary natural beauty. The majestic mountains, the rich blue ocean extending to the horizon, and the dramatic outlines of Molokai and Lanai… Continue Reading
Since we blogged about the Olowalu Town Project back in November, we wanted to give our readers an update on the outcome. The plan included 636 acres with around 1,500 homes that would have been added to the West Maui real estate tally.… Continue Reading