On the fence about buying a Maui home this year? Hesitation wasn't the theme from buyers last month. According to the latest report from the Realtors Association of Maui (RAM), median prices for both homes and condos remained steady, and while condo sales rose, home sales soared. The following numbers are impressive, but not unprecedented, considering Maui's status as one of the top five vacation destinations in the nation, according to analysts. Investors of both commercial and residential real estate are responding with zeal.
The report from RAM revealed that 95 single-family Maui homes sold in February, which was a startling 50.8 percent more sales than the same month in 2017, when 63 homes were sold. Although percentages can swing widely in a small market like ours, an increase this dramatic is rare. Throughout all this activity, the median price of single-family homes sold last month was $685,000, nudging up just 1.8 percent from $672,575 in February of last year.
As for condominiums, sales were up 9.8 percent to 122 units sold, compared to 112 units sold in the same month last year. Although not as dramatic as the increase in home sales, this is also a very respectable increase. Steady and smaller gains like this one are much more common, and also more reliable indicators of what to expect in future months. The median price of a Maui condo was $472,500, up 1.6 percent from $465,000 in the same month last year.
Considering the healthy number of sales for both homes and condos, modest median price increases are ideal for those who are thinking about making an investment. Prices aren't shooting through the roof, but increasing slowly and steadily, which continues to provide ideal conditions for investors who are betting that Maui real estate prices will continue to climb over time.
For more information, you can find the RAM report at www.ramaui.com. If you're in the market and you need assistance with your purchase, or you're looking for help finding the right Maui property for your needs and desires, feel free to reach out to us. We'll be happy to help you through every step of the rewarding process of buying Maui real estate. Mahalo!
Are you on the hunt for that perfect beachfront Maui condo for sale? If a 1 bed/1 bath suits your needs, unit 108 at Maui Kai is a rare gem in terms of location and asking price. Step off the lanai from this ground floor, corner unit and you're on the beach. A scenic little seawall is all that separates this condo from the sparkling blue Pacific. With a perfect western-facing orientation, you get those famous, flaming Maui sunsets all year round, with the neighboring islands of Lanai and Molokai rearing up majestically in the distance.
Learn more about: Condo Unit 108 at Maui Kai.
Perched at the edge of Honokowai Point, the views at Maui Kai are dominated by blue. Imagine taking your meals al fresco accompanied by balmy breezes and cloudless skies, alongside a breathtaking tropical ocean. Let the soothing sound of the gently lapping waves lull you to sleep each night. Settle in to watch and photograph whales at play not so far off in the distance during the winter and spring months. On most days of the year, the waters here are calm, warm and crystal clear in the mornings, and sometimes even in the afternoons and evenings.
Inside this delightful unit, you'll find a new coat of paint and new carpet just from October, 2017. The kitchen was also upgraded with new cabinets and granite counter tops. The bathroom features a lovely walk in shower. Another special quality about this unit is the additional storage space alongside it. Walking through the space, it's easy to see the love and care that has been given by the sellers, who have owned it since 1977.
Make the most of what the rest of Maui Kai has to offer as you lounge at the pool and spa, relax in the shade of the club house, or grill up a tasty meal at the barbecues. When you want to adventure more widely, you'll find restaurants, beaches, shopping and a farmer's market all within walking distance. Take a 2-minute drive to play some golf at The Royal Kaanapali and Kai courses, or drive 7 minutes to the Kapalua Bay Golf Course and the Kapalua Plantation Golf Course. The latter is the host of the Tournament of Champions. West Maui is home to an endless array of cultural experiences and activities. Spend your days enjoying whale watch cruises, snorkeling outings, ziplining adventures, museum tours, spa days, horseback riding, shopping sprees, and dining for every budget, among many other things.
Maintenance fees conveniently cover your water, sewer, garbage, cable, exterior maintenance of the grounds, exterior insurance, and electricity, including the cost of central air. The unit is heavily booked through VRBO, so showings are based on availability. You can learn more about Maui Kai 108 here, or contact us to answer your questions or schedule a showing. Mahalo!
On the fence about making a Maui real estate investment? You might find yourself inspired by Host Hotels & Resorts, which is acquiring 301-room Andaz Maui at Wailea, anticipating that Maui will continue to be one of the fastest growing tourism markets in the United States. Andaz is one of three hotels that they will be acquiring in the $1 billion deal, the other two being 668-room Grand Hyatt San Francisco and the other being the 454-room Hyatt Regency Coconut Point Resort and Spa in Florida, all owned by Hyatt Hotels Corp.
Host will be paying about $700,000 per room in a confident move to focus their assets in tourism hot spots like Maui. And this isn't their first such purchase on the island. They also own Fairmont Kea Lani and the Hyatt Recency Maui Resort and Spa. Conveniently for those who work at Andaz Maui at Wailea, the hotel will continue to be managed by Hyatt brands, as will the other two hotels in the acquisition.
Andaz Maui is one of the island's newer hotels, having opened in September of 2013 at the site that was formerly the Renaissance Wailea Beach Resort. According to a statement from Hyatt, the sale is part of their ongoing $1.5 billion permanent sell-down program.
According to Host President and CEO James F. Risoleo, Andaz is in one of the markets with stronger near-term growth than most other U.S. locations. If you've been checking in on our blog regularly, you'll know that this perspective is right in line with reports from the Hawaii Tourism Authority in terms of Maui's performance.
“We believe Maui and San Francisco will be two of the fastest growing markets in the country over the next few years,” he said in a recent statement. He noted that Maui is benefiting from strong leisure demand and improved airlift. To top it off, Andaz Maui will be one of the company's top three hotels for RevPAR, or revenue per available room.
The same growth in tourism that makes Andaz a good investment also boost the value of residential Maui real estate, whether you plan to use your investment as a full-time residence, or rent it out for all or part of the year. If you need assistance finding the right Maui real estate investment to meet your needs, contact us. We'll be happy to assist you through every step of the process. Mahalo!
If you're in the market for Maui real estate with a convenient location and a lot of potential, this 3 bed, 2 bath home for sale in Lahaina may be your perfect investment. A sturdy plantation home built in the early 1970's, its a great starting point for a buyer with vision and plans to customize to make the property shine. Best of all, its location in the Aholo Subdivision is in walking distance from historic Lahaina Town and just three blocks from the beach.
For more details, see Lahaina home for sale at 434 Alio Street.
Among the many worthwhile features of this home is the hollow tile construction, which provides excellent insulation from the Lahaina heat. The kitchen could be opened up if you so choose, and there is space for a 500-square-foot cottage within the 7,941 square feet of the land area. Although the county records list two bathrooms in this 1,116-square-foot home, there is actually a third unpermitted bathroom attached to the car port.
The home features gorgeous views of majestic Mauna Kahalawai, also known as the West Maui Mountains. If you enjoy the charms of Front Street Lahaina, with all its restaurants, shops, art galleries and activities, you're sure to appreciate that the home is about a ten-minute walk from its south end, near the scenic Lahaina Harbor.
Other nice features in the area include Puamana Park, a community pool and several sports facilities, including soccer, baseball and football fields, making it an ideal location for a family home with children.
Between its functionality and convenient location, the home would make a great full-time, part-time residence, and rental property. In fact, the same tenants have been renting here for thirty years, and currently reside there on a month to month lease, which is why the photos show personal belongings. This is also the reason why showing requires a reasonable 48 hours notice, if you'd like to walk through and evaluate it yourself. As a final note, the home is being sold as is.
If you need more information, see Lahaina home for sale at 434 Alio Street or reach out to us for assistance. You'll find our contact information at the bottom of the page if you should need us. If you'd like to browse more, you might like to take a look at other wonderful West Maui properties for sale. Mahalo!
It seems like we were celebrating the new year just yesterday, but we're already halfway through February! That means we get to take a look at the data for the Maui real estate market, courtesy of the wonderful folks at the Realtors Association of Maui (RAM) who compile this information each and every month so the rest of us can learn from it. These reports are an invaluable tool for residential Maui real estate investors who like to have a sense of the direction of the market. If you're thinking about buying Maui real estate, the latest report should prove interesting.
When it came to Maui home sales, this year got off on the right foot with a 10.7 percent increase to 72 homes sold, up from 65 sold in January of 2017. The median price of a single-family home reached $673,000, which was a 2.7 percent increase, compared to the same month last year.
Condos did not disappoint, with a 25 percent increase in the number of sales, for a total of 120 units sold. Compare that to 96 condos sold in January of 2017. As for the median price of a condo, that figure was $505,125, down 6 percent from $537,500 in the same month last year.
In a market as small as ours, minor fluctuations in median prices aren't necessarily significant on a month-to-month basis. For example, a few big luxury sales can nudge up that median in any given month, while the lack of those sales can skew the numbers down. When it comes to the number of sales, however, double digit gains tell you a lot, because each and every sale represents people who are buying into the Maui real estate market.
If you have any questions, or need any assistance with your Maui real estate investment, you'll find our contact information at the bottom of the page. We would be happy to help you through every step of the rewarding process of buying a home, condo or vacant land here on Maui. We also answer questions on our video blog, so take a look at the Ask Us section and you might find that your question has been previously answered! If not, feel free to ask and we may add another video blog entry to answer your new question. Mahalo!
On the fence about buying a Maui home this year? Hesitation wasn't the theme from buyers last month. According to the latest report from the Realtors Association of Maui (RAM), median prices for both homes and condos remained steady, and while condo… Continue Reading
West Maui Condo For Sale Just Steps from the Beach
Are you on the hunt for that perfect beachfront Maui condo for sale? If a 1 bed/1 bath suits your needs, unit 108 at Maui Kai is a rare gem in terms of location and asking price. Step off… Continue Reading
Host Hotels & Resorts Acquiring Andaz Maui
On the fence about making a Maui real estate investment? You might find yourself inspired by Host Hotels & Resorts, which is acquiring 301-room Andaz Maui at Wailea, anticipating that Maui will continue to be one of the fastest growing tourism markets in the… Continue Reading