- Mar
- 24
5520 Makena Road, Maui
There is no better place to live a truly luxurious lifestyle than on the island of Maui. And the detached, elegant residence at 5520 Makena Road is the perfect Maui luxury home. Currently listed on the real estate market for $19.5 million, this sophisticated and tastefully designed home is located in the Black Sands subdivision in the community of Makena. Featuring only seven residences, the Black Sands gated subdivision offers a high level of privacy and security. However, one of the most attractive features of the residence at 5520 Makena Road is its superb oceanfront location.
This high-end Maui property looks out over the Pacific Ocean, offering spectacular views of the water and outer islands. With 120 feet of ocean frontage and a beautiful sandy beach, this home is perfect for those who enjoy soaking up the sun, swimming, snorkeling, paddle boarding, whale watching or any other beach activity. Above the beach and directly around the residence, lush landscaping shows off the best of Maui’s tropical beauty while creating a tranquil atmosphere and a private oasis.
Built in 2006, this exquisitely refined home features 5398 square feet of interior living space and 1072 square feet of lanais. All four bedrooms have their own ensuite bathroom and the master bedroom also features a private outdoor shower. With two powder rooms, a large den/study, a formal dining room and a family room, this home offers plenty of quality living space. Other noteworthy features of this property include the gourmet kitchen with two pantries and the exercise room. While the floor plan is very spacious, it is the special touches such as the high ceilings, elegant design elements and unique details that make this home truly special and spectacular.
One such unique detail is the climate controlled wine room that will hold more than 800 bottles. Another is the outdoor pool cabana with trellised seating for 10 to 12 people. The cabana also features a barbecue, refrigerator, sink and bathroom, providing an ideal outdoor dining and entertainment area. Residents of this home will also enjoy the oversized, in-ground heated swimming pool and separate spa as well as the two-car garage which provides secure and convenient parking.
While 5520 Makena Road is a truly luxurious home that provides the very best of Maui beachfront living, the local community also provides excellent amenities that further enhance the attractiveness of the property. For example, the community of Wailea is just a short drive away, providing easy access to a variety of quality restaurants, shops, spas, entertainment and golf courses. However, with so much exquisite beauty inside the home and right at its doorstep, it would not be surprising if residents were reluctant to stray far from their private, oceanfront paradise.
*5520 Makena Road is currently listed with Island Sotheby’s Realty Wailea. The Smith Team can represent you as a buyer’s agent for this unique one of a kind estate.
Photo Credit: Nancy J. Callahan
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The Realtors Association of Maui (RAM) recently released their sales numbers and analysis for February 2011. It’s always insightful to see what on Maui is selling and what isn’t. Please take a look at RAM’s February 2011 publication—you’ll certainly learn something.
Here are my top 10 takeaways:
1. Single family home sales this past month totaled 57.
2. Condos sold= 95
3. Parcels of land sold= 7
4. Median price of homes sold decreased from $495,415 to $440,000
5. Median price of condos sold increased substantially from $295,000 to $376,000
6. The Maui Real Estate Market is small, so the median price from one month to the next can be easily affected by one big sale.
7. Days on market= 149 for homes, 196 for condos, and 180 for land. *This is the average days on market for properties that sold.
8. Short sale transactions can sometimes take 4 to 6 months, thus extending the average days on market numbers.
9. Total sales on Maui for the past 12 months: Residential= 821, Condo= 1,161, Land= 124
10. Interest rates are near an all time low… With prices being down too, there are some awesome opportunities to get involved in Maui’s real estate market.
Have a great week!
Josh Tremblay
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Oluwalu Maui is one of Maui’s many majestic beaches. Located less than a five minute drive from Lahaina, Oluwalu is an unsuspecting patch of coastline that if you don’t pay close attention to, you will miss.
A few of Oluwalu’s many notable features include a beautiful black sand beach, spectacular views of Lanai, Molokai, and the West Maui Mountains. Add in the beautiful surf at Oluwalu and you have a winning combination.
There’s less than a half dozen homes available for sale in Oluwalu. Here’s a glimpse of what is currently for sale. This home just went pending yesterday. Aren’t the views spectacular?
Oluwalu is just one more reason to look at Maui as a possible location for your next home.
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During the next month, we’ll be doing a series of blog posts featuring multi-million dollar estates on Maui.
Barron’s recently ranked Maui as the second most sought after location in the United States for a second home. Evidence of this can be seen by looking at Maui’s current real estate market. Since January 1st, 2011, there have been a total of 17 homes on Maui that have sold for $1 million dollars or more.
The largest transaction in terms of dollar amount so far this year on Maui has been the sale of 222 Plantation Club Drive in Kapalua Maui. This 11,399 square foot home sold for $14 million.
We’ll be featuring homes in Wailea and Makena, Kapalua, and in Spreckelsville Maui.
There is a phrase we often hear: “Maui No Ka Oi,” which means Maui is number one. Perhaps next year Maui will take the top spot. We certainly believe Maui deserves it.
Have a wonderful week!
Aloha,
The Smith Team
Photo Credit: Rosa Say
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In a recent article, Barron’s took stock of the national second home property market and found that market recovery was well underway. While the rebound has not been steady across the board, a general uptrend is certainly occurring. With prices in many popular vacation destinations having hit bottom and being ready to rise or already on the rise, there are many great deals to be found on the current second home property market. Such value was one of the main factors that Barron’s considered when choosing its top 15 best places for second homes. Other influential criteria included comfort, convenience and beautiful surroundings.
While all of the top 15 rankings can be viewed at the original Barron’s article, of particular note is the fact that Maui grabbed the second spot, outranking other highly popular destinations such as the Hamptons, Aspen and Martha’s Vineyard. Only outranked by Sea Island, Georgia, Maui is known for its exquisite sandy beaches, its relaxing atmosphere and truly spectacular views of the mountains, the Pacific Ocean and breathtaking sunsets. And with many luxury homes, resorts and quality amenities located on the island, it’s not surprising that Maui easily ticked the boxes of comfort, convenience and gorgeous scenery.
However, Maui also has many other excellent attributes, including the favorable current conditions of the property market. As noted by Barron’s, Maui home sales are beginning to gain strength, particularly in the beautiful coastal towns of Wailea and Makena. Sales volumes in these locations rose by 35 percent last year, with the total dollar volume shooting up 135 percent. The median house price for the Wailea-Makena area is currently $1.7 million but asking prices for oceanfront homes can go as high as $22 million. That said, it is possible to find some great deals on Maui. For example, Makena Place is an oceanfront community that provides all of the best that Maui has to offer for great value.
Anyone who is familiar with Maui will not be surprised that the island ranked so highly on Barron’s list of best places for second homes. Offering tranquility, remarkable natural beauty and practically endless opportunities for outdoor recreation, Maui is an ideal vacation and retirement destination. When that fact is combined with the current favorable market conditions, Maui becomes an even more attractive location for purchasing a second home.
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Diminishing job losses, increased tax revenues, vigorous gains in the tourism industry, and a rebound in construction are the main factors which have led the University of Hawaii Economic Research Organization (UHERO) to predict a stronger future economy for the state. Still, most economic improvements through the recovery are being seen in Oahu.
While unemployment is still above pre-recession levels and economists predict higher unemployment levels until at least 2013, Neighbor Island unemployment should drop to around 6 per cent by the end of the year. Before the recession of 2008, the unemployment levels throughout the state hovered around 4.6 per cent. Unfortunately, job growth in wholesale, retail, finance, insurance, real estate, and agriculture will continue to be slow (less than 1 per cent), making it difficult to achieve employment levels from before the recession. Nevertheless, economists have noted gains in Oahu rail transit and have therefore included it in their forecast.
Other signs of good news come from increased tax collections of 8.6 per cent in the first 4 months of 2011. However, experts are cautious about tax revenues as a large gap of around $772 million over 2 years has been offset by stimulus money and the large cost of ending leaves for state workers. Indeed, estimates to reemploy these workers go as high as $158.8 million and combined with the tapering of federal stimulus money there will be an increased tax burden on the state.
Still, Hawaii has also benefited from an impressive rebound in the visitor industry. Again, pre-recession levels have not yet been reached, but this highly important segment of the economy continues to lead the recovery in Hawaii. Domestic flights are up 40 per cent since the recession hit (when total sales dropped from 2 million to 1.56 million) and visitor spending rose by more than 10 per cent by the end of 2010. Interestingly, the UHERO report suggests that this rapid recovery in the visitor industry is unlikely to continue with a 3.4 per cent increase in arrivals predicted for 2011 dropping to just 1.9 per cent in 2012. In addition, the UHERO report predicts a strong construction rebound, specifically in Oahu as a result of a multi-million dollar rail project.
As far as inflation is concerned, UHERO forecasts moderate changes averaging around 2.5 per cent in the most recent survey in Oahu. Consumer nondurables, food costs, and rising energy prices are reflected in UHERO inflation estimates of 1.4 to 2.6 per cent through 2014. On the bright side, personal income figures are rising faster than inflation making 2011 the first year since 2007 that actual personal income will increase.
So while the UHERO report points to a number of areas where economic growth will be steady, the report is also tempered by some less than ideal news. Most of the growth is focused in Oahu making it the best location in Hawaii for investment. In addition, three factors threaten future economic growth. First, delays in rail transit development may have a greater impact on economic forecasts because of the importance of this project for growth and employment. Rising energy costs and possibly rising interest rates should impact investment. And finally, rising inflation on the national level is causing some concern in Hawaii. Ultimately, while the Hawaiian economy is showing definite signs of recovery, growth is moderate compared to historic standards and jobs figures combined with other fiscal challenges continue to hamper recovery.
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In Tuesday’s newsletter we wrote about the similarities between Hawaii’s real estate market and California’s. We also pointed out that we believe we are at or very near the bottom. Here are five reasons why we are optimistic about the future of real estate on Maui.
1. Famous. Maui is famous. Just about everyone knows about and wants to visit Maui. Travel half way across the world and ask someone if they know about Maui. Chances are you’ll not only get a “Yes,” but you’re also likely get oooooh’s and aaaaah’s with the mention of Maui. Yes, Maui is that special. People know about it everywhere. And for good reason. It is a beautiful totally unique destination.
2. Pending Home SalesThe number of properties in escrow in South Maui is at a 12 month high.
3. Overcorrection. The real estate pendulum has dramatically shifted over the past five years. Today Maui’s real estate market is 35-40% off it’s 2006 highs. Could this be an over-correction? Yes.
4. California. California’s real estate market is showing signs of correction.
5. Median price. The median price activity of real estate sales on Maui is on the rise.
What do you anticipate is ahead? Do you anticipate any noteworthy changes during the next 6 to 12 months? We’d love to hear from you!
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For anyone who is looking to invest in real estate but has not yet decided on location, Maui should be a top consideration. There are many different reasons why this is the case, but the five main reasons are as follows:
First—When it comes to finding the perfect vacation or retirement destination, Maui is tough to beat. While offering all the comfort, stability and safety of the United States, Maui also offers a stunning tropical setting, a compelling culture and a laid-back atmosphere. All of these characteristics make Maui a unique destination and draw visitors back time and time again. Moreover, with beautiful beaches, world-class golf courses and plenty of opportunities for recreation, fine dining and relaxation, Maui is the ideal location for enjoying a highly fulfilling and truly memorable vacation or retirement.
Second—Hawaii, and Maui in particular, has a strong real estate market. Consistently receiving top rankings among destination islands, Maui creates sustained interest in local vacation and retirement properties. Also, the strong tourist industry ensures numerous amenities, such as quality restaurants and shops, which only make the island even more desirable. Despite some fluctuations experienced as a result of the economic downturn, the overall sales activity on Hawaii’s real estate market has not diminished, nor is it expected to. With more and more people becoming aware of everything Maui has to offer, and with the Baby Boomer population entering the retirement phase, the Maui real estate market is expected to continue along its strong path.
Third—Another reason why it’s a great idea to buy a home on Maui has to do with the current low mortgage rates. Such low rates have created favorable conditions for those looking to get in on the second-home property market and have made financing a vacation or retirement home more feasible and more attractive for many potential purchasers. By allowing homebuyers to save money on interest and by encouraging people to obtain financing, low mortgage rates are helping to stimulate the economy and the real estate market.
Fourth—Maui is also an ideal place to purchase a vacation or retirement home because current housing prices on the island are relatively low. For retirees or vacationers who have been planning for some time to purchase a home on Maui, the current pricing conditions could allow them to obtain a larger or more upscale property than they would otherwise be able to afford. The relatively low prices also open the door to other buyers who might have shied away from entering the Maui real estate market when higher prices were prevalent.
Fifth—Last but not least, Maui currently features a large selection of properties on its real estate market. This not only provides a greater number of options for potential buyers to choose from, it also creates a buyers’ market. With the high inventory of properties, which includes foreclosures and short sales, Maui has many motivated sellers. This results in competitive housing prices and also creates more potential for negotiations that will ultimately favor the buyer. In other words, the large selection of properties currently available on the real estate market adds significantly to all of the other factors which make Maui the perfect place to buy a home.
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- Feb
- 12
Maui Kaanapali Villas
When it comes to finding premier, luxury vacation accommodation in Maui, nobody is better suited to helping than the Smith Team. With several years of real estate experience throughout Maui, we know how to help you find the perfect vacation spot with all the activities and amenities you desire. Consider the Maui Kaanapali Villas, 253 individual condo units located on nearly 11.5 acres of tropical garden right next to Kaanapali Beach. Guests at the Maui Kaanapali Villas enjoy many fine amenities and activities including access to championship level golf. You’re just minutes from the beach where you can truly embrace the finest qualities of the Hawaiian experience!
Our new Maui Kaanapali Villas page provides some detailed information.
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While the Maui real estate market displayed some upward trends in 2010, over all prices remained relatively low. As compared to 2009, the number of closings in 2010 rose significantly, increasing from 693 single-family closings in 2009 to 814 in 2010. Prices, on the other hand, showed a less decisive change, vacillating and remaining relatively low. This means that there are still many great opportunities available for home buyers and investors, particularly when they are smart about the process and, in some cases, have thick skin.
The main reason behind the lack of a significant rise in prices is the continued presence of numerous distressed and foreclosed properties on the market. Such properties force prices down as a whole and also cause many owners of non-distressed real estate to keep their properties off the market until prices rise to a more advantageous level. While short sales take longer than regular sales to close, sometimes involving months of negotiations, they can provide excellent opportunities for investors and potential buyers looking to get their foot on the property ladder.
While the relatively low prices of REO or bank owned properties are themselves attractive, many such properties are fixer-uppers and therefore offer significant potential for increased value. Of course, those who buy and invest in distressed real estate need to be willing to put in some work to bring the property up to its potential and need to be able to withstand the sometimes protracted negotiation process. However, for those who are willing and able to do so, the current investment opportunities on the Maui real estate market are significant.
In other words, this is an excellent time to purchase Maui real estate, particularly for those who are not necessarily looking for properties in tip top condition. While relatively low prices can be found across the island, certain areas offer better deals than others. For example, while West Maui and upscale resorts still display strong prices, average prices in Central Maui fell 14% in 2010 to $438,000 while the median price dropped 9% to $430,000. As a result, by studying all of the available options and by having some flexibility with respect to the sale process and property condition, home buyers and investors can find an array of excellent opportunities on Maui’s current real estate market.
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