Maui Real Estate Advisory
Issue June 2011
This issue seems to be rather "historic" in its nature: from transactions that should be recorded in history books, to a new book on Hawaiian history.
LANIKEHA- the place where history is made
Although Lanikeha means "a lofty place in heaven", it should really be called "the place where history is made". I am not referring to beautiful, artful, architecturally innovative homes being built in this subdivision with stunning views of Lahaina Harbor, the islands of Lanai or Molokai, Kaanapali Golf Course or West Maui Mountains. I am talking about the last sale at Lanikeha, where an approx. 1 acre parcel was sold for almost $300,000 more than the asking price!!! Yes, in a recession, a property that sold for almost double than what it was listed! How did this happen? Well, besides obvious alignment of the stars, one needs a foreclosure property owned by one "west" mainland bank, one listing agent from the Big Island and several buyers that see the amazingly low listing price and start outbidding each other! All in all, $680,000 is a reasonable listing price for this particular parcel and it is not damaging the comps in the area. To see what vacant lots are currently listed in Ka'anapali, please click here.
Historical data for Maui properties Today's savvy buyers are always asking for historical data before they make a decision on what to buy. They don't want to know just how much a certain condo used to be during the peak years, they would rather know how much property was worth before the boom.
Here are a few very relevant examples:
|
Property |
2003 Average Sold Price |
2011 Average Listing price |
|
Coconut Grove 3bd units |
$2,737,042 |
$4,579,000 |
|
Ka'anapali Alii 1bd units |
$882,222 |
$1,317,800 |
|
Ka'anapali Plantation 2bd units |
$389,266 |
$584,500 |
|
Ka'anapali Royal 2bd units |
$435,818 |
$581,000 |
|
Ka'anapali Shores 1bd units, fee simple |
$326,137 |
$474,152 |
|
Kapalua Bay Villas 1bd units |
$583,382 |
$1,177,966 |
|
Kapalua Ridge 1bd units |
$551,875 |
$754,555 |
|
Kapalua Golf Villas 1bd units |
$425,300 |
$545,529 |
|
Ironwoods 2bd units |
$2,500,000 |
$2,346,750 |
|
Napili Shores studios |
$327,800 |
$367,250 |
|
Papakea 1bd units, fee simple |
$321,166 |
$395,000 |
|
The Mahana 1bd units |
$496,727 |
$853,333 |
|
The Whaler 1bd units |
$716,875 |
$899,450 |
MAUI history is part of "Unfamiliar Fishes" - a new book by Sarah Vowell
All those that love Maui must have read at least one or two books on Hawaiian history and wished to see a few details more about Maui.Although Sarah Vowell's book is rather concentrated on missionaries' arrival to the islands, there are many pages that are dedicated to Maui and particularly to Lahaina.
Names that you heard of and wish to know more about that are featured in this book: David Malo (who is celebrated every year in Lahaina), Princess Nahi'ena'ena (name of current elementary school), Alexander & Baldwin (major land owner in Maui) Lahainaluna High School or Hale Pa'I (the Print House).
This is the book of contrasts, where no one escapes being offended and given loving compliments within the same chapter and where deep, rich, sophisticated sarcasm intertwines with late night comedy show jokes.
The absolutely latest and greatest
The first successful luxury property auction took place on West Maui, on Friday, June 3rd. According to undisclosed sources, the Henry residence in Honolua Ridge sold for a little over $4 mil. Both Seller and Buyer are content with the results of the auction and escrow is set to close in a few weeks. Last MLS listing price was $9,600,000 for this 4631sf living home with exquisite décor and stunning ocean views, sitting on a 6.6 acre parcel.
Mihaela Stoops, REALTOR Broker
Aloha Realty Group
180 Dickenson St #217
Lahaina, Hi 96761
www.ForSaleinLahaina.com www.WestMauiHome.com
