Spreckelsville August 2014 Real Estate Market Update

Updated 8/22/2014
With two members of the Maui Real Estate Team calling the Spreckelsville neighborhood home, we can literally say this community is part of our backyard. This North Shore community situated between Paia town and the Airport, offers convenience to amenities, access to beaches and some of the best wind and water sports venues on the planet. It is also home to the Maui Country Club which features a 9 hole golf course, tennis, beach access, a pool and a clubhouse with outstanding food. Sprecks has been a highly coveted address over the last 10 years, and interest and prices have continued to ratchet up in 2014. The map below shows the Spreckelsville Real Estate sales activity in 2014. There have been 12 sales to date this year with two listings still active at this time.

Here are some things that I thought were noteworthy about the 2014 Spreckeslville Real Estate Market.

• • The 12 properties sold for the year as of 8/20/2014 is a huge increase over the 4 properties sold during all of 2013. It is also ahead of the 11 total properties sold in Spreckelsville during 2012.
  • Buyers have had to beat the bushes to find properties to buy this year. Six of the 12 properties that have sold this year were not listed by Real Estate agents at the time that they went under contract. Two of those six were properties that had been listed previously.

    

• • The four sales of $4,000,000 or greater represent a particularly robust period of high end sales. Prior to those closes, there had been only one sale in Spreckelsville above $4,000,000. While there are a number of other oceanfront homes that might be valued over $4,000,000, you just don’t see that type of turn over in the neighborhood. We will be hard pressed to see that level of activity again as Oceanfront Homes in Spreckeslville aren’t listed all that frequently.
  • The lack of available homes for sale helped to drive demand for land in the neighborhood. The last developer owned lot sold at E Paepae Ka PuKo’a and there were two resales of lots in that subdivision. One resale represented by the Maui Real Estate Team ended up in a bidding war with a sales price well over asking price.

    

• After a quiet couple of years of sales activity, there has been one sale at the Sugar Cove condominiums. There are still two more active listings at this unique upscale condominium development.
• The Maui Real Estate Team represented the buyers or the sellers on 50% of the transactions that have occurred this year.

With just over four months remaining in the year, it will be interesting to see what happens for the rest of 2014 in Spreckelsville. Inventory could be the biggest constraint with only the two Sugar Cove listings active at this time. There are no homes or pieces of vacant land listed. Vacant land in Spreckelsville is becoming particularly scarce with most of the remaining undeveloped lots being held for the long term or being prepared for future construction. There is one potential bank owned home that has been rumored to be coming to market for well over a year.

Buyers who are interested in Spreckelsville are encouraged to contact The Maui Real Estate Team. We continue to keep our eyes and ears open for properties even before they come on to the market. You can find more information and photos on the current Spreckelsville Real Estate Listings on MauiRealEstate.com. If you own a property in Spreckelsville and are considering selling, we would welcome the chance to sit down with you for a free consultation on the value of your property.

Update on 8/22/2014
I checked with the agent who was going to be listing the bank owned property coming on the market in Spreckelsville. As per that agent, the bank sold that home directly to a buyer within the last couple of weeks. The home was in older Sprecks on the Makai (ocean) side of Nonohe right next to Maui Country Club. The sales price was rumored to be $1,700,000.