Yesterday was Realtor Caravan for the North Shore of Maui. One of the featured properties was a spectacular oceanfront estate in Kuau. This approximately 1.283 acre property features two separate parcels, a primary residence of 7,384 square feet with an additional 3,053 square feet of lanai space, a pool, a spa, and a separate 2 bedroom cottage. I had my Flip Camera with me so I was able to shoot some video of this extraordinary North Shore Oceanfront Home for Sale.

Even with a much better camera (and videographer), I am not sure how well video captures the scale of the home and/or it’s quality of finishing. The list of materials and amenities used could fill a couple of blog posts. This Kuau Oceanfront Estate is listed through Equity One Real Estate for $15,500,000. This property sold. Find the current inventory of Maui Oceanfront Homes for Sale on MauiRealEstate.com. For direct assistance, contact The Maui Real Estate Team today.

During the first half of 2010, I commented on this blog about the state of the Maui Luxury Market a few times. I cited anecdotal evidence of improvements in this market in March. This was followed by more quantitative evidence of increased activity in the luxury market that showed during the May and June real estate statistics. I thought I would provide a quick overview of the overall luxury sales numbers for the first six months of 2010, some numbers in specific communities, as well as a few thoughts on the overall luxury market.

There were 33 homes sold on Maui over $1,500,000 during the first six months of 2010. That includes 5 homes sold over $5,000,000. This compares to 19 homes sold over $1,500,000 in the first six months of 2009. Three of the 19 sales were over $5,000,000. This translates to a 74% increase in sales volume in 2010.

There were 87 condo sales over $1,500,000 during the first 6 months of the year. That compares to 77 sold during 2009. That is a 13% increase in sales volume comparing the first six months of the last two years.

I also looked at luxury home sale activity in some of Maui’s individual communities. There were some notable numbers when making year to year comparisons.

Of the resort areas, Wailea and Makena saw the greatest increase in activity. Lumping the two communities together, there were 12 homes sold in the first six months of 2010 compared to six in the first six months of 2009. Kapalua saw a modest increase with 4 sales in the first half of 2010 vs. 3 sales in the first half or 2009. Ka’anapali had three sales in the first half of 2009 and the same in the first half of 2010.

Outside the resorts, the Lahaina area saw the biggest bump in sales. Sales rose from 2 in the first half of 2009 to 7 in the first half of 2010. The majority of the Lahaina luxury sales activity occurred in the Launiopoko subdivision. Upcountry also saw a modest rise in sales going from 1 sale in the first half of 2009 to 3 sales in the first half of 2010. Other communities and areas of the island saw similar sales figures year to year.

There are some challenges when it comes to the presentation of luxury condo sales figures at the community level. I have frequently discussed the Honua Kai effect when reviewing monthly real estate statistics. Sales at this resort development and other new luxury developments have skewed the statistics over the last couple of years. Many of these closes are based on contracts written as many as three years prior. While it is telling that the buyers are following through on their contracts, the sales numbers are less of a reflection of current market demand.

New development sales in 2009 are part of the reason why the overall 2010 luxury condo sales numbers look a little less dramatic. The first half of 2009 was a particularly big year for new development sales with 51 closes at Honua Kai and an additional 4 long term contract closes at Ho’olei. In 2010, there were 43 long term contract new developer sales at Honua Kai. There were also 2 closes based on longer term contracts at the Residences at Kapalua Bay. While there were new developer closes at Ho’olei in 2010, those closes were based on contracts from this year. When you strip out the long term new developer contracts in both years and compare just the closes based on recent contracts, 2010 looks a lot stronger with 42 closes verses 22. That translates to a 91% increase year to year.

Three other numbers worth noting from the first six months of 2010 are $12,500,000.00, $19,850,000.00 and $17,500,000.00. The first number was the sales price for a condo at Wailea Beach Villas. It is the highest sales price for a condo in Maui history. The second and third numbers are the sales prices for two homes that bookend Paulauea Beach in Makena. They are the highest ever price paid and third highest price paid for a residence on Maui. These numbers have been met with a lot of hype. I would be careful to infer too much from the numbers other than the fact that it is clear that there are ultra wealthy buyers who will pay an absolute premium for some of Maui’s premiere properties.

It is clear based on the numbers above that we have seen improvements in the luxury market when compared to 2009. Volume of sales is up and buyers are willing to make some bold purchases. Improvements in the stock market and improvement in overall economic conditions helped to entice more luxury buyers. That being said, the first half of 2009 was the doldrums for the Maui Luxury market and the overall Maui real estate market. The sales pace is still behind what we saw for the first six months of 2008 and 2007.

It is difficult to say what the second half of 2010 will bring in the Maui luxury market. There is still some pretty good activity on the home front with 18 homes under contract over $1,500,000. Condos appear to have cooled a little with only 4 over $1,500,000 currently under contract. There is still a substantial volume of luxury inventory that needs to be absorbed. That would suggest that it is likely that there is additional room for price adjustments. Luxury sellers are going to have to take a close look at comparable inventory and their need to sell when pricing in this type of environment. Overall economic conditions and potential changes in tax policies could also be market drivers. Rest assured, The Maui Real Estate Team will continue to closely monitor the market. Please feel free to contact the Maui Real Estate Team for assistance buying or selling luxury properties on Maui.

Yesterday, we moved to the next round of the See Forever Estate Dutch Auction. The new sales price is now $2,598,878. This beautiful property in the Keokea area of Kula offers end of the road privacy and tranquility. You can get a small taste of the property’s quiet and beautiful surroundings through this video Billy took before a recent showing.

The home itself is a beautiful 3 bed/2.5 home that has the charm of a Hamptons Cottage on the outside and the sophistication and open spaces of a high end Manhattan loft on the interior. A gourmet kitchen and sumptuous 1,000 square foot master suite are just a couple of the highlights of the home. This beautiful estate property is being sold well below replacement costs. Contact us today for more information on this spectacular Maui luxury opportunity.

Life circumstances have changed for the owner of the See Forever Estate. He has asked that this property be sold as soon as possible. Today’s price reduction to $2,700,000 $2,680,000 (April, 15) marks the beginning of the only Dutch Auction for an estate home on the island of Maui.

As of today, Buyers have an opportunity to acquire this exceptional estate at substantially below its replacement cost / value.

How does this Dutch Auction Work?
A Buyer can make a pre-approved or cash offer today or see what the next price reduction brings. The price will be adjusted until a buyer can no longer resist this magnificent estate.

In this over-crowded, over-stimulated world what are stunning views, architectural beauty and privacy / solitude worth? We will find out soon enough.

About the See Forever Estate:
At The Top of the Hill in Keokea, some days it feels like you can “See Forever”. Views of the West Maui Mountains, the Wailea Coastline and outer islands and dramatic sunsets are just the beginning of the magnificent See Forever Estate. The home, created by a New York Film Director, is part Manhattan loft, part Hampton’s Getaway and part Hawaiian Estate. Downstairs you will find an open 2,000 square foot space which includes a Chef’s Kitchen, enormous open living area, brilliant 5” Brazilian IPE Hardwood floors edged in slate, custom concrete columns, a gorgeous 2 way fireplace and nearly 65 feet of uninterrupted glass to bring the views inside. An entertainer’s dream. Upstairs the 1,000 square foot master suite may be one of the most enticing in the entire Upcountry. The suite includes room for an office or gym, a 400 square foot lanai, and a master bath vaulted in chestnut limestone, with a glass enclosed “wet-room” that includes slatted IPE floors, a Dornbracht rainhead shower with body jets and Duravit sink and toilet. And the views up here are even better! The gated four acre estate features a top of the line security system, and is pre-wired for all the high tech bells and whistles. There is a great citrus orchard in the back yard and plenty of room for a 1,000 square foot cottage. Visit today and See Forever.

Contact The Maui Real Estate Team today for additional details on the property or information on submitting an offer.

The Maui Luxury Home and Condominium market has been on a bit of a roller coaster ride over the last couple of years. This segment of our market was among the most resilient during the tail end of the real estate boom. During 2007 and the first quarter of 2008, luxury homes and condominiums were still fetching premium prices and seeing stronger sales volume. This was happening while almost all other segments of the market were seeing slumping sales volume or flat to depreciating prices. As the year progressed in 2008, the high end market started to change. Sales volume slowed rapidly. By the peak of the financial crisis in the fall of 2008, the pace of sales slowed to a trickle. Sales remained limited throughout much of 2009. While there were some very high end transactions, most of the properties that were moving were selling at a pretty substantial discount from the peak. The Maui luxury market was not immune to price adjustments.

As we are approaching the close of the first quarter of 2010, will we start to see some recoveries in sales volume? Is this market showing new life? The quantitative data suggests we aren’t quite there yet. We have the same number of home closes over $2,000,000 for the year at this time this year as we did at this time last year. That being said, there are some suggestions that there may be some additional improvements forthcoming. Barron’s just ran an article on improvements in the second home market. Maui was number one on the list of the top ten communities to buy second homes in the country. The article spoke of increases in activity among a number of high end enclaves. There are reasons for this increase in activity. While 2008 was a year of tremendous wealth destruction among some of the nation’s most affluent, 2009 proved to be a lot more prosperous. More millionaires and multi-millionaires means more potential luxury home buyers.

Last but not least, more than a few eyebrows were raised across the island when a Makena Beachfront Home listed for $27,000,000 recently went under contract. If this property closes at a price remotely close to its list price, it would set a new high water mark for single family homes. We will continue to keep an eye on the Maui Luxury market. Contact us if you have questions about or need assistance looking for luxury properties on Maui.

Billy just listed a great executive home at the Summit in Ka’anapali. This 3 bed, 3.5 bath custom home exemplifies the best of Maui’s indoor outdoor living. It makes for a great home for entertaining friends and family. An open and airy living space opens to an enormous covered lanai accessible via Fleetwood pocket sliding doors. Lounge by the pool or take a relaxing soak in the spa. The gourmet kitchen includes custom cabinets, a Thermador Professional Range, Subzero Fridge, Bosch Dishwasher, a breakfast bar and a walk in pantry. The luxurious master suite has a spa like bath. There are great views of the Pacific over black rock. It is hard to beat the West Maui Sunset views and the winter months offer the opportunity to watch humpback whales frolicking in the Pacific.

Of course one of the biggest amenities for the home is your location in the Ka’anapali Resort. The resort’s world class beach and championship golf courses are just a short ride away via bike or golf cart from the Summit at Ka’anapali. Other resort amenities include great shopping and dining at Whaler’s Village. This great Ka’anapali home with over 4,500 square feet under roof is offered for $1,790,000. It compares favorably with other market inventory on a per square foot basis.

This home sold! Contact The Maui Real Estate Team for assistance with other Ka’anapali Homes for Sale.