What Kind of Oceanfront Property is Selling on Maui? North Shore Market Update
If you are one of those fortunate few that can walk out your front door and immerse yourself in the turquoise blue waters of Maui, then you are considered a very fortunate soul. For the rest of us, it’s always interesting to keep abreast of the values on the oceanfront.
After 35 years, I still have no rhyme or reason for how the oceanfront market moves. On the North Shore, value is in the white sand beach windsurfer launch, a great view, or just a really good value. From a value standpoint, everything starts at the ocean; typically the largest sales emanate on the water.
Last year (2015), there was only one recorded sale; a listing I had and that I also sold. At slightly under $3 million, it became the best value on the market. In 2016 to date, there have been 4 sales and 1 pending sale. 2 of the sales represented a white sand beach locale, one was a great value (started out at $7 million and ended up selling at $3.5 million), and the recent pending sale offers big views of the West Maui Mountains and the Kahului lights.
Meanwhile, for the other 10 oceanfront listings, the average Days on Market is 220 days!
In my next blog, I will discuss pricing in relationship to Days on Market. If you have any questions about oceanfront property on Maui, feel free to contact me.