What a month for Puamana! After starting the first 6 months of the year on record sales pace, this oceanfront Lahaina townhome community went very quiet with only 1 combined sale or escrow since early summer. That is, until last month where Puamana made up over 10% of all November escrows, a.k.a. “accepted contracts” for West Maui condominium/townhome properties. Only one other, Opukea at Lahaina, had more.
End of Summer Sunset Over Lanai
West Maui Sales Stats
All in all, West Maui saw 37 combined condo, home, and land properties go under contract in November, while 35 total sold. There is an average inventory of about 550 properties for sale in West Maui at any given time in November (15 months of inventory).
West Maui November 2014 sales activity is as follows:
- Condos/Townhomes: 29 escrows/23 sold
- Residential: 7 escrows/10 sold
- Land: 1 escrows/2 sold
For a complete CMA Summary of West Maui Pendings and Sales for November 2014, click here (source: Realtors Association of Maui).
Hot Sands, or “Beaches” as it’s Known, Provides Surf & Sand Enjoyment…Warm Water, Year-Round Sunsets
Puamana Sales
Now getting back to the topic of this blog, Puamana’s November…Let’s take a look closer at what transpired. First off, Puamana had a total of 3 escrows and 1 sold property in November.
The Escrows (aka properties that went under contract)
2 of the 3 properties that went under contract did so in literally no time at all:
167-2 Pualei Dr, a 2 bed/2 bath came on the market at $539K, spent 5 days active before going under contract.
17-2 Pualoke Pl, a 3 bed/2.5 bath 1,768 sq. ft. unit listed at $899K, had breakfast and lunch on the market before going into escrow in less than 24 hours.
West is Best! “W” for West Maui. Can You See it in the Mountain Formations?
The 3rd property, 30-2 Pualoke Pl., wasn’t so urgent. This 2 bed/3 bath, 1,101 sq. ft. unit spent 338 days active before finally saying “I do”…Reason possibly? This unit was the highest priced per sq. ft. to go pending or sold in November, but it could be also argued that this north end building 30 location with green space backyard, proximity to the water, and overall quietness is one of the best in all of the neighborhood (better than the other 2 subjectively speaking). However, what a phenomenon proper pricing can be 🙂
The Solds
There was only 1, but what a sale it was…at least in terms of speed – and possibly even a short-term gain?
167-1 Pualei Dr., a newly remodeled 2 bed/3 bath, 1,089 sq. ft., just sold for $655K. And if we look at the recent history of the property, we see possibly even a flip situation. This is all speculation, but I believe it clearly demonstrates that if you want it…the “buy low, fix then” sell paradigm we see plastered all over cable TV every night does exist, and in some cases, does work out favorably.
Oceanfront Gazebo and Pool
So the history goes, 167-1 was bought back in May of this year for $505K after spending 415 days on the market with the list price ranging from $540-$595K. Then, after only 5 short months, on 10/31/2014 this property was put back on the market for $795K, however quickly reducing to $720K. Within 14 days, 167-1 went into escrow and sold in another 15 days.
If you saw the before and after pictures of 167-1, you saw the major difference with major improvement. The upgrades that were completed were absolutely beautiful. Additionally, did I mention what a phenomenon proper pricing can be? 🙂
Peaceful Private Puamana
My point is that miracles do happen…as in the last play of Thursday’s season ending UCF football game…and real estate opportunities do exist in West Maui, especially Puamana. And, if you didn’t see UCF’s last second play, it’s worth a watch.
– Aloha, JO
Yes it is
December 9, 2014
That’s what you call a CMA? HAHAHA.
Yes it is
December 9, 2014
That’s what you call a CMA? HAHAHA.
Jeff Onderko
December 10, 2014
Lol! Whatya mean? Did you go to the link? The good news that anytime I change/add to the summary, it will automatically update on the blog/link. But, I’m glad you’re scrutinizing!
Jeff Onderko
December 10, 2014
Lol! Whatya mean? Did you go to the link? The good news that anytime I change/add to the summary, it will automatically update on the blog/link. But, I’m glad you’re scrutinizing!
Carla Marrero
January 9, 2015
Wow, Mr. Onderko… Great information! What do you think will be the next area or, is now – for best places to buy in Maui?
Jeff Onderko
January 12, 2015
Hi Carla: Thank you for reading and responding! I very much appreciate it. While the question of what’s the next area/best area to buy is quite daunting 🙂 Many many factors to consider, but I’d say first, it really depends on where on the island you want to be.
I subscribe to the mantra “West is Best”…So with that said, I have information on brand new developments coming up in the next 12-24 months from Lahaina to Kapalua. Here are just a few:
Wailele Ridge: http://www.waileleridge.com/
Kahoma Village: Stanford Carr will be the developer
http://oeqc.doh.hawaii.gov/Shared%20Documents/EA_and_EIS_Online_Library/Maui/2010s/2013-09-08-MA-5B-FEA-Kahoma-Village-Project-Volume-I-of-II.pdf
Please email me at jeffonderko@hawaiilife.com with your contact information and I’ll be happy to send along more detailed project & market info. Aloha – Jeff
Carla Marrero
January 9, 2015
Wow, Mr. Onderko… Great information! What do you think will be the next area or, is now – for best places to buy in Maui?
Jeff Onderko
January 12, 2015
Hi Carla: Thank you for reading and responding! I very much appreciate it. While the question of what’s the next area/best area to buy is quite daunting 🙂 Many many factors to consider, but I’d say first, it really depends on where on the island you want to be.
I subscribe to the mantra “West is Best”…So with that said, I have information on brand new developments coming up in the next 12-24 months from Lahaina to Kapalua. Here are just a few:
Wailele Ridge: http://www.waileleridge.com/
Kahoma Village: Stanford Carr will be the developer
http://oeqc.doh.hawaii.gov/Shared%20Documents/EA_and_EIS_Online_Library/Maui/2010s/2013-09-08-MA-5B-FEA-Kahoma-Village-Project-Volume-I-of-II.pdf
Please email me at jeffonderko@hawaiilife.com with your contact information and I’ll be happy to send along more detailed project & market info. Aloha – Jeff
Doight
February 9, 2015
I would argue that 17-2 which sold for $850,000 was the deal of the year at Puamana. The Lanai will be 33 feet by16 feet, it is a 3 bedroom with a huge loft and is one of a few in Puamana with an attached carport. Total of 1756 sq ft with views of the ocean. 30-2 is a tiny one bedroom with a little loft and much smaller Lanai that faces North.
Buyer of 17-2
Jeff Onderko R(S)
February 20, 2015
Hi Doight: Hope this finds you well. Thank you very much for reading and responding to my post. My apologies for the late, I have been spending all of my time in the field as of late.
A couple things in regards to your reply:
1) First off…no one is arguing here : )
2) nor did my article mention “deal of the year” 🙂
3) Also…now, while I love the unit…This post was written specifically for November…Your purchase didn’t close until January 23. So that is the reason why there was no mention of it. 🙂
But for the sake of it….I like that 17-2 purchase, I really do!…0 days on the market from listing day to pending escrow? You must have done your homework! Great building location at the north end of the neighborhood. This was the 5th lowest 3 bed/2.5 bath similar approx sq ft sale since 2002. I love the attached car port units…the only similar would be the 40 building that I believe have some full garages.
For more on current buys/sales and specifically the mentioned 17-2, please look out for my upcoming Puamana blog that has been written for 45 days but unfortunately not published yet. I haven’t fount the perfect words close it out yet I may turn it into a 3-month detailed look versus a monthly. Not sure yet, but I will share with you and HL.com ASAP. –
ALOHA – Jeff
Jeff Onderko R(S)
February 20, 2015
One more thing: for a better picture of how your 3 bedroom sales compares historically over the past 20 years…see link
http://www.hawaiilife.com/articles/2014/07/puamana-lahaina-sales/
The blog reads 2014, but it has sales graphs going back to 2004.
Doight
February 9, 2015
I would argue that 17-2 which sold for $850,000 was the deal of the year at Puamana. The Lanai will be 33 feet by16 feet, it is a 3 bedroom with a huge loft and is one of a few in Puamana with an attached carport. Total of 1756 sq ft with views of the ocean. 30-2 is a tiny one bedroom with a little loft and much smaller Lanai that faces North.
Buyer of 17-2
Jeff Onderko R(S)
February 20, 2015
Hi Doight: Hope this finds you well. Thank you very much for reading and responding to my post. My apologies for the late, I have been spending all of my time in the field as of late.
A couple things in regards to your reply:
1) First off…no one is arguing here : )
2) nor did my article mention “deal of the year” 🙂
3) Also…now, while I love the unit…This post was written specifically for November…Your purchase didn’t close until January 23. So that is the reason why there was no mention of it. 🙂
But for the sake of it….I like that 17-2 purchase, I really do!…0 days on the market from listing day to pending escrow? You must have done your homework! Great building location at the north end of the neighborhood. This was the 5th lowest 3 bed/2.5 bath similar approx sq ft sale since 2002. I love the attached car port units…the only similar would be the 40 building that I believe have some full garages.
For more on current buys/sales and specifically the mentioned 17-2, please look out for my upcoming Puamana blog that has been written for 45 days but unfortunately not published yet. I haven’t fount the perfect words close it out yet I may turn it into a 3-month detailed look versus a monthly. Not sure yet, but I will share with you and HL.com ASAP. –
ALOHA – Jeff
Jeff Onderko R(S)
February 20, 2015
One more thing: for a better picture of how your 3 bedroom sales compares historically over the past 20 years…see link
http://www.hawaiilife.com/articles/2014/07/puamana-lahaina-sales/
The blog reads 2014, but it has sales graphs going back to 2004.