Our latest clients were able to find a great piece of property Kula to make all their own. An REO listing, or in other words the property was foreclosed on and are owned by the bank or lenders. In this type of situation, there are usually multiple offers on the table, so you really need to go in with your best offer and being willing to walk away if you don’t get it. The land was the property’s most valuable commodity where 3.8 pristine Kula acres were the main selling point. While the home could be used as it, there is definitely room for TLC. These type of REOs are sold as is, so there may be additional work needed to bring it up to par.
The asking price started around $859,000 and was surely an attractive price to many buyers. With avocado, lemon, kukui nut and papaya trees lining the property, there is an abundance of produce. Our clients came in with a very strong offer ended up closing for $889,000, close to $200k off total property taxable value. All in all, we are glad to have our buyers a great deal.
Kula Residential Spring 2018 Market Update (1/1/18-3/31/18)
Compared to the same time last year, 2018 sales through the 1st quarter of the year are only trailing 2017 production by 1 home sold; although 2018 has done less transaction, 2018 is outperforming 2017 in total volume sold in the 1st quarter. January was the strongest preforming month with 45% of the units sold, March with 30%, and February with 25%. From a value perspective, price/sqft can be as low as $260/sqft and as high as $775/sqft, the wide discrepancy comes down to the various home size that sit on each lot; some properties only have cottages/ohanas while others have a home and an ohana.
Getting into Kula isn’t cheap, buyers can typically expect to spend at the minimum $600k to find a decent property that is move in ready. Anywhere in the $500k range can be considered a spectacular deal and so far two buyers were able to do just that. However, most of the homes in Kula go for well above the $1 million mark because of the views and acreage they call their own. However, Kula real estate typically tops out at $3 million; although, there have been a number of estates going in the $4-6 million range.
- Number of homes sold: 20
- Average sold price: $1,062,475
- Highest priced home sold: $2.34 million
- Lowest priced home sold: $500,000
As mention earlier, Kula is very pricey region of Maui to buy into. With a current median price of $1.4 million, the market is top heavy with listings priced above $1 million. There is only 1 listing priced under $500k and there could be mixed views on the unit because it is not even 800 sqft, but does have 0.8 acres of land. Interestingly enough, on the upper end of the market, there are 9 listings priced at $2 million or higher. The upper end of the market units are averaging 204 days on the market. They linger on the market so long because there are only a handful of buyers that can afford that type of property. And the type of of that can usually afford those prices or non resident buyers, who prefer to be close to the beach if they are going to spend that type of money.
If you don’t see anything you like, the best way to stay in touch with the market is by signing up for our Kula homes new listing email alert. Our new listing alerts can be set for any type of property of Maui, you just have to make an account with our website. IF you need assistance, please reach out and we would be happy to help.
- Number of homes sold: 33
- Average sold price: $1,689,648
- Highest priced home sold: $3.9 million
- Lowest priced home sold: $425,000
Contact a Maui Real Estate Specialist
Please consider me to be your trusted Maui real estate and lifestyle adviser. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Don’t hesitate to call me for your any of your Maui real estate needs as I would be honored to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com