With the robust real estate market we’ve had on Maui over the past several years, developers benefited from very high demand from buyers wanting new construction. In the name of fairness, lotteries for these developments were initiated for interested parties. It was a seller’s market, to say the least. Hopeful prospects were literally lining up for these brand new homes–properties extremely hard to come by here on island.
The Current State of New Development Lotteries
Recently, the total number of buyers entering these housing lotteries far exceeded the number of homes for sale. Truly, you needed to be quite lucky to secure a win. However, with the rapid rise of interest rates and correcting market, many buyers who won these lotteries can no longer qualify for their financing. (An old adage: each 1% interest rate rise can impact a purchaser’s buying power by about $100,000.)
Well, with these rising rates and the recent slowdown in closings for financing buyers, one Maui developer has unsold homes that are currently listed for sale.
Hoku’ula at Hali’imaile
Hoku’ula is a pristine subdivision currently under construction on the lower slopes of Haleakala, in the old pineapple plantation town of Hali’imaile. And I have some exciting news. The first phase of homes are scheduled to be delivered by the first quarter of 2023! This community boasts some of the best qualities of an upcountry lifestyle, highlighted by sweeping ocean, valley and mountain views. This is a central Upcountry Maui location that’s truly hardly to beat. A close knit community that embodies our aloha spirit.
What’s near Hoku’ula and Hali’imaile?
First things first, you’ll be just down the street from an island institution, and one of our favorite upcountry restaurants, Hali’imaile General Store. This burgeoning little community is also home to: the Alexander Academy of Performing Arts; Makai Glass Fine Art Gallery and Glassblowing Studio; Maui Pineapple Tours; Crossfit Upcountry Maui Gym; Maui Trap & Gun Club Skeet Shooting Range; Hali’imaile Distillery Tour and Tasting Room; as well as a large park with communal tennis and basketball courts, plus baseball field and local convenience store.
Hoku’ula Hali’imale is also less than 10 minutes in either direction to Makawao or Paia. These two fashionable towns feature a bevy of fabulous restaurants, fine art galleries, upscale boutiques, and other unique amenities. Hoku’ula is also just short 10 minute drive from our famous north shore beaches and all your various shopping needs in Kahului. Furthermore, Makawao Elementary School, Montessori School of Maui, and my alma mater Seabury Hall Preparatory Academy (Go Spartans!) are within a quick drive of this fine upcoming community.
What will the homes look like at Hoku’ula Hali’imaile?
There are six contemporary floor plans offered at Hoku’ula, ranging from 2,239 to 3,646 square feet. The single family residential floor plans are 4 bedrooms with 2 to 3.5 bathrooms. The lots range from 7,500 to 8,500 square feet. Standard features of all homes include: 9 foot ceilings; double pitched plantations sty roofs; covered lanais; quartz countertops; vinyl plank floors; stainless steel appliances; and double-pane windows. In addition, there are homes with attached or detached ‘ohanas.
This is a rare opportunity to get in on the ground level on a brand new Upcountry Maui development. Honestly, something that I haven’t gotten to say much in the past few years. I’ve been harping on a lack of inventory on this island, which remains true, so I felt the need share the news with this article. As always, if you have questions about Hoku’ula, or Maui real estate in general, please don’t hesitate to contact our team directly!
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Dano Sayles R(B)