An A-1 (apartment) zoned .85 acre parcel in Mahinahina with a cottage, listed for $8.495 million has gone into escrow after only a month on the market. This property has 125 linear feet of ocean frontage. The transaction may have included some seller financing.

Below are the first quarter results for Maui's oceanfront. Six homes and no vacant land closed in the first quarter. Of those six homes, four were absolute gems. Per square foot prices soared 34% over 2006. The oceanfront has clearly avoided the sales slowdown and price stagnation that has affected the other parts of Maui’s real estate market.

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Now this might seem like an odd question to ask, but an article in today's  Wall Street Journal does a fairly good job of raising the issues involved. Here are some key thoughts:

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The renovation of the Ritz-Carlton in Kapalua has been approved by the Maui Planning Commission. The scuttlebutt is that Honua'Ula (formerly Wailea 670) is likely to be approved this year. We are still awaiting word on the Wailea Beach Resort on the site of the Renaissance Hotel which is scheduled to close August 31. . MF9 and 11 in Wailea, a total of 21 half-acre homesites will begin work in May. The Gateway Center at the corner of Wailea Ike and the Piilani Highway should begin construction this summer. Kila O Wailea, 75 condominiums on 12 acres across from Wailea Ekahi has received their SMA approval. Ho'olei has approximately a dozen units left for sale, Maluaka in Makena will be free to conduct sales near the end of this month.

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There is more and more talk on Maui now of “fractional ownership.” It is just what it sounds like, six or fewer parties (so as not to create a timeshare) own a given property as Tenants in Common. Each party has their own deed for their fractional share and their own mortgage against that fractional share. This approach has several benefits, it qualifies for 1031 purposes, lower purchase price for a piece of a high quality property and appraisers are using 140% of a traditional sale as the value for a given property if sold in this manner. The Ritz Carlton project in Kapalua is adopting this approach and certain lenders will make these mortgage loans. But there is a lot left unresolved in this form of ownership like liability, taxation as well as zoning restrictions and the actual timing of the fractionalized ownership for a given property.

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Activity along Maui's oceanfront has slowed quite a bit since the rush in the first two months of the year.  There have been no new sales in the past several weeks. The most recent listing is 40 Kai Ala Place in Ka'anapali. This 5300 square foot home, made of the highest quality materials and built in 2000 sits on almost an acre upon Ka'anapali Beach. The asking price? A cool $18.6 million or over $3000 per square foot.

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Kanani Wailea, the newest residential condominium project in Wailea now has two striking deals available. The first is unit 20 which we have discussed before. Two stories, totally detached for privacy, three-bedrooms, 2300 square feet , a two car garage and a list of upgrades too long to mention here. A tremendous ocean view comes with the price of $1.599 million. The latest is unit 29 or 96 Poailani. This detached residential condominium has four bedroom, 4.5 bathrooms in 2297 square feet on a single story. The property offers an ocean view. The counters are granite, the appliances top of the line, the bathrooms tiled, the ceilings vaulted and the garage holds two cars and boasts a storage room. Check the pictures below.

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David Lareah, the economist for the National Association of Realtors has update his views and issued a press release today. It is getting a lot of attention. Here it is. Here are his key points:

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If you click on the link on the right hand side of this page, you'll get to the website for our latest oceanfront listing, Hale Ilima. Located in the center of Keawakapu Beach, this spectacular home has five bedrooms in 5000 square feet of interior living area on a half-acre lot with as spectacular a set of entertainment areas as you will ever see!

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Today's research from Wall Street behemoth Morgan Stanley offered some interesting tidbits. 

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