Monthly Archives: August 2012

Incredible Oceanfront Opportunity – Maalaea Mermaid #213

Many times pictures of properties seem better than the actual thing. In the case of Maalaea Mermaid #213, the real thing is even better than the beautiful pictures. One has to see this unit to appreciate the fine quality of materials chosen in the recent remodel, the glorious ocean views, which provide entertainment as boats enter and leave Maalaea Harbor, and all for a reasonable asking price.

At my open house this past Sunday, one of our visitors gushed how she absolutely was blown away by the unit and it was so much better than she expected. She had no idea the unit would be as amazing as it was. This is truly the reaction of every visitor to the unit.

Ocean View from Tall Glass Windows at Maalaea Mermaid 213

Many of Maui’s 1 bedroom condos are a simple rectangle with 1 lanai if you are lucky, and are around 550 square feet. The Maalaea Mermaid unit 213 is a 1 bedroom condo, but it’s no rectangle, it has 3 lanai, and it is 848 square feet! The large covered lanai located in front of the kitchen, off of the living room, captures blue views of the harbor, the island of Kahoolawe, Molokini atoll, and Maui’s beautiful mountain Haleakala, as well as the southern shore down to Puu O’Lai at Makena. The large lanai is a perfect place to read, or take a nap. The location of the large lanai makes it sheltered from kamakani (the wind) that blows through Maalaea. One will never be bored with the ever-changing view from the lanai. Boats for whale watching, snorkel trips and fishing play frequent the harbor that is directly in front of the property.

Views from Maalaea Harbor to Molokini and Kahhoolawe

The unit itself is at once the embodiment of many things – it is modern, practical, easy-going, clean, comfortable, impressive, relaxing, and it is Hawaiian. The kitchen is appointed with granite counters and an eat-in counter with bar stools, tile backsplash, including a unique whale art-tile piece, stainless steel appliances, tile flooring, attractive brown chestnut cabinets with soft-close drawers, topped off with ocean view. The old “popcorn” ceiling has been improved with the popcorn removed and the ceiling replastered and painted. Where once there was an unnecessary and inefficent 2nd bathroom sink and counter, there is now a tall and wide closet. The former bathroom/closet has been thoroughly revamped so that the bathroom is now larger and space used more efficiently with a large toiletries closet and a discreet place to hang bathrobes. The granite theme from the kitchen also shows up in the bathroom. The re-tiled shower includes a seat. The bedroom also benefits from improvements throughout, including new carpet, new drapes, new paint, resurfaced ceiling, baseboards, as well as its very own lanai. The unit comes equipped with a full-size stackable washer/dryer, as well as ample storage. There are several closets for storage througout the unit. The unit is also furnished with tasteful new pieces and decorations and the owners would consider selling the unit fully furnished, turnkey, should a prospective purchaser be interested and dependent on terms of an offer to purchase.

Remodeled Kitchen with Granite Counters at Maalaea Mermaid 213

Maalaea is a fun place to walk around. The Tradewinds Store & Deli is located at the bottom of the Maalaea Mermaid building, which is incredibly convenient. The Maalaea General Store is only a minute’s walk away. The Maalaea Shops with its restaurants and stores are only a moment’s drive or a few minutes walk way. The Maui Ocean Center, a mini-golf course, gas station and fast-food restaurant are also in the nearby vicinity. Haycraft Park and beach is just a stroll away, as well as Maui’s longest and best walking beach, Sugar Beach, which one can walk all the way into Kihei for those who want to keep fit.The Maalaea Mermaid is presently a residential building occupied by owners and longt-term renters. Vacation rentals are not permitted. The prospective purchaser of the unit will be a full-time or part-time resident, or someone who would like to rent out the unit on a long-term (6 months minimum) basis. Exciting news for residents is that Maalaea Mermaid has been approved by Maui Electric for space on its circuit for a photovoltaic system, which will mean lower electricity bills once the system is fully permitted by the County and installed.

Maalaea has an excellent central location, providing easy driving access to Kahului for shopping at Maui’s major shopping center and big box stores, Lahaina and Kihei.

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July 2012 Maui Real Estate Sales Statistics

The July 2012 statistics from the Realtors Association of Maui are out and we are seeing continued signs of a strengthening market. Single family homes in July 2012 sold for a median price of $491,000, which was almost 25 percent more than July 2011, based off of 71 home sales, slightly up from 68 a year ago.

Condo prices remain steady compared to a year ago, at $320,000, same as last July, with 73 units sold, down from 98 sold in July 2011.

Year-to-date, steadiness is evident with 511 homes sold through July 2012, same as through July 2011. Strength is shown with a YTD increase in prices to $462,000, up 5 percent from July a year ago. Condo prices are also up YTD by 8 percent to $350,000 through July 2012, based of of 740 units sold in this time, which is down just 1 percent from July a year ago.

To get an interesting perspective on the Maui real estate market, see well-reputed Hawaii economist Paul Brewbaker’s PowerPoint presentation that he shared with the Realtors Association of Maui at its recent general membership meeting. My take from his report is that the bottom of the market has already passed and the market is in an upswing.

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