Maliu Ridge – Hawi Real Estate Market Update (December 2012)

In my June report on the health of the Hawi real estate market, I reported that the desirable Maliu Ridge area was particularly active in the second half of 2011 and early 2012, leaving only one home for sale. That level of activity drew three new home listings onto the market at Maliu Ridge – but with two vacant lot sales in 2012, there are currently no lots for sale in the community.

While in the Hawi area we don’t have the complete lack of real estate inventory we see in some other markets, there does appear to be healthy balance between supply (homes and land for sale) and demand, with stability in prices.

Lots and homes in Maliu Ridge II above Hawi typically have sunset and Maui views

Maliu Ridge a Popular Hawi Real Estate Option Due to Large Lots and Views

Maliu Ridge is a subdivision above the town of Hawi with underground utilities and street lights, but no gate at the entrance and modest CC&Rs. Its elevation averages around 1,500′ above sea level, most homes have ocean view, lots are 1-3 acres affording privacy…and neighbors stroll the streets with their friends, dogs or baby carriages. Some even saddle up their horses and ride back roads into town.

The two vacant lots that sold this year (one sold in the first quarter, 1.41 acres for $250,000 and one is still in escrow with at a similar price point) were both in the Maliu Ridge II area of the subdivision. My analysis of home sales between the first and second phases of Maliu Ridge show that buyers are willing to pay a premium for the west-facing (sunset and Maui) views of Maliu Ridge II, although vacant lot prices seem more sensitive to size and ease of building. Some areas of Maliu Ridge can be pretty wind-exposed, which is also a factor in the desirable of vacant acreage.

Three Maliu Ridge Homes for Sale in Hawi

The $600,000 – $1 million price point for Hawi homes on at least one acre has been extraordinarily active this year, with 9 closed sales and one residence in escrow. All three current Maliu Ridge homes for sale hit this sweet spot.

OPTION #1

Lowest priced home for sale at Maliu Ridge has architectural interest; asking $695,000 (MLS# 256055)

The lowest priced home for sale at Maliu Ridge is only 1,775 sq. ft., but with 3 bedrooms, mature landscaping, and a sweet ocean view. This one is in the MLS as a limited service listing, which means the owner put in their own photos and you might miss this home due to the weak interior shots.  

If you need a single-level home with no stairs, this is not the home for you…but the multiple levels add architectural interest and bring in natural light. Built by and for an artist and a landscape architect, the home is best characterized as working for someone who is a fan of the “small house movement.” Most buyers would want to expand and remodel the kitchen, but the home is well-maintained and the location wind-protected.

OPTION #2

Almost two acres, newer construction, ocean views – asking $867,000 (MLS# 256634)

My personal favorite among these three Maliu Ridge homes for sale has everything I hear buyers requesting: acreage, newer construction with high-end finishes, ocean and Maui views, single level, separate wing for guests. 

Some of what I like about this home is in the details. With its elevation of 1,500′ above sea level, winter nights can get brisk at Maliu Ridge. The contractor who built this home suggested not only a fireplace in the living room, but also an under-floor heating system that can keep the travertine in the bedroom warm under your feet. Also invisible to the naked eye is the fact that the pricing on this home is right in line with sold comps.

OPTION #3

Largest home for sale at Maliu Ridge, Hawi has semi-finished downstairs for shop-office-expansion; asking $982,000 (MLS# 257278)

If you are looking online for this home by price, by the time you read this it may have changed from the current $982,000 as it had three tiny price reductions in its first month on market. Death by a thousand small cuts? Pricing strategy aside, I know this house well as it has been on and off the market since 2009, and finally is edging into a price range justified by the comps.

Of the three homes on the market, the positives of this home are the premium view orientation (Maui is visible and in the winter months you can see the sun drop behind Lanai on a clear day) and the larger lot size. The floorplan can be awkward for some buyers as it has multiple levels, but it shows better than in the past as the intense wall colors have been replaced with decorator white. The two most recent home sales in this section of Maliu Ridge were my listing in one case and my buyer in the other, and I’d be happy to discuss how this home’s pricing compares with those sales.

A hui hou,

Beth Thoma Robinson, R(B)
Direct: 808.443.4588
Email: beth@hawaiilife.com