27% of Puamana 2015 Sales Come in December: Prices Strong

Puamana closed out 2015 with 3 properties selling in December, nearly 30% of the entire year’s sales volume. What we saw in those transactions were 2 oceanfront units $2M+, and a bank REO go for ever so low. From January to December 31, 11 total units sold, which is on pace with the 20-year average of sales volume in a 12 month period (12).

A pool with a view. Can it get any better?

Closed 12/8/2015 – Bargain Buy: 139-1 was listed as a 1 bed/1 bath, 940 sq. ft. unit and closed for $420K. Actually, I take that back, it was barely listed…it went on the market for the sake of novelty and was recorded all within 14 days from list to close…that’s quick. If you’ve been in this unit when it was going through the commissioners sale back in 2014, it was on and off the market for a bit.

Unit 139-1 bank REO turned opportunity for new owner

You’ll remember it had a mostly unfinished loft and was in desperate need of a remodel/upgrade. Regardless of the condition, this is a great find for the price and the 2nd lowest price/sq. ft. 1 bedroom sale since 2002. Upside: great price, tremendous potential. Downside: some highway noise impact.

Some work to do; unfinished loft of 139-1

Closed 12/14/2015 – Epic Location: 9-1 is a direct oceanfront end unit and sits right in front of Hot Sands beach and surf break. It looks out to the grassy lounge area and has ocean and Kohoolawe island views. Some would say this is the very best view direction as it faces more to the South and is unaffected by direct sunlight from the later afternoon sunshine/sunsets to the West.

9-1 end unit location right in the middle of the outdoor action

This property closed for a healthy $2.5M ($1,793/sq. ft.) and inline with other prime time oceanfront sales. Upside: too many to name, mainly its location, direct oceanfront and right in the heart of the neighborhood. Downside: while upside is that it sits in front of Hot Sands beach, that exposure tends to create a lack of privacy (boo hoo).

Closed 12/16/2015 – South End Splendor: 240-5 sold after 254 days on the market for $2.05M. With unreal ocean views and green space frontage combined with privacy only a few other buildings can offer, this unit located at the south end of the neighborhood is pretty special. Upside: Big, spacious unit, great views, backyard space, recent remodel. Downside: Some, but minimal highway noise impact.

240-5, pictured in the middle, offers one of most spectacular West Maui views

The Complete Sales Numbers

For a breakdown of 2015 sales, please see CMA graphic below. I’ve also included links that contain easy to read and navigate 22 year history of Puamana sales, complete with comparison, contrast and graph timelines (save these links).

If you are interested in buying or selling your Puamana property, or have any questions regarding the neighborhood or this article, please feel free to contact me.

Thanks for reading! Aloha!
– JTO

• Puamana Comparative Market Analysis Summary Report (2015)
• Puamana Sales History 1, 2 and 3+ Bedroom Summary
• Puamana Sales History Detail
• Jeff’s Puamana Featured Listing #129-2