Land sales taking off in Launiupoko
WEST MAUI — What is selling in Launiupoko? Land!!!
From September 2009 to February 2010, 11 vacant lots sold, six vacant lots went into escrow, and 25 vacant lots became active for sale.
Properties are selling, and it seems to be vacant land sales! Over the last six months, we have seen nine of the ten Makila Ridge lots close, and a 3.67-acre lot and a small cottage lot sell. Congratulations to all of the new buyers!
In keeping with this movement, there are currently six more lots under escrow in the Launiupoko area. Most of these are larger lots of five to 15 acres. We are seeing that the best of what is out there is still getting offers and making deals. Buyers are looking at acquiring the deals while the market is in their favor. Sellers are motivated and being creative with seller financing or flexibility on terms if they can to put the deals together. Land loans are still available with a decent-size down payment, and buyers taking advantage of this are still moving forward.
There are still many good lots available in the Launiupoko and Olowalu area. Prices for the smaller parcels start at $425,000 for a “cottage” lot in Olowalu Mauka (meaning the lot that allows you to build a dwelling of 1,000 square feet of living space). Main home lots — where you are allowed to build the larger home — are starting at $477,000 for a two-acre lot in Launiupoko. There are larger lots ranging in size from 15 to 25 acres in Makila available. Makila Ridge has a 25-acre lot that will now include two building sites and four water meters installed for $775,000. Makila Plantations III has a 15-acre lot that is much flatter and easier to farm with tremendous views for $1,295,000.
The entire area of Launiupoko and Olowalu are in agricultural zoning. This means that some form of agricultural usage need to be designed and eventually implemented on just over 50 percent of the lot. This can be orchards, flowers, palms, horses, goats, gardens or various other uses. We are seeing wonderful small farms in the area — some that will sell to the retail public, and others that provide their produce to the restaurants and farmers’ markets in Maui. With the dual water system in Launiupoko, the non-potable water source can service the farm usage.
We have many homes in the area for sale as well. The cottages can range from $699,000 (short sale) to main homes starting at $1,395,000 and up. There are many differences to fit everyone’s needs. Some homes are on larger parcels where two homes can be built; some are on a smaller parcel where only one home is being offered for sale.
With the walking trails, the open space around you, Launiupoko Beach Park located right below, Lahaina Town just a few minutes away, and spectacular ocean and mountain views, it’s time to discover the Launiupoko area! Please call Debbie Arakaki at (808) 283-7214 for more information.