Maui realestate attorney and former president of the Maui Chamber of Commerce and Tourism, Michael B. Kaufer, says land prices in the county are on the rise.
Baufer said the market for Maui land is still a lot like the market in the state, which is to say that many are getting into the real estate game and are not yet paying a premium.
“I think that there is a lot of opportunity for property owners that have not yet decided whether to build,” Kaufer said.
“They are still waiting for the first sale to be made.
It’s not yet a bubble, but we will see how it develops.”
The market for property in Maua is skyrockoming.
Bauger is a real estate agent and real estate broker who also serves as the president of Maui Real Estate Association.
He said property owners have to be prepared for a downturn in the market.
The Maui Board of Realtors has said it expects land prices to rise in MauIa from $1.75 million in 2013 to $2.3 million this year, and Kaufer thinks that trend will continue.
“It’s going to be hard for Mauis real estate market to go up as much as it’s going up in the rest of the state,” he said.
“Maui is a small market and it’s a small amount of land and it can only get bigger.”
Baugers land price prediction is a good one, but it’s not a firm price.
If Maui’s real estate boom continues, the Mauia Chamber of Tourism, a group of real estate professionals, will have to keep on working to keep up with demand.
Kaufer added that the average price for land in the area is $3 million and he predicts that number will continue to rise.
“We’re going to have to stay competitive in the Mauis market to maintain our real estate income,” he told FourFourSeconds.
“I think it will probably be more like $5 million in a year.”
The Mauia Land Bank is one of the main banks for the region, which helps to pay for development projects in Mauis rural areas.
“Land is expensive, especially when it comes to land near airports,” Kauffer said.
“Mauritia is really a prime location for development, and there are lots of potential development projects.
There’s no question about that.”
Boulevard Real Estate Services also helps to manage land purchases and leases in the region.
“The Mauis land market is so unique and so complex,” Boulevard said.
The area around the Mauiacourt Airport, where the airport is located, is home to a large number of development projects, including a proposed $30 million golf course, a mixed-use development and an industrial park.
“If we continue to see more and more development, it’s very likely we’ll see a lot more people in Mauia,” Bouleurs head of sales and marketing said.