WAILUKU - Stanford Carr Development will launch sales Saturday of the first phase of its newest residential community on Maui, Ho'ole'a Terrace at Kehalani.
Ho'ole'a will eventually have 174 multifamily condominium town homes, to be sold at both market-rate and affordable levels. The cheapest affordable homes will start in the mid-$200,000s.
"Despite the economic slowdown, we're moving forward with our sales effort at Ho'ole'a Terrace because we think it is still a good time for buyers," Stanford Carr said. "Maui's real estate market, and Hawaii's in general, has held stronger than the rest of the country."
Condominium sales in Central Maui are picking up, according to the May report of the Realtors Association. So far this year, there have been 36 condo sales, compared with 26 in the first five months of 2009. Prices have firmed somewhat, from $162,000 on average to $175.000.
Ho'ole'a will have two- and three-bedroom homes from 751 to 953 square feet.
A Hawaiian blessing will open the project at 4:30 p.m. today at 1 Ho'oulu Lane off Kehalani Parkway.
The sales kickoff will begin with an open house from 10 a.m. to 5 p.m. Saturday at Unit 102 at that address.
There will be door prizes, including an iPad, and a live radio broadcast on KPOA.
Pacific Island Realty is the exclusive broker.