When Maui Lani's first neighborhood, The Greens, opened in 1996, its market was first-time, single-family home buyers. The real estate market was flat throughout the state and the central Maul development, which would eventually weave its way around a links-style golf course, was reasonably priced: $200,000-plus for a new home on a 7,000-square-foot to 10,000-square-foot lot. Ten years later, that market and its prices seem like a universe away. Today, property values in Maui Lani, just outside of Kahalui, have skyrocketed. The same starter homes can now be had for $700,000 to $800,000.

"Property values have taken off all across the island, but Maul Lani is unique," says ...

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