D.R. Horton-Schuler Division has purchased the remaining 83 lots in the New Traditions at Maui Lani from a company led by Maui Lani developer Bill Mills.
The terms of the sale of the lots to D.R. Horton-Schuler Division from The Traditions Inc., an Oahu-registered company headed by Mills, were not disclosed. Mills is the principal partner/developer of Maui Lani, according to the Maui Lani website.
D.R. Horton-Schuler Division had purchased 60 lots in the New Traditions development more than a year ago to build single-family homes, according to a news release about the purchase Thursday. With the acquisition of the additional lots, D.R. Horton-Schuler Division has purchased 143 of the 152 lots in the New Traditions development, said Mike Jones, president of D.R. Horton-Schuler Division on Thursday.
The Traditions Inc. developed the other nine lots, said Jones.
Home prices will start in the high $300,000 range with three floor plan options ranging from 1,250 to 1,500 square feet, a news release by D.R. Horton-Schuler Division said. The homes will have energy-saving features, including solar water heaters, dual-pane low-E windows and Energy Star appliances. In addition, homes will be photovoltaic and electric-car ready.
Since the Great Recession in 2007, the bottom has fallen out of the home-construction sector on Maui. When asked if D.R. Horton believes that an upswing in the market lies ahead, Jones replied in an email: "D.R. Horton - Schuler Division believes there is a need for single-family homes that start in the high $300,000 for the residents of Maui."
Of the 60 lots already purchased, Jones said 10 homes have closed and 29 are started.
"Providing local, working families with opportunities for homeownership they can afford has long been of importance to this company and continues to be our priority with the development of New Traditions," Jones said in the news release. "Creating more workforce housing for the state's working families is needed if we are to ensure a healthy economy and a bright future for all of Hawaii."
Schuler Homes, which was founded by Jim Schuler and had been building homes in the islands since 1988, merged with national homebuilder D.R. Horton in 2002.
For information on New Traditions at Maui Lani, contact Lisa Baptiste at 877-7707 or send email to firstname.lastname@example.org.
* Lee Imada can be reached at email@example.com.