Aloha and Happy New Year!
We are very grateful for a wonderful 2014 and wish everyone a happy, healthy and prosperous 2015! There has been a lot of activity in the market, phenomenally low interest rates and new loan programs, low inventory levels and plans and progress on some new developments. See below for a quick update on PROJECTS.
In addition to regularly meeting with developers, attending Committee meetings and being actively involved in the Community we also attend presentations by respected economists like Paul Brewbaker. Real Estate prices on Maui increased in the last year almost exactly as predicted by Paul Brewbaker a year ago. Paul is considered by most to be the preeminent economist in Hawaii. Last year he predicted that Maui prices should rise from 7% to 10% in 2014. Sure enough in 2014 the prices of both single family homes and condos both rose in 2014 by 8% and 11% respectively. The number of sales, however, fell by 4% for Homes and 10% condos. To us, the number of sales is less important than steady values. An orderly market, playing catch up to the 2007 crash and a sustainable increase in prices is the best scenario. When we represent a buyer in a property purchase, or buy one ourselves, it feels a lot better when they go up in value.
At $570,000, the median sales price for a single family was the highest it’s been in 5 years. While sales prices rise, the number of short sales and foreclosures decreases. This reduced number of distressed sales is reflective of a healthier real estate market.
One of the more important factors is the Days on Market (DOM) for SOLD units. That number is currently 103 days for Homes, 119 days for Condos, and 137 days for Land. This “Days on Market” figure is only for property sold, not units that have not sold. Units that have not sold may not be priced correctly relative to current market conditions and of course, there are price ranges that are currently “hotter” than others. Many times Sellers are not realistic in their expectations.
The best part of Paul’s prediction is that for the next few years he still expects a 7% to 10% yearly increase in property prices for Maui. So how does all of this effect you? Everyone’s real estate goals are different so it’s important to meet and discuss your personal needs and goals. There are many factors to consider (exchange rates for international clients, interest rates, long and short terms goals, health and family etc) and no one size fits all so please call us to discuss how we can put our 75+ years of combined real estate experience to work for you.
● Ritz Carlton in Kapalua launch prices are predicted to range from $800,000 to $1,500,000.
● Keala O Wailea by the Gateway Center is progressing and is estimated to be coming on the market soon.
● Piilani Suites 200 unit hotel directly by the Wailea Town Center is beginning to pour foundations.
● Makali’i at Wailea 34 condos located across from the Fairmont is in for approvals.
● Makena Resort is moving forward with Maluaka lots available to purchase.
● The Parkways homes in Kahului have sold out. A new phase will be available soon.
● Golf Estates 2, 16 home sites below Golf Estates, is nearing completion and should be ready toward the end of this year.
● Hoku O Wailea, 75 condos located at the corner of Oakalani and Wailea Alanui, is moving very slowly.
● Island Country Market, located at the Shops at Wailea, is coming out of the ground with steel I beams visible from Wailea Alanui.
● Shops at Wailea is planning to have their parking lot controlled with all paid or validated parking.
As always we are happy to answer any questions you have about what is happening in Wailea, Makena and all of Maui, please call or email us any time. We are known for our island wide experience, contacts and resources and pride ourselves in our knowledge experience and integrity. We love to help people realize their real estate goals and love referrals.
Links to detailed info. http://www.ramaui.com/UserFiles/File/Stats/All-December2014.pdf
Enjoy the winter season!
Bob, Donna, Clint and The Hansen Ohana Group
Bob Hansen, Owner and Principal Broker
Clint Hansen, Realtor Broker
Donna D. Hansen, Realtor (S)
February 4, 2015
Phase 1 incentive launch of the Ritz- Carlton Kapalua Residences happening now January 20th 2015, to February 28th, 2015! 38 of the 73 available residences have already been reserved. To ensure you reserve your top residence, you need to act now!
These one and two bedroom residences offer owners the amenities of not only the Ritz-Carlton hotel, but also the Kapalua Resort. Approximately 23,000 acres of natural preserve with trails, 6 beaches, zip lines, and retail shopping and restaurants.
The list of services residence ownership entails is phenomenal. 24 hour housekeeping, owner discounts on Ritz-Carlton food, events and spa treatments, airport transportation are just a small few. The Ritz-Carlton is well known for its luxury and impeccable services and the Kapalua Residences will not disappoint. The privilege of ownership menu is available to view here.
Residences range from 824 sq. feet to 1646 sq. ft fully furnished and an additional 200-800 sq foot furnished lanai! Enjoy a luxuriously stocked kitchen that includes Wolf appliances, Ritz-Carlton flatware, and a choice between granite and corian countertops. Enjoy entertaining in your living room area with 55 inch HDTV and surround sound, custom designed furniture, and custom designed Hawaiian lithographs. The bedroom area is just as luxurious with Ritz-Carlton bed linens and imported area rugs. The features are not only impressive, but quiet expansive as well. The features list is viewable here.
Let the Hansen Ohana help guide you through the registration process and represent you in the purchase of paradise! As licensed Hawaii Realtors, we can make a selection on behalf of our clients and transfer that selection to the client within 14 days. Within 30 days of the initial selection, the potential buyer must provide proof of financial ability to purchase. Buyer should anticipate going to contract on April 20, 2015 with a 30% deposit and closing 30 days thereafter.
Now is the time to take advantage of the residence incentives available through February 28th!
With so many new developments in the works, it’s no wonder people are getting excited about Lanai. Billionaire Larry Ellison’s plans for Pulama Lanai could almost double the island population in the next two decades. Along with the approximate 100 room resort, new plans would extend residential area, include a possible new airport runway, new roads, and plenty of parks to enjoy.
Lanai offers a variety of activities as well as places of historical value. Hiking up Koloiki Trail offers a breathtaking view of Molokai. This hike is roughly 5 miles long so be sure to bring plenty of water as well as snacks. Weather most likely will be cooler, a light jacket or sweatshirt may be necessary.
Hulopoe Beach is a great beach to relax and enjoy the water or take advantage of the reefs and go snorkeling. Picnic tables as well as restrooms are available at the beach. Be sure to look for Sweetheart Rock to the east of the beach. The rock, known as Puu Pehe is a true landmark of Lanai.
Lanai’s 5th Friday is happening tomorrow! 5th Friday is a great way to meet local businesses and get to know and participate in the local community! Event takes place at Dole Park from 5:30pm to 8:30 pm.