The Hansen Ohana Real Estate Group’s Fall Newsletter
Real Estate Update ~ Upcoming Developments ~ Annual Toy Drive
As always, there is an urgent need for gifts for a lot of less fortunate children. These gifts are exclusively given to children on Maui. Please feel free to call or email us to pick a gift up or drop it off at our Wailea Town Center Office, Building D, Suite 103.
Andaz celebrated their soft opening. The condos are in the process of completion but it is hard to tell when they will be finished. The ocean front units that will remain under Hotel Ownership appear to be close to completion. There are also some beautiful units that are available to purchase which will also be completed in the near future. The Mid-Century Modern style with Hawaiian accents is an interesting concept. The employees are very friendly and work diligently so guests feel welcome. We enjoyed a lovely dinner at Ka’ana Kitchen on opening weekend.
LATEST REAL ESTATE STATS
Latest figures just released January through August, Year to Date 2013
Residential unit sales increased. There were 660 homes sold which was up 67 units from the same period last year and is an 11% increase YTD. The average sold price was $796,660 which is a 12% increase YTD. The median price was $539,444 which is a 16% increase YTD. Total dollar volume sold was $525,795,298 which is an increase of 24% YTD.
Condo unit sales increased to 896 units, an increase of 48 units equaling an increase of 6% YTD. The average sold price was $544,705, a 25% increase YTD. Median prices were $377,200 which is an increase of 8% YTD. Total Condo dollar volume sold was $488,056,068 a 25% increase YTD.
Overall August sales have remained strong compared to historic levels. One of the strongest indicators is the “days on the market” statistics. Currently, homes are at 107 days, condos are at 94 days and land is at 156 days. Note that these numbers include about 45-90 days of escrow time.
Clint Hansen’s Observations: We are seeing increased instances of multiple offers on competitively priced properties. Many buyers who have watched the market over the past few years are “jumping in” and with little to no inventory in some condo complexes and residential neighborhoods we are experiencing a lot of pent up demand. We have pre-approved and cash buyers with certain criteria waiting for properties to come available in a variety of communities.
Bob’s Hansen’s Summary: In August, condos had a great month. This should make people who own and have already purchased condos happy. The current thinking is that purchasers of condos and homes should have smiles on their faces for at least two to five years. Personally I am hoping that prices only increase moderately over the next 5 or so years so that we don’t witness a bubble like we did in 2007. Historically a sustainable price increase is 5 to 7 percent per year. Although we still have some catching up to do price wise, we may be approaching a sustainable price vs. market condition.
THE ISLAND COUNTRY MARKET ~ The market is scheduled to be located on the north-east upper side of The Shops. 16,468 square feet will house a market, restaurant and wine bar. Construction is anticipated to start in early 2014 with a projected opening within a year.
WAILEA OLD BLUE ~ The Club House and pro shop will be moving back to its original location by Manoli’s. The current 10,000 square foot buildings which houses Manoli’s, Urgent Care and Snorkel Bobs will include the Pro Shop. Phase two will bring expansion of square footage of the existing buildings. Two tenants have made a commitment to lease (a real estate firm and Juvenal & Co.) with additional space available for other business opportunities. Future phases include the expansion of square footage and the parking lot which shall be determined by the owners at a later date.
PI’ILANI SUITES ~ 200 Room All-Suite Hotel
Located on Wailea Ike Drive, the main entry will be across from Ekolu Place with the secondary entrance from by the Wailea Town Center. This “Wailea Value” hotel is designed to attract families. A pool will be on site and food service will be offering breakfast and evening cocktails. The hotel will be three to four stories and is in the permitting process now. The goal is to start construction next year and complete sometime in 2015.
KEALA O WAILEA
This condo project is located by the Gateway Center and is to be co-developed by A&B and Armstrong Builders. There are ten units in each of the seven buildings. They anticipate starting in mid-2014. Magnificent ocean views with a community center offering a pool and owners lounge are just some of the special features.
SINGLE FAMILY LOTS AT GOLF ESTATES
This new subdivision will be a part of the Wailea Golf Estates just below the current subdivision. They anticipate 16 lots of approximately 14,000 generous sf each, with almost all having golf course frontage. The infrastructure is scheduled to begin in early to mid-2014 and to be completed later the same year. The construction route is planned to be the road that leads to the lower units of Wailea Ekolu. Once the lots are completed this road will be closed to construction traffic and any individual building traffic on the lots will be through the Wailea Golf Estates.
MAKALI’I O WAILEA
This property is owned by Wailea Golf LLC and is planned to be co-developed by Armstrong Builders. It is located across the street and up from the Fairmont Kea Lani. The project is a sharp departure from the typical Wailea look. The look and feel will be mid-century modern with Hawaiian touches. There will be 17 buildings of 4 units each in a townhouse style. Most of the units will have grand ocean views and will be 2 or 3 bedroom homes with a garage. Construction is anticipated to begin toward the end of 2014.
HOKU O WAILEA
This condo project consists of 75 Multi-family units in 15 three-story, five-plex buildings and will be located on the corner of Wailea Alanui and Okolani Drive. This was initially approved in 2009 and the owners, A & B, are awaiting final permits from the County. Construction is approximately 2 years away.
Asking prices on these new developments have not been determined. The final construction costs must be received by the developers so that a list price can be determined. Besides Wailea’s new developments, there is a project under way in Makena, several in Wailuku, including Phase 8 of Milo Court at Kehalani, and others in varying price ranges. If you like new construction Hokulani Golf Villas Phase 2 may also be of interest to you. For updates on these or any developments, please contact us at dad@MauiRealEstate.NET
On a personal note, 2013 has been a great year to date for The Hansen Ohana. With a combined $50 million dollars in closed and pending sales we have enjoyed assisting so many old and new friends in their purchase or sale of Maui property. We are proud of our combined 70+ years of real estate experience and truly love what we do. As full time Maui residents for over 23 years we have valuable contacts, experience and resources to assist our clients. Additionally, as Exclusive Affiliates of Christie’s International Real Estate our listings not only receive extensive on island promotion, exposure through our cutting edge website and smart phone apps, but also unparalleled worldwide exposure. For questions on the benefits of Christie’s International Real Estate please call us anytime and if you or someone you know is considering buying or selling property on Maui, please call or email us any time. We look forward to hearing from you.
Bob, Clint and Donna
Bob Hansen, Realtor Broker
Clint Hansen, Realtor Sales
Donna D. Hansen, Realtor Sales
The Hansen Ohana Real Estate Group
Maui Estates International, LLC
Wailea Town Center
161 Wailea Ike Place, Building D, Suite 103
Wailea Hawaii 96753