Maui Luxury Real Estate LLC ~ http://www.MauiRealEstate.NET ~ 808-879-3667
We have so much to share with you, each item is very exciting. “U.S. NEWS & World Report” has named Maui as the best place to visit in the U.S. and the fourth best place in the world! This is not news to most of us but is terrific for Maui to continue to be recognized.
More exciting news: We opened our new office at The Wailea Town Center in Suite A-106 right next door to Matteo’s Osteria. We are waiting for a few aerial maps for the walls but are open Monday through Saturday. We also have expanded our business to include “Maui Luxury Real Estate, LLC”. Please come visit us.
For an Economic Update, Bob and Clint attended a recent economic report by Paul Brewbaker at the State of Hawaii 100 Top Realtors meeting on Maui in June. At that meeting Mr. Brewbaker reported that Maui should fare well in home price increases over the next several years. He feels that prices should be in the 7% to 10% range until at least the early 2020’s. As you recall we had unsustainable increases in prices in 2004, 2005 and 2006 which was over 20% per year. That is what creates a bubble. Our current increases in prices at 7% to 10% are sustainable at least for the short term. This is especially true for Maui as the demand for new housing is estimated at over 850 units per year (not even including mainland and foreign buyers) but there are estimated to be only about 350 permits issued per year.
With the projected increases in interest rates and the small increases in rates recently, it should spur some buyers who have been sitting on the sidelines. For a complete detailed report here is a link http://www.ramaui.com/UserFiles/File/Stats/All-June2014.pdf
Paul Brewbaker’s idea on a way to increase affordable housing is to encourage developers and anyone to go ahead and build as many homes as possible at or below the median sales price which is currently at $575,000. The current County rules on affordable housing are causing less affordable housing not more. The County currently wants developers to provide 50% of any subdivision to be (in their definition) of what is affordable which is even lower than it should be. All this does is to push developers to pass on building on Maui and build where there are way less restrictions.
So what does all of this do? Due to decreasing supply and increasing demand prices will more than likely increase.
UPDATES ON NEW PROJECTS:
GROCERY STORE AT THE SHOPS: The Island Country Market on the north side of the Shops is well under construction. What a wonderful convenience that will be to all of us!
THE WAILEA BLUE CLUBHOUSE: Construction has begun on expanding the clubhouse next to Manolis. The opening date is currently scheduled for October.
THE MONTAGE in Kapalua now has units available for sale starting at $1.9 to $8 million. We have floor plans and pricing information available at our office or by email. Interest has been strong and units are already under contract.
HONUA KAI in Ka’anapali continues to be extremely popular with very little developer inventory remaining. We have represented 3 buyers in Honua Kai this year and would love the opportunity to represent you or someone you know who might be considering buying or selling. We have extensive island wide contacts and experience and are always on the lookout for great opportunities for our clients.
FOR INFORMATION ON UPCOMING PROJECTS: Email dad@MauiRealEstate.net or call us!
Our success is dependent on the loyalty of our friends and clients. We are here to assist you with all your real estate needs and are available as your market resource, so please feel free to call us. We always appreciate your referrals and hope to see you at our office soon!
Enjoy the remaining days of summer!
Donna, Bob and Clint
Bob Hansen, Owner and Principal Broker
Donna D. Hansen, Realtor (S)
Clint Hansen, Realtor (S)
Maui Luxury Real Estate, LLC
161 Wailea Ike Place, Wailea Town Center Suite A-106
Office 808.879-3667 | Fax 808.442.0945 | http://www.MauiRealEstate.NET