Maui Luxury Real Estate LLC ~ http://www.MauiRealEstate.NET ~ 808-879-3667
First Quarter Report 2015
As usual there is a lot happening around the Island. Last month there was a phenomenal $41 million dollar sale in a large lot subdivision in Wailea/Makena. To say the least this is a record home sale on Maui ~ and it is not even on the ocean, but it is private and is on over 3 acres. You might not see this on-line as the Buyers and Sellers did not want any publicity. This illustrates that the very high end remains strong. There have also been two notable Keawakapu beachfront sales in 2015 – 3024 S Kihei Road was sold to a buyer from British Columbia, Canada for $14.5M and another small home just closed for $7.7M. The properties over a million dollars in Wailea are taking a little pause, but their prices are holding well.
The prices on Maui under $1 million are doing well and there is about a 2 to 3 month supply of inventory which is very good for Maui. The median price of a home on Maui was $583,300 last year but has actually dropped to $575,000 at the end of April this year. The median price of a condo a year ago was $403,500, but now is $407,500. Last month we were fairly close to economist Paul Brewbaker’s prediction of around 7% increase in prices per year. As of the last meeting we had with Paul he continues to believe that this will continue for the next few years. This month however, the median price of a home dropped, as it did in 2013 and 2014. Is this a yearly seasonal change? Maybe, but we do know that this may be a short window of opportunity from a steady climb approaching pre 2007 levels.
Developments in Wailea are moving forward. A brand new hotel is going vertical and there is a lot of excitement on this. It is an all-suite, 200 room hotel and is designed to appeal to families. It is slated to be named The Residence Inn by Marriott and is located directly adjacent to the Wailea Town Center with very easy access to the Center and it’s now famous signature restaurant Matteo’s Osteria. Try that restaurant, you won’t be disappointed. When in the area please drop by our office any time. It is right beside Matteo’s. Something new to Wailea is happening at the Shops at Wailea. It is called paid parking. One other rumor is that the Shopping Center is for sale. See the link here. The owners are said to try the paid parking for a year to see what happens. Many Wailea residents and guests are upset and are busy writing letters to the manager and owners, but it seems like it is moving forward anyway. You can see the kiosks and gates going up now. All I can say is that I am glad our office is at the Wailea Town Center and not at the Shops. Time will tell on that one. The good news is that a medium size grocery store is being constructed at the Shops to help with quick grocery items needed by the local residents and visitors is steadily progressing.
Speaking of oceanfront ~ have you had the opportunity to view the online photos of our 16 acre listing in Olowalu check the link here. It’s a definite Wow.
If you prefer something a little smaller we also have a 2 acre property listed in Huelo right on the ocean with an absolutely awesome view.
Prefer a condo? We have vacation rentable condos in popular complexes such as Kihei Beach unit 102, Maui Sunset B306, Kamaole Sands 9-104, Kamaole One #12, Maui Banyan H-503 and others. If you are looking for possibly the two best home values in Wailea right now – be sure to check out our listings in Wailea Kialoa at 230 E Panana and Wailea Kai at 61 Waikai.
To receive updates regarding the projects throughout the Island (The Ritz Carlton Residences, Montage, the Upcountry brand new project, Wailea Golf Estates II, as well as many others) please email us. We also blog about projects and other interesting news around the island as much as possible ~ please be sure to check our blog!
Fun events coming soon:
Friday May 22- 23rd: 46th Annual Barrio Fiesta at the War Memorial Soccer Field on Kaahumanu Ave. Food concessions open at 5:00 pm, Parade of Queens starting at 5:35 pm. Dance entertainment. Saturday May 23rd at 10:00 am Veterans with be honored at a Memorial Service. Games, races, and a talent contest will take place throughout the day. Crowning 2015 Little Miss Barrio Fiesta will help conclude event. Updates available on the event Facebook page here.
May 24th – 30th is the popular Restaurant Week in Wailea. It’s a great opportunity to enjoy fabulous restaurants and support the Maui Food Bank. Additional information is available on their site here.
Wednesday June 3rd, through Sunday, June 7th: Maui Film Festival! New: Grand Wailea will host a Taste of Summer opening party! Various ticket options as well as pricing available. Find the various ticket package options here. Movie goers can save up to 20% on passes thru June 2. Event schedule available here.
Saturday and Sunday June 13th and 14th : Support our future farmers who have worked so diligently! Maui’s Annual Upcountry 4H Livestock and Agricultural Fair. BBQ Cook-Off Contests, enjoy Maui made products, delicious food, rodeo and live entertainment. Special appearances just for Keiki including Elsa from Frozen! The event Facebook page, viewable here, has information and updates on the event.
Please contact us when you or someone you know is looking for real estate assistance. Just drop us a line or give us a call. Summer is around the corner and it is a great time to buy with interest rates still low. Additionally, if you are considering selling, we would love the opportunity to discuss our experience, explain the market activity in the specific area your property is located, as well as show you our marketing plan.
Bob, Clint, and Donna
The Hansen Ohana Real Estate Group
Bob Hansen, Realtor/Broker
Clint Hansen, Realtor/Broker
Donna Hansen, Realtor (S)