The Hansen Ohana Real Estate Group’s Newsletter
A BIG THANK YOU TO ALL OF YOU WHO SUPPORTED THE ANNUAL HANSEN OHANA TOY DRIVE BENEFITTING THE FRIEND’S OF THE CHILDREN’S JUSTICE CENTER. TOGETHER WE RAISED OVER $23,000 IN GIFTS AND GENEROUS DONATIONS FOR OUR MAUI CHILDREN WHO WOULD OTHERWISE NOT HAVE RECEIVED GIFTS OR VITAL SERVICES.
LATEST REAL ESTATE STATS
Let’s review what happened in 2017 in the Maui Real Estate Market.
Maui continues to show modest to good gains in real estate values. Realtors on the front line continue to believe in the underlying value of Maui Real Estate. The average inventory decrease of homes for sale for 2017 was 7.7% and 17.4% for condos. Pending sales had an increase for homes of 12.6% and for condominiums 15.5%. This shows the steady decrease of available inventory and increase in demand. In fact the months supply of inventory of homes for sale has decreased over the last 3 years. 2015 was 6.8 months supply, 2016 was 6.5 months and 2017 was 5.5 months supply. Condos went from 8.5 months in 2015 to 5.1 months in 2017, a dramatic decrease in supply.
We continue to see increases in average homes prices to $1,024,271 (5.8%) . There was in an increase of average condominium prices to $445,000 (7.2%). This is more evidence of a continued forecast of upward pressure on real estate prices. No one knows what will happen in the future, but affordability of homes may be hurt with continued increase in interest rates and home prices. Most savvy investors believe that now is the time to purchase or refinance their property.
As always if you have any questions please email us at email@example.com or call Clint at 808-280-2764 or Bob at 808-283-9456.
In summary, while there is always local and International news that could affect the housing market, Real Estate has historically shown to be a store of value as well as one of the best ways to increase one’s net worth and family security. The current market appears sustainable into the near future.
KEALA O WAILEA
This condo project located by the Gateway Center is under construction, with some units completed and receiving occupancy. It is completely sold out.
SINGLE FAMILY LOTS AT GOLF ESTATES II
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 square feet each, with almost all having either ocean view or golf course frontage. The infrastructure is complete and sales, while a little slow, are happening. One developer built home is also currently in progress. Email us with your questions: dad@MauiRealEstate.net
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. Pre-sales have reached the magic number, with over 80% sold and construction is expected to begin soon.
MAKENA’S DISCOVERY LAND PROJECT
Makena’s Discovery Land gets the green light! We had the opportunity to revisit this very interesting project offering a lot of integral working parts. The unanimous Planning Commissions approval to get started allows this development with golf course, private club, restaurant and dwellings get started. Have questions or interest? Call us for more information and a private tour: dad@MauiRealEstate.net 808-280-2764 (Clint) or 808-283-9456 (Bob).
HONUA KAI VILLAS NEW DEVELOPMENT
Upcoming first release of Luana Garden Villas at Honua Kai Resort and Spa located in Kaanapali. There will be 72 three bedroom/three bathroom Villas with one car garages ~ 4 different floor plans available. Expressions of Interest are now being taken.
Presently there are a lot of new developments both residential and commercial under way in Kihei, Kula, Kahului, Wailuku and West Maui. If you would like to learn about any of these new, current or future developments, contact us at dad@MauiRealEstate.NET
Please call us anytime if you or someone you know is considering buying or selling property on Maui. We look forward to hearing from you.
Bob, Clint and Donna
Bob Hansen, Realtor® Principal Broker
Clint Hansen, Realtor® Broker-in Charge
Donna D. Hansen, Realtor® (S)
The Hansen Ohana Real Estate Group
Maui Luxury Real Estate LLC
Wailea Town Center
161 Wailea Ike Place, Suite A-106
Wailea Hawaii 96753
Information herein deemed reliable but not guaranteed and is subject to change.
If your property is presently listed for sale, this is not a solicitation for that listing.