The Hansen Ohana Real Estate Group’s July 2018 Newsletter
We are thrilled to share with you that Bob and Clint were both recognized again this year as Top 100 Realtors for the State of Hawaii by Hawaii Business Magazine. With over 14,000 real estate licensees in the State this is a tremendous honor. They are the only father and son to both be recognized in the same year ~ 2018 was the second time they accomplished this feat.
LATEST REAL ESTATE STATS
Maui continues to show modest gains in real estate values over the last year. Lack of inventory is the number one issue facing Maui today. The average inventory decrease measured in months supply for Maui homes over the last year went from 6.2 months to 5.6 months supply for homes and went from 8 months to 5.2 months supply for condos. Pending sales have increased for all properties by 6.4% from the same time last year. This again shows the steady decrease of available inventory and increase in demand.
We continue to see increases in average homes prices island wide over the last year from $620,000 to $670,000 (an increase of 4.7%). There was an increase of average condominium prices (island wide) over that last full year from $421,000 to $465,000 (an increase of 6.9%). Over-all 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 increases in interest rates and home prices. The good news is that it really looks like there is no bubble in real estate prices like there was in 2007. Moving forward there may be a slight adjustment in the upper-end segment as new higher-end developer inventory in Wailea is coming back to the market as re-sales. Time will tell.
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.
Many of us have noticed a new 7 passenger electric cart around Wailea and Kihei. This is a new transportation service and looks like a lot of fun. It is nice to know that you don’t have to rent a car to get around Wailea or Kihei.
SINGLE FAMILY LOTS AT GOLF ESTATES II
This new subdivision will be a part of the Wailea Golf Estates minus some Wailea benefits located just below the current subdivision. There are 16 lots of approximately 14,000 square feet each, with some 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 are over 90% sold and on-site breaking ground has begun.
MAKENA’S DISCOVERY LAND PROJECT
Makena’s Discovery Land gets the green light! We recently visited the newly approved project Makena Sunset which are now part of the Makena Resort with full club privileges. There are very few units available at around $12 million. We feel this is a special project with a fabulous location and ocean views. Makena Discovery Land will consist of 67 multifamily units: 18 single-family cottages, 26 custom lots, 9 vacation rentals and 14 condominiums. The project also allows for 27,300 square feet of commercial space. 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
The opening of offerings of the first release of Luana Garden Villas l at Honua Kai Resort and Spa in Ka’anapali was very strong with over $60 million in sales since April 7th. There will be 72 three bedroom, three bathroom Villas with one car garages ~ 4 different floor plans available and are short term rentable. Construction has begun. We were impressed with the floor plans, finishes and location. Call us for more details.
Presently there are a lot of new developments at various price ranges, 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
New law increases HARPTA (Hawaii Real Property Tax Act) from 5% to 7.25% for all transactions closing on or after September 15, 2018. For transactions closing on or before September 14, 2018 the 5% rate applies. What is HARPTA? “The Hawaii Real Property Tax Act: Hawaii Revised Statutes 235-68 seeks to ensure that non-residents of Hawaii – individuals and entities – report and pay applicable capital gains tax when they sell Hawaii real property interests.”
On another note the Wailea Community Association has notary services once again.
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)