Hansen Ohana Maui News January 2020
Maui Luxury Real Estate LLC
Happy New Year and New Decade!
We begin this Maui Update to say “Mahalo Nui Loa” to all of you who contributed to our 2019 Annual Toy Drive donations we received of toys, gift certificate and donations which added up to funding over $30,600 to support The Friends of the Children’s’ Justice Center. Those donations made it possible for many children to receive the only gift those children received. Some donations will also help to fund pediatric dental and medical assistance needed by children who would otherwise not receive that help. You made a difference so children in need know they are important and loved.
As we begin a new year, we certainly have experienced an interesting Real Estate market. Average prices remain strong for all properties and have moved upward slightly for the year (1.4% increase to the media price now $857,075). We continue to feel that moderate increase in prices with inventory shrinking is good for a steady real estate market. The supply of available properties continues to decrease to 1,006 properties or a reduction of 12.6% for the year. Less supply should lead to stable or increasing prices. Average days on the market is at an historic low of 90 days which has lowered by 12.6%. Another positive factor is our very low mortgage rates.
With our booming economy, low unemployment, increasing real wages and low interest rates our possibility of recession remains low. Let’s all root for a continuation of one of the longest periods of expansion and good economy. Of course, politics and the world economic and political factors are unpredictable so things could change in another direction, but we feel there is strength in the market.
One thing to watch is our County Council who passed a tax law that we would have additional tiered property tax where more expensive properties would pay a higher tax rate. Fortunately, Mayor Victorino vetoed the bill. They might try again so we should all be diligent. Although the wealthy can afford to pay, the problem lies that they can always move it to another State or country more receptive to their lifestyles. When the wealth leave, so do the jobs of cleaners, gardens, and other services. It trickles down to those that some would think would be benefitting. Understanding economics is a must when the Maui council makes these types of decisions and we are most grateful to Mayor Victorino knowing how to take consideration of the tickle down effects of decisions.
UPDATES TO NEW PROJECTS
Highlands at Kehalani (DR Horton) – Starting in the Low $700,000’s. Four different floorplans ranging in size from 1,508 to 1,743 sq. ft. No owner-occupancy requirements.
Ilima at Kehalani (Towne Island Homes) – Starting Prices from $691,000 Ilima at Kehalani features 49 single-family homes. Offering seven distinctive floor plans ranging in size from 1,391 to 1,998 square feet of interior living space and featuring three bedrooms with two baths. Each home comes complete with extraordinary standard features that provide great options for comfortable living. These homes do require a One-year owner occupancy. Builder’s Options/Upgrades Package may still be available for buyers to customize their home
WAILEA PROJECTS: a lot of new communities coming to the public soon. If you want to be on the list to receive notifications, be sure to contact us at hansens@mauirealestate.net
Here’s a few of our featured listings with even more at https://www.mauirealestate.net/Homes-Featured.html
GREAT REAL ESTATE INVENTORY:
- 4315 E Waiola, Wailea Golf Vistas: Over 5,000 sf of total luxury. dynamic ocean views $6.9M https://www.mauirealestate.net/mls-385469.html
- Polo Beach Units 509 and 707
- 1786 Halama, Kihei
- 1260 Naalae, Kula
- Ironwoods, Kapalua, Unit 62, 2 bed, 3 bath ocean and golf course view single level living unit with garage.
- Maalaea Surf, Unit E-3, Kihei
- Kihei Shores Unit I-202, Kihei
Wishing you a fabulous 2020 and new decade. Enjoy making memories and remember to stop and smell the roses.
Bob, Clint and Donna ~ The Hansen Ohana
Hawaii Real Estate Blog 