The Na Hale Kupuna Project is accepting applications from December 2-20, 2024, for seven affordable units in Maui for households of 1-5 people, aged 62+, who lived in Lahaina during the fires and meet income limits. Rents are 30% of income, with 12-month leases and pet-friendly options.
More information available here.
Aloha All!
Get ready to experience the thrill of enjoying whales. We are excited to announce the first whale has been spotted off the shores of Kaanapali. This is the beginning of yet another awe-inspiring whale season! These majestic creatures return each year to Maui to birth their young and continue the cycle of life. Get ready for a season of unforgettable encounters and cherished memories!”
Maui Update: The upcoming elections have caused many to sit back and wait to make decisions. The outcome will affect not only the United States as a whole, but also for Maui. Whomever is elected to the new Maui County Council will end up affecting Maui’s economy. There are several different bills and studies, the South Maui Plan as well as Mayor Bissen’s Bill that would affect some private vacation rentals. It’s very complicated and if you would like more details, please email us or call either Clint or Bob.
Concerned about what you’ve recently heard? Be cautious of misinformation: Make sure to verify any information you come across regarding changes in Insurance, Real Estate Laws or Contracts, whether it’s from blogs, newspaper articles, friends or other sources. Call us with any questions. We are here to help.
Speaking of statistics, in September 2024, U.S. existing-home sales fell by 2.5% from the previous month and 4.2% from the prior year, with a seasonally adjusted annual rate of 3.86 million units. Home prices hit record highs, with a median sales price of $416,700, a 3.1% increase year-over-year. Despite slower sales, NAR’s chief economist expects improved sales ahead due to rising inventory and potentially lower mortgage rates. On Maui, new listings for homes dropped significantly, pending sales rose sharply. Condominium Inventory has surged most probably due to the uncertainty of Maui County Government changes.
The real estate market on Maui has been significantly impacted by a combination of factors, including rising home prices, limited inventory, and the aftermath of recent wildfires. The demand for homes remains strong but is showing some signs of weakness. Local residents face challenges as housing affordability continues to decrease. The destruction caused by the wildfires in Lahaina and other areas has further strained the housing supply, leading to a surge in rental demand, especially long-term. As a result, property values in certain areas are expected continue to rise at a moderated rate, but uncertainty remains as the island works to recover and rebuild.
As we near 2025, many of our friends and clients are pausing to reflect on their goals and how real estate aligns with their overall life plans. Share with us what speaks to you, and we’ll offer insights to help you navigate your next steps. We are eager to support you on this journey!
Keep informed with our blog where local information and statistics are posted:
https://blog.mauirealestate.net/
Enjoy our informative radio program: https://www.youtube.com/channel/UChcOyThjgwJgO5fV72YQVtg
If you would like a copy of our newsletter to share let us know at dad@mauirealestate.net
Clint Hansen BIC R(B) 21616
808-280-2764
Bob Hansen PB R(B) 17532
808-283-9456
Donna D. Hansen R(S) 49765
808-280-1650
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years
Community members recently gathered at the Kahului Community Center to discuss the feasibility of an inter-island ferry system between Maui, Lana’i, and Molokai. Councilman Tom Cook expressed strong support for the ferry, emphasizing the urgent need for it to begin operating. The meeting, led by Brian Mills and other officials, explored the potential benefits, such as providing essential transport for medical needs and emergency evacuations, especially for Molokai residents. Attendees also voiced concerns about the future of the Lana’i Ferry and the need for improved facilities and accessibility on the new ferry.
View the entire article via The Maui News here.
The Maui Fire Department is fighting a fire that began early on Thursday morning. The fire is located in the area of Kahekili Highway and Makaala Drive in Waiehu. The fire was 80 percent contained and covered 19 acres as of 10:40 a.m. The Maui Police Department closed Kahekili Highway from Makaala Drive to Waiehu Beach Road. The voluntary evacuations for Wailuku Country Estates, Puuohala Village, and Waiehu Terrace were lifted at 11:15 a.m., however respiratory patients should stay indoors or leave that area.
To view the entire article via The Maui News here.
In Kihei, DXD Capital is building a state-of-the-art self-storage facility with 357 units spread across 48,720 square feet. It will open in early 2025 and cater to business clients. It is located in the Maui Research & Technology Park. The DXD Self Storage Fund II initiative highlights the company’s strategic expansion in the industry. American Savings Bank is the lender, and RYCON is the general contractor. Extra Space will take care of management.
View the entire article via The Maui News here.
Hawaii Real Estate Blog 