Hansen Ohana Newsletter

Hansen Ohana’s Maui Newsletter June 22, 2021

                                Maui Luxury Real Estate LLC

We are proud to announce the increasing popularity of our Real Estate Radio program featuring Clint Hansen and a number of changing guests.  The latest guest of note is Paul Brewbaker (the most highly regarded Hawaii economist)  Tune in to 1110 AM KAOI or visit online every Monday at 7:00 am Maui time https://radio.securenetsystems.net/v5/index.cfm?stationCallSign=KAOIAM

Maui continues to be one of the most sought-after vacation destinations in the world.  Prices of real estate continue to rise.  Low interest rates coupled with low inventory is moving the market higher.  Median home prices as of June 1, 2021, were up 29.9% since a year ago at $1,039,000.  The median price means that there are as many below the million-dollar price as there are above it.  On the other hand, condos down 9.6% from last year at $615,000.  Total inventory of homes went down 53.9% from last year for homes.  Condos supply decreased 62.2%.  One very interesting statistic for me is the percent of listing price realized which over the years has remained relatively similar in the 97% range.  This means a million-dollar asking price on average would close at about $970,000.  Well priced properties are receiving multiple offers.  Most economists feel that this hot market does not have an end in sight any time soon.

Regarding Condominiums the average visitor spends $3,800 per person. On Vacation home rentals the average tourist spends $3,400 on Maui vs. hotel visitors spend around $2,900 per person.  Due to Covid19 restrictions on travel last year vacation rental income was down.  This year the vacation rental market has been very busy and visitors are coming back.  People need to relax in a safe place with good weather and Maui is the place.  Coming to Maui is getting easier with Covid19 on its way out but there are reasonable restrictions.  Check the www.hawaiicovid19.com website for more information.

If you’re interested in something new, there are quite a few projects in a variety of price ranges planned for the next 10 years across Maui. Last month we saw renderings of some workforce housing being conceptualized in Kapalua across from Pineapple Grill and another approved in South Maui across from The Five Palms.  Updates on Wailea projects are as follows.  (1) Makalihi (across from Farimont) scheduled for completion by July.  (2) Andaz 19 villas completion in almost done.  (3) AC Hotel by the Wailea Town Center is now open.  (4) The Wailea Community Association new office has been delayed for now.  (5) Ledcor’s 23 acre parcel with 57 single family homes is scheduled to start in 2023.  (6) The Piilani Highway is set to be partially widened in 2023.  (7) The new traffic light on Piilani and Okolani is scheduled fall of 2021.  (8) The remainder of 400 feet of sidewalk from The Gateway Center to The Residence Inn looks like it will start soon.   If you would like to view any new project virtually, please call or let us know at: dad@mauirealestate.net and we will keep you updated and send you the links if available.  

Announcing our live beach cam will be down for a few days for upgrading.  As a reminder it now has sound.  Take a little time to see and hear the waves, birds and the like on https://www.mauirealestate.net/video.php?Size=Large.  In my opinion it really is the best beach camera around.

With so many potential buyers now glued to social media we have significantly increased our advertising online by offering additional video tours, virtual open houses, and tours as you can see by the links below:

Virtual Home Tours: 

https://youtu.be/OUfL3Qxq6Z0  14 Kulani, Paia

https://youtu.be/7XKkolW5kPw  75 Opalipali, Kula

https://my.matterport.com/models/JFEVS7c6ktV  11 Huli Kelu, Kihei

https://youtu.be/_Sau0XyBVJU  43B Wailea Ekahi, Wailea

 Click here for more Videos and Tours     All VR Tour Matterport Links

Please feel free to call any one of us for more information or email us at dad@mauirealestate.net

May all good things come your way – laughter, gratitude, good health and good friends

            Bob Hansen PB R(B)            Clint Hansen BIC R(B)       Donna D. Hansen R(S)

                808-283-9456                           808-280-2764                     808-280-1650

                     RB-17532                                RB-21616                           RS-49765               

MAUI LUXURY REAL ESTATE LLC

The Hansen Ohana

Latest Maui Statistics

Maui County hit a $1,039,000 median for homes in May.  Statistics can be confusing.  To sign up for our newsletter email us a Hansens@MauiRealEstate.net

Good News For Long Term Rental Owners

Owners of long term rental properties will be eligible for tax exemptions. If a property owner has a signed lease for 12 consecutive months of the same occupant, the owner may be able to receive up to a $200,000 exemption. If you have more then one home you wish to file exemptions for, they must be on different parcels. Any portion used for commercial use will not qualify for exemptions.

Long term rental exemption applications need to be filed by December 31st for 2022. Applicants must also include the signed lease. Any questions can be addressed from the Real Property Assessment Division.

March Newsletter

Hansen Ohana’s Maui Newsletter March 1, 2021

Maui Luxury Real Estate LLC

 Aloha from Maui.  If you are missing Maui and the sound of the ocean waves on our beautiful beaches,check out our live beach cam (now with sound) on https://www.mauirealestate.net/video.php?Size=Large.  You might even catch a view of the magnificent whales which are active this time of year.

As most states are experiencing, the Maui real estate market is dynamite right now.  Low interest rates coupled with low inventory is moving the market higher.  Median home prices as of February 28, were up 19.8% since a year ago at $895,000.  On the other hand, condos almost unchanged from last year at $556,990.  Total inventory of homes went down from 517 last year to 214 now for homes Condos remained around 503. Months’ supply of inventory for homes went from 5.4 to 2.2. Condos months’ supply went up from 3.9 to 4.3.  Due to low interest rates the affordability index for condos increased from 67 to 72 but the home affordability index fell from 50 to 45 from last year. With continued low interest rates and low inventory, the market appears to be relatively stable in terms of pricing for properties on Maui.  One very interesting statistic for me is the percent of listing price realized which over the years has remained relatively similar in the 97% range. This means a million-dollar asking price on average would close at about $970,000.  Well priced properties may receive multiple offers.  Pending sales hit an all-time high of 826 properties under contract at the end of February.

Regarding Condominiums the average visitor spends $3,800 per person. On Vacation home rentals the average tourist spends $3,400 on Maui vs. hotel visitors spend around $2,900 per person.  Due to Covid19 restrictions on travel last year vacation rental income was down. This year the vacation rental market has been very busy and visitors are coming back.  People need to relax in a safe place with good weather and Maui is the place.  Coming to Maui is getting easier with Covid19 on its way out but there are reasonable restrictions.  Check the www.hawaiicovid19.comwebsite for more information.

If you’re interested in something new, there are quite a few projects in a variety of price ranges planned for the next 10 years across Maui. Last month we saw renderings of some workforce housing being conceptualized in Kapalua across from Pineapple Grill and another up for approval in South Maui across from The Five Palms.  In addition to that there is a project currently underway in Wailea.  The Wailea Hills developmentincludes75 units for sale in 15 separate buildings.  They have beautiful floorplans, many with gorgeous views, underground parking and good locations.  Prices start in the mid $1.8’s million and up and seem to be selling pretty steadily with approximately 70% now under contract.  If you would like to view them virtually please let us know at: dad@mauirealestate.net and we will send you the links.  In addition, there is an application for a Wailea Project consisting of 289 condos, 51 zero lot line homes, 92 duplex homes and 146 multi-family units of which 23 units could be short term rentals, but this may take some time before they get final approval.

With so many potential buyers now glued to social media we have significantly increased our advertising online by offering additional video tours, virtual open houses, and tours as you can see by the links below:

 

Virtual Home Tours:

3149 Waakea Pl. Wailea: https://my.matterport.com/show/?m=ifodYr3xSpJ

Maalaea Surf Unit E3: https://my.matterport.com/show/?m=efAg9rJzwQ2

145 N Kihei Rd Uni 512: https://my.matterport.com/show/?m=hYjUR6z8Rhn&mls=1

112 Walaka Unit 305: https://my.matterport.com/show/?m=qM4x1ppeqZU&brand=0

10 Kulani: https://www.youtube.com/watch?v=-I8kt8RPxOk&feature=youtu.be

 Click here for more Videos and Tours    All VR Tour Matterport Links

 

Please feel free to call any one of us for more information or email us at dad@mauirealestate.net

May all good things come your way – laughter, gratitude, good health and good friends

 

            Bob Hansen PB R(B)            Clint Hansen BIC R(B)       Donna D. Hansen R(S)

                808-283-9456                           808-280-2764                     808-280-1650

                  RB-17532                                            RB-21616                                RS-49765       

        

Hotel Set To Open In April

The AC Hotel by Marriott Maui Wailea is set to open in April. Originally, the hotel was scheduled to open this month but was delayed.

The hotel will have 110 rooms and 12 suites on 3 acres. The hotel will have a fitness center, infinity-edge pool and business center.

The hotel has already started to accept reservations for the April opening.