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.

Affordable Housing Project Breaking Ground In May

Haliimaile and Kihei will be the site locations for affordable housing projects developed by Aina Lani Pacific LLC. Maui residents wanting to apply for the affordable housing project have until March 31st. to do so.

The Hoku’ula in Haliimaile will have single family homes ranging from 2,208 to 2,512 square feet. Kilohana Makai will build 28 homes ranging from 1,425 to 1,817 square feet.

Aina Lani Pacific President Howard Kihune Jr. started the company in 2014. As a native of Hawaii, affordable housing is a project that is very important to him.

For more information on the project, please feel free to email us at dad@mauirealestate.net.

New Affordable Rental Housing Project Proposed

A new family affordable rental housing project has been proposed in Kahului by the Catholic Charities Hawai’i. The proposed project would have 108 one-bedroom units and 70 two-bedroom units. The 5 acre site would also have a park and a gathering room.

The project, named the Hale Piling Family Affordable Rental Housing Project, would have the first phase completed in approximately 16 to 18 months. The units will be intended for those earning 60% or less of the average median income.

Estimated cost of the project is $66 million. According to 2020 guidelines, maximum rent for a one-bedroom unit to be around $1,153 and $1,384 for a two-bedroom.

Local Restaurants Directory

We hope you are having a Happy Veterans Day!

Here is an updated restaurant list and their phone numbers.

Restaurant OpenPhone #
Kihei  
5 PalmsY(808) 879-2607
808 DeliY(808) 879-1111
Aloha Thai Fusion Food TruckY (808) 268-7018
Ami Ami Bar & GrillY(808) 875-7522
Café O’ LeiY(808) 891-1368
Coconuts in AzekaY(808) 875-9979
Fabiani’s off LipoaY(808) 874-0888
Fat Daddy’s SmokehouseY(808) 879-8711
Fred’sY(808) 891-8600
Joy’s PlaceY(808) 879-9258
Kamana KitchenY(808) 879-7888
Kihei CaffeY(808) 879-2230
Koiso Sushi BarY(808) 875-8258
Lava Rock Bar & GrillY(808) 727-2521
Maui Ono DonutsY(808) 762-2627
Miso Phat SushiY(808) 891-6467
Monsoon IndiaY(808) 875-6666
Moose Mcgillycuddy’sY(808)891-8600
Nalu’s South Shore GrillY(808) 891-8650
Nutcharee’s Authentic Thai FoodY(808) 633-4840
Outrigger PizzaY(808) 280-2985
Paia Fish Market South SideY(808) 874-8888
Piko CaféY(808) 793-2671
Pizza MaddnessY(808) 270-9888
Roasted ChillisY(808) 868-4357
South Maui Fish Co.Y(808) 419-8980
South Shore Tiki LoungeY(808) 874-6444
Sushi ParadiseY(808) 879-3751
That’s a wrap caffeY(808) 868-4582
Tsunami Burgery(808) 269-4711
What Ales YouY(808) 214-6581
Maalaea  
Beach BunsY(808) 243-2286
TantesY(808) 868-2148
Makawao  
CasanovaY(808) 572-0220
Freshies MauiY(808) 868-2350
Hali’maileY(808) 572-2666
Joy’s Place LIVE!Y(808) 572-2186
Kojima’s SushiY(808) 573-2859