February 2020 Newsletter

  Hansen Ohana Maui News February 2020

As we complete the first month of 2020, we continue to experience an interesting Real Estate market.  Average prices remain strong for all property types, across all price points and have moved upward slightly for the year (7.2% increase for single family homes to the median price now $782,438.  7.7 % increase for condominiums to a median price of $569,000).   We continue to feel that moderate increases in prices with inventory in most areas shrinking is good for a steady real estate market.  Number of month’s supply of inventory for single family homes decreased 15.5% and Condominiums decreased 16.3%.  Less supply should lead to stable or increasing prices. Another positive factor is the current very low mortgage rates.

With our booming economy, low unemployment, increasing real wages and low interest rates our possibility of recession appears to remain low.  Let’s all root for a continuation of one of the longest periods of expansion and good economy. Of course, politics, the world economic and political factors are unpredictable so things could change in another direction, but we feel there is strength in the market.

On the national scene the Federal Reserve Chairman (Jerome Powell) remains cautiously positive about the 2020 economy.  Fundamentals supporting household spending are still positive.  He also mentioned the large number of job openings and that employers are more willing to hire and train semi-skilled workers.

There is exciting news on the farming front.  Maui continues to morph from a sugar producing island to diversified agriculture. Mahi Pono purchased a huge portion of farmland on Maui.  Their crop farm already planted is as follows: 120 acres of potatoes, 20 acres of onions, 22 acres of papaya, 144 acres of citrus and avocado.  This year is scheduled as follows: 3,500 acres of citrus, 240 acres of coffee, 15 acres of breadfruit, 2,000 acres of pastureland for grass-fed beef.

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. The final details aren’t publicized yet.  The first project is approximately 75 condos, many with gorgeous ocean views and close to the beaches.  Not vacation rentable.   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:

  1. 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
  2. Na Hale O Makena D102: Single level 3bd, 2.5ba, upgraded kitchen, ocean view. $1.495M
  3. Polo Beach Units 509 and 707: Luxury 2 bd/2ba renovated ocean view units.

Polo Beach 509: Polo Beach 707:

  1. 1786 Halama: 3 bd/3ba oceanfront home with a 2 bd/1ba ohana. $3.298M.
  2. 1260 Naalae: 5bd/3.5ba Estate-quality living. $1.898M.
  3. Ironwoods Unit 62, 2 bd. 3 bath ocean and golf course view single level living unit with garage.
  4. Maalaea Surf Unit E-3 beautifully located beachfront community.

Wishing you a fabulous continued 2020.  Enjoy making memories and remember to stop and smell the roses.

The Hansens: Bob (808-283-9456) Clint (808-280-2764) and Donna (808-280-1650)

 

Kahului Airport Expansion

Kahului Airport is in the planning phase of a $36 million dollar improvement to the southern concourse. The improvements would add an additional 400 seats for travelers and an additional 27,000 square feet.

The goal is to keep the unique design the current airport has while increasing areas for walkway traffic, seating and enlarging restroom facilities. Also proposed is an outdoor garden deck that would feature native plants.

Construction will hopefully begin in early 2020. The first phase of the project is estimated to take a year to complete and phase two over two years.

Hana Hotel Travaasa Sold To Luxury Developers

Mani Brothers Real Estate Group based out of West Hollywood, California are the new owners of Travaasa Hana resort. The Mani Brothers was founded in 1994 and currently owns, manages and leases 1.3 million square feet of various luxury commercial properties.

Travaasa is the largest employer in Hana. Currently the hotel staffs 185 people. So far the Mani Brothers have made a favorable impression. They have been taking the time to get to know the hotel staff and surrounding community. There are no imminent plans for making changes. Their hope is to incorporate new resources while keeping what works for the hotel and hire locally.

We look forward to seeing the what the Mani Brothers bring to the Travaasa resort and to the community of Hana.

Low Rates

Is it time to use the low interest rates to either make your first purchase or upgrade your property?  If you need assistance we are here to help you make your goal a reality! Contact the Hansen Ohana today!

Thank you to Dan Bardenhagen for the rate chart!