Category Archives: Economy

Hydroponic Farm Set To Open This Year

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The indoor hydroponic farm is scheduled to open later this year. The Larry Ellison partnership will be able to grow and sell vegetables for cheaper than produce thats imported. Last August Ellison announced the Sensei project on Lanai. Sensei would use automated computer hydroponic farming in large greenhouses.

Also set to reopen later this year is the Four Seasons Resort Lanai, The Lodge at Koele. The property closed in January 2015 in order for extensive renovations to be done totaling approximately $75 million. A new spa and fitness center are among the new amenities the lodge will provide.

Lani is the first Sensei farm for the Los Angeles based company. The first crops will include Black Trifle tomatoes, and Komatsuna mustard greens. We look forward to viewing the completed project!

Great Economic News!

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Hawaiian Tourism Authority reported the single largest month ever on record in Maui County for January at $548.5 million. That is a whopping 18 percent increase from the same time last year. Increase in visitors from both Coasts of the Mainland as well as Canada helped contribute to the large visitor expenditures.

Maui County’s tourism isn’t the only thing booming. The real estate market is red-hot too! Median home prices rose 1.8 percent to $685,000. Median condo prices also increased from this time last year to $472,500. Up 1.6 percent from the same time last year.

Also pleasing to know, Maui County’s unemployment rate for the end of 2017 was half of what the rest of the nation saw.

Patent Workshop

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Lawyer Victoria Brewster went over patent basics at the Maui Economic Development Board workshop held last month.  Information she covered included devising patent strategy, applying for a patent, and building a business portfolio. Anyone with questions please feel free to contact us!

Low Inventory Increases Home Pricing

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Maui home prices have increased 8.8% in the last year and condominium prices rose 7.2% for 2016. These market increases are due to low inventory. Most housing markets across the nation have shown an increase in the median price.

Once listings hit the market, houses and condos were selling at a faster pace than in 2016. Days on the market for homes was down 8.4 % and for condos down 3.8%. Kihei accounted for 40% of the condos sold in 2016.

New housing projects to look for in Kihei by Alexander & Baldwin’s Kamalani. The first phase of this new development will be releasing 170 units.

Feel free to contact the Hansen Ohana for all your real estate needs! To read more on the market trends for Maui, visit the Maui News website here.

Hawaiian Airlines Adding More Flights

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Hawaiian Airlines is looking to add more flights to Kapalua due to high demand. More residents are taking flights from Kapalua to Oahu. These flights previously were considered to be taken only by visitors. Hawaiian Airlines will also be looking at doing direct flights to Las Vegas and also to Long Beach.

To read more information on the changes with Hawaiian Airlines here via Maui News.