Category Archives: Economy

Maui Real Estate Review Through February 6th

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mauimap

Maui Map

In the last few weeks, Maui has seen lots of activity on the real estate market. In total, there are 200 homes and additionally 207 condominiums pending. 10 new listings went on the market from January 24th to January 31st.

Condos are leading the way in pending activity with 48%. Single-family homes are very close behind at 44%.   Price range has $499,000 and below with the most pending activity. Most of properties pending in this range are condominiums. Single-family homes with the most activity are in the $500,000 to $750,999.

Kihei, Wailuku and Napili/Kahana/Honokowai were the top areas properties went pending. As always, The Hansen Ohana strives to keep you up to date with the latest news and activity on real estate. Feel free to contact us today for any and all your real estate needs.

The Hansen Ohana Winter Newsletter

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Aloha and Happy New Year!

We are very grateful for a wonderful 2014 and wish everyone a happy, healthy and prosperous 2015!  There has been a lot of activity in the market, phenomenally low interest rates and new loan programs, low inventory levels and plans and progress on some new developments.  See below for a quick update on PROJECTS, and make sure to read the credit check facts while taking loan, they are very important.

In addition to regularly meeting with developers, attending Committee meetings and being actively involved in the Community we also attend presentations by respected economists like Paul Brewbaker.  Real Estate prices on Maui increased in the last year almost exactly as predicted by Paul Brewbaker a year ago.  Paul is considered by most to be the preeminent economist in Hawaii.  Last year he predicted that Maui prices should rise from 7% to 10% in 2014.  Sure enough in 2014 the prices of both single family homes and condos both rose in 2014 by 8% and 11% respectively.  The number of sales, however, fell by 4% for Homes and 10% condos.  To us, the number of sales is less important than steady values.  An orderly market, playing catch up to the 2007 crash and a sustainable increase in prices is the best scenario.  When we represent a buyer in a property purchase, or buy one ourselves, it feels a lot better when they go up in value.

At $570,000, the median sales price for a single family was the highest it’s been in 5 years.  While sales prices rise, the number of short sales and foreclosures decreases.  This reduced number of distressed sales is reflective of a healthier real estate market.

One of the more important factors is the Days on Market (DOM) for SOLD units. That number is currently 103 days for Homes, 119 days for Condos, and 137 days for Land.  This “Days on Market” figure is only for property sold, not units that have not sold.  Units that have not sold may not be priced correctly relative to current market conditions and of course, there are price ranges that are currently “hotter” than others.  Many times Sellers are not realistic in their expectations.

The best part of Paul’s prediction is that for the next few years he still expects a 7% to 10% yearly increase in property prices for Maui.  So how does all of this effect you?  Everyone’s real estate goals are different so it’s important to meet and discuss your personal needs and goals.  There are many factors to consider (exchange rates for international clients, interest rates, long and short terms goals, health and family etc) and no one size fits all so please call us to discuss how we can put our 75+ years of combined real estate experience to work for you.

PROJECTS REPORT:
● Ritz Carlton in Kapalua launch prices are predicted to range from $800,000 to $1,500,000.
● Keala O Wailea by the Gateway Center is progressing and is estimated to be coming on the market soon.
● Piilani Suites 200 unit hotel directly by the Wailea Town Center is beginning to pour foundations.
● Makali’i at Wailea 34 condos located across from the Fairmont is in for approvals.
● Makena Resort is moving forward with Maluaka lots available to purchase.
● The Parkways homes in Kahului have sold out.  A new phase will be available soon.
● Golf Estates 2, 16 home sites below Golf Estates, is nearing completion and should be ready toward the end of this year.
● Hoku O Wailea, 75 condos located at the corner of Oakalani and Wailea Alanui, is moving very slowly.
● Island Country Market, located at the Shops at Wailea, is coming out of the ground with steel I beams visible from Wailea Alanui.
● Shops at Wailea is planning to have their parking lot controlled with all paid or validated parking.

As always we are happy to answer any questions you have about what is happening in Wailea, Makena and all of Maui, please call or email us any time. We are known for our island wide experience, contacts and resources and pride ourselves in our knowledge experience and integrity.  We love to help people realize their real estate goals and love referrals.

Links to detailed info.  http://www.ramaui.com/UserFiles/File/Stats/All-December2014.pdf 

Enjoy the winter season!

Bob, Donna, Clint and The Hansen Ohana Group
Bob Hansen, Owner and Principal Broker
Clint Hansen, Realtor Broker
Donna D. Hansen, Realtor (S)

Maui Real Estate Group

Year End Deadlines

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For Homeowners on Maui and Hawaii counties, the deadline to file for home exemption is December 31.  If you miss the deadline you will have to wait until the next fiscal year to file.  More information and forms can be found on County websites.  For Maui, Real Property Tax Division and for Hawaii, Real Property Tax Division.

With the year-end scramble upon us right after the holiday season, it’s no surprise that many people feel stressed and unorganized.  The start of a new year is a great time to get organized, tidy up paperwork, and start preparation for tax season.  Need help getting started? Trulia has a great checklist for the 12 Things You Must Do Before The Years Over.  Great ideas for both homeowners, renters, and just those looking for organizational tips.

The Hansen Ohana hopes your holiday season has been a safe and happy one!

August Stats

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Condo sales had a rise not only in unit sales, but also in median price this month. 94 units were sold in August. Volume increased to $75 million compared to last year at $61 million.

For buyers making an offer, well-priced properties are drawing multiple offers. Cash still is king! Property purchasers paying with cash are able to have a stronger negotiation with a shorter close and no appraisal hassles. Don’t forget to get pre-approved! Interest rates are starting to increase. Pre-approval is recommended enabling buyers to shop with confidence.

Although residential unit sales decreased by 6%, the average selling price increased 15%. For sellers, property needs to be competitive with realistic pricing, flexible terms, and good property condition. Help prevent escrow fall out by having properties appraised, inspected, and surveyed. Realistically priced properties are selling!

The Hansen Ohana strives to keep you up to date with the latest in real estate news. If you or anyone you know is looking to buy or sell property, don’t hesitate to contact us! Thank you to Terry Tolman of the Realtors Association of Maui for the statistical compilation and market insight.

Statewide Buyer Stats For September

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Canadians were the number one foreign purchasers of property on Maui from January 2014 to June 2014 with over $53 million.  Japan was second with over $6 million.  Within the United States, Hawaii ranked number one with purchases of over $285 million.  California was not too far behind ranked second with over $194 million.

South side of Maui had the highest number of transactions, with 368.  West side came in second with number of transactions but first in transaction amounts with over $297 million.

With an increase in travelers visiting the islands, there is an expected increase in home sales. West coast states as well as foreign buyers from Canada and Japan are the likely property buyers.  You can view more information on Buyer Stats courtesy of Title Guaranty here.  If you or anyone you know is looking to sell or purchase property on the islands, contact the Hansen Ohana today!