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Maui Planning Commission has approved ATC Makena Holdings the demolishing of the old Makena Beach & Golf resort. They no longer have to build a separate 76 unit boutique hotel on the 24 acre site. The project density has been brought down from 152 units to 65 units. The vote was 5 to 1 in favor of the new amendments.
The initial boutique hotel will now be replaced with multifamily buildings. There were concerns with converting the old hotel into a boutique hotel that included the age of the structure. Long time residents of Makena are in favor of the new changes to the project.
To find out more information on this project and the new proposed changes, you can read the article via the Maui News here.
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings.
Although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings increased 8.7 percent for Single Family homes and 13.9 percent for Condominium homes.
Pending Sales increased 4.9 percent for Single Family homes and 22.0 percent for Condominium homes. Inventory decreased 7.7 percent for Single Family homes and 19.4 percent for Condominium homes. Median Sales Price decreased 2.3 percent to $650,000 for Single Family homes but increased 14.4 percent to $433,750 for Condominium homes.
Days on Market decreased 20.9 percent for Single Family homes and 5.7 percent for Condominium homes. Months Supply of Inventory decreased 17.5 percent for Single Family homes and 29.2 percent for Condominium homes.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
LATEST REAL ESTATE STATS
Semi-annual figures released, Year to Date 2017
Statistics for Maui show the last few years continued to be a stable and orderly market, however there has been a significant increase in the number of sales and median price from last year. Prices have been on the slow, but steady rise since 2011. At the end of June the median Home sale price was $740,000 which is an increase of 12.3% from a year ago. The Condo median price increased a robust 13.3% to $435,000. Days on market generally depend on how well a property is priced. Over six months on the Maui real estate market is considered to be a Buyer’s market. Under six months on the market is a Seller’s market. Buyers are educated so pricing above market just means the property will sit a lot longer to sell unless they can find a reliable service as houseofcashin.com to make the sell easily.
Job creation is high and interest rates (while increasing slightly last month) remain at historic lows. The pull toward home ownership remains high. On the other side housing starts remain low which points toward a continued housing shortage on Maui. With demand high for homes and supply low we might expect prices to continue to increase. It’s also important to keep in mind that Maui is a relatively small market and a few sales can skew the statistics.
On Friday July 21, 2017 we attended an economic presentation featuring, Paul Brewbaker, who many consider to be the most the most highly regarded economist in Hawaii. In a nutshell he said (barring some disaster) that there is no immediate threat of a downturn in real estate, there is no bubble and it is like we are on a slow and steady escalator ride into at least the early 2020’s. For the complete video of Paul’s presentation please email us at firstname.lastname@example.org or call Clint at 808-280-2764 or Bob at 808-283-9456.
In summary, while there is always local and International news that could affect the housing market, Real Estate has shown to be a store of value as well as one of the best ways to increase one’s net worth and family security. The current market appears sustainable into the future and with the current and continuing low interest rates it continues to be a great time to buy.
KEALA O WAILEA
This condo project located by the Gateway Center is under construction and moving along steadily with only a few left. Most of the units are under contract, but there are a few left from the $800,000s with one available with a fantastic view in the 3 building around $1,200,000.
SINGLE FAMILY LOTS AT GOLF ESTATES II
This new subdivision will be a part of the Wailea Golf Estates just below the current subdivision. They anticipate 16 lots of approximately 14,000 generous square feet each, with almost all having either ocean view or golf course frontage. The infrastructure is complete and sales, while a little slow, are happening. One developer built home is also currently in progress. Email us with your questions:
MAKALI’I O WAILEA
This property is owned by Wailea Golf LLC and is planned to be co-developed by Armstrong Builders. It is located across the street and up from the Fairmont Kea Lani. The project is a sharp departure from the typical Wailea look. The look and feel will be mid-century modern with Hawaiian touches. There will be 17 buildings of 4 units each in a townhouse style. Most of the units will have grand ocean views and will be 2 or 3 bedroom homes with a garage. Presale is getting close to the magic number to begin construction. As of this date they report 54% are under contract.
MAKENA’S DISCOVERY LAND PROJECT
Makena’s Discovery Land gets the green light! We had the opportunity to revisit this very interesting project offering a lot of integral working parts. The unanimous Planning Commissions approval to get started allows this development with golf course, private club, restaurant and dwellings get started. Have questions or interest? Call us for more information and a private tour: dad@MauiRealEstate.net 808-280-2764 (Clint) 808-283-9456 (Bob).
Presently there are a lot of new developments both residential and commercial under way in Kihei, Kula, Kahului, Wailuku and West Maui. If you would like to learn about any of these new, present or future developments, contact us at dad@MauiRealEstate.NET
On a personal note, 2017 has been a great year to date for The Hansen Ohana. In 2016 both Clint and Bob Hansen earned the Top 100 Realtor designation for the State of Hawaii. We believe this is the first time a father and son (separately) have both been recognized with this prestigious award. Clint additionally received the 2017 top award. We have enjoyed assisting so many old and new friends in their purchase or sale of Maui property in every price range. We are proud of our combined 75+ years of real estate experience and truly love what we do. As full time Maui residents for over 27 years we have valuable contacts, experience and resources to assist our clients. Please call us anytime if you or someone you know is considering buying or selling property on Maui. We look forward to hearing from you.
Bob, Clint and Donna
Bob Hansen, Realtor® Principal Broker
Clint Hansen, Realtor® Broker-in Charge
Donna D. Hansen, Realtor® (S)
The Hansen Ohana Real Estate Group
Maui Luxury Real Estate LLC
Wailea Town Center
161 Wailea Ike Place, Suite A-106
Wailea Hawaii 96753
Information herein deemed reliable but not guaranteed and is subject to change.
If your property is presently listed for sale, this is not a solicitation for that listing.
If you are interested in Makena’s Discovery Land Developments, need additional information or wish to view the project, contact us at Hansens@MauiRealEstate.net.
Project construction has begun on the new Makena Golf & Beach Club. This private beachfront community is will house 50 condominium units, a brand new restaurant, pool, spa, and common area. The estimated cost of the project is $240 million.
The project, headed by Discovery Land and Good Fellow Bros., is expected to generate 270 construction jobs. The project should take approximately 3 years to complete. First occupants are expected in late 2018.
To read the entire article, visit the Maui News website here.