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       

        

Breaking Maui News From The Hansens

Hansen Ohana’s Maui News May 2020

Maui Luxury Real Estate LLC

We will all remember these times, staying at home to protect our loved ones from Covid-19. It is important to stay Real. Know what is actually happening and not be too optimistic and nor too pessimistic. One way to remember it is to take your “MEDS”. M is for meditate daily, relax and visualize. E is for exercise, very important for mental and physical health. D is for diet; you are what you eat. S is for sleep, get enough. These are good ideas for health and happiness.

Here is our real estate update as of May 15, 2020:

April shows a surprising resilience in median sales prices. Homes prices were up 1.6% since last year at $762,000. Condos were up 10.1% from last year at $569,000. Number of new listings were down about 25% for homes and about 9% for condos. Inventory as well as pending sales for April remained low for both homes and condos. For the first 13 days of May the market is still showing resilience with 27 properties pending for South Maui, 7 properties for West Maui, 5 properties for the North Shore, 10 properties upcountry and 22 properties pending for Central Maui. With low interest rates and low inventory, the market is still moving.

There are a lot of plans to build projects in many parts of Maui over the next ten years. Additional housing is needed on Maui for Maui residents. One project is the Wailea Hills development, they have a portion of the 75 units for sale in 15 separate buildings; they will have underground parking. They have beautiful floorplans, many with gorgeous views and good locations. Prices started in the mid $1.5’s million and up and seem to be selling pretty steadily. You can view them virtually, just let us know. For project info please email dad@mauirealestate.net and we will send you the link.

We are featuring our listings virtually as well. You will feel like you are walking through them enjoying every possible detail. We strive to utilize cutting edge technology with a personal touch and felt this would be a good way for people to view our listings, ask questions and perhaps find their dream house or a great piece of land to start planning your dream home. Just go to our website at MauiRealEstate.NET

Low rates and mortgage relief is available. Qualifications vary loan to loan as well as the potential impact to your credit, but it is important THAT YOU CONTACT YOUR MORTGAGE COMPANY AS SOON AS POSSIBLE if you are considering a refinance, new mortgage or mortgage relief. With so many potential buyers now glued to social media we have significantly increased our advertising online by offering additional video tours, and virtual open houses and tours as you can see by the links below.

Virtual Home Tours:

Maalaea Surf Unit E3    https://youtu.be/AGgg7qSvC68

Na Hale O Makena Unit D102    https://youtu.be/aZ2ummycqac

Walaka Maui Unit 305    https://youtu.be/9bAnpHTTLdU

153 Hokai Pl. Kihei   https://www.youtube.com/watch?v=xhokgwLacs8&feature=youtu.be

65 Hale Noho Pl., Wailea   https://www.youtube.com/watch?v=E1Rt8DAT8_0&feature=youtu.be

Matterport Links. https://www.mauirealestate.net/matterport/

May all good things come your way – laughter, gratitude, good health and good friends

Bob Hansen PB R(B)

808-283-9456

Clint Hansen BIC R(B)

808-280-2764

Donna Hansen R(S)

808-280-1650

Property Tax Appeals

Urgent:  Do you feel your Maui Property Taxes are assessed too high?  Real Property Tax Appeals Due by April 9th!

New Wailea Project

JUST PUBLICIZED! NEW WAILEA PROJECT LAUNCHING!

The 75 unit project on the corner of Okolani and Wailea Alanui will open up this next weekend. These beautiful condos (non vacation rentals) will offer two and three bedroom units plus penthouses. Prices will start at $1.5M. Great views from many. We will get the plans and all soon. Reservations will be available when officially ready within a week! Call or email us at dad@Mauirealestate.net

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)