Today Howard Dicus, the business reporter for Hawaii News Now, mentioned this morning on his Tourism Report that the majority of Hawaii’s Tourists noted as of today are from the West and East Coasts of the US and very few from the Foreign Tourism Industry such as Canada, Japan, etc.
The Honua’ula plan community in Maui Meadows was granted Project District Phase II Development approval. The project would include 288 workforce housing units out of the planned 1150 units.
The project also has plans for 24 acres of village mixed use and 103 acres for open space and recreation. 170 acres will be placed in an easement with Hawaiian Islands Land Trust.
View the entire article via The Maui News here.
Biggest surf in Kihei in 27 years! View via our live webcam here!
The affordable housing project being built by Genova Construction Development is looking to be approved for “fast-track” process by the county.
The project would build 568 single family units and 184 multifamily units. Additionally included in the project is 17,400 sq. feet of retail space and 6.3 acres of parks.
Phase one is hoped to be completed by 2024. To read the article via Maui News here.
Maui Luxury Real Estate LLC ~ The Hansen Ohana ~ May 2022
Already in the middle of May, this month has proven to be very interesting. Although not like the past two plus years, Covid is no longer the main subject, the economy, real estate and the stock market are on most people’s minds.
Although we all know Covid is still lurking in the background, in the US it is usually not as severe as in the past. Our blog at https://blog.mauirealestate.net posts updates regarding all sorts of topics including Covid.
Maui’s Economy: We continue to attend many tax and economic webinars. So far our real estate market is stable due to the lack of inventory. We have noticed more numbers of properties coming on the market including a few REOs. Lower priced properties are hindered by the increase in interest rates making affordability more difficult for that sector of buyers. However, there are several new projects in the planning and building stages that focus on affordable homes.
Regarding real estate Maui has become one of the more sought-after places for those searching for a safe place with warm weather, beautiful beaches and magnificent sights. It is where so many have moved to escape to paradise.
Generally speaking, prices continue to increase, and inventory continues to stay somewhat low. Single family home prices have increased over the last year by 27.4% to a median price of $1,242,500 but the inventory of single-family homes decreased by 28.4%. Condominiums prices have increased 18.1% to a median sales price of $815,000 however the inventory of condominiums have decreased by 55%. It appears that inflation may be here to stay for a while. Interest rates are ticking up above 5% which changes the affordability rate. With inflation cutting deeply into the value of the US dollar and the Fed indicating that they will most likely raise interest rates three to four times in 2022, planning for your future should be at the top of your list. This could mean it is a great time to buy and a great time to sell. While many feel the hot market will end most economists believe that prices will continue to increase albeit at a slower pace. This means that buyers might strongly consider getting off the sidelines and buying now before prices and interest rates go up even further. The pandemic caused many who had been planning to move on but have held back so far. That may be starting to change. For more detailed statistics go to: https://www.mauirealestate.net/real_estate_stats.html
Remember to check out our blog for weekly events, news events as they become available https://blog.mauirealestate.net
Enjoy Maui Virtually!
Our Live Beach Webcam has sound so take time out of your busy life to enjoy the sounds of surf as well as wildlife by linking to https://www.mauirealestate.net/video.php?Size=Large
Wishing to virtually tour properties, open houses and 3D tours go to: www.MauiRealEstate.NET
Bob Hansen PB R(B) 17532 808-283-9456
Clint Hansen BIC R(B) 21616 808-280-2764
Donna D. Hansen R(S) 49765 808-280-1650
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family Tradition for over 30 years
Wailea Town Center Suite A-106 (next to Matteos)