Maui Resort News
 

The owners of Maui’s Kapalua Resort, Maui Land & Pineapple Company, has stopped planting pineapple and will cease pineapple operations by the end of the year. According to Chairman, Warren Haruki the decision to close the company’s pineapple operations after 97 years was difficult but necessary. The pineapple division has lost $115 million since 2002 and efforts to make the business sustainable have not worked. The Kapalua Resort’s lone hotel is the Ritz –Carlton Kapalua, which was renovated in January 2008. The hotel will continue to be managed by the Ritz Carlton. Maui Land & Pineapple’s resort division, Kapaulua Land and Company, will continue to manage the golf courses, the new spa and retail.
 
Beginning Monday, November 9, 2009, Alaska Airlines will fly between Maui and Oakland California, four times a week. On Tuesday November 10, Alaska will begin three times a week service between Oakland and the Big Island. The new flights are operated with Boeing 737 aircraft that accommodate 16 passengers in first class and 141 in the main cabin.
 

The visitor count for Maui was up in September. Visitors totaling 134,932 came to Maui in what is traditionally the slowest month of the year. This count is up 1.8% from last September. Due to steep discounting, spending per person was down slightly to $167 per person.
 

The Federal Reserve stepped in with more buying of Mortgage Backed Securities (MBS), helping Bond prices recover from news of a weak Treasury Auction. Overall, home loan rates bounced around last week and ended the week very slightly improved. 

But that said, we can’t push our luck and think the Fed will continue to step in and help support home loan rates…we have to remember that the Fed is actually winding down exactly this type of buying support. 

The Federal Reserve’s purchases of MBS peaked at an average of $25 Billion per week back in May – and they are getting closer every day to being done spending their allotment of $1.25 Trillion. Since they announced that their remaining purchases would be rationed out until the end of March 2010 – but that they wouldn’t be making any additional purchases beyond the original commitment – the average purchases per week have been moving lower, down to $14 Billion per week so far in November. 

Why is this important? Because home loan rates are based on MBS – so when the Fed agreed to be a big buyer, it helped provide a market and helped keep MBS prices high and home loan rates low. So as the Fed’s program wraps up and eventually stops, home loan rates are quite likely to be on the rise. So while rates are still very good, they may not be for long. 

South Maui Condominium 

Best Buy List 

As of November 13, 2009 

Price                Condominium             Loc      Vac      Comments 

$  129,000       Southpointe 22-205                  NK      N         2BR (short sale) Price! 

$  149,900       Kihei Villages 57-201               NK      N         2BR (short sale) Price! 

$  199,000       Haleakala Gardents 4E NK      N         3BR (short sale) Price! 

$  199,999       Maui Vista 3219                       SK       Y         1BR (short sale) Price! 

$   200,000      Kauhale Makai 106 (New)       NK      Y         1BR (REO) Loc & Price! 

$   217,900      Maui Gardens C102 (New)      SK       N         2BR (REO) Loc & Price! 

$   295,000      Pacific Shores A318                 SK       N         2BR 2 BA 2 stall parking view Price! 

$   290,000      Kamaole Sands 4-213              SK       Y         1BR (short sale) Price! 

$   292,000      Villas at Kenolio 3C                 NK      N         2BR Good Project & Price! 

$   299,900      Kihei Akahi D210                    SK       Y         1BR (REO) Views & Price! 

$   379,900      Ka Ani Village 1-201               SK       N         2BR Price New Includes Gar! 

$   389,000      Kai Makani 38-201                  NK      N         2BR (short sale) Loc, Price! 

$   449,000      Menehune Shores 225              NK      Y         2BR Nice Oceanfront Unit! 

$   498,000      Grand Champions 104  W        Y         1BR Upstairs on Golf Course 

$   599,000      Wailea Fairway Villas P202      W        N         2BR On GC & Oceanviews! 

$   670,000      Wailea Ekolu 304                     W        Y         1BR GC & Oceanviews! 

$   695,000      Wailea Ekolu 1405                   W        Y         2BR Price, Quiet Oceanviews 

$   695,000      Wailea Palms 3708                   W        N         1BR Price Loc & Views 

$   795,000      Royal Mauian 508                    SK       Y         1BR Beautiful Oceanfront! 

$   795,000      Grand Champions 159  W        Y         3BR Large & on Golf Course   

$   799,000      Kanani Wailea 4 (New)            SK       N         3BR (short sale) Res Condo! 

$   815,000      Hokulani Golf Villa 32(New)SK           N         2BR New GC Res Condo! 

$   849,000      Kai Malu 20B  (New)              W        N         3BR Price & Res Condo! 

$   979,000      Hokulani Golf Villa 131            SK       N         2BR Res Condo with views! 

$1,125,000      Hale Pau Hana 305                  SK       Y         1BR Beautiful Oceanfront! 

$1,400,000      Wailea Elua 2011                     W        Y         1BR Nice Oceanfront! 

$1,495,000      Wailea Elua 2110                     W        Y         2BR Oceanfront, Oceanviews   

$1,800,000      Hoolei T-6                               W        Y         3BR New, Large, Price! 

$2,175,000      Hoolei O-4                               W        Y         3BR New, Large, Price 

$2,395,000      Polo Beach 609                        W        Y         2BR Beautiful Oceanfront! 

$2,699,000      Wailea Point 2801                    W        N         2BR Beautiful Oceanfront! 

$2,799,000      Makena Surf C106                   Mak     Y         2BR Beautiful Oceanfront! 

(New) = New Additions to List            Vac = Vacation Rentals allowed in project 

 The Hansen Ohana wants you to know:

First-Time Homebuyer Credit 

Updated Nov. 6, 2009, to reflect new legislation — more to be added soon 

New Legislation 

New legislation, the Worker, Homeownership and Business Assistance Act of 

2009, which was signed into law on Nov. 6, 2009, extends and expands the 

first-time homebuyer credit allowed by previous Acts. The new law: 

• Extends deadlines for purchasing and closing on a home. 

• Authorizes the credit for long-time homeowners buying a replacement 

principal residence. 

• Raises the income limitations for homeowners claiming the credit. 

Under the new law, an eligible taxpayer must buy, or enter into a binding 

contract to buy, a principal residence on or before April 30, 2010 and close on 

the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have 

the option of claiming the credit on either their 2009 or 2010 return. 

For the first time, long-time homeowners who buy a replacement principal 

residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for 

a married individual filing separately). They must have lived in the same 

principal residence for any five-consecutive year period during the eight-year 

period that ended on the date the replacement home is purchased. 

People with higher incomes can now qualify for the credit. The new law raises 

the income limits for homes purchased after Nov. 6, 2009. The credit phases 

out for individual taxpayers with modified adjusted gross income (MAGI) 

between $125,000 and $145,000 or between $225,000 and $245,000 for joint 

filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to 

$170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. 

General Information 

Homebuyers who purchased a home in 2008 or 2009 may be able to take 

advantage of the first-time homebuyer credit. The credit: 

• Applies only to homes used as a taxpayer’s principal residence. 

• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for 

dollar. 

• Is fully refundable, meaning the credit will be paid out to eligible 

taxpayers, even if they owe no tax or the credit is more than the tax 

owed. 

The credit is claimed using Form 5405, which you file with your original or 

amended tax return. 

South Maui best located/best priced condos)
                                                                                
 
                                                     Price           BR      Comment                   
North Kihei:
1.  Kihei Villages 57-201              149,900       2          (short sale) Price!                    
2.  Kauhale Makai 127                     179,000       1          (short sale) Oceanfront Vac Rental!
3.  Haleakala Gardens 4E(New)   199,000         3          (short sale) Price & Nice Interior!
4.  Koa Resort 4C                         220,000       1          (short sale) Price, Nice, Vac Rental!
5.  Hale Kai o Kihei       A217         359,000       1          No short so easy, direct ocean front        
5.  Kai Makani 38-201                 389,000       2          (short sale) Price!
6.  Luana Kai D304                      400,000       2          (short sale) Oceanfront Vac Rental!
7.  Menehune Shores 225             449,000       2          Price, Nice Oceanfront VACRental!     
8.  Kauhale Makai 433                 449,000       2          Price, Nice Oceanfront Vac Rental!     
9.  Sugar Beach 212                     474,500       1          Beautiful Oceanfront Vac Rental!
 
South Kihei:
1.  Maui Vista 3219                      199,000       1          (short sale) Price & Vac Rental!
2.  Keonekai Vill 27-203              199,000       2          (short sale) Price & Location!
3.  Kihei Akahi D112   (New)      289,000       1          Nice, Price, & Vacation Rental!
4.  Kamaole Sands 4-213             290,000       1          (short sale) Price & Vac Rental!
5.  Maui Banyan G506 (New)      299,000       1          (short sale) Price, Nice, Vac Rental!
6.  Kihei Akahi D210                   311,900       1          (REO) Price, Views & Vac Rental!
7.  Kai Ani Village 1-202              329,900       2          Price, New, & Includes Garage!
8.  Royal Mauian 508                   795,000       1          Beautiful Oceanfront Vac Rental!
9.  Hokulani Golf Villa 32             799,000       2          New Residential Condo!
10 Hale Pau Hana 15                   999,000       1          Direct Oceanfront Vac Rental!
 
Wailea/Makena-Vacation Rental Resorts:
1.  Grand Champions104(New) 510,000          1          Upstairs & On Golf Course!
2.  Wailea Ekolu 304 (New)         670,000       1          Upstairs GC & Oceanviews!
3.  Wailea Ekahi 17F (New)         675,000       1          Oceanfront & Oceanviews!
4.  Wailea Ekolu 1405 (New)       695,000       2          Price, Quiet & Oceanviews!
5.  Grand Champions (New)         795,000       3          Large & On Golf Course!
6.  Wailea Elua 2011 (New)     1,400,000       1          Nice, Oceanfront, Oceanviews!
7.  Wailea Elua 2110                1,695,000       2          Oceanviews & Oceanfront!
8.  Hoolei T-6                          1,800,000       3          New, Large & Great Price!                 
 
Wailea/Makena- Non Vacation Rental Resorts:
1.  Wailea Fairway Villas P103    650,000        2          On Golf Course & Oceanviews!
2.  Kai Malu 21B                          879,000      3          (short sale) Wailea Res Condo!
3.  Kanani Wailea 11                     939,500      3          Almost New Wailea Res Condo!
 
          SUPER LOW PRICES AND INTEREST RATES!