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.
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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) |
Wishing everyone a very Happy Easter!
Spring has sprung and brings new beginnings.
Will it bring A New Maui Property?
Or Selling An Already Owned Maui Property?
Call Us at 808-280-1650 or
Email us at MauiRealEstate.net
We are here to assist you!
Maui Luxury Real Estate LLC ~ The Hansen Ohana. ~ Fourth Quarter 2121
Welcome to the final quarter of 2021! As we enter the Fourth quarter of 2021 and look forward to enjoying all the holidays it offers, and plan for 2022. We felt it was important for you to be notified regarding the Maui County and Hawaii State’s newly passed regulations. Some may or may not affect you. It is our hope it will be helpful to you. Covid has been a real challenge for Maui as well as all the Hawaiian Islands. The good news is that our percentages of spread have dropped. People all over the world continue to look for a safe place with warm weather to enjoy. Maui is that getaway. Regulations Regarding traveling to Maui can be found at https://travel.hawaii.gov/#/welcome . For our international guests’ new rules are in the works. We look forward to seeing many familiar faces very soon.
A New tax for Vacation Rentals: Governor Ige ruled to retain all the TAT (Transient Accommodation Tax) for Oahu’s use but did approve that outer Islands could charge an additional 3% TAT tax to pay for the items that the old TAT tax covered. All outer Islands have been financially forced to do so and we apologize. If you own a property that you rent out at daily rates, please be sure you communicate with your property manager as this additional TAT tax goes into effect November 1st. The Maui Council refused to put this off until December.
For Long Term Rental Property Owners: If you are a property owner who leases their main home or a cottage on an annual basis and you submit proof of that rental acceptable to the Tax Department no later than the end of December, you may be eligible for up to $200K reduction in your real estate assessment for tax purposes. Go to https://www.mauicounty.gov/civicalerts.aspx?AID=10807 for complete detai.
For Property Owners Living on Island: If you are living full time in your new property be sure to fill out the homeowner tax exemption form before the end of the year to get that fantastic lower property tax assessment.
Maui’s Economy: Prices of real estate on Maui continue to rise although at a more sustainable rate. Low interest rates coupled with low inventory is moving the market higher. However, interest rate seems to be ticking up slightly which changes the affordability rate. Some Lenders predict an increase in the 30-year fixed rate from 3.25% to 4% by mid next year. This means it is a great time to buy and a great time to sell. Median home prices as of September 30, 2021, were up 27.3% since a year ago at $996,500. The median price means that there are as many below the million-dollar price as there are above it. On the other hand, condos were up 46.6% from last year at $729,125. Total inventory of homes went down 57.1% from last year for homes. Condo’s supply decreased 90.8%. Well priced properties are receiving multiple offers. While many feel the hot market will end most economists believe that prices will continue to increase albeit at a slower pace. Inventory continues to trend lower due to increased construction costs, inflation and building permit delays. Some buyers are waiting on the sidelines because they believe prices will come down. Most seem to believe that prices will not trend lower and interest rates will trend higher due to some of the highest inflation rate in many years. This means that buyers might strongly consider getting off the sidelines and buying now before prices and interest rates go up.
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
For Maui Covid and All Updates: www.MauiRealEstate.net/blog
Regarding our Annual December Event to help our Maui County Children know they matter is generally held the first Saturday of December. This has been a very difficult decision which we have not finalized yet, depending on Covid rules. We know everyone loves to attend and support our Maui County children. For more information regarding this event, we will let you know in the near future. Please stay tuned.
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
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years
Hawaii Real Estate Blog 
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