Christie’s International Real Estate Strengthens Position in Hawaii With the Addition of a New Affiliate in Maui

Maui Estates International LLC Joins Leading International Network of Luxury Real Estate Brokers

New York, New York—Christie’s International Real Estate, the world’s leading luxury real estate network, has awarded Affiliate status to Maui Estates International LLC. The firm has two branch offices, located in Kapalua and Wailea Resorts, and will exclusively represent the Christie’s brand on the islands of Maui, Lanai, and Molokai, including the international destinations of Kapalua, Kaanapali, Lahaina, Wailea, Makena, Hana, and all of Upcountry.

Wholly owned by Christie’s, the world’s leading art business, Christie’s International Real Estate is represented in more than 40 countries. Maui Estates International LLC joins this carefully selected organization of brokerages with proven records of success in both high-end property sales and exemplary client service.

“Maui Estates International has established a reputation for integrity, discreet client service, and exceptional professionalism that has won the company respect beyond the Hawaiian shores,” says Zack Wright, Senior Vice President of Christie’s International Real Estate. “The brokerage is comprised of an exceptional team of Maui’s top real estate professionals, each of whom has extensive domestic and international marketing and sales experience. We are delighted to welcome Maui Estates International to the Christie’s International Real Estate network.”

Maui Estates International LLC Owner and Principal Broker Mary Anne Fitch states, “We look forward to our affiliation with Christie’s and the tremendous exposure it will generate for the clients we represent. Maui Estates International and Christie’s share the common goal of providing the highest possible level of service to our clientele. Together, we believe that we will exceed client expectations in every transaction.”

Bob Hansen, Broker-In-Charge (Wailea Office) of Maui Estates International LLC adds, “The Hansen Ohana Team is very pleased to be affiliated with Christie’s. We look forward to this mutually beneficial and wonderful opportunity for us to introduce Christie’s luxury clientele to the many beautiful and unique features and facets our islands have to offer. Whether buying or selling, our multi-generational top-performing team looks forward to this new opportunity to provide the unsurpassed service and experience that our clients know and expect to those considering making their Maui dreams reality.”

ABOUT MAUI ESTATES INTERNATIONAL LLC

Mary Anne Fitch’s team and the Hansen Ohana Team have successfully closed over US$1 billion in sales on Maui, primarily in the luxury estate market. Their clients benefit from strong negotiation skills and unsurpassed knowledge of the Maui real estate market to enhance client service satisfaction.

Hirono Hosts Fraud, Foreclosure Education Seminar

By Sonia Isotov
Article from: http://www.MauiNow.com

With homeowners struggling to protect themselves against foreclosure and fraud prevention, Congresswoman Mazie Hirono has organized a free event August 27 to help educate the public about helpful resources available in Hawaii and on Maui.

The event will be held at the Maui Waena School in Kahului on Saturday, August 27 from 10 a.m. to 2 p.m. The public is encouraged to attend this free presentation on foreclosure prevention assistance, make an appointment to meet with a housing counselor, or just gather information.

Presentations will be made from 11:30 a.m. to 1 p.m. by the following organizations on several pertinent topics:

■Act 48, Hawaii’s new foreclosure law and the Mortgage Foreclosure Dispute Resolution Program [Department of Commerce and Consumer Affairs]
■Foreclosure Prevention Assistance [Hawaii Home Ownership Center (Oahu) and Hale Mahaolu Homeownership and Housing Counseling Program (Maui)]
■Avoiding Foreclosure Scams [Legal Aid Society of Hawaii]
Other organizations that will be participating are the following:

• Consumer Credit Counseling Service of Hawaii
• Department of Hawaiian Home Lands Home Ownership Assistance Program
• Fannie Mae
• Freddie Mac
• Hawaii Maoli
• Hawaii State Judiciary, Center for Alternative Dispute Resolution
• Hawaiian Community Assets
• U.S. Department of Housing and Urban Development
• U.S. Department of Veterans Affairs Loan Guaranty Program

The RSVPs are appreciated but not required by email to Hirono.HawaiiOffice@mail.house.gov, call (808) 541-1986.

No Tsunami Threat to Hawaii After 6+ Japan Quake

August 18th, 2011

By Wendy Osher
Article from: http://www.mauinow.com

There is no tsunami threat to Hawaii following a large magnitude quake near the east coast of Honshu, Japan. The quake was initially reported to be 6.8, but the USGS has the magnitude listed at 6.5. The quake occurred at 7:36 p.m. HST on Thursday, August 18, 2011 (or 2:36 p.m. Friday, August 19 at the epicenter).

The Pacific Tsunami Warning Center issued a statement indicating a destructive Pacific-Wide tsunami is not expected and there is no threat to Hawaii, based on all available data.

The quake was measured at a depth of 24.3 miles.

It was located 61 miles SE of Sendai; 64 miles NE of Iwaki; 70 miles E of Fukushima; and 175 miles NE of Tokyo.

South Maui Community Park, Bikeway Open

Long-awaited projects make headway. “It has taken a lot of funding… and a lot of patience.”

By: Steve Slater & Debra Lordan
Article from: Maui Weekly

The grand opening of the first phase of the South Maui Community Park was celebrated on Friday, July 29, as well as the opening of the Kīhei Bikeway and maile-cutting ceremony for Kīhei’s first proposed roundabout. The mayor said these projects are the start of others that will create a healthier environment for local families around the county. “This is for our children and our children’s children, those who will eventually shape our future,” he said.

Even under partly cloudy skies, it was still a very bright day for South Maui as Maui County Mayor Alan Arakawa, County Council members, community leaders and a crowd of approximately 100 community members gathered for the grand opening of the first phase of the South Maui Community Park on Friday, July 29. And on the same day, the mayor also became the first to roll out on the new Kīhei Bikeway Project, and cut the maile lei for Kīhei’s first roundabout, which, when completed, will connect to the bike path.
The 44-acre park makai of the Pi‘ilani Highway near Lokelani Intermediate and Kīhei Elementary Schools has been in the planning process for seven years and under construction for the past year-and-a-half.

Speaking for past administrations, Mayor Arakawa said the park was long overdue for the Kīhei community, which began asking for their own park in the late 1980s.

“This has been the work of four administrations now,” said the mayor. “It has taken a lot of funding… and a lot of patience.”

South Maui Community Park will be completed in three phases. The recently completed components of Phase 1 include 20 landscaped acres with a soccer/utility field, baseball field, lighting, restrooms, a 3,000-square-foot playground, concrete benches, a concession stand, picnic tables, grilling pits, access roads and a 113-car parking lot.

According to Maui County Parks and Recreation Deputy Director Patrick Matsui, about $11 million was spent on the initial part of Phase 1, which was constructed by Goodfellow Bros. Inc. The $11 million didn’t include an estimated $200,000 worth of state-of-the-art playground equipment and rubber safety surface, which were donated and installed by Pyramid Project Management, the Grand Wailea and other volunteers. Maui Land & Pine also donated park trees.

Phase 1 will conclude with the construction of a 1,000-seat gymnasium. Superintendent Matsui said the gym will cost about “that much again” to complete the phase. He said they are not sure when funds will be allocated to complete the gymnasium or the final two phases of the park, but added that if the Honua‘ula housing project is built by Wailea 670 Associates in Mākena, the company reportedly will donate $5 million toward the completion of the community park.

Goodfellow Brothers representative Ray Skelton noted that the project was as “green” as possible.

“We recycled the clearing material, using dirt and rock from on site,” said Skelton. “That saved 570 truckloads of fill.” He noted that 25 million gallons of reused water was utilized in building the park. Skelton also said that 75,600 man-hours were needed in the construction, and at its peak, there were 85 employees.

South Maui Councilman Don Couch thanked “everyone who stuck to this,” spotlighting the Kīhei Community Association “for keeping our feet to the fire.”

The 24 acres yet to be developed in Phases 2 and 3 will include more soccer and other playing fields, two more playgrounds, a pavilion, youth center and tennis and basketball courts. Construction is estimated to be completed anywhere between 2015 and 2020.

“As Kīhei grows, its facilities must grow with it,” said the mayor. “We hope children of all ages will enjoy this park for generations to come.”

“Let’s make this the jewel of Kīhei,” said Councilman Couch.

Also on Friday, after cutting the maile lei during a ceremony at the corner of Liloa Drive and Pi‘ikea Avenue, Mayor Arakawa rode a borrowed bicycle over the first 50 yards of the Kīhei Bikeway, “drafted” by a small group of bike riders who also wanted to try out the path spanning a little less than a mile from East Waipuilani Road to East Līpoa Street.

Speaking to the crowd beforehand, the mayor said that this project was the start of others that would create a healthier environment for local families around the county.

A groundbreaking ceremony was also held for the Kīhei Roundabout at the intersection of Liloa Drive and Pi‘ikea Avenue. Work was scheduled to begin on Monday, Aug. 1, and once complete, it will become a part of the bikeway. The roundabout is expected to improve traffic and pedestrian safety in the area.

“Everyone will want one,” said Councilmember Couch. “Go back to your community and say, ‘Where’s ours?’”

The Kīhei Bikeway took about three-and-a-half years to complete at an estimated cost of $2.9 million, which includes nighttime lighting along the path.

The roundabout project is estimated at $1.9 million and will take about 270 days to complete construction.

“This project [the bikeway] took way too long,” said Public Works Director David Goode. “As long as I’m in office, projects will not take this long.”

“Let’s build a healthier Maui,” the mayor commented about the bikeway. “One that we want our children to live in.”

“In the end it has all been worth it,” Mayor Arakawa said about the recently completed projects. “This is for our children and our children’s children, those who will eventually shape our future.”

The bikeway and park are now open. The park’s first official use will occur this month, when a girls’ fast-pitch league will initiate the ball field.

Maui July 2011 Sales Statistics

Brief Maui Statistics Overview:
July’s Sales Volume – July’s Residential Sales declined to 65 homes sold, while Condo Sales declined to 97 units sold. Land sales came in at 13 lots sold, same as June.

July’s Median SALES prices – Home median prices declined to $410,001, while Condo median prices rose to $325,000. Land median price rose to $400,000.

Days on Market for Residential homes = 144 DOM, Condos = 203 DOM, Land = 242 DOM.
(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also – Short Sales transactions can often take 4-6 months to close thereby extending the
marketplace’s average DOM.

Year to Date: Comparing January-July 2011 to January-July 2010 – Residential unit sales rose (+4%), average sold price = $780,238 (+2%), median price = $441,500 (-6%) and total dollar volume sold = $396,361,086 (+6%). This includes the bump up in sales last year due to 2009-2010 Federal Tax Credit programs and 2011 numbers may catch up as the year progresses. Condo unit sales increased (+1%), average sold price = $510,735 (-30%), median price = $325,000 (-23%). Total Condo dollar volume sold = $379,476,462 (-29%).
Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales decreased (-5%), average sold price = $620,277 (+18%), median price = $330,000 (-27%), Total dollar volume = $50,862,751 (+13%).
Also, total sales for immediately past 12 months: Residential = 835, Condo = 1,154, Land = 123.

August 7, 2011 – Active/Pending/Contingent status inventory:
Aug. July June May April Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug.
Homes 871 869 917 935 958 964 953 963 974 976 1,001 981 994
Condos 1,120 1,124 1,159 1,203 1,305 1,331 1,379 1,383 1,371 1,347 1,394 1,455 1,503
Land 531 515 532 547 554 557 566 569 601 596 601 620 604

Current Absorption Rate base on this month’s Active inventory divided by July Sales is:
Residential = 13.4 months, Condo = 11.6 months, Land = 40.8 months.

IN A NUT SHELL…… the good, the bad….. AND THE ROAD AHEAD ……
Strong buyer-showing activity is now evidenced in actual reported sales, with multiple offers competing for wellpriced properties. Inventories have declined 13-20% over the past 12 months. Many short sales and REO (bank owned) properties will need to be absorbed as sales before we can move ahead to a more normal marketplace. Interest Rates are remaining near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Current World and US events will have ripple effects on cost of living, consumer confidence, and our Real Estate Market.
FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell. UNLESS- you are motivated to Upsize, Downsize or Upgrade – While selling now will net less, your next property will cost less. Sharpen your pencil, talk to your CPA and Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later.
To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor. BEST Deals are selling, everything else is getting old. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your
price down during the transaction when previously unknown facts come to light. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.

FOR BUYERS: Low interest rates may start to inch up. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). More “short-sales” and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent on requirements for loan approval. First-Time Home Buyers – Many programs are available….. Attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could own a home, and are glad they did.
This low point in the market is your rare chance, so check it out carefully.
Disclaimer: Zooming in on the figures of a specific geographic area or property type may lead to different conclusions that looking at the overall view. Maui’s market place is much smaller than Oahu’s, and a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another.

Statistics and Information Provided by RAM (Realtors Association of Maui)
***For questions or to discuss a specific property or unit please contact The Hansen Ohana at (808)879-3667***