This 2 bedroom 2 bathroom condo located in the Grand Champions complex is a definitely one of the best values for Wailea! This corner unit condo is located on the golf course and has fabulous view! Outstanding value at only $699,000! View more information here. Contact The Hansen Ohana today and take advantage of this opportunity!
LATEST REAL ESTATE STATS
Semi-annual figures released, Year to Date 2015
Statistics show the last few years have been a very stable and smooth market. Prices have been on the slow, but steady rise since 2011. At the end of June the median Home sale price was $607,098 which is a significant increase from last year which was $530,000. Surprisingly the Condo median price dropped from $444,500 to $355,000. Last month however, the median condo price was $459,900. The month to month changes can be deceiving as Maui is a small island and the number of sales and sample is small. A few sales can change the numbers significantly. Days on the market for both condos and homes remain fairly stable at about 4 months. Days on market generally depend on how well a property is priced. Over six months on the Maui real estate market is considered to be a Buyer’s market. Under six months on the market is a Seller’s market.
We were just at a presentation by Paul Brewbaker, the premier economist for the State of Hawaii. He continues to believe that we will maintain steady increases in prices. The last couple of years we have been in the 8 to 10% increase range. This year so far we have seen about 7% increase and Paul expects that we will settle in at about 6% for the next year then maybe 5% for the next 4 or 5 years.
Summary: The current thinking is that purchasers of condos and homes should have smiles on their faces until at least 2020. Personally, we are hoping that prices only increase moderately over the next few years so that we don’t witness a bubble like we did in 2007. Historically a sustainable price increase is 5 to 7 percent per year. Although we still have some catching up to do price wise, we may be approaching a sustainable price vs. market condition. Much depends on the global economy, as well as local and national events and politics.
WAILEA DEVELOPMENTS
THE ISLAND COUNTRY MARKET ~ The market, located on the north-east upper side of The Shops which will house a market, restaurant and wine bar is scheduled to open September 1st!
WAILEA BLUE ~ Recent name change back to its original name. The Club House and pro shop have moved back to its original location. The current 10,000 square foot buildings which houses Manoli’s, Urgent Care and Snorkel Bobs include the Pro Shop. Phase two will bring expansion of square footage of the existing buildings.
PI’ILANI SUITES ~ 200 Room All-Suite Hotel
Located on Wailea Ike Drive, the main entry will be across from Ekolu Place with the secondary entrance by the Wailea Town Center. This “Wailea Value” hotel is designed to attract families. A pool will be on site and food service will be offering breakfast and evening cocktails. The hotel roof appears near completion with the opening date scheduled for April 2016.
KEALA O WAILEA
This condo project located by the Gateway Center has begun sales. Phase One offered 30 units of which fifteen (15) were reserved by lottery on July 26th. The remaining were reserved by family and friends of the Developer. More units will be available for sale as time goes on. Email us for additional details: dad@MauiRealEstate.net
SINGLE FAMILY LOTS AT GOLF ESTATES
This new subdivision will be a part of the Wailea Golf Estates just below the current subdivision. They anticipate 16 lots of approximately 14,000 generous square feet each, with almost all having either ocean view or golf course frontage. The infrastructure has begun and looks like completion should be soon with offerings early Fall. Email us with your questions: dad@MauiRealEstate.net
MAKALI’I O WAILEA
This property is owned by Wailea Golf LLC and is planned to be co-developed by Armstrong Builders. It is located across the street and up from the Fairmont Kea Lani. The project is a sharp departure from the typical Wailea look. The look and feel will be mid- century modern with Hawaiian touches. There will be 17 buildings of 4 units each in a townhouse style. Most of the units will have grand ocean views and will be 2 or 3 bedroom homes with a garage. Construction is currently on hold.
HOKU O WAILEA
This condo project consisting of 75 Multi-family units in 15 three-story, five-plex buildings located on the corner of Wailea Alanui and Okolani Drive is several years away. Email us for further updates!
MORE INFORMATION
Presently there are a lot of new developments under way in Kihei, Kula, Kahului, Wailuku and West Maui. If you would like to learn about any of these new present or future developments, contact us at dad@MauiRealEstate.NET
On a personal note, 2015 has been a great year to date for The Hansen Ohana. Over the years we have had a combined almost a billion dollars in closed sales between the three of us. We have enjoyed assisting so many old and new friends in their purchase or sale of Maui property. We are proud of our combined over 50 years of real estate experience and truly love what we do. As full time Maui residents for over 26 years we have valuable contacts, experience and resources to assist our clients. Please call us anytime and if you or someone you know is considering buying or selling property on Maui. We look forward to hearing from you.
Warmest Aloha,
Bob, Clint and Donna
Bob Hansen, Realtor® Principal Broker
Clint Hansen, Realtor® Broker-in Charge
Donna D. Hansen, Realtor® (S)
The Hansen Ohana Real Estate Group
Maui Luxury Real Estate LLC.
Information herein deemed reliable but not guaranteed and is subject to change. If your property is presently listed for sale, this is not a solicitation for that listing.
Maui Luxury Real Estate LLC ~ http://www.MauiRealEstate.NET ~ 808-879-3667
First Quarter Report 2015
Aloha All,
As usual there is a lot happening around the Island. Last month there was a phenomenal $41 million dollar sale in a large lot subdivision in Wailea/Makena. To say the least this is a record home sale on Maui ~ and it is not even on the ocean, but it is private and is on over 3 acres. You might not see this on-line as the Buyers and Sellers did not want any publicity. This illustrates that the very high end remains strong. There have also been two notable Keawakapu beachfront sales in 2015 – 3024 S Kihei Road was sold to a buyer from British Columbia, Canada for $14.5M and another small home just closed for $7.7M. The properties over a million dollars in Wailea are taking a little pause, but their prices are holding well.
The prices on Maui under $1 million are doing well and there is about a 2 to 3 month supply of inventory which is very good for Maui. The median price of a home on Maui was $583,300 last year but has actually dropped to $575,000 at the end of April this year. The median price of a condo a year ago was $403,500, but now is $407,500. Last month we were fairly close to economist Paul Brewbaker’s prediction of around 7% increase in prices per year. As of the last meeting we had with Paul he continues to believe that this will continue for the next few years. This month however, the median price of a home dropped, as it did in 2013 and 2014. Is this a yearly seasonal change? Maybe, but we do know that this may be a short window of opportunity from a steady climb approaching pre 2007 levels.
Developments in Wailea are moving forward. A brand new hotel is going vertical and there is a lot of excitement on this. It is an all-suite, 200 room hotel and is designed to appeal to families. It is slated to be named The Residence Inn by Marriott and is located directly adjacent to the Wailea Town Center with very easy access to the Center and it’s now famous signature restaurant Matteo’s Osteria. Try that restaurant, you won’t be disappointed. When in the area please drop by our office any time. It is right beside Matteo’s. Something new to Wailea is happening at the Shops at Wailea. It is called paid parking. One other rumor is that the Shopping Center is for sale. See the link here. The owners are said to try the paid parking for a year to see what happens. Many Wailea residents and guests are upset and are busy writing letters to the manager and owners, but it seems like it is moving forward anyway. You can see the kiosks and gates going up now. All I can say is that I am glad our office is at the Wailea Town Center and not at the Shops. Time will tell on that one. The good news is that a medium size grocery store is being constructed at the Shops to help with quick grocery items needed by the local residents and visitors is steadily progressing.
Speaking of oceanfront ~ have you had the opportunity to view the online photos of our 16 acre listing in Olowalu check the link here. It’s a definite Wow.
If you prefer something a little smaller we also have a 2 acre property listed in Huelo right on the ocean with an absolutely awesome view.
Prefer a condo? We have vacation rentable condos in popular complexes such as Kihei Beach unit 102, Maui Sunset B306, Kamaole Sands 9-104, Kamaole One #12, Maui Banyan H-503 and others. If you are looking for possibly the two best home values in Wailea right now – be sure to check out our listings in Wailea Kialoa at 230 E Panana and Wailea Kai at 61 Waikai.
To receive updates regarding the projects throughout the Island (The Ritz Carlton Residences, Montage, the Upcountry brand new project, Wailea Golf Estates II, as well as many others) please email us. We also blog about projects and other interesting news around the island as much as possible ~ please be sure to check our blog!
Fun events coming soon:
Friday May 22- 23rd: 46th Annual Barrio Fiesta at the War Memorial Soccer Field on Kaahumanu Ave. Food concessions open at 5:00 pm, Parade of Queens starting at 5:35 pm. Dance entertainment. Saturday May 23rd at 10:00 am Veterans with be honored at a Memorial Service. Games, races, and a talent contest will take place throughout the day. Crowning 2015 Little Miss Barrio Fiesta will help conclude event. Updates available on the event Facebook page here.
May 24th – 30th is the popular Restaurant Week in Wailea. It’s a great opportunity to enjoy fabulous restaurants and support the Maui Food Bank. Additional information is available on their site here.
Wednesday June 3rd, through Sunday, June 7th: Maui Film Festival! New: Grand Wailea will host a Taste of Summer opening party! Various ticket options as well as pricing available. Find the various ticket package options here. Movie goers can save up to 20% on passes thru June 2. Event schedule available here.
Saturday and Sunday June 13th and 14th : Support our future farmers who have worked so diligently! Maui’s Annual Upcountry 4H Livestock and Agricultural Fair. BBQ Cook-Off Contests, enjoy Maui made products, delicious food, rodeo and live entertainment. Special appearances just for Keiki including Elsa from Frozen! The event Facebook page, viewable here, has information and updates on the event.
Please contact us when you or someone you know is looking for real estate assistance. Just drop us a line or give us a call. Summer is around the corner and it is a great time to buy with interest rates still low. Additionally, if you are considering selling, we would love the opportunity to discuss our experience, explain the market activity in the specific area your property is located, as well as show you our marketing plan.
Respectfully,
Bob, Clint, and Donna
The Hansen Ohana Real Estate Group
Bob Hansen, Realtor/Broker
Clint Hansen, Realtor/Broker
Donna Hansen, Realtor (S)
Condo sales had a rise not only in unit sales, but also in median price this month. 94 units were sold in August. Volume increased to $75 million compared to last year at $61 million.
For buyers making an offer, well-priced properties are drawing multiple offers. Cash still is king! Property purchasers paying with cash are able to have a stronger negotiation with a shorter close and no appraisal hassles. Don’t forget to get pre-approved! Interest rates are starting to increase. Pre-approval is recommended enabling buyers to shop with confidence.
Although residential unit sales decreased by 6%, the average selling price increased 15%. For sellers, property needs to be competitive with realistic pricing, flexible terms, and good property condition. Help prevent escrow fall out by having properties appraised, inspected, and surveyed. Realistically priced properties are selling!
The Hansen Ohana strives to keep you up to date with the latest in real estate news. If you or anyone you know is looking to buy or sell property, don’t hesitate to contact us! Thank you to Terry Tolman of the Realtors Association of Maui for the statistical compilation and market insight.
Hawaii Real Estate Blog 
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