Makena Project To Move Forward

Maui Planning Commission received just enough votes to move forward with the proposed Makena Resort Project.  The proposed 158 Unit project would include 88 multifamily units, 20 single family cottages, 26 single family customs lots, 10 vacation rentals, and a resort oriented 14 condos and commercial space.

The planning commission has been presented with alternative plans that would include affordable workforce housing in one of the buildings.  Other proposed alternatives would be moving larger structures inward and have smaller structures be road side.

To read this entire article, visit the Maui News website here.

For more information email us at Hansens@MauiReal Estate.Net of Maui Luxury Real Estate LLC, Wailea Town Center, Maui Hawaii.

Business Park In Pulehunui

Deportment of Land and Natural Resources is purposing a 285 acre business park on the old sugar lands of Pulehunui.  Proposed usage would include industrial, commercial, government, and nonprofit.

The formerly leased land is now back in the states hands. The hope is to generate longterm lease revenue that will support some of the Department of Land and Natural Resources other programs.  Those programs include wildlife, forestry, and parks to name a few.

This project is open to public review.  Comments on the project are due by April 7th.  To read this entire article, visit Maui News here.

Economic News

Housing starts rocketed to a nine-year high, while retail sales exceeded market expectations and layoffs dropped to their lowest point in 43 years.

Housing Starts

Starts on new housing construction hit their highest point since the height of the housing boom in 2007. Starts on private housing in October shot up 25.5 percent, to reach an annual rate of 1.32 million, according to last week’s joint release from the Census Bureau and the Department of Housing and Urban Development.

Compared to the same period last year, October’s rate for overall housing starts was 23.3 percent higher than October 2015’s rate of 1.07 million. Starts on single-family homes grew 10.7 percent to hit a rate of 869,000.

“Housing starts are being driven higher by improved household growth as the economy promotes further job and income gains,” Nationwide Mutual Insurance Co. Chief Economist David Berson told U.S. News & World Report. “With improved employment and income prospects, millennials are an expanding portion of housing demand as they move out of their parents’ homes — increasingly to form families.”

Construction permits issued for private housing ticked up 0.3 percent in October to an annual rate of 1.22 million, which was 4.6 percent over October 2015’s rate of 1.17 million. Permits for single-family homes grew 2.7 percent in October to a rate of 762,000, which was 2.7 percent higher than September’s 742,000 permits.

Retail Sales

Retail sales for October grew 0.8 percent to hit $465.9 billion, beating marketing expectations of 0.6 percent, and sales for the August-through-October period increased 3.3 percent, the Census Bureau reported last week. Compared annually, October’s sales were 4.3 percent higher than October 2015’s and notably sales in October for non-store retailers (such as online businesses or kiosks) jumped up 12.9 percent over their October 2015 sales.

Key performers were sales for gasoline stations, which grew 2.2 percent; sporting goods, hobby, book and music stores, which increased 1.3 percent; building material and garden stores, which gained 1.1 percent; and food and beverage retailers, which enjoyed a 0.9 percent gain.

“The consumer is in very good shape and is poised to continue to lead the economy forward based on rising wages, low unemployment and clean balance sheets,” Amherst Pierpont Chief Economist Stephen Stanley told the Wall Street Journal.

Initial Jobless Claims

First-time claims filed for unemployment benefits by the recently laid off during the week ending November 12 tumbled to 235,000, a decline of 19,000 claims from the preceding week’s total of 254,000, the Employment and Training Administration reported last week. This is the lowest level for lay-offs since November 24, 1973’s total of 233,000.

The four-week moving average — considered a more stable measure of layoffs — fell to 253,500, a drop of 6,500 claims from the prior week’s average of 260,000.

This marked the 89th straight week of initial jobless claims below 300,000 — a level that economists say indicates a growing job market — and the longest streak since 1970.

This week we can expect:

     Tuesday — Existing home sales for October from the National Association of Realtors.

      Wednesday — New home sales and durable goods orders for October from the Census Bureau; initial jobless claims for last week from the Employment and Training Administration; consumer sentiment for November from the University of Michigan’s Survey of Consumers.

       Friday — Wholesale inventories for October from the Census Bureau.

Thank you to Brady Spangler of Axia Home Loans for this information.

~Events This Weekend~

Kick-off your Halloween weekend starting with the Annual Halloween Carnival at Maui Mall this Friday October 28th from 5:30 pm to 8:00 pm.  Keiki will enjoy games, crafts, prizes, and a costume contest.  Pets are welcome to participate in their own costume contest (pre-registration required for pets). This event will be hosted by Native 92.5 Dane Patao with celebrity guests judges Charly & Ed from the morning show on 99.9 Kiss.  More information available via the events Facebook page here.

On Saturday October 29th from 6:00 pm to 10:00 pm, the Maui Filipino Community Council is hosting its very first Masquerade Ball!  Come celebrate with music, dancing, a costume contest, and delicious Filipino cuisine.  $30.00 ticket pricing that will include dinner!  Attire for this event is formal with a the theme colors being black and gold.  More information available here.

Happening all weekend from October 28th thru October 30th, the Hyatt Regency Maui Haunted House!  This event has taken place for over 10 years!  All proceeds from this event will benefit the Charity Walk 2017.  The Haunted House is located across from the Japengo entrance and will be open from 5:00 pm to 8:00 pm. Tickets are $5.00 for adults and $3.00 for children.  Visit the Maui Hyatt Regency website for more information.

Enjoy the remainder of your week and have a safe and fun filled Halloween!

Mid-Summer Newsletter

A LITTLE BOASTING FIRST!

We are very proud to announce that Hawaii Business Magazine awarded both Bob and Clint Hansen with the prestigious State of Hawaii Top 100 Realtor designation.  It’s important to note that there are over 10,600   licensed agents in the State of Hawaii and Bob and Clint are the first father and son on Maui to both receive this recognition.  It’s their hard work and dedication that set them apart from so many others.

LATEST REAL ESTATE STATS ~ Semi-annual figures released, Year to Date 2016

Statistics for Maui show the last few years continue to be a stable and orderly market.  Prices have been on the slow, but steady rise since 2011.  At the end of June the median Home sale price was $657,000 which is a nice increase from last year which was $607,000.   The Condo median price increased slightly from $355,000 to $384,000.  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.

The Global Market is a bit of a mixed bag.  Our Worldwide partner JUWAI reports that Asian housing markets show Hong Kong down almost 10% from last year, while Japan had a 5.5% increase.  Philippine market chats a healthy growth of 3.9%.  The Middle East price increases have slowed but are still showing some increases.  Qatar for instance reported a 9.7% increase compared to last years’ 27.81% increase.  Israel rose 4.52% while Dubai had a decrease of 9.26% (oil prices?)  The United States housing prices grew 4.29% while Canada grew 5.67%.

Summary:   While there is always local and international news that could affect the housing market, Real Estate has been and continues to be a store of value as well as one of the best ways to increase ones net worth and family security.   The current market is sustainable into the future and with the current and continuing low interest rates it continues to be a great time to buy.l and international news that could affect the housing market, Real Estate has been

Great News!  The new Wailea hotel “Wailea Residence Inn” is very close to completion, with the dust fences already removed, and expected to open in August.  Congratulations to RD Olson for a job well-done.

For up-to-date information regarding new projects for workforce housing, affordable housing to very high-end communities throughout Maui and the Hawaii Islands email us at dad@mauirealestate.net.

Behind the scenes, the Hansens work diligently on our marketing efforts utilizing the most effective resources and tools. They are now promoting listings in 3D with the new Matterport system. This cutting-age tool allows buyers to experience fully immersive virtual spaces that feel so real, it’s like being there. The models are easy to share with anyone with a computer or mobile device.

 

Mahalo for your continued support and loyalty!  Bob, Clint and Donna

Bob Hansen, Realtor® Principal Broker

Clint Hansen, Realtor® Broker-in Charge

Donna D. Hansen, Realtor® (S)

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

161 Wailea Ike Place, Wailea Town Center Suite A-106