Visitors Increase For Lanai And Molokai

Lanai had a 19.1% increase in visitors for the month of July as compared to the same time last year. Spending on Lanai increased over the year a whopping 67.9% to $8.6 million.

Molokai also saw increases in visitors and expenditures. Visitors increased by 32.2% and spending increased 109.5%.

The increase in Lanai is due largely to new visitors coming and staying at the recently redone Four Seasons Resort Lanai. The resort, formally the Manele Hotel, reopened in February 2016.

Overall vistors have increased 5.3 percent statewide. Visitor spending also grew to 4.8% in July, and 9.8% for the year to July totals.

Real Estate Update

We thought a short update on Maui and the Real Estate market would be of interest to you.

If you look at sales data you will see prices are steadily and solidly increasing at a modest rate over the last 3+ years.  Island wide all properties are valued at $610,000 which is a 6.1% yearly increase.  Single family homes are valued at $674,885 which is a 3% yearly increase.  Condos are valued at $468,000 which is a 7.6% yearly increase.  Keep in mind that this is an average and that different areas may be more or less than this average.  The bottom line for Maui is that there does not seem to be a bubble in prices like other areas on the Mainland.  Time will tell.  Check on the complete Maui statistics at https://www.mauirealestate.net/real_estate_stats.html

Properly pricing a property for sale is essential!  Although there are a lot of factors that can affect days on market, properties that have been on the market for more than 6 months may want to consider a change in their pricing strategy.  Overpriced properties are sitting and can seem “stale” even when a price reduction is done. 

Have you heard?  The first phase of construction has begun on the new Kihei High School!  South Maui’s future high school is scheduled to open for the 2021-2022 school year.  A track and outdoor basketball and tennis courts will be part of the new campus.

Considering West Maui or popular Ka’anapali?  We are very excited about the newest project underway. It is called Luana Garden Villas which is part of the Honua Kai Resort.  Luana Garden is composed of 72 large three bedroom, three bathroom villas.  The Honua Kai property has a reputation for good rental history and fabulous pools, grounds and of course, the famous Dukes restaurant.  The Villas run from $1.9 to $2.4 million.  Building 1 has started going vertical, work on building 2 is well underway and prep for pouring slabs on buildings 3, 4 and 5 has also begun.  Call us for more info.

Please give us a call for updates in your specific area.  We are here to help.  Here are our numbers.

Clint Hansen 808-280-2764

Donna Hansen 808-280-1650

Bob Hansen 808-283-9456

Maui Luxury Real Estate LLC

The Hansen Ohana

dad@mauirealestate.net

July 2018 Newsletter

The Hansen Ohana Real Estate Group’s July 2018 Newsletter

We are thrilled to share with you that Bob and Clint were both recognized again this year as Top 100 Realtors for the State of Hawaii by Hawaii Business Magazine. With over 14,000 real estate licensees in the State this is a tremendous honor. They are the only father and son to both be recognized in the same year ~ 2018 was the second time they accomplished this feat.

LATEST REAL ESTATE STATS

Maui continues to show modest gains in real estate values over the last year. Lack of inventory is the number one issue facing Maui today. The average inventory decrease measured in months supply for Maui homes over the last year went from 6.2 months to 5.6 months supply for homes and went from 8 months to 5.2 months supply for condos. Pending sales have increased for all properties by 6.4% from the same time last year. This again shows the steady decrease of available inventory and increase in demand.

We continue to see increases in average homes prices island wide over the last year from $620,000 to $670,000 (an increase of 4.7%). There was an increase of average condominium prices (island wide) over that last full year from $421,000 to $465,000 (an increase of 6.9%). Over-all this is more evidence of a continued forecast of upward pressure on real estate prices. No one knows what will happen in the future, but affordability of homes may be hurt with continued increases in interest rates and home prices. The good news is that it really looks like there is no bubble in real estate prices like there was in 2007. Moving forward there may be a slight adjustment in the upper-end segment as new higher-end developer inventory in Wailea is coming back to the market as re-sales. Time will tell.

As always if you have any questions please email us at dad@mauirealestate.net or call Clint at 808-280-2764 or Bob at 808-283-9456.

In summary, while there is always local and International news that could affect the housing market, Real Estate has historically shown to be a store of value as well as one of the best ways to increase one’s net worth and family security. The current market appears sustainable into the near future.

WAILEA Updates:

TURTLE TRACKS

Many of us have noticed a new 7 passenger electric cart around Wailea and Kihei. This is a new transportation service and looks like a lot of fun. It is nice to know that you don’t have to rent a car to get around Wailea or Kihei.

SINGLE FAMILY LOTS AT GOLF ESTATES II

This new subdivision will be a part of the Wailea Golf Estates minus some Wailea benefits located just below the current subdivision. There are 16 lots of approximately 14,000 square feet each, with some having either ocean view or golf course frontage. The infrastructure is complete and sales, while a little slow, are happening. One developer built home is also currently in progress. 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. Pre-sales are over 90% sold and on-site breaking ground has begun.

MAKENA’S DISCOVERY LAND PROJECT

Makena’s Discovery Land gets the green light! We recently visited the newly approved project Makena Sunset which are now part of the Makena Resort with full club privileges. There are very few units available at around $12 million. We feel this is a special project with a fabulous location and ocean views. Makena Discovery Land will consist of 67 multifamily units: 18 single-family cottages, 26 custom lots, 9 vacation rentals and 14 condominiums. The project also allows for 27,300 square feet of commercial space. Have questions or interest? Call us for more information and a private tour: dad@MauiRealEstate.net 808-280-2764 (Clint) or 808-283-9456 (Bob).

HONUA KAI VILLAS NEW DEVELOPMENT

The opening of offerings of the first release of Luana Garden Villas l at Honua Kai Resort and Spa in Ka’anapali was very strong with over $60 million in sales since April 7th. There will be 72 three bedroom, three bathroom Villas with one car garages ~ 4 different floor plans available and are short term rentable. Construction has begun. We were impressed with the floor plans, finishes and location. Call us for more details.

MORE INFORMATION

Presently there are a lot of new developments at various price ranges, both residential and commercial, under way in Kihei, Kula, Kahului, Wailuku and West Maui. If you would like to learn about any of these new, current or future developments, contact us at dad@MauiRealEstate.NET

New law increases HARPTA (Hawaii Real Property Tax Act) from 5% to 7.25% for all transactions closing on or after September 15, 2018. For transactions closing on or before September 14, 2018 the 5% rate applies. What is HARPTA? “The Hawaii Real Property Tax Act: Hawaii Revised Statutes 235-68 seeks to ensure that non-residents of Hawaii – individuals and entities – report and pay applicable capital gains tax when they sell Hawaii real property interests.”

On another note the Wailea Community Association has notary services once again.

Please call us anytime 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)

INNOVATE Program

INNOVATE program interns will be submitting their findings to the University of Hawaii Maui campus this Friday. For those interested, the presentations are open to the public in Room 225 of the Laulima Building. Presentations will be heard between 3:00 pm to 4:30 pm.

The main focus of the project was on resource use and  energy efficiency. Data was used from manufactures such as Maui Tempeh, Waikapu Pickles, and Maui Screen Printing. Recommendations will be made on how to cut costs and on becoming more sustainable.

The Sustainable Living Institute and the Hawaii Technology Development Corp. are the hosts and sponsors of the project. Anyone interested in an internship can learn more at sustainablemaui.org.

Maui Best Property Tax Rates Prevail!

The budget chairman, Riki Hokama, said Friday that he had nixed the mayor’s proposed tiered scheme for property taxes designed to increase income from second homes and investment properties.

His proposed property tax rate structure follows with proposed and current rates per $1,000 of assessed value:• Homeowner, $2.85, $2.86.• Commercialized residential, $4.55, $4.56.• Residential, $5.52, $5.54.• Agricultural, $6, $6.01.• Apartment, $6.31, $6.32.• Conservation, $6.35, $6.37.• Commercial, $7.25, $7.28.• Industrial, $7.45, $7.49.• Short-term rental, $9.28, $9.28.• Hotel and resort, $9.37, $9.37.• Time share, $15.41, $15.43.

Maui continues to have reasonably low real estate tax rates. Contact The Hansen Ohana today for all your real estate needs!