Mid-Summer Newsletter

LATEST REAL ESTATE STATS

Semi-annual figures released, Year to Date 2017
Statistics for Maui show the last few years continued to be a stable and orderly market, however there has been a significant increase in the number of sales and median price from last year.  Prices have been on the slow, but steady rise since 2011.  At the end of June the median Home sale price was $740,000 which is an increase of 12.3% from a year ago.   The Condo median price increased a robust 13.3% to $435,000.  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.  Buyers are educated so pricing above market just means the property will sit a lot longer to sell unless they can find a reliable service as houseofcashin.com to make the sell easily.

Job creation is high and interest rates (while increasing slightly last month) remain at historic lows.  The pull toward home ownership remains high.  On the other side housing starts remain low which points toward a continued housing shortage on Maui.  With demand high for homes and supply low we might expect prices to continue to increase.  It’s also important to keep in mind that Maui is a relatively small market and a few sales can skew the statistics.

On Friday July 21, 2017 we attended an economic presentation featuring, Paul Brewbaker, who many consider to be the most the most highly regarded economist in Hawaii.   In a nutshell he said (barring some disaster) that there is no immediate threat of a downturn in real estate, there is no bubble and it is like we are on a slow and steady escalator ride into at least the early 2020’s.  For the complete video of Paul’s presentation 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 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 future and with the current and continuing low interest rates it continues to be a great time to buy.

WAILEA DEVELOPMENTS

KEALA O WAILEA
This condo project located by the Gateway Center is under construction and moving along steadily with only a few left.   Most of the units are under contract, but there are a few left from the $800,000s with one available with a fantastic view in the 3 building around $1,200,000.

SINGLE FAMILY LOTS AT GOLF ESTATES II
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 is complete and sales, while a little slow, are happening.  One developer built home is also currently in progress. Email us with your questions:

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. Presale is getting close to the magic number to begin construction.  As of this date they report 54% are under contract.

MAKENA’S DISCOVERY LAND PROJECT
Makena’s Discovery Land gets the green light!  We had the opportunity to revisit this very interesting project offering a lot of integral working parts. The unanimous Planning Commissions approval to get started allows this development with golf course, private club, restaurant and dwellings get started.  Have questions or interest?  Call us for more information and a private tour:  dad@MauiRealEstate.net 808-280-2764 (Clint) 808-283-9456 (Bob).

MORE INFORMATION
Presently there are a lot of new developments 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, present or future developments, contact us at dad@MauiRealEstate.NET

On a personal note, 2017 has been a great year to date for The Hansen Ohana.  In 2016 both Clint and Bob Hansen earned the Top 100 Realtor designation for the State of Hawaii.  We believe this is the first time a father and son (separately) have both been recognized with this prestigious award.  Clint additionally received the 2017 top award.   We have enjoyed assisting so many old and new friends in their purchase or sale of Maui property in every price range.  We are proud of our combined 75+ years of real estate experience and truly love what we do.  As full time Maui residents for over 27 years we have valuable contacts, experience and resources to assist our clients.  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)

The Hansen Ohana Real Estate Group
Maui Luxury Real Estate LLC
Wailea Town Center
161 Wailea Ike Place, Suite A-106
Wailea Hawaii 96753

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.

Expansion Being Considered

We were pleased to see the county considering plans to expand Kula Agricultural Park.  If you have ever attended a 4H event and watched our future farmers with such enthusiasm on their faces as they learn about the different aspects of farming, it can make your heart sing.

The Maui News reported that the county is considering leasing and hopefully eventually purchasing 869 acres of former sugar cane land. The hope is to open the doors for small farmers who otherwise don’t have the opportunity for small farming parcels.

The 869 acres the county is considering would be able to grow crops that would include bananas, papayas, pineapples, cucumbers, tomatoes, corn, potatoes and chickpeas. Livestock could also be raised there as well.

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

Waiehu Golf Course Saved

Maui County Council Budget and Finance Committee finalized the budget for 2018. The budget includes saving Waiehu Golf Course, and funds to resurface roads. The budget for 2018 fiscal year will take effect on July 1.

The proposed budget is $45.3 million more than the current fiscal years budget. $5.2 million is allocated for road resurfacing, and $2.5 million on environmental protection. Saving the golf course was a priority for the committee.  Other Budget highlights include $4.3 Million for the revitalization of Wailuku town, $25 million for a new county service center at the Maui Business Park in Kahului, $1.2 Million for the expansion of Kula Agricultural Park, just to name a few.

To read this article in its entirety list Maui News here.

Budget For Kaiser Agreed On

A budget for the Maui County hospitals to be run by Kaiser Permanente was agreed upon by legislative officials on Monday.  The $33.4 million budget would include improvement and expansion plans as well.

The final total figure has not been agreed upon, but the two-year budget is expect to run from July 1, 2017 to June 30, 2019. Lawmakers could go to vote as early as tomorrow on budget bills.

Other budget items that may be voted on include $3.7 million for the Paia bypass design, $103 million for Kahului Airport improvements, $9.3 million for Kaanapali Beach restoration, $2 million to replace the gym floor and make band room expansions at Maui High School, and many others! All budget worksheet details are available in the Office of Executive Judiciary and Office of Hawaiian Affairs.

To view this article in it’s entirety visit Maui News here.

Grid Solar Supply

For a short time, MECO is processing Maui Customer Grid Supply Solar solar applications again, without the need for batteries.  This won’t last long! Right now, you have an opportunity to get your solar PV system pre-approved, and save you thousands of dollars, since you can do it without batteries. If you are even contemplating solar PV, you should submit an application now. This will keep your options open for the next 18 months. Pacific Energy does not charge an application processing fee, like almost all other solar companies. Contact Pacific Energy to submit an application within the next few weeks, to be sure you can take advantage of this opportunity. Please tell your clients, friends and family.
*Disclosure: The owner of Pacific Energy is related to the owners of Maui Luxury Real Estate.