Tag Archives: economy

The Hansen Ohana Newsletter January 2019

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HANSEN OHANA NEWSLETTER

Happy New Year!

Thank you to all those who have contributed to The Hansen Ohana’s annual drive for deserving children on Maui.  This year we topped last years’ numbers by over 25%. That is the most money, toys and gift cards we have ever received and donated.  Mahalo nui to all for such a fantastic response.

We are in yet another high season  ~ busy time for real estate.  Here’s a quick update on the market.

By now we’ve probably all heard or read reports that many US markets are experiencing a slow-down.  Early to mid-last year Realtors were complaining that they wanted more inventory and stable prices.  Well, we have that now and some still complain.  The vast majority of economists predict that the market will continue to steadily increase, but at a much more sustainable pace (3% or so).  Many economists are calling it a “soft-landing”.

Inventory on Maui is still shrinking, but some price increases have moderated.  Island wide Single-family homes had a median price of $708,750 which is a moderate 3.4% yearly increase which is similar to the Mainland.  Condos had a median price at $493,500 which is a huge 21.1% yearly increase.  The reason for this disparity may be found in people more willing to purchase in the lower price ranges and the significant amount of closings in new developments like Kamalani in North Kihei or phases of existing developments like Kamani at Kehalani.  There are many indicators that Maui may soon be matching the more moderate 3% ish increases to match of the rest of the US.  Keep in mind that these are general figures and sales in certain price ranges and areas can vary significantly.  To discuss areas of most interest to you in more detail please call us any time.

Luana Garden Villas at Honua Kai pre-sales continue to be very strong – tomorrow morning the final 15 Villas are being released.  Kalama Kai in Kihei has broken ground and vertical building is well under way.  Demolition of the old Maui Prince Hotel in Makena continues along with construction of multiple new oceanfront Makena homes.  If you’ve been to Pukalani lately you’ve likely noticed that an increasing number of the lots in Kualono have also homes in various stages of construction as well.

Be sure to check out our current listings that include some fantastic land opportunities, a Kihei oceanfront home best buy opportunity, a beautiful Wailea home with a view easement and some exciting island wide home and condo options.  If you’ve been watching the market and don’t see quite what you are looking for or are considering selling please give us a call.  There can be opportunities available prior to hitting the open market.

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

Clint Hansen 808-280-2764

Donna Hansen 808-280-1650

Bob Hansen 808-283-9456

The Hansen Ohana

Maui Luxury Real Estate LLC

dad@mauirealestate.net

October Tourism Survives Storms

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Maui had growth in both visitor spending and visitor arrivals for the month of October in comparison to the same time last year according to the Maui Visitors and Convention Bureau.

Although visitor spending was down in August and September due to Hurricane Lane and Tropical Storm Olivia, spending was back up in October to $377 million. Even with the storms interrupting the months of August and September, for the 10 month span of January through October visitor spending was up 10.9% to $4.26 billion. This total puts Maui on track to break last year’s record.

Air travel to Maui has increased making it an easier destination for visitors which will in turn increase the amount of visitor spending. Although the tourism industry is fragile and affected by multiple sources, Maui remains focused on continuing to make Maui a top global destination.

51 Day Strike Comes To An End

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Workers from 5 different hotels throughout Hawaii celebrated Tuesday afternoon when an agreement was finally reached between UNITE HERE Local 5 union and Kro-ya owners of hotels that are operated by Marriott.

More then 300 workers have been on strike from the Sheraton Maui beginning October 8th. Some workers have been employed by the hotel for almost 40 years. A 4 year agreement that included wage and benefit increases are part of the rumored agreement. No official contact specifics have been released.

Employees are eager and excited to be able to return back to work.

Public Hearing For Molokai Island Plan

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A public hearing is planned for tomorrow, Friday November 16th, regarding the proposed revised bill for Molokai Island Community. The hearing will start at 5:00 pm at the Kaunakakai Elementary School Cafeteria.

A new an updated version of the plan has been undergoing a rather lengthy review since 2014. The last community plan was done in 2001. Community plans are supposed to be updated every ten years. Points under review for the new plan include changing the document name to “Molokai Island Community Plan”,  addressing climate concerns, and maintaining Molokai’s rural character and traditional Hawaiian living.

Those who wish to view the updated plan and the bill can do so on the Maui County Government page. You can also pick up a copy during business hours at the Office of The County Clerk on the 7th floor, or at the Molokai County District Office.

Median Home Prices Climb

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October median prices came within $6000 of the record previously set in May 2005 of $780,000. Coming in at $774,223 this is a 15.8 percent increase over the same time last year. October marked the fifth straight month with the median home prices being over $700,000. Total dollar amount in sales is up 4.6 percent compared to the same January to October 10 month span.

Although the median condo price was down in October to $499,000, for the 12 month period of October 2017 to October 2018 condo prices were up 10.2 percent. Inventory of condos for sale was also down 20.3 percent. The total sales amount for condominiums however was up 25.5 percent for January to October 2018 timeframe.

For more statistics and to see the full report, the Realtors Association of Maui October 2018 report is available if you click on the market statistics icon.