The Hansen Ohana Real Estate Group’s March 2018 Newsletter
Don’t forget the popular Wailea Restaurant Week May 20 to May 26. Not only is it fantastic food at good prices but for a great cause the Maui Food Bank
LATEST REAL ESTATE STATS
Let’s review what happened in the first 2 months of 2018 in the Maui Real Estate Market.
Maui continues to show modest to good gains in real estate values. Lack of inventory is the number one issue facing Maui today. This is the same issue for most of the mainland. The average inventory decrease for Maui homes during January and February was 8.3% for homes and 6.5% for condos. Pending sales have actually decreased for homes by 11.3%, but increased for condominiums by 26.4%. This shows the steady decrease of available inventory and increase in demand. In fact the months supply of inventory of homes for sale for February has decreased over the last 3 years. 2015 was 6.8 months supply, 2016 was 6.5 months and 2017 was 5.5 months supply and now it is 4.6 months. The supply of Condos went from 8.5 months in 2015 to 5.1 months in 2017, and it remains in February 2018 at 5.1 months.
We continue to see increases in average homes prices over the last year to $1,176,344 (an increase of 14.4%). There was an increase of average condominium prices over that last full year to $676,501 ( a slight decrease of 2.3%). 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 increase in interest rates and home prices. FNMA and FM loan rates have increased to 4.55% Most savvy investors believe that now is the time to purchase or refinance their property. Most investors have refinanced already, but there is always demand for Maui property for investment, vacation use or retirement.
As always if you have any questions please email us at email@example.com 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.
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.
KEALA O WAILEA
This 70 unit condo project located by the Gateway Center is under construction, with some units completed and receiving occupancy. Developer units are completely sold out, with the first re-sales starting to come to market. Call us for prices.
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. 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: 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 have reached the magic number, with over 80% sold and construction is expected to begin soon.
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 3 units available at around $12 million and include 4 bedrooms and a pool. 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, located in Kaanapali is happening. There will be 72 three bedroom, three bathroom Villas with one car garages ~ 4 different floor plans available. Expressions of Interest are now being taken. They broke ground in February. We were impressed with the floor plans, finishes and location. Call us for more details.
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 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.
Bob, Clint and Donna
Bob Hansen, Realtor® Principal Broker
Clint Hansen, Realtor® Broker-in Charge
Donna D. Hansen, Realtor® (S)
Maui Luxury Real Estate LLC ~ The Hansen Ohana Real Estate Group
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.