March Newsletter

Hansen Ohana’s Maui Newsletter March 1, 2021

Maui Luxury Real Estate LLC

 Aloha from Maui.  If you are missing Maui and the sound of the ocean waves on our beautiful beaches,check out our live beach cam (now with sound) on https://www.mauirealestate.net/video.php?Size=Large.  You might even catch a view of the magnificent whales which are active this time of year.

As most states are experiencing, the Maui real estate market is dynamite right now.  Low interest rates coupled with low inventory is moving the market higher.  Median home prices as of February 28, were up 19.8% since a year ago at $895,000.  On the other hand, condos almost unchanged from last year at $556,990.  Total inventory of homes went down from 517 last year to 214 now for homes Condos remained around 503. Months’ supply of inventory for homes went from 5.4 to 2.2. Condos months’ supply went up from 3.9 to 4.3.  Due to low interest rates the affordability index for condos increased from 67 to 72 but the home affordability index fell from 50 to 45 from last year. With continued low interest rates and low inventory, the market appears to be relatively stable in terms of pricing for properties on Maui.  One very interesting statistic for me is the percent of listing price realized which over the years has remained relatively similar in the 97% range. This means a million-dollar asking price on average would close at about $970,000.  Well priced properties may receive multiple offers.  Pending sales hit an all-time high of 826 properties under contract at the end of February.

Regarding Condominiums the average visitor spends $3,800 per person. On Vacation home rentals the average tourist spends $3,400 on Maui vs. hotel visitors spend around $2,900 per person.  Due to Covid19 restrictions on travel last year vacation rental income was down. This year the vacation rental market has been very busy and visitors are coming back.  People need to relax in a safe place with good weather and Maui is the place.  Coming to Maui is getting easier with Covid19 on its way out but there are reasonable restrictions.  Check the www.hawaiicovid19.comwebsite for more information.

If you’re interested in something new, there are quite a few projects in a variety of price ranges planned for the next 10 years across Maui. Last month we saw renderings of some workforce housing being conceptualized in Kapalua across from Pineapple Grill and another up for approval in South Maui across from The Five Palms.  In addition to that there is a project currently underway in Wailea.  The Wailea Hills developmentincludes75 units for sale in 15 separate buildings.  They have beautiful floorplans, many with gorgeous views, underground parking and good locations.  Prices start in the mid $1.8’s million and up and seem to be selling pretty steadily with approximately 70% now under contract.  If you would like to view them virtually please let us know at: dad@mauirealestate.net and we will send you the links.  In addition, there is an application for a Wailea Project consisting of 289 condos, 51 zero lot line homes, 92 duplex homes and 146 multi-family units of which 23 units could be short term rentals, but this may take some time before they get final approval.

With so many potential buyers now glued to social media we have significantly increased our advertising online by offering additional video tours, virtual open houses, and tours as you can see by the links below:

 

Virtual Home Tours:

3149 Waakea Pl. Wailea: https://my.matterport.com/show/?m=ifodYr3xSpJ

Maalaea Surf Unit E3: https://my.matterport.com/show/?m=efAg9rJzwQ2

145 N Kihei Rd Uni 512: https://my.matterport.com/show/?m=hYjUR6z8Rhn&mls=1

112 Walaka Unit 305: https://my.matterport.com/show/?m=qM4x1ppeqZU&brand=0

10 Kulani: https://www.youtube.com/watch?v=-I8kt8RPxOk&feature=youtu.be

 Click here for more Videos and Tours    All VR Tour Matterport Links

 

Please feel free to call any one of us for more information or email us at dad@mauirealestate.net

May all good things come your way – laughter, gratitude, good health and good friends

 

            Bob Hansen PB R(B)            Clint Hansen BIC R(B)       Donna D. Hansen R(S)

                808-283-9456                           808-280-2764                     808-280-1650

                  RB-17532                                            RB-21616                                RS-49765       

        

Happy Chinese New Year!

This is the year of the Ox. Anyone born in the year of the Ox is thought to be dependable and strong. Lucky numbers are 5 and 6! Lucky colors are believed to be yellow and green! Happy 2021 Chinese New Year!

New Affordable Rental Housing Project Proposed

A new family affordable rental housing project has been proposed in Kahului by the Catholic Charities Hawai’i. The proposed project would have 108 one-bedroom units and 70 two-bedroom units. The 5 acre site would also have a park and a gathering room.

The project, named the Hale Piling Family Affordable Rental Housing Project, would have the first phase completed in approximately 16 to 18 months. The units will be intended for those earning 60% or less of the average median income.

Estimated cost of the project is $66 million. According to 2020 guidelines, maximum rent for a one-bedroom unit to be around $1,153 and $1,384 for a two-bedroom.

Update! More Openings Happening Soon!

Tourists will be excited to learn Mama’s has plans to reopen! Mama’s Inn will be reopening October 15th. Mama’s Fish House will reopen November 6th. Plan you reservations using the OpenTable app!

Haliimaile General Store is also planing to reopen sometime in early November with modifications. 

We’re looking forward to more updates of openings and will keep you informed as the information becomes available. Mahalo!

Maui Starting To Sizzle With Excitement!

With the potential of having tourists start arriving on Maui as of October 15th,  businesses plan on returning to action, preparing for opening and providing aloha to visitors.  It’s wonderful to see enthusiasm and hope resume with United Airlines and others offering rapid test results on the day one leaves to Maui,  people are making plans to take a break and enjoy the Island.  Following is the most current list of what hotels and restaurants are targeting for opening.

 

Longhis – October 2nd

Andaz – November 1st

Hotel Wailea –  October 15th

Fairmont Kea Lani –  To be announced next week – NO later than November 1st   

Four Seasons – November 20th

Grand Wailea –  November 15th

Residence Inn – OPEN

Wailea Beach Resort –  November 1st

AC by Marriott Hotel  – NEW hotel scheduled to NOW Open February 15, 2021.

Wailea Tennis Club – Open

Wailea Blue Course – Closed  July 6th UNTIL economic conditions allow to reopen

Wailea Gold & Emerald Golf Courses – Open

Wailea Kitchen (formerly Joe’s at Wailea Tennis Center) NOW OPEN Daily dine in & carry out  3p–9p

Gannon’s – No date yet

Mulligans – will continue carry out and drive in . Will OPEN for DINE IN and BEVERAGES on Sundays “AS Longhis-October 2nd

 

The Shops at Wailea advised:

Revitalizations  will be completed 3rd week of November, check their website for operating days and   hours for retailers.

Honolulu  Coffee has re-opened Daily 7am – 1pm

Island Gourmet Markets – OPEN

Tommy Bahama – Closed no updates

Lineage – open August 1 for dine in and carry out

Cheeseburger – No Updates

Ruth’s Chris – No Updates

Pint & Cork – No Updates

 

Gateway Center:

Pita Paradise –  carry out and dine in

Monkeypod – No updates

Fabiani’s Wailea – No updates

The Market – take out

 

Village Center:

Manoli’s – Closed pending future status of Blue Course

Akamai Coffee – open breakfast and light lunch

 

Town Center:

**** First Hawaiian Bank Wailea  Branch will permanently  close on Monday, November 30, 2020.   We have been advised that the ATM will remain OPEN.

Wailea Wine – Open