The Hansen Ohana Real Estate Group’s Newsletter  

The Hansen Ohana Real Estate Group’s Newsletter  

A BIG THANK YOU TO ALL OF YOU WHO SUPPORTED THE ANNUAL HANSEN OHANA TOY DRIVE BENEFITTING THE FRIEND’S OF THE CHILDREN’S JUSTICE CENTER.  TOGETHER WE RAISED OVER $23,000 IN GIFTS AND GENEROUS DONATIONS FOR OUR MAUI CHILDREN WHO WOULD OTHERWISE NOT HAVE RECEIVED GIFTS OR VITAL SERVICES.

LATEST REAL ESTATE STATS

Let’s review what happened in 2017 in the Maui Real Estate Market.

Maui continues to show modest to good gains in real estate values.  Realtors on the front line continue to believe in the underlying value of Maui Real Estate.  The average inventory decrease of homes for sale for 2017 was 7.7% and 17.4% for condos.  Pending sales had an increase for homes of 12.6% and for condominiums 15.5%.  This shows the steady decrease of available inventory and increase in demand.  In fact the months supply of inventory of homes for sale 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.  Condos went from 8.5 months in 2015 to 5.1 months in 2017, a dramatic decrease in supply.

We continue to see increases in average homes prices to $1,024,271 (5.8%) .  There was in an increase of average condominium prices to $445,000 (7.2%).  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.  Most savvy investors believe that now is the time to purchase or refinance their property.

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 DEVELOPMENTS

KEALA O WAILEA

This condo project located by the Gateway Center is under construction, with some units completed and receiving occupancy.  It is completely sold out. 

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:  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 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) or 808-283-9456 (Bob).

HONUA KAI VILLAS NEW DEVELOPMENT

Upcoming first release of Luana Garden Villas at Honua Kai Resort and Spa located in Kaanapali.  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.

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, current or future developments, contact us at dad@MauiRealEstate.NET

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.

Maui Statistics Year To Date

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings.

Although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

New Listings increased 8.7 percent for Single Family homes and 13.9 percent for Condominium homes.

Pending Sales increased 4.9 percent for Single Family homes and 22.0 percent for Condominium homes. Inventory decreased 7.7 percent for Single Family homes and 19.4 percent for Condominium homes. Median Sales Price decreased 2.3 percent to $650,000 for Single Family homes but increased 14.4 percent to $433,750 for Condominium homes.

Days on Market decreased 20.9 percent for Single Family homes and 5.7 percent for Condominium homes. Months Supply of Inventory decreased 17.5 percent for Single Family homes and 29.2 percent for Condominium homes.

Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

Makena Resort Moves Forward

Maui Planning Commission is receiving praise for unanimously approving the SMA (special management area) for the $354.5 million Makena Resort.

The project was scaled down from 158 units to 134 units. These will include multifamily units, cottages, custom lots, and commercial space.

The project cut three multifamily buildings, two cottages, and one vacation rental unit. Lots for custom homes were moved and parking for the beach was increased.

Commissioners were won over by the attention to the community the project gave.  The resort has generated 160 jobs during the construction phase, and approximately 145 jobs will result from resort operations.

Contact the Hansen Ohana today to learn more about the Makena Resort.  You can read the entire article via the Maui News here.

Makena Development Project

If you are interested in Makena’s Discovery Land Developments, need additional information or wish to view the project, contact us at Hansens@MauiRealEstate.net.

Project construction has begun on the new Makena Golf & Beach Club.  This private beachfront community is will house 50 condominium units, a brand new restaurant, pool, spa, and common area. The estimated cost of the project is $240 million.

The project, headed by Discovery Land and Good Fellow Bros., is expected to generate 270 construction jobs.  The project should take approximately 3 years to complete.  First occupants are expected in late 2018.

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

Wailea Beach Villas Penthouse 404

EXTREMELY RARE PANORAMIC ocean view Wailea Beach Villa penthouse in quiet location. Gated entry with the finest and highest rated property on Maui. Luxuriously and fully furnished this two bedroom, two bath with den. Dream popular vacation rental offers Hawaiian living at its best. Amenities include pools, spas, fitness center, billiard room plus easy access to Wailea Beaches and The Shops.

Wailea Beach Villas Penthouse 404