Capacity Limits Lifted

Governor Ige lifted capacity limits Friday for gyms, bars and restaurants. These establishments may now operate at full capacity with the implementation of requiring proof of vaccination or negative Covid test within 48 hours. Outdoor establishments are not subject to restrictions. 

Indoor establishments are still required to be seated 6 feet apart. This for some business with smaller square footage will still have them remaining at 50% capacity, but they are hopeful that this is the beginning of more restrictions being lifted.

To read more about the executive order, via the Maui News here.

Fourth Quarter Newsletter 2021

Maui Luxury Real Estate LLC   ~ The Hansen Ohana.   ~    Fourth Quarter 2121

Welcome to the final quarter of 2021! As we enter the Fourth quarter of 2021 and look forward to enjoying all the holidays it offers, and plan for 2022.  We felt it was important for you to be notified regarding the Maui County and Hawaii State’s newly passed regulations. Some may or may not affect you.  It is our hope it will be helpful to you. Covid has been a real challenge for Maui as well as all the Hawaiian Islands.  The good news is that our percentages of spread have dropped.  People all over the world continue to look for a safe place with warm weather to enjoy.  Maui is that getaway.  Regulations Regarding traveling to Maui can be found at https://travel.hawaii.gov/#/welcome .  For our international guests’ new rules are in the works.  We look forward to seeing many familiar faces very soon.  

A New tax for Vacation Rentals:  Governor Ige ruled to retain all the TAT (Transient Accommodation Tax) for Oahu’s use but did approve that outer Islands could charge an additional 3% TAT tax to pay for the items that the old TAT tax covered.  All outer Islands have been financially forced to do so and we apologize.  If you own a property that you rent out at daily rates, please be sure you communicate with your property manager as this additional TAT tax goes into effect November 1st.  The Maui Council refused to put this off until December.

For Long Term Rental Property Owners:  If you are a property owner who leases their main home or a cottage on an annual basis and you submit proof of that rental acceptable to the Tax Department no later than the end of December, you may be eligible for up to $200K reduction in your real estate assessment for tax purposes. Go to https://www.mauicounty.gov/civicalerts.aspx?AID=10807 for complete detai.  

For Property Owners Living on Island:  If you are living full time in your new property be sure to fill out the homeowner tax exemption form before the end of the year to get that fantastic lower property tax assessment.

Maui’s Economy:­­­­­­­­­­­­­­­­­­­­ Prices of real estate on Maui continue to rise although at a more sustainable rate.   Low interest rates coupled with low inventory is moving the market higher. However, interest rate seems to be ticking up slightly which changes the affordability rate.  Some Lenders predict an increase in the 30-year fixed rate from 3.25% to 4% by mid next year.  This means it is a great time to buy and a great time to sell.  Median home prices as of September 30, 2021, were up 27.3% since a year ago at $996,500.  The median price means that there are as many below the million-dollar price as there are above it.  On the other hand, condos were up 46.6% from last year at $729,125.  Total inventory of homes went down 57.1% from last year for homes.  Condo’s supply decreased 90.8%.  Well priced properties are receiving multiple offers.  While many feel the hot market will end most economists believe that prices will continue to increase albeit at a slower pace.  Inventory continues to trend lower due to increased construction costs, inflation and building permit delays.  Some buyers are waiting on the sidelines because they believe prices will come down.  Most seem to believe that prices will not trend lower and interest rates will trend higher due to some of the highest inflation rate in many years.  This means that buyers might strongly consider getting off the sidelines and buying now before prices and interest rates go up.

Enjoy Maui Virtually!

Our Live Beach Webcam has sound so take time out of your busy life to enjoy the sounds of surf as well as wildlife by linking to https://www.mauirealestate.net/video.php?Size=Large

Wishing to virtually tour properties, open houses, and 3D tours go to: www.MauiRealEstate.NET

For Maui Covid and All Updates:    www.MauiRealEstate.net/blog  

Regarding our Annual December Event to help our Maui County Children know they matter is generally held the first Saturday of December.  This has been a very difficult decision which we have not finalized yet, depending on Covid rules.   We know everyone loves to attend and support our Maui County children.  For more information regarding this event, we will let you know in the near future.  Please stay tuned.  

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


                                             MAUI LUXURY REAL ESTATE LLC

       The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years

Interest Rates

Interest rates continue to inch up. Here is the latest post from one of the Hawaiian lenders:

Current Mortgage Rates for MAUI COUNTY, HI

Check out our rates. I’ve included below a selection of current rates for a few of our many products. I’d be happy to discuss options with you and your client based on their particular needs.

Conforming

Loan Type

MI Type

Interest Rate

Discount Points

APR

VA 30-year Fixed

2.750%

0.250

2.896%

Conforming 30-year Fixed

3.375%

0.125

3.428%

Conforming 15-year Fixed

2.500%

0.500

2.647%

Conforming 5-year/6-month ARM

2.500%

0.250

2.725%

Conforming 7-year/6-month ARM

2.750%

0.375

2.821%

Jumbo

Loan Type

MI Type

Interest Rate

Discount Points

APR

Jumbo 30-year Fixed

3.000%

0.375

3.056%

Jumbo 15-year Fixed

2.875%

0.250

2.959%

Jumbo 5-year/6-month ARM

2.375%

0.500

2.686%

Jumbo 7-year/6-month ARM

2.500%

0.250

2.682%

Jumbo 10-year/6-month ARM

2.625%

0.375

2.730%

Rates shown are for purchase loans only. This information is accurate as of 10/22/2021 8:04:41 PM (CT) and is subject to change without notice.

UPDATE ON COVID REGULATIONS

These new guidelines will go into effect today, October 16th per Mayor Victorino.

Social Gatherings:

Indoor social gatherings of up to 10 persons are permitted/Outdoor social gatherings of up to 25 persons are permitted (gatherings of members of a single residential or family unit sharing the same address remain unrestricted).

Restaurants, Bars & Gyms:

Unvaccinated patrons allowed indoors must provide proof of a negative COVID-19 test result taken 48 hours of entry into restaurants, bars and gyms.

Individuals who previously tested positive for COVID-19 may be allowed entry into bars, restaurants and gyms by providing: 

A Positive COVID-19 test result dated more than 90 days and no less than 11 days from date or departure date to Hawaii OR a Medical Provider Letter dated at least 10 days after the collection date of positive result and no earlier than 14 days before arrival to Hawaii. Letter must be signed by your medical provider and clearly written to indicate you are currently symptom free, or your symptoms have resolved, or you are cleared to travel

An establishment that is not in compliance with the public health emergency rules may be subject to immediate closure for a 24 hour period effected by MPD and/or Liquor Control Officers.

Restaurants and bars must close no later than midnight.

Limit groups within a bar to a maximum of 10 individuals per group.

Organized Sports:

Spectators allowed at indoor organized sports (groups limited to 10 persons).

Spectators allowed at outdoor organized sports (groups limited to 25 persons).

All participants, coaches, instructors, staff, and spectators must wear face covering at all times.

Covid Mandates Update

Coming Soon!

Great News about Covid Mandates!!!!

Mayor Victorino announced that the Covid mandates will be relaxed some soon.  He would not give any hints as to what they will begin to allow.  Look to our blog and either this coming Wednesday or Thursday we should have an update for you.