February 2020 Newsletter

  Hansen Ohana Maui News February 2020

As we complete the first month of 2020, we continue to experience an interesting Real Estate market.  Average prices remain strong for all property types, across all price points and have moved upward slightly for the year (7.2% increase for single family homes to the median price now $782,438.  7.7 % increase for condominiums to a median price of $569,000).   We continue to feel that moderate increases in prices with inventory in most areas shrinking is good for a steady real estate market.  Number of month’s supply of inventory for single family homes decreased 15.5% and Condominiums decreased 16.3%.  Less supply should lead to stable or increasing prices. Another positive factor is the current very low mortgage rates.

With our booming economy, low unemployment, increasing real wages and low interest rates our possibility of recession appears to remain low.  Let’s all root for a continuation of one of the longest periods of expansion and good economy. Of course, politics, the world economic and political factors are unpredictable so things could change in another direction, but we feel there is strength in the market.

On the national scene the Federal Reserve Chairman (Jerome Powell) remains cautiously positive about the 2020 economy.  Fundamentals supporting household spending are still positive.  He also mentioned the large number of job openings and that employers are more willing to hire and train semi-skilled workers.

There is exciting news on the farming front.  Maui continues to morph from a sugar producing island to diversified agriculture. Mahi Pono purchased a huge portion of farmland on Maui.  Their crop farm already planted is as follows: 120 acres of potatoes, 20 acres of onions, 22 acres of papaya, 144 acres of citrus and avocado.  This year is scheduled as follows: 3,500 acres of citrus, 240 acres of coffee, 15 acres of breadfruit, 2,000 acres of pastureland for grass-fed beef.

UPDATES TO NEW PROJECTS

Highlands at Kehalani (DR Horton) – Starting in the Low $700,000’s.  Four different floorplans ranging in size from 1,508 to 1,743 sq. ft.  No owner-occupancy requirements.

Ilima at Kehalani (Towne Island Homes) – Starting Prices from $691,000.  Ilima at Kehalani features 49 single-family homes. Offering seven distinctive floor plans ranging in size from 1,391 to 1,998 square feet of interior living space and featuring three bedrooms with two baths. Each home comes complete with extraordinary standard features that provide great options for comfortable living.  These homes do require a One-year owner occupancy. Builder’s Options/Upgrades Package may still be available for buyers to customize their home

Wailea Projects:  a lot of new communities coming to the public soon. The final details aren’t publicized yet.  The first project is approximately 75 condos, many with gorgeous ocean views and close to the beaches.  Not vacation rentable.   If you want to be on the list to receive notifications, be sure to contact us at hansens@mauirealestate.net.

Here’s a few of our featured listings with even more at https://www.mauirealestate.net/Homes-Featured.html

GREAT REAL ESTATE INVENTORY:

  1. 4315 E Waiola, Wailea Golf Vistas: Over 5,000 sf of total luxury. dynamic ocean views $6.9M  https://www.mauirealestate.net/mls-385469.html
  2. Na Hale O Makena D102: Single level 3bd, 2.5ba, upgraded kitchen, ocean view. $1.495M
  3. Polo Beach Units 509 and 707: Luxury 2 bd/2ba renovated ocean view units.

Polo Beach 509: Polo Beach 707:

  1. 1786 Halama: 3 bd/3ba oceanfront home with a 2 bd/1ba ohana. $3.298M.
  2. 1260 Naalae: 5bd/3.5ba Estate-quality living. $1.898M.
  3. Ironwoods Unit 62, 2 bd. 3 bath ocean and golf course view single level living unit with garage.
  4. Maalaea Surf Unit E-3 beautifully located beachfront community.

Wishing you a fabulous continued 2020.  Enjoy making memories and remember to stop and smell the roses.

The Hansens: Bob (808-283-9456) Clint (808-280-2764) and Donna (808-280-1650)

 

The Hansen Ohana Newsletter January 2019

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

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.