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
Haliimaile and Kihei will be the site locations for affordable housing projects developed by Aina Lani Pacific LLC. Maui residents wanting to apply for the affordable housing project have until March 31st. to do so.
The Hoku’ula in Haliimaile will have single family homes ranging from 2,208 to 2,512 square feet. Kilohana Makai will build 28 homes ranging from 1,425 to 1,817 square feet.
Aina Lani Pacific President Howard Kihune Jr. started the company in 2014. As a native of Hawaii, affordable housing is a project that is very important to him.
For more information on the project, please feel free to email us at dad@mauirealestate.net.
Hansen Ohana’s Maui Newsletter
Maui Luxury Real Estate LLC
Hawaii Governor David Ige provided an update on the State’s Pre-Travel testing program saying it is set to launch today on Oct. 15 with an expanded list of testing partners. Under the program, travelers arriving in Hawaii must take a Nucleic Acid Amplification Test from a CLIA certified lab within 72 hours from the final leg of departure and produce a negative result in order to avoid the state’s 14-day mandatory quarantine. Travelers are encouraged to take a second test 3 days after arrival, but it is not mandatory. It is free and people who do it get nice gift cards to restaurants. Children under the age of five are exempt from the test. This expanded list of partners includes Hawaiian, Southwest and United airlines; CVS Health and Walgreens; Kaiser Permanente and Quest Diagnostics; AFC and CityHealth Urgent Care; as well as Carbon Health, Vault Health and Color.
Separate from the travel testing, Gov. Ige also announced that the state will receive 420,000 Abbot BINAXNOW rapid antigen tests from the federal government by the end of the year. These 15-minute tests will be used first to protect the health of residents, specifically at long term care centers and as schools are reopened. If you need information regarding Covid testing approved by Maui County, which restaurants are open, what activities are available, etc., please let us know by emailing us at dad@mauirealestate.net We are happy to assist in any way.
Our real estate update as of October 12, 2020:
Median home prices as of October 1 were up 9.1% since last year at $785,000. On the other hand, condos were down 8.3% from last year at $495,000. Number of new listings were down about 3.9% for homes but remained flat for condos. For the first 12 days of October the market is still showing resilience with 37 properties pending for South Maui, 40 properties for West Maui, 7 properties for the North Shore, 18 properties Upcountry and 17 properties pending for Central Maui. With continued low interest rates and low inventory, the market appears to be relatively stable in terms of pricing for properties on Maui. Fidelity state this is the first month condos outsold homes.
If you’re interested in something new, there are quite a few projects in a variety of price ranges planned across Maui spanning over the next ten years. Additional housing is needed on Maui for Maui residents. 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 development includes 75 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 $1.5’s million and up and seem to be selling pretty steadily. 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:
65 Hale Hookipa
65 Hale Noho Pl.
Grand Champions #163
Kihei Akahi C312
153 Hokai Pl. Kihei
All VR Tour Matterport Links
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
WAILEA PALMS 3603 IS THE ONE! This spectacular 2 bedroom, 2 bathroom unit is a rare offering of one of the best locations AND best remodels in the complex! 3603 borders the end of the development to provide a large and grassy private area allowing for quiet enjoyment of the soothing ocean and West Maui mountains views. Top of the line upgrades include slate appliances, Caesarstone countertops, tile plank flooring, glass tile backsplash and custom built cabinets. This elegant abode tastefully combines an upscale, classy appearance with modern design features including new LED lighting, Mitsubishi split A/C systems in the bedrooms, Panasonic whisper quiet bathroom fans, fixtures and furnishings. No surface and no detail were left untouched as even the exterior lanai has been retiled to satisfy the most discerning tastes. You can proudly call Wailea Palms 3603 home (or home away from home) while enjoying true single level living as this unit is without a single step. Wailea Palms is a gated resident complex with a tranquil pool area, spa with stunning ocean views, club house, putting green, and exercise room. Thoughtfully designed, aesthetically and architecturally pleasing, and conveniently located ~ YES, YOU CAN HAVE IT ALL.
Hawaii Real Estate Blog 