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Aloha
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In this newsletter:
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Gorgeous Kula I'o Architectural Homes
353 Huahua Place
Kula
$6.95M (FS)
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Looming Insurance Crisis in Hawaii
As the tropical paradise of Hawaii grapples with a looming insurance crisis, residents and property owners find themselves on the precipice of financial uncertainty. With residential insurance premiums projected to surge by 25 to 50%, families face the daunting prospect of shouldering increased financial burdens to protect their homes from natural disasters like hurricanes and floods.
The dire situation is even more alarming for condo owners across the islands, as insurance rates for these properties soar to unprecedented levels, with some facing hikes of 800% or more. Such exorbitant increases threaten the very fabric of communities, as families and individuals struggle to afford basic housing costs amid an already challenging economic landscape.
As Hawaii braces for the impending insurance crisis, stakeholders, policymakers, and community leaders must urgently collaborate to find sustainable solutions. From implementing mitigation measures to advocating for regulatory reforms, proactive efforts are essential to safeguarding the affordability and accessibility of insurance coverage for all residents. Only through collective action can Hawaii navigate these turbulent waters and emerge resilient in the face of escalating insurance challenges.
How will this affect prices of real estate on Maui?
Residential properties still have very low inventory; although, anytime a property becomes less affordable due to higher costs of ownership, it cuts down the prospective pool of buyers. When you couple this with high interest rates and a median price of $1.3M, it will most likely lead to a slowdown in sales and a slight drop in prices.
Condos which are getting hit the hardest have already seen a 150% increase in inventory during the last 75 days. As condo owners get news from their Associations of special assessments and or increases in maintenance fees, many owners have decided now would be a good time to take their profits and sell. It isn’t a stampede to the gates yet, so prices have dropped only slightly.
Time will tell what will happen. If you are thinking of selling, it might be better to do it sooner rather than later and be proactive in pricing. In other words, we recommend getting ahead of the market. Please call us for a free market evaluation.
Mahalo Nui Loa,
Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B)
The Smith Team
Market Watch
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Active
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Pending
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Sold
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Change
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Homes
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258 (227)
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157 (113)
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754 (512)
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-6 |
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Condos
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513 (272)
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138 (71)
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991 (376)
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+17 |
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Land
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173 (83)
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31 (5)
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179 (78)
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+4 |
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Total
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944 (582)
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326 (189)
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1924 (966)
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+15 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in the number of active listings from the previous week.
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Homes Over $1M
59 Waipoli Road
Kula
$1.675 (FS) |
This custom Kula home offers a modern feel and stunning views from Wailea to the North Shore. The thoughful design features a cozy living room with a gas fireplace opening through 20 foot wide stacking doors to a spacious covered lanai. The 1,423 square-foot house has 3 main bedrooms plus flexible spaces perfect for offices, a pantry, or a 4 bedroom.
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192 Mehani Circle
Kihei
$1.85M (FS) |
Indulge in luxury living at its finest with this recently remodeled single-level multi generational dwelling in Kihei. Revel in the exquisite granite countertops and unique details that showcase the owner's pride. The remodeled kitchen and baths feature beautiful granite and new cabinetry. The attached Ohana unit offers added comfort with granite countertops, new cabinets, and many more.
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 32 Honuea Street
Kihei
$2.285M (FS) |
Welcome home to this stunning property nestled just minutes away from the pristine shores of Sugar Beach. Step inside this meticulously renovated residence, boasting a fusion of modern upgrades and timeless charm. Unleash your inner chef in the beautifully remodeled kitchen, featuring sleek concrete countertops complemented by brand-new appliances.
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111 Honuhula Place
Kihei
$2.399M (FS) |
This 5 bedroom home with a detached cottage offers a flexible floor plan for a large or extended family or those wanting rental income. This immaculate home features both wood flooring upstairs and travertine downstairs, new carpet in bedroom as well. The big bonuses are 40 photovoltaic panels on net metering and a 3-car garage. The home is offered fully furnished.
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3366 Kehala Drive
Kihei
$3.749M (FS) |
This exceptional half-acre Maui Meadows Estate features a 3,535 square foot modern main residence with 4 bedrooms and 4.5 bathrooms, a resort-like hot tub cascading into a pool area, a three-car garage (the third bay turned into a gym area), a studio, and a detached 684 square foot cottage with 1 bedroom and 1 bathroom.
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Homes Under $1M
103 Eleu Place
Kihei
$689K (FS) |
Bank Owned. This 1968-built single family residence sists on an approximately 8607 sqft lot with approximately 1927 sqft of living space. It includes an attached 2 car garage with a covered porch. It will need repairs, but it has so much potential. Make it your own. Jump on this great deal before it's gone.
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390 Auhana Road
Kihei
$845K (FS) |
Amazing 2 bedroom Kihei home with land. The entire yard and home have been fenced, with a lot of land in the backyard for whatever you want to do. There is good potential to possibly add another bedroom or more square footage.
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43 Pua Ina Place
Makawao
$850K (FS) |
Great Family home on private cul-de-sac road. Property abuts an open pasture to the rear for extra privacy (only two neighbors). Close to Makawao for shopping and dining. Schools are nearby.
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Vacation Condos Over $1M
Papakea Resort J-202
Honokowai
$1.25M (FS)
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Enjoy the serene beauty of West Maui in this inviting 2 bedroom, 2 bath fully furnished condominium. This residence features a sought-after one-level layout, with one of the bedrooms perfectly situated to admire the beautiful blue Pacific. The split A/C system in every room guarantees your comfort while lush tropical landscaping and soothing koi ponds enhance the overall ambiance.
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Kapalua Bay Villas 12G-4
Kapalua
$1.429M (FS)
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This recently remodeled and spacious 1 bedroom 1 bathroom ocean view residence set in a tranquil and quiet setting. Walk directly out to the grassy lawn fronting the property down to the white sand beaches of Oneloa Bay, which fronts the Bay Villas. This vacation rental residence is proffessionally decorated with coastal contemporary pacific hues offered completely turn-key.
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Montage Residences 2504
Kapalua
$6.775M (FS)
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This stunning condominium residence enjoys a desirable upper-level location that opens to panoramic ocean views of the Pacific Ocean and neighboring islands. The open floor plan seamlessly connects the lanai, living, dining, and kitchen areas, creating an inviting space for both relaxation and entertainment.
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Vacation Condos Under $1M
Hale Kamaole 240
Kihei
$839K (FS) |
Lovely 1 bedroom 1 bath condo across the street from beautiful Kam III beach with it's expansive lawns and amazing nightly sunsets. Short walk to the sand & ocean fun. This property features 2 inground pools, tennis court , plenty of BBQ's and beautiful landscaped grounds. Minutes away from the world class shops of Wailea, and multiple golf courses & restaurants.
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Kamaole Sands 5-115
Kihei
$899K (FS) |
This sprawling property encompasses over 15 acres of resort amenities, including tennis courts, pools, spa, several barbecue areas, and a workout facility. Unit has been beautifully upgraded with a full size Murphy bed, granite counters, newer living room furnishings, and comes completely furnished. Relax and enjoy the view from the lanai and make this beautiful condo your Maui home.
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Maui Kamaole L-107
Kihei
$924.9K (FS) |
This 1 bedroom, 2 bathroom condominium has a nice rear courtyard off of the bedroom and the bonus side window in the living room because it is an end unit. Maui Kamaole amenities include 2 pools, 2 hot tubs, 2 tennis courts and additional storage for owners Kayak's and Paddle Boards.
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Residential Condos Over $1M
Wailea Fairway Villas E-101
Wailea
$1.435M (FS)
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This 2 bedroom, 2 bathroom condo in Wailea Fairway Villas offers stunning views of the ocean and golf course, making it perfect retreat for those seeking natural beauty and leisure activities. This end unit is situated on the ground floor and provides easy access and privacy. This tastefully furnished condo offers comfort and style.
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Keala O Wailea 6-204
Wailea
$2.55M (FS)
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This luxurious 3 bedroom, 2 bathroom condominium presents pristine living in a breathtaking setting. From the moment you step inside, you're greeted with unparalleled elegance and comfort. Indulge in stunning ocean and mountain views, with the majestic peak of Haleakala visible on clear Maui days.
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Makalii at Wailea 102 (8B)
Wailea
$2.948M (FS)
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A 3 bedroom, 3 bathroom townhome has become available. The mid-century modern design exhibits quality and high-end finishes throughout. Natural light fills the unit, enhanced by floor-to-ceiling windows that span the 13-foot high ceiling in the main floor living room. The home is surrounded by views of lush gardens, majestic Haleakala, with a peek of the ocean. Hardwood flooring throughout.
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Residential Condos Under $1M
Harbor Lights A-215
Kahului
$239K (FS)
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This 2 bedroom, 1.5 bathroom second-floor has garden views and comes with the added convenience of one reserved parking space. The central location of the town ensures that everything you need is just moments away, from shopping and dining to entertainment and cultural attractions.
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Southpointe at Waiakoa 7-201
Kihei
$560K (FS)
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This well-maintained 2-bedroom, 1.5 bathroom corner unit is located on the second floor. Step inside to find an inviting open kitchen equipped with a new dishwasher, along with a dining area flowing seamlessly into a bright, sunny living space. You will love the remodeled bathrooms featuring tasteful tile accents and rustic barnyard cabinets.
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Kihei Villages 52-203
Kihei
$655K (FS)
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This stunning 2 bedroom, 1.5 bathroom condo has undergone extensive remodeling in 2022, making it an exquisite living space. Nestled in a pet-friendly community, this fully furnished condon is move-in ready. Step into the remodeled kitchen featuring stainless steel appliances, quartz countertops, a spacious granite sink.
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Vacant Land
1918 (B) Waianukole Place
Lahaina
$850K (FS)
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If you have been waiting to build your dream home in Paradise, your wait is over! Located in the exclusive community known as Makila Ranches Phase II, the condominium parcel at 1918 Waianukole Place Unit B is 1.374 acres (Total parcel size is 14.930004 acres). A list of architects and builders are available upon request.
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