Traveling to Hawaii is certainly not as easy as it used to be, but in a recent survey conducted by  the Hawaii Tourism Authority it was found that out of the 495 visitors that were surveyed 85% said their trip was excellent, and 94% said their trip either met or exceeded expectations. This is great to see, as it means that the number of tourists making the journey to Hawaii in 2021 should continue to rise.

While tourism numbers are not nearly what they were in 2019, the Pre-travel Testing Program allows anyone traveling to Hawaii to bypass the 10-day mandatory quarantine, which would make any vacation immensely more enjoyable. Out of the visitors that were surveyed, 79% said that their pre-travel testing experience went smoothly, and the protocols were clear. The remaining 21% reported various issues with pre-travel testing including difficulty finding a trusted testing partner, and not receiving their results within the specified window.

We will continue to look forward to a rise in tourism numbers as the local economy recovers from the COVID-19 pandemic. To look at the full report, follow this link.In an interview with The Maui News, the Chief Economist with the Department of Business, Economic Development and Tourism Eugene Tian stated that nearly 30% of the homes that were purchased in the better part of 2020 were purchased by out-of-state residents. Of those buyers 27.4% were from the mainland, and 1.4% were international. While this number seems high, out-of-state residents usually purchase nearly 50% of the available real estate on Maui.

The data is still being assembled for the demographic breakdown of these out-of-state buyers, as it is unclear whether most of those purchases were made by investors, or those seeking to move their principal residence to Hawaii now that most employees and business owners can work from home.

The three aspects of the current real estate market that appear to show no signs of slowing are low inventory levels, low interest rates on new mortgages and a climbing median sales price for both condos and single family homes. In December, the Realtors Association of Maui recorded the lowest inventory ever since they began keeping records in 2010. New construction is still very active on Maui, with several affordable housing projects as well as luxury condominium complexes set to be completed  between now and 2022.

To read the full interview The Maui News did with Eugene Tian click here.
 
Due to the spike in COVID-19 cases on Maui, Governor Ige gave Mayor Michael Victorino the authority to amend the current emergency rules. The new rules go into effect today. Here are the highlights.

- Retail occupancy is now limited to 30% to allow more room for social distancing.

- Bars and restaurants are now required to close at 10pm or earlier. Drive-throughs, non-liquor related takeout and room service are all exempt from this new rule.

In addition to pre-travel testing requirements for both inter-island and transpacific travelers, they are also now required to download either the AlohaSafe Alert app or another Google-Apple Exposure Notification System app. Travelers can also enable their exposure notification setting on their phone.

Face coverings must now be worn while walking to and from the beach or pool. They can only be removed once you are stationary and socially distanced from the people around you.

-Even if the venue is outdoors, a mask must be worn at gyms, yoga studios, and wellness centers.

While these rules mentioned  above are slightly different from rules that were already in place, it’s important to keep yourself informed on the latest developments coming out of the Mayor’s office.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Smith Team Real Estate - 2 Generations of Satisfied Customers - (808) 572-0866
About Maui Our Listings Property Search Rentals Blog Contact Us
 
Issue 1074 October 31st, 2023
 

Aloha


In this newsletter:
Market Update
Market Watch
Homes Over $1 Million
Homes Under $1 Million
Vacation Condo Over $1M
Vacation Condos Under $1M
Residential Condos 
Vacant Land 


Bank Owned 
Homes (4)
Condos
Land
New Properties 
Price Reductions  

Short Sales
Homes

Condos
Land
New Properties

Price Reductions 

Makena Oasis Beachfront 
   4532 Makena   

4532 Makena Road
Makena
$36M (FS)


Rise in Interest Rate

The recent rise in interest rates in the US is beginning to have an impact on the housing market. According to an article from the Insider, Wells Fargo warns that the US housing market looks like it is headed for a recession similar to the 1980’s. Mortgage spiking to nearly 8% will cause homebuying to plummet.

 

Higher interest rates make mortgages more expensive, which can lead to a decrease in demand for homes. As a result, we might start seeing a slowdown in the housing market, with fewer buyers able to afford homes at the new interest rate levels. 

 

Overall, while the US housing market has been robust in recent years, the increase in interest rates is expected to have a cooling effect. It may slow down price growth, moderate demand, and impact affordability for potential homebuyers and existing homeowners.

 

Our current inventory on Maui is still very low, yet because of the increase of interest rates, it makes properties less affordable. The low inventory is also attributed to the fact that most owners are locked in at much lower rates and are thus reluctant to sell in this market.

 

If you are interested in selling, we are here to help you understand the current market conditions to determine the best pricing strategy for your home. Our team has always felt that one of the most important parts of any marketing plan is correct pricing.  Normally in a rising market, you can price a little high and let the market catch up to you, but in this current market we recommend pricing at or a little below market.  

 
Mahalo Nui Loa,

Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B) 

The Smith Team

P.S. Happy Halloween everyone! Some 'spooky' events for this evening include Kaanapali's Family Fun Halloween Bash from 5 p.m. to 9 p.m. at Whalers Village (www.KaanapaliResort.com) and the 2nd Annual Trunk or Treat at King Kekaulike High School located Upcountry from 4 p.m. to 5:30 p.m.
Follow Us
facebook twitter-x-logo linked-round-flatinstagram-logo-icon-vector-29228004 (2)
Market Watch
 
Active
Pending
Sold
Change
Homes
231 (185)
103 (71)
762 (479)
+4
Condos
243 (123)
138 (89)
966 (328)
-6
Land
130 (61)
 25 (6)
200 (56)
+1
Total
604 (369)
266 (166)
1928 (863)
-1
 
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.

 

Homes Over $1M

0 Haliimaile
0 Haliimaile Road
Haliimaile
$1.625M (FS)
Expansive ocean and mountain views will greet you from this soon to be Upcountry community of 196 single family homes. Featuring contemporary architecture with six unique, 4 bedroom models on lots of approximately 7,500 to 10,000 square feet. Hokuula offers a variety of diverse floor plans in single and two-story designs.
66 Puu Hale
66 Puu Hale Street
Kaanapali
$1.985M (FS)
You may partake in all of the luxurious amenities of resort living, from award-winning dining and shopping, to championship golf courses and rejuvenating spas, all while having the privilege of retreating to your own personal residential enclave. The upper level of the home features a welcoming foyer.
1200 Ehu
1200 Ehu Road 
Olinda
$2.074M (FS)
This extraordinary abode offers the epitome of privacy and tranquility. Embodying the spirit of Modern Farm House architecture, this home draws inspiration from Maui's unique climate and style, creating a harmonious blend of contemporary design and natural beauty.
79 Pukolu Way
79 Pukolu Way
Wailea
$2.695M (FS)
This classy & charming home in Wailea Kai was tastefully updated in 2022 and a delight to see. The main living and kitchen area is very light and airy with high open beam ceilings. The sliding glass doors open to the outdoor decks to view the landscaped back yard and views of the West Maui mountains. The kitchen has fabulous light grey cabinets, good lighting and excellent work area. 

Homes Under $1M

2290 Kaupakalua
2290 Kaupakalua Road
Haiku
$475K (FS)
Opportunity for visionary builder. Significant project. Listed as residential since tax records reflect a dwelling, but dwelling is not habitable and would NOT qualify for a conventional loan. Value is in the land and having a spot to build at location of driveway and remnants of the old structure. A river (stream) runs through it, usually. Majority of the land is steeply sloped.
 25 Hoihoi Pl 
25 Hoihoi Place
Kula
$878K (FS)
This enchanting 1 bedroom, 1 bathroom main dwelling boasts a picturesque loft area, offering even more space to unwind and relax or use it as an extra bedroom. Situated in a breathtaking location, you'll wake up to an inspiring ocean and mountain views! But that's not all! This home is not just beautiful with its owned PV system featuring 15 panels, you'll enjoy the benefits of sustainable living.
 
35 Aewa Pl
35 Aewa Place
Pukalani
$899K (FS)
This 3 bedroom, 2 bathoom Pukalani home offers Upcountry living and a canvas for your ideas. The house provides 1,104 sq. ft. of interior living space, 384 sq. ft. garage, and a 200 sq. ft. enclosed porch that is currently used as storage. The large quarter acre lot is level and expansive, providing ample yard space and room for an ohana.
 
31 Nokekula Loop
31 Nokekula Loop
Wailuku
$940K (FS)
Well sought after and very well maintained Waikapu Gardens 3 bed and 2.5 bath home occupied by the original owner, and first time on market since purchased. Waikapu Town is special, situated beneath the West Maui Mountains and centrally located. The living room, kitchen and half bath are downstairs and opens up to the backyard space making it great for entertaining.
384 Kapanui
384 Kapanui Place
Wailuku
$965K (FS)
There is potential for three separate dwelling spaces, perfect for a multi-generational family or multiple rental income. The main house has stunning mountain and ocean views! Four bedrooms and two baths with an enclosed outdoor patio to host your gatherings. Centrally located in Wailuku, minutes away from amenities such as shopping, restaurants, coffee shops, parks, schools and beaches.

Vacation Condos Over $1M

 Kaanapali Shores 
Kaanapali Shores 747
Kaanapali
$1.1M (FS)
Spectacular ocean-views await you on this turnkey, newly remodeled 7th floor residence at Kaanapali Shores. The owners just remodeled the bathroom, and kitchen, and replaced the flooring and furnishings so you and your guests have immediate enjoyment. The property is privately managed and all reservations must be honored.
 
Kamaole Sands
Kamaole Sands 7405
Kihei
$1.4M (FS)
Beautiful 2 bedroom, 2 bathroom condo unit located in the Kamaole Sands resort in Kihei, Maui. This condo offers a spacious living area and a fully equipped kitchen with new granite counters. The upstairs bedroom has a king-sized bed, and an ensuite bathroom. The guest bedroom has two queen-sized beds complete with a portable AC unit.
Grand Champions
Grand Champions 171
Wailea
$1.565M (FS)
Gorgeous ocean views abound from this fully remodeled ground floor unit in the heart of Wailea. Situated on the golf course with Lanai and West Maui Mountains in the background, this turn key vacation rental can easily serve as a second residence. Finishes include porcelain "wood grain" tile, granite countertops, new cabinets, appliances, 2 split AC systems, decorative glass and stone sinks, and designer furnishings throughout.
Wailea Elua
Wailea Elua 1101
Wailea
$2.9M (FS)
You’ve never seen a condo like this before! Renovated down to the studs in 2018, this exquisite beachfront condo utilizes principles of the National Green Building Standard for eco-friendly and sustainable design. This harmonious, minimalist layout merges with the stunning surrounding environment.
Kaanapali Alii
Kaanapali Alii 255
Kaanapali
$4.575M (FS)
Exquisite living in this bright 2 bedroom 2 bath location that was completely remodeled in 2006, which included new interior and lanai flooring, new interior walls, soffits throughout, new plumbing and plumbing fixtures, and upgraded electrical with modern lighting. It was substantially upgraded again between 2020-2022.

Vacation Condos Under $1M

Pohailani Maui
Pohailani Maui 112
Kahana
$625K (FS)
Nestled in the heart of the breathtaking Kahana area of West Maui. Boasting a coveted hotel zoning, and convenient ground floor location, this exceptional oceanfront property offers you the flexibility to embrace the island lifestyle as your permanent residence or use it as a highly desireable short-term vacation rental. 
Kahana Manor
Kahana Manor 407
Kahana
$895K (FS)
Opportunity knocks in this ocean view 4th floor recently upgraded 2 bedroom 2 bath. Sold fully furnished. Will be a great Airbnb as Kahana Manor allows short term rentals. Currently rented long term through 2023. Tenant occupied please allow 48 hours for showing. Seller will be doing a 1031 tax deferred exchange. 
Koa Lagoon
Koa Lagoon 303
Kihei
$925K (FS)
This turnkey short-term vacation rentable unit has breathtaking expansive ocean views from the rare wide and deep lanai, giving the living room, dining room, and kitchen spectacular ocean views. Watch whales breach, take in epic sunsets, walk the beach, or just lay around at the pool. With only 42 condos in the concrete building, you can expect privacy and tranquility, making it an ideal retreat. 
Royal KahanaRoyal Kahana 109
Kahana
$949K (FS)
This front-row, full ocean view 1 bedroom, 1 bath condo. Offers an unparalleled opportunity for ownership in paradise. Conveniently located just steps from the main lobby. The panoramic view from the condo stretches from the neighbor islands of Lanai and Molokai and provides a front-row seat to spectacular sunsets.

Residential Condos Over $1M

Wailea Palms
Wailea Palms 2707
Wailea
$1.899M (FS)
This spacious unit, located just minutes from the stunning Keawakapu Beach, is truly a hidden gem that offers not only a fantastic location but also generous living spaces to create your own island retreat. Also, this unit is no exception. This lower level unit has a larger lanai than most and allows your individual BBQ grill on the adjacent grass.
Kai Malu
Kai Malu 52-B
Wailea
$3.2M (FS)
This absolutely uniquely remodeled unit, there’s another bedroom with an ensuite bath upstairs as a result of the reconfiguration of the one bath into two baths. So, now you can choose whether you want the Master Bedroom upstairs or down. Both have exquisite views of Molokini! Endless list of upgrades: extended lanai, your own pool, fully fenced yard this is extremely significant if you have beloved pets who are part of the family.
 

Residential Condos Under $1M

Mount Thomas 103
Wailuku
$425K (FS)
This 2 bedroom 2 bath condo features panoramic ocean/Haleakala views and is located centrally to everything. Mount Thomas units rarely come up for sale. Security Building and Pet Friendly complex. 
 
Kihei Shores
Kihei Shores J-001
Kihei

$520K (FS)
Sits this two bedroom, two bath, ground floor unit at Kihei Shores. The location of this unit (J Bildg.) is in a cool location looking out on the grounds of the complex near the back of the property where it is more tranquil. Kihei Shores features two pools, Jacuzzi, barbecue areas, Kayak/SUP/Surfboard storage, a car wash station and plenty of parking for guests.
 
kalamani
Townhomes at Kamalani 1902
Kihei
$835K (FS)
This 3 bedroom, 2.5 bathroom North Kihei townhome is conveniently located with close by access to the beach, shops, restaurants as well as a close distance to Kahului. Unit 1902 includes updated luxury vinyl flooring downstairs, as well as multiple split A/C units in each bedroom and living room. All bedrooms are situated upstairs as well as an indoor laundry area.
 

Vacant Land

401 Wekiu Pl
401 Wekiu Place 
Kaanapali
$775K (FS)
Nestled within the prestigious and enchanting double-gated community of The Summit in the Ka'anapali Golf Estates on the magical island of Maui. The seller already obtained HOA approval for a 4600 sf house, and full set of plans are ready to be filed for plan check. Developer/seller is open to build for buyer. This exceptional lot offers a canvas for your dream home with unparalleled vistas of the boundless ocean and majestic West Maui mountains.
 
   
 

 
The Smith Team
www.MauiSales.com
(808) 572-0866
 
 facebook   twitter-x-logo  linked-round-flat  instagram-logo-icon-vector-29228004 (2)  
 
 
 
 
 
 
 
 
 
 
 



Click to view this email in a browser

If you no longer wish to receive these emails, please reply to this message with "Unsubscribe" in the subject line or simply click on the following link: Unsubscribe

Coldwell Banker Island Properties
#B-35 3750 Wailea Alanui Drive
Wailea, Hawaii 96753
US

Read the VerticalResponse marketing policy.

Try Email Marketing with VerticalResponse!