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 1014 August 9th, 2022
 

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 

 
Iconic Maui Oceanfront Estate
 207 Kealakai Pl 

207 Kealakai Place 
Spreckelsville
$10.95M (FS)


Mortgage Rates & July Monthly Stats

 

Mortgage interest rates have been volatile but trending downward since their peak at the end of June, according to data from Freddie Mac. They have been hovering around 5% for two consecutive weeks. It’s easy to mistake the rate hikes made by the Federal reserve aimed at adjusting for inflation with mortgage rates. 

 

Federal reserve interest rates affect borrowing power for things like auto and credit card loans, while mortgage rates reflect the costs for buying a home. Now may not be the best time to buy a new car, but home buying may still be on the table for you. Creative solutions offered by lenders for adjustable rate loans, HELOCs, and other buy down options, may benefit consumers at this time.

 

According to Sam Khater, Freddie Mac’s Chief Economist, “The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.”

 

Here’s an overview of recent mortgage interest rates. This “Better by the Numbers” data is being shared with permission courtesy of Dan Bardenhagen of Northpointe Home Loans.

 

Mortgage Rate Type

Week of 8/1/2022

Week of 8/8/2022

Conforming 30 Year Fixed

4.625% 4.764% APR*

4.990% 5.140% APR

Nonconforming 30 Year Fixed

4.750% 4.915% APR*

4.875% 5.026 APR*

Nonconforming 7/6 ARM

4.500% 4.529% APR*

4.625% 4.730 APR*

*Note: these rates may vary depending upon the amount of down payment and credit score.

 

Talking with a lender may unlock financing possibilities that better prepare and position you to participate in Maui’s real estate market. Here's a short list of companies that provide home loans that our clients have received great service from over the years. 

  • Makai Mortgage
  • North Pointe
  • Guaranteed Rate
  • Pacific Home Loans
  • Fairway Independent Mortgage Corporation
  • Bank of Hawaii
  • Envoy Mortgage 

If you don’t see your favorite lending company in our shortlist, please let us know so we can grow our resource network to better serve you and our greater community. Reach out to us if you would like the contact information for a recommended loan officer from any of these local and national businesses.

 

Mahalo Nui Loa,

Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B) and 
Rachel Smith Kofron R(S)

The Smith Team
 

P.S. July Market Stats show a drop in the number of sales transactions across residential, condo and land sales, but the median sale prices exceed last year's values for this time period. This monthly market report is provided by Fidelity Title & Escrow and can be viewed here.
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Market Watch
 
Active
Pending
Sold
Change
Homes
258 (217)
155 (70)
1228 (688)
+7
Condos
220 (99)
239 (128)
1901 (574)
+3
Land
111 (54)
 35 (7)
283 (92)
-1
Total
589 (370)
429 (205)
3412(1354)
+9
 
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

 980 A Makawao 
980 A Makawao Ave
Makawao
$1.198M (FS)
This home has the perfect location with close proximity to schools, parks, restaurants and public services. The main floor has 4 bedrooms 3 bath, dining room, kitchen and large family room, living room or den/office. Plus a 1 bedroom, 1bath upstairs space with private lanai and ocean view. Great for the extended family.
 
76 Kahana Ridge
76 Kahana Ridge Drive
Kahana
$1.69M (FS)
Ocean and Mountain views await you in this tastefully refreshed Kahana Ridge home that is drenched in natural light. The original large, sliding Koa doors open off the kitchen downstairs into the brand new, water-saving, eco-friendly turf backyard. Updates also include fresh interior and exterior paint and more.
 

 
85 honuea Pl
85 Honuea Place
Kihei
$1.85M (FS)
Home is 3 bedroom 2.5bath with an office, lanai and kitchen with spacious pantry and granite counter tops through out. Below is a 1b/1ba ohana with full kitchen and separate entrance. Contractor's own custom-built home with many upgrades and amenities. Conveniently located with easy access to Wailea, Lahaina, Kahului and the airport. 
 
 
101 Waaula
101 Waaula Place
Kihei

$2.7M (FS)
As you enter this lovely home you will be astounded by the gorgeous lengthy entrance that leads to the oversized living room with voluminous ceilings. The gigantic chef’s kitchen is set up for entertaining & contains an electric cooktop, Wolf gas stove, double ovens, warming drawer, microwave drawer, refrigerator/freezer plus a second huge, built in, and more.
 

Homes Under $1M

217 KONO PLACE
217 Kono Place
Kahului

$725K (FS)
Lot is extra large and the possibilities to build or remodel are endless. Notice of 48 hours required since it is tenant occupied. Buyer to do own due deligence. Close to shopping center and schools. 
 
 47 Kealaloa Ave 
47 Kealaloa Avenue
Makawao

$780K (FS)
Step into the charm of this vintage 1938 home with large windows overlooking an inviting front yard surrounded by trees for privacy. Enjoy listening to birdsong as you wake in the mornings, gazing at stars at night, and viewing Haleakala when you stroll to your mailbox. This quiet but central location is close to Makawao town and local amenities. 
 
281 Kaulawahine
281 Kaulawahine Street
Kahului

$948.8K (FS)
This is a must see and offers flexible living spaces to maximize your home investment with a little imagination. A lovely Mapulehu mango tree resides in the backyard with room to grow much more. Home is ready to occupy.
 
473 Hoala Dr
473 Hoala Drive
Kihei

$995K (FS)
Fresh and comfortable and spacious home in a great location. This 2 bedroom 1 bath home is a must see.
 

Vacation Condos Over $1M

 Maui Kai 
Maui Kai 904
Kaanapali

$1.075M (FS)
As you enter, you are greeted by a spectacular Ocean and Island views that makes you feel as if you were on a private cruise ship and offers amazing privacy. The kitchen upgrades include stainless appliances and granite countertops with a generous back splash. The bathroom ceiling was updated as well.
 
Kapalua Ridge
Kapalua Ridge 2823
Kapalua
$1.45M (FS)
Spectacular views greet you as you enter this lovely, extensively remodeled townhome style gem. New Luxury flooring, sparkling kitchen and baths. Be captivated by the panoramic ocean views to delight you upon entering, and leaping whales in season await you.

Customer Listing Synopsis

Wailea Ekolu
Wailea Ekolu 902
Wailea
$2.6M (FS)

A two-story townhome with 1489 square feet of living space and two 230 sq. ft. lanais above the 9th hole of the Old Blue Golf Course. The lanais offer views of Molokini and the Pacific Ocean along with magnificent sunsets. The townhome is in a quiet and desirable location screened by Plumeria trees.

Customer Listing Synopsis

 

Vacation Condos Under $1M

Royal Kahana
Royal Kahana 518
Kahana

$530K (FS)
The Royal Kahana is a beachfront property with a swimming pool, garage parking, onsite management, security, elevators, a fitness room, and extra storage. The units feature central air-conditioning and there is an in-unit washer dryer, and a private lanai with ocean views to the southwest.
 
Kihei Sands
Kihei Sands B-2
Kihei

$875K (FS)
This unit is a two bedroom two bath second floor unit in the complex and has a peek a boo ocean view. The unit is nicely upgraded, has three split AC units and is a turnkey vacation rental. This small boutique complex is a hidden gem. 29 units total that all share the amenities of the ocean front pool and barbeque area. 
Kamaole Sands
Kamaole Sands 10-212
Kihei

$975K (FS)
Kamaole Sands is one of Maui's best-reviewed and most desirable vacation rental properties, located directly across the street from pristine Kamaole III Beach, with its warm-water swimming and snorkeling, golden-sand beach, and natural sloping grassy amphitheater lawn that serves as South Maui's most popular sunset-watching venue. 

Customer Listing Synopsis

Video/Virtual Tour

Residential Condos Over $1M

Masters
Masters 501
Kaanapali
$1.025M (FS)
The private location features an expansive lawn off the lanai and around the side, and lush landscaping makes for a private retreat. A rare floor plan, this corner, end unit has no other units above or below. Vaulted ceilings create an expansive airy feel, and windows open to Maui’s tropical breezes. 
 
Wailea Fairway Villas
Wailea Fairway Villas U-202
Wailea
$1.199M (FS)
Enjoy Maui living at it best. Beautiful features from top to bottom. The open floor plan allows for a easy flow of living from the kitchen, dining and living area. Granite countertops throughout. Extensive lighting in all areas of the unit. Three (3) Split new AC units allow for control of your climate throughout each area of the unit. 
 
Kai Malu
Kai Malu 34-A
Wailea
$1.999M (FS)
Spacious and flooded with natural light, this west-facing home has an extended lanai to enjoy meals and relaxation with the backdrop of Haleakala Mountain and the Wailea Blue Golf Course. The primary suite boasts a large bedroom with private lanai, two large closets, bathroom with double sinks, a walk-in shower and separate soaking tub. 
Hokulani Golf Villas
Hokulani Golf Villas 73
Kihei
$2.15M (FS)
Come see this exquisitely stylized, luxury home with peekaboo ocean views, and upgraded finishings throughout. Built in 2020, this highly desirable corner lot feels very private, and boasts peaceful garden and mountain views in addition to stunning golf course views. 12 ft ceilings enhance the the great room and dining area with easy access to the covered main floor lanai.
 

Residential Condos Under $1M

  Harbor Lights
Harbor Lights A-225
Kahului
$249K (FS)
A charming mountain view condo encompassing 784 sf with 2 bedrooms and 1.5 bathrooms. Thoughtfully designed, this newly updated unit features an inviting open concept floor plan, generously-appointed kitchen with ample cabinet, counter space. 

Customer Listing Synopsi

Puuone Towers
Puuone Tower and Plaza 207
Wailuku
$325K (FS)
Beautiful condo situated in the heart of Wailuku with partial ocean view and close to restaurants and commercial establishments. The complex has a BBQ area, elevator, swimming pool, and on-site manager.
Kihei Shores
Kihei Shores I-002
Kihei
$649.9K (FS)
You cannot find a remodeled 3 bedroom condo, in a prime south Maui location, at this price. Tiled flooring, updated kitchen with granite countertops, newer cabinets, recessed lighting, stainless appliances as well as a beautiful new kitchen backsplash. Popcorn ceilings have been removed. 

Vacant Land

land1
35 Kapalulu Place Lot 361
Kula
$395K (FS)
Beautiful Kulamanu exceptional opportunity to own in this great subdivision. Located on a quiet cul-de-sac, this location offers unique possibilities for ownership surrounded by quality homes. Under ground utilities and lots of green space, as well as, a private park. Minimal yard maintenance due to sloping elevations of the space and surrounding area.
land2
184 Pukalani Street Lot 397
Pukalani
$520K (FS)
Stunningly beautiful Pukalani Terrace half-acre vacant lot (.537/acre). Breathtaking, bi-coastal ocean views, West Maui mountains, and Central valley. Long-admired, highly desirable parcel, with County water meter. First time being offered for sale, since the owner purchased from the initial land developer.  

 
The Smith Team
www.MauiSales.com
(808) 572-0866
 
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Coldwell Banker Island Properties
#B-35 3750 Wailea Alanui Drive
Wailea, Hawaii 96753
US

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