June 2018

Found 8 blog entries for June 2018.

mama's fish house paia

Open Table has become the de facto leader in restaurant reservations - such a relationship with dining customers has transformed into arguably the most robust review database of restaurants in the US. Based on over 12M reviews from verified Open Table reviewers of over 27,000 restaurants nationwide, Open Table has released their list of Top 100 Al Fresco Restaurants in America. Hawaii is honored with 10 restaurants in the top 100 - what may be surprising is that 7 of those 10 are located on Maui. 

Hawaii's Restaurants:

Hau Tree Lanai - Honolulu, Oahu
Keoki's Paradise - Koloa, Kauai
Monkeypod Kitchen - Koolina, Oahu
The Mill House - Waikapu, Maui
Mama's Fish House - Paia, Maui
Leilani's on the Beach - Kaanapali, Maui
Kimo's Restaurant - Lahaina, Maui
The Hula Grill…

Today's question comes from a long time client:

Question: We've been looking at buying in Mana Kai for some time now, how's the market doing there?

Answer: Great question - we're a bit biased as Mana Kai is one of our favorite properties on Maui. Historically Mana Kai has been a 'legacy' property, with many units trading hands either generationally (passed down within a family) or internally (owners selling to other owners and/or friends). Since the market crash in 2008, units have come on the market at more constant pace under open market conditions. 

Let's take a look at the charts below for a baseline of analysis:

As can be ascertain by the above, there was a peak in 2016 in terms of sales prices. However, although it is not reflected/adjusted on any

Wailea Golf Estates REO Foreclosure

It is not very often that we see REO's (bank owned / 'foreclosure') homes in the Wailea Real Estate market, so the listing of 197 Halau Place is certainly worth noting. The 3 bedroom / 2.5 bathroom certainly needs some work, but with over 3,600 square feet of interior living space, the property has great 'bones' to work with. Other nearby homes start in the high $2M's and go upwards to $6M for the more premium lots, so it is eye catching when seeing the asking price for this home at $2.15M. 

The location of this particular home is interesting. A corner lot generally offers more privacy and maximizes light, but as one of the entry points into Wailea Golf Estates Phase II, it is bound that at some point there will be more construction equipment/vehicles…

Today's question comes from a client interested in purchasing a home in Wailea.

Question: We have been looking at homes in Wailea for some time, how is the market particularly in the higher-end of the spectrum?

Great question. Let's look at it from two perspectives. First, how has the higher end of the market fared over the past few years. Take a look at the chart below which details the number of sales of single-family residences with a sales price over $5M. As can be noted, as of the date of this post being published (June 12, 2018), we're not quite at the midway point of the year but so far there have already been 7 sales of SFR's on Maui closing with a sales price above $5M. With 3 more sales currently in escrow and half the year still go, it is more…

As the Kihei home real estate market continues to be one of the most interesting ones, particularly in the entry to mid level, we are posting our Piilani Villages micro-market update, with an emphasis on Phase I. For those unfamiliar with Piilani Villages, it was developed in three phases: Phase I being the most northern one off of Kulanihakoi, with homes being built in the early 1990's and most lots ranging in size from 6,000 to 8,000 square feet. Location within the subdivision is critical as those on the eastern perimeter border Piilani highway and are subject to significant road noise (tolerance being subjective). Piilani Villages II and III are very similar in design and floor plans available, with both phases being built in the 2002-2003 timeframe.…

Update: For the latest Maui Property Tax Rates and to compare to other Counties in Hawaii, visit our Hawaii Real Estate Tax Rates page.

In an effort to keep our clients updated on Maui County property tax rates, we are posting the new tax rates for the fiscal year which runs from July 1, 2018 through June 30, 2019. For the most part, tax rates are very slightly adjusted to the previous year but it is absolutely worth noting that there is a new category: Short Term Rental.

Rates are as follows, based on $1K of assessed value:

Single Family Residence:  $2.86 (Homeowner) and $5.52 (Second Home)
Agricultural: $6.00
Hotel/Resort: $9.37
Apartment: $6.31
Short-Term Rental: $9.28
Commercial Residential (see note below):  $4.55
Conservation: $6.35
Industrial:  $7.45

In an effort to continuously keep our clients updated on micro-market conditions, we present our monthly Honua Kai  market update. This shall encompass new listings on the market, those that have gone into escrow during the month, and closed sales for the month.

honua kai kaanapali resort

New Inventory

The Honua Kai micro-market continues to see increased inventory, particularly after the developer finished its sales and re-sales have dictated values, available inventory, and absorption. The month of May saw a good amount of new listings:

Konea 521 - Studios are in short demand, particularly those on higher floors. As Konea 521 came on the market, even with its large floor plan for a studio (at 615 square feet), the asking price of $975K may have seem above market to some, but…

Our team is proud to announce its participation in the successful sale of Wailea Beach Villa Unit 102, in representing the Buyers in this transaction. The proud new owners now have a luxury unit in one of the most coveted properties in Hawaii. The sale closed on June 1st for $2.185M - although valuation can be very subjective, we feel strongly that this is one of the best values at Wailea Beach Villas in years. 

wailea beach villas
Located on the southern end of the Penthouse building, away from the pool, yet convenient walking distance to everything that this luxury property has to offer, the 2 bedroom / 2 bathroom condominium offers nearly 1,900 square feet of immaculately presented living space in one of the Hawaii's top-rated resorts.

For those wishing to discuss the…