Hawaii Real Estate Blog

Makena Home Sold 2018


Our team is proud to announce its participation in the sale of one of Makena's most exclusive homes, 18 Ualei Place. The sale recorded on July 20th at a sales price of $8.15M, marking one of the most significant sales on Maui in 2018. Island Sotheby's International Realty displayed the utmost Makena real estate expertise in representing both Seller and Buyer in the transaction. With over 7,000 square feet of interior living space, seamlessly expanded by the integration of the covered outdoor living areas, all carefully crafted with the highest quality of materials and expert craftsmanship, the 5 bedroom estate marks one of the strongest values in Maui luxury market in years. Built in 2016, it showcases the latest in technology while maintaining a Hawaiiana…

Makena Real Estate

Through decades, Makena real estate has proven to be one of the strongest ultra-luxury Hawaii real estate markets in the entire State. With an idyllic location in a comparably undeveloped area (specially when compared to Wailea or Kapalua), yet boasting some of the most pristine coast anywhere in the world and luxury amenities rivaling those of any ultra affluent resort town, it is easy to understand how and why Makena appeals to some of the world's wealthiest and most famous - from Hollywood movie stars, to Silicon Valley entrepreneurs, to Wall Street tycoons and everything in between making Makena their Hawaii getaway.

As we are half way through the year, it is a great time to measure how the Makena market is faring. First, let's look at how 2017 turned…

Since it's introduction, Montage Residences Kapalua Bay have become one of the most sought-after Hawaii luxury real estate micro-markets in the entire state. With an ideal beachfront location in the heart of the Kapalua resort, world class amenities, on-site dining and activities, it is easy to see how it has become such a dearly valued and in-demand property. Today let's take a look at how the Montage Kapalua market is doing within the overall Kapalua real estate market.. 

Currently there nine units actively on the market, but the best metric of market activity is recorded sales. In 2017, there were a total of 12 sales recorded, at an average price of $4.532M ($1,582 per square foot). Sales prices are slightly up in first half of 2018, at an average of…

On our previous post, we detailed a list of complexes that allow for Maui Condo Vacation Rentals. As a follow up, it's pertinent to also understand that single-family homes are not permitted to be used as vacation rentals UNLESS they are permitted specifically by the County. Now Maui County has a process by which applicable Single-Family Residences can apply for a permit, these permits are non-transferrable (cannot be passed through a sale to the new owner) and are limited to a specified amount per Region.

As a service to our clients, we are posting the most up-to-date list as of the publishing of this post, 07/15/2018. For confirmation that a specific property is still permitted or discuss available options for purchase, contact us.

Hana

Today's question comes from a Buyer who is interested in purchasing a condo in Kihei. We are posting with Buyer's permission, for the benefit of others who may have same or similar question.

Question: My family and I are looking for a condo in Kihei to buy and we want to rent it out when we're not there. The problem that I'm facing is that I'm finding conflicting information as to which complexes allow vacation rentals. Any help would be really appreciated on this.  For prospective purchasers looking into the Maui condo market, one of the first questions is whether the unit will be used as a short-term rental when not occupied by owners and/or their guests. To start, there are many terms that are generally meant as interchangeable in this context:…

Honua Kai Real Estate Market Report 2018

As one of the most active micro-markets in Hawaii, it is pertinent to follow the Honua Kai Real Estate micro-market, to see how it behaves comparative to other subsets, particularly as the Luana Garden Villas sales market begins to develop in phases. The beginning of the year encompasses the high-season influx but in previous year the swing has been much more minimal as activity becomes more year-round than cyclical.

Honua Kai Studios


In the first half of the year, there was only one Studio listed for sale, Konea 521. Although at first glance it might seem as though the price of $975K may be on the high end of the spectrum, as can be ascertained from the Honua Kai Investment Analysis, the Studios are among the highest return on investments anywhere in…

In the State of Hawaii, when a non-resident (defined as any person other than a Hawaii resident) sells their interest in real estate, there is an applicable tax withholding on the amount realized, which is generally the sales price. The amount withheld has been 5%, however new changes as passed via Senate Bill (S.B) 508, S.D. 1, H.D. 1, C.D. 1, now increase the amount to 7.25% for any transaction that closes on or after September 15, 2018.

As per the Announcement published by the Department of Taxation:

"In sum, a transferee or buyer must withhold 7.25 percent of the amount realized by the transferor on the disposition of Hawaii real property if the transfer occurs on or after September 15, 2018, unless an exemption applies." There are applicable…

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…