We have implemented a new category to our blog - 'Ask a Question'! This allows our visitors and/or clients to ask a question and have the answer posted, so it can better serve all of our visitors. Need information or have a concern about Maui real estate? Fill the form on our Contact Us page and we'll respond promptly.
Question: I have a house in Maui Meadows and I'm thinking of putting new cabinets and counter top in my kitchen, do I need to get permits for this?
Great question. There is large-spread misunderstanding as to what must be permitted work when doing improvements to properties on the the County of Maui. As always, our strong advice is to consult with licensed professionals (general contractors, electricians), building planners, the County's Planning Department, architects, and others, as needed. The Planning Department shares Aloha with citizenry and is incredibly helpful - contact them directly at (808) 270-7735 with questions. Additionally, please refer to Chapter 16.26B, as referencing to the Building Code - click here to view. Pasting the pertinent part…
First and foremost, our thoughts and prayers to those most significantly affected by COVID-19 and the on-going pandemic crisis.The health and well-being of our clients and staff is of the utmost concern and, at challenging time such as this, that will continue to be our top priority. We continue to service our clients professionally and dutifully, utilizing all available technological tools that enable us to maintain business continuity - from digital signing, to virtual tours (click here for an example), to virtual meetings and more, we are well-positioned to continue. With perseverance, patience, collaboration and Aloha, we are confident that this too shall pass and our community will be stronger than ever.
Question: I hear the high-end sector is not doing very well in Hawaii. I have a home in Kihei and I fear that now would be terrible time to sell. Is that true?
Answer: Much is being said that the real estate market nationwide is on a downturn and lack of inventory continues to frustrate prospective Buyers. However, local real estate trends can be significantly different than general trends, hence it's always best to look at a granular level to see how the micro-market is acting. So with that, let's discuss:
Single-Family Homes - The term 'high-end' can have various definitions, particularly in a market like Maui where homes can go north of $20M but which are few and far between. As such, for the sake of this analysis, we are looking at $1M as the marker for…
Question: We own a condo in Kakaako and we're interested in selling. We've been told that when we sell, we'll have to disclose everything we know about the property, even if it might kill the deal. Why do we have to 'disclose' if it's not in my best interest?
Disclosure Statement image above by Nick Youngson CC BY-SA 3.0 Alpha Stock Images
Great question, Mark, thank you for asking. To start, please keep in mind that this is not legal advice, this is for informational purposes only and you are highly encouraged to speak to an attorney well-versed with Hawaii real estate. In Hawaii, Hawaii Revised Statute Chapter 508D details the legal responsibility of a Seller to disclosure 'material facts' to the Buyer during the course of due diligence, as agreed upon in…
Question: I'm interested in buying a condo in Kihei but looking for either USDA or FHA financing because of the lower down payment, but I don't have see a lot of options. Is Kihei Villages approved?
Answer: Perfect timing. Kihei Villages was recently approved for FHA Financing, effective as of September 11, 2018. Backed by the Federal Housing Administration, the FHA loan program is a popular one, particularly among first-time home buyers. This is great news for both Buyers, as now this property is an option in a Kihei condo market that lacks other FHA options, and for Sellers, who now theoretically have a larger pool of prospective purchasers. The only other condo in Kihei currently approved, as per the HUD website, is the Island Surf building but that is…
Today's question comes from a buyer interested in Launiupoko real estate.
Question: We're interested in buying a house in Launiupoko, but we're concerned that it may be too far removed from the rest of the island and may be a more complacent lifestyle. What can you tell us about the area?
Answer: Great question. To start, we're a bit biased about Launiupoko as it is one of our favorite areas in all of Hawaii, but we'll answer objectively. The Launiupoko area has a strong reputation as having some of the finest, plantation-style luxury homes on Maui, with expansive ocean view corridors and a degree of privacy rarely found. So although it may appeal to those who want to quietly enjoy their property perched on the hillside overlooking the Pacific, it also has…
Today's question comes from a buyer interested in Honua Kai Luana Garden Villas.
Question: We are interested in Luana Garden Villas. As we would be financing the purchase, do you have a lender that you would recommend?
Answer: Great question. When buying brand new construction, it is important to work with a lender knowledgeable about the property in question and who has loan products available for the purchase. Below we detail lenders, in no particular order, who are able to finance your purchase of a luxury villa at Luana Garden.
First Hawaiian Bank Rick Smith, email@example.com
Central Pacific Bank Spencer Lee, firstname.lastname@example.org
Wells Fargo Bank Jon Levin, email@example.com
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.
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
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…