Real Estate Update and Stats from Realtors Association of Maui

Below are the updates, statistics, and market summaries provided by the Realtors Association of Maui for February 2012. Key excerpts from the entire report have been cut and pasted to this blog for quick review. Enjoy!
Here is a LINK TO THE ORIGINAL ARTICLE IN FULL

Maui February 2012 Sales Statistics

February’s Sales Volume – February’s Residential Sales rose to 77 homes sold, while Condo Sales declined to 79 units sold. Land sales came in at 12 lots sold.

February’s Median Sales Prices –The Residential home median price rose significantly to $535,000, while the Condo median price declined to $287,000. Land median price was $333,925.

Days on Market Residential homes = 150 DOM, Condos = 172 DOM, Land = 371 DOM.

IN A NUT SHELL…… the good, the bad….. AND THE ROAD AHEAD ……
Well priced properties are attracting multiple offers making for a quick sale. Inventories have declined 14-22% over the past 12 months in Residential and Condo classes. Many short sales and REO (bank owned) properties will need to be absorbed as sales before we can move ahead to a more normal marketplace. Interest Rates are remaining near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Current World and US events will have ripple effects on cost of living, consumer confidence, and our Real Estate Market.

FOR SELLERS

Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the
marketplace for those who REALLY have to sell. UNLESS- you are motivated to Upsize, Downsize or
Upgrade – While selling now will “net” less, your next property will cost less. Sharpen your pencil, talk to your CPA and Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later.

To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor.

THE BEST Deals are selling, everything else is getting old.
Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers from knowledgeable Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent.

FOR BUYERS

Very Low interest rates prevail, however could inch up. Buyers should get Pre-Approved so
they can shop in confidence (fewer last minute disappointments due to non-funding loans).
More “short-sales” and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent now on requirements for loan approval.

First-Time Home Buyers – Many programs are available….. Attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current ownersnever thought they would be able to own until they attended a workshop, discovered they could own a home, and are glad they did.

This low point in the market is your rare chance, so check it out carefully.

Meghan Clair is a Realtor at Coldwell Banker Island Properties Shops at Wailea Office. She is pleased to represent you in the sale of your home or as a Buyers agent on any Maui Property! Please contact Meghan for more details.

Meghan Clair
Realtor (S), EcoBroker
Coldwell Banker Island Properties
MauiGreenRealEstate@Gmail.com
(808) 874-8668 office
(808) 463-8485 cell

Links to the Best Ocean Front Wailea, Maui Condos

Here are links to the best ocean front Vacation Condo Opportunities in highly sought after Wailea, Maui!

Wailea Ekahi Village

Wailea Elua

Wailea Beach Villas

Wailea Point (short term Vacation Rental not permitted)

Polo Beach Club

Meghan Clair is a Realtor at Coldwell Banker Island Properties Shops at Wailea Office. She is pleased to represent you as a Buyers agent on any Maui Property! Please contact Meghan for more details.

Meghan Clair
Realtor (S), EcoBroker
Coldwell Banker Island Properties
MauiGreenRealtor at gmail.com
(808) 874-8668 office
(808) 463-8485 cell

Maui News Article: New Kihei Mall

Kihei mall project touted as ‘job generator’
Calif. developer aims to start work in spring on state’s largest outlet center

Maui News Article
By CHRIS HAMILTON

KIHEI – A California developer wants to begin construction this spring on a shopping center that would be the largest outlet mall in Hawaii.

The 300,000-square-foot first phase of the project, Maui Outlets, would be located on 30 acres mauka of Piilani Highway and would generate an estimated 1,200 retail jobs, according to Eclipse Development Group LLC, of Irvine, Calif. A second, 400,000-square-foot shopping center is planned for an adjacent 45-acre parcel. When both phases are completed the project would add around 90 shops and restaurants to South Maui.

The site straddles the terminus of the planned Upcountry highway. Zoning and land-use entitlements are in place for the project, which is located on former Kaonoulu Ranch land.

As a condition of approvals, developers have agreed to provide land for the Upcountry highway, and make improvements to the Kaonoulu Street intersection.

“We are thrilled the project will not only bring additional shopping opportunities to both local residents and the island’s visitor market, but that the outlet center will bring more than 1,200 jobs to the region,” said Eclipse President Doug Gray in an email.

He said the company would start announcing its tenants in the coming months.

“This is a tremendous job generator in the middle of a recession,” Gray said.

Maui County Council Member Don Couch, who holds the council’s South Maui seat, acknowledged that some residents had raised concerns about the project, and said he was still trying to get more information.

“I haven’t formed an opinion yet because we don’t know what it is, and they’re not talking to us,” Couch said.Couch added that he already had some questions about the project’s design, and didn’t like that the shopping center’s sprawling parking lot would be located in front of the main buildings.
He said the current thinking in urban planning is to create more of a small-town feel, with green space and walkways, and parking located out of sight.

“We can’t please everyone; however, I think most residents will be pleased with the development and tenants,” Gray said. “If we let a committee develop a site, it never would get built. When the community wants to risk $200 million in this economy; they can become developers.”

“We expect to be part of the community for a long time; and have bicycle and walking paths along all the roads.”

Eclipse will devote $20 million just for infrastructure, said Charlie Jencks, its local consultant.

Jencks said a 13-acre affordable housing subdivision being developed in conjunction with his 670-acre Honuaula project would benefit from the mall’s new intersection, roads and planned 1-million-gallon water tank.

“Eclipse has a reputation,” Jencks said. “They have done this so many times in so many places, I’m sure it’s going to be successful. They know how to get things done.”

He also said the stores will cut down on traffic in Kihei by saving South Maui residents shopping trips to Central Maui. As a result, Central Maui’s traffic will be less congested, Jencks said.

But Couch questioned whether the project could actually bring additional traffic to the already-crowded Piilani Highway.

He also questioned the need for such a large outlet mall on an island with 155,000 people.

But Mayor Alan Arakawa expressed strong support for the project.

“We need the jobs,” Arakawa said. “We’re going to be supporting businesses that create jobs.”

Arakawa said he met with Eclipse about six months ago to help fast-track building permits. Streamlining permitting is an administration goal, and Eclipse received no special treatment, he said.

Arakawa also said he hasn’t seen the plans. Still, he said he thought the shopping center won’t have any negative visual impact because of the landscaping. It’s next to the proposed Kihei high school, too, and other planned housing developments.

“I haven’t seen the specifics because it’s a shopping complex,” said Arakawa, who expects more details once the leases are signed.

Jencks said Eclipse purchased the property a year ago from Maui Industrial Partners, where he was a partner.”The heavy lifting was done long before we bought this land,” Gray said. “It was in the entitlement process for over 14 years.”

The ranch devoted about half of the 1990s to getting all the necessary environmental impact studies done as well as county zoning and state land use designation changes and Maalaea-to-Makena community plan amendments for light industrial development, said county Planning Director William Spence and others.
“Sometimes, it’s time to move ahead,” Spence said.

Arakawa said the County Council and the community set this land aside years ago for exactly this kind of use someday to discourage urban sprawl.There are people who want the malls, and those who don’t,” Couch said. “It’s Maui.”

LINK TO ECLIPSE DEVELOPMENT GROUP SITE PLAN FOR MAUI OUTLETS

For more information on Developments in Maui Contact Meghan Clair of Coldwell Banker Island Properties


Meghan Clair
Realtor (S), EcoBroker
Coldwell Banker Island Properties
MauiGreenRealEstate@Gmail.com
(808) 874-8668 office
(808) 463-8485 cell

Article from this Blog post is originally from The Maui News.

Wailea Home Only $719,900!!!

Almost to good to be true! Here is a new listing #22 Kanani Wailea!

3 Bedroom/2.5 bath Wailea Home offered at only $719,900

Live the Wailea Lifestyle with out the big price tag

Not an REO or Short Sale


Lanai

Kitchen

Living Room

Master Bed

Master Bath with Tub

Public Remarks MLS:
Best value at Kanani Wailea, an exclusive community of luxury residential condos in resort town of Wailea, Maui. Enjoy the pool, spa, fitness center, and enclosed two-car garages. Superior quality of construction includes steel framing, Monier tile roof, dual-glazed windows, 9 ft ceilings, travertine tile, Wolf stainless appliances, granite countertops, tray ceilings and bullnose corners. Upstairs master suite offers dual vanities, huge soaking tub and shower, pocket doors, walk-in closet, and private lanai with partial oceanview. Open floorplan with multiple lanais (porches) conducive to entertaining. Pet-friendly complex conveniently located across the street from Kilohana dog park. Secure, gated neighborhood with groundskeeping included appeals to those seeking a second home or investment rental property. Dream tenants on month-to-month lease with $2600 monthly income; please allow 48 hours’ notice for showings.

Property is listed with Hawaii Life Real Estate, Meghan Clair is a Realtor at Coldwell Banker Island Properties Shops at Wailea Office, and is pleased to represent you as a Buyers agent on any Maui Property!

Please contact Meghan for more details.

Meghan ClairRealtor (S), EcoBroker
Coldwell Banker Island Properties
MauiGreenRealEstate@Gmail.com
(808) 874-8668 office
(808) 463-8485 cell

$299k a Screaming Deal on Wailea Ocean View Condo!!!

Lowest Priced Condo in Wailea

Grand Champions Villa 132 for ONLY $299,000!!!

This price is a deal! Next price in the development is $499,000! Act Quickly as this won’t last long!

This beautiful 1bed/2bath Condo is located at Grand Champions Villas a peaceful development located on the golf course in the heart of wailea.


Dinning Room


Living Room


Kitchen


Bed

Per Maui Listing Service:Great income potential & nice ocean views. This is a Short Sale, Proceeds received may be less than the amount required to satisfy lien holder and transaction costs, possibly requiring lien holder’s approval of sale price and terms for the transaction to close. Please be certain to read Realtor Remarks for additional information prior to making an offer. Furnishings are not included.

Meghan Clair is a Realtor at Coldwell Banker Island Properties Shops at Wailea Office. She is pleased to represent you as a Buyers agent on any Maui Property! Please contact Meghan for more details.

Meghan ClairRealtor (S), EcoBroker
Coldwell Banker Island Properties
MauiGreenRealEstate@Gmail.com
(808) 874-8668 office
(808) 463-8485 cell

Ho’olei Luxury Villas Information and Update

    Wailea, Maui’s #1 Selling Luxury Condo!

The Ho’olei community is located directly across the street from the Grand Wailea Resort and Spa. Relax with the comfort and ability to “lock and go” while at the same time enjoy the comforts of a condominium designed to feel like a stand alone residence.

LINK TO ALL ACTIVE HOOLEI LISTINGS
Prices currently range from $1,990,000-$3,195,000
There is no other product like Ho’olei on the market! Contact Meghan for an update on recent sales and the Best Deals at Ho’olei!

On the ocean view lanai the Viking Gas BBQ & sub-zero fridge support that seamless Hawaii indoor / outdoor lifestyle that Maui is famous for.

Interior appointments include a private elevator, a gourmet Studio Snaidero kitchen with Wolf and Sub Zero appliances abundant.

All furniture, electronics, and house ware items are included.

Richly appointed Interiors

On-site amenities include one of the most impressive pools in the Wailea Resort, 24 hour security, shuttle service to the Grand Wailea Resort, a vast pavilion area, and a state-of-the-art fitness facility. The purchase of Ho’olei includes a transferable membership to the Kulana Club at the Grand Wailea Resort
Link to Ho’olei Ammenities

Preview the entire Ho’olei site: www.Hoolei.com

EcoBroker, Realtor(S) Meghan Clair can represent you as a Buyer’s Agent on these unique home.

Meghan Clair
Realtor (S), EcoBroker
MauiGreenRealtor@Gmail.com
(808) 463-8485 Direct Phone
(808) 874-8668 Office Phone
Coldwell Banker Island Properties

Photos and excerpts from for this blog post are from the Maui MLS,www.hoolei.com

Andaz Hotel Wailea-Maui’s Amazing New Oceanfront Resort


Construction has Begun on the New Andaz Hotel Wailea! Here is some insight into this unique chain of Luxury Resort Hotels soon to welcome visitors in beautiful and exclusive Wailea, Maui Hawaii!

It’s official! The cob-webbed Wailea Renaissance hotel on Maui is now slated to be a Hyatt-branded Andaz hotel after $90 million in renovations and two years. The property, which is currently owned by Starwood Capital, was previously scheduled to be a Baccarat Resort, before the downturn in economy forced a pull-out.

ANDAZ WAILEA, MAUI
The Andaz Wailea Resort and Residences will feature 255 rooms, 35 suites and six four-bedroom villas. Andaz Wailea will include an assortment of world-class amenities including:

•A three course meal specialty restaurant
•Several relaxing outdoor pools
•A 15,000 square-foot spa
•State-of-the-art fitness facility


Andaz Wailea Resort and Residences will be located along 600 feet of Mokapu Beach in one of the most sought after leisure and resort destinations in North America. The Wailea master plan includes a 1.2 mile-long oceanfront beach path connecting all of its world class beaches, a premier shopping center, distinguished restaurants and a 54-hole golf club and a tennis club.

“The opportunity to develop a world-class resort along one of Hawaii’s most desirable beaches is unique, and we are delighted to partner with Starwood Capital, a company with a long history of designing and building world-class hotel and resort properties,” said Hyatt Hotels Corporation President and Chief Executive Officer Mark S. Hoplamazian. “Andaz Wailea will be a great addition to Hyatt’s resort portfolio and an important new market for Andaz.”

MORE THAN A HOTEL
At Andaz, we’ve set the stage to indulge your creativity with a local venue illuminated by a kaleidoscope of culture embedded in our walls.

Each hotel features the most adventurous, globally influenced design, yet also inhabits the sights, sounds and tastes of its surrounding neighborhood. There’s a creative vibe of a city hot spot infused with a worldly sense of something bigger. And a pulse centered around what’s going on inside and outside its doors. With it comes the authentic, intimate feeling that you’re in a place quite unlike anywhere else in the world. Come share your passions with like-minded individuals. And experience a truly local point of view.


Blessing of ANDAZ, Wailea
PERSONALIZED SERVICES AT ANDAZ
DINNING AND ENTERTAINMENT AT ANDAZ
MEETINGS AND EVENTS AT ANDAZ
EMBRACING LOCAL CULTURE AT ANDAZ

Other Andaz Locations Worldwide:
USA
California
Andaz San Diego
Andaz West Hollywood
New York
Andaz 5th Avenue
Andaz Wall Street
England (United Kingdom)
Andaz Liverpool Street
People’s Republic of China
Andaz Shanghai

For more information on ANdAZ hotel Wailea or property for sale in the surrounding resorts contact Meghan Clair of Coldwell Banker-Wailea Shops Office. Meghan specializes in assisting Buyers find THE BEST South Maui Oceanfront and Luxury Investments.

She is pleased to represent you as a Buyer’s Agent on any unique Maui home or condo.

Meghan Clair
Realtor (S), EcoBroker
MauiGreenRealtor@Gmail.com
Coldwell Banker Island Properties-Shops at Wailea
(808) 463-8485 Direct Phone
(808) 874-8668 Office Phone

Excerpts for this Blog post obtained at www.bohawaii.com , www.justluxe.com, & www.andaz.hyatt.com and www.google.com/images

Link to all the Wailea/Makena Maui Condos for Sale

Are you curious about what is for sale in Wailea Maui??!

Look below to see links to ALL the different condos in each development
Vacation Rental Condos
Grand Champions
Ho’olei
Makena Surf
Palms at Wailea
Wailea Beach Villas
Wailea Ekahi
Wailea Ekolu
Wailea Elua

Non Vacation Rental Condos
Kai Malu Wailea
Kanani Wailea
Makena Place
Maluhia Wailea
Na Hale O Makena
Papali Wailea
Wailea Fairway Villas
Wailea PalmsWailea Point

EcoBroker, Realtor(S) Meghan Clair of Coldwell Banker-Wailea Shops Office specializes in assisting Buyers find THE BEST South Maui Oceanfront and Luxury Investments.

She is pleased to represent you as a Buyer’s Agent on any unique Maui home or condo.

Contact Meghan for a CUSTOM CONDO SEARCH!

Meghan Clair
Realtor (S), EcoBroker
MauiGreenRealtor@Gmail.com
(808) 463-8485 Direct Phone
(808) 874-8668 Office Phone
Coldwell Banker Island Properties-Shops at Wailea

South Maui Ocean Front Update!

There has been a tremendous amount of activity in 2011 in the Oceanfront Home Market in South Maui.

Here is a link to All the South Maui Oceanfront Homes FOR SALE NOW:LINK

South Maui Ocean front News:
1. Ocean front Bank Owned Property Sold: LINK

2. Two highest priced sales on Keawakapu Beach Ever: LINK

3. Record Priced Sale in Makena $27million: LINK

4. Huge $5million Price Reduction on Makena Estate: LINK

Now is a great time to buy Ocean front Real Estate on Maui!
Maui EcoBroker, Meghan Clair specializes in the Vacation Luxury and Oceanfront Market.

If you are looking for a great deal on a unique property or you want to build your Hawaiian Dream Home on the Water, I can assist you with finding just the right location. In addition to the MLS listings I am privy to many unlisted one of a kind properties on the water .

I am pleased to represent you as a Buyer’s Agent on any unique Maui oceanfront home or condo.


Meghan Clair
Realtor (S), EcoBroker
MauiGreenRealtor@Gmail.com
(808) 463-8485 Direct Phone
(808) 874-8668 Office Phone
Coldwell Banker Island Properties-Shops at Wailea

UH economists say ‘recovery has slowed, but not stopped’

Here are excerpts from a new Maui News article about the movement of Real Estate in 2011 specifically in Maui and throughout the Hawaiian Islands.

September 2, 2011
The Maui News Online
By BRIAN PERRY – City Editor WAILUKU –
Link to article in full

While keeping a wary eye on Washington politicians and acknowledging U.S. and global economic turmoil, University of Hawaii economists nevertheless predict modest growth in 2012 in an annual Hawaii forecast released today.

“Hawaii’s recovery has slowed, but not stopped,” the economists say in their conclusion. “We expect growth to continue in 2012, although at a somewhat slower pace than earlier projected.

“The substantial weakening that has occurred in the U.S. and Europe, the blow to confidence from D.C. theatrics and the looming fiscal contraction weigh on growth prospects. At the same time, we now have some local growth momentum, with job gains now under way and an ongoing boom in non-Japanese foreign travel.”

The economists also deliver an ominous cautionary note.

“There is a significant risk that things will turn out much worse than this,” they say. “While our view is that the U.S. will avoid an outright recession, clearly the risk has risen substantially in just the past few months.”

NEW DEVELOPMENT

But they say that on a statewide basis, conditions in the construction sector appear to have stabilized, “although there is not yet evidence of significant improvement.”

They point out that July employment in the construction industry was up about 700 jobs from the beginning of the year, and that was 1 percent higher than the level seen in July 2010.The economists report that the market for residential real estate in Hawaii “continues to be quite soft, with fluctuating sales volume but no recovery yet in prices.”

Statewide, the volume of single-family home resales in the first half of the year was 1.3 percent lower than in the first half of 2010, the economists say, citing data from Prudential Locations. The statewide median price was 2.8 percent lower than the same period of 2010. Condominium sales were up 1.1 percent, with the median price down 6.1 percent.

On Maui in July, the median single-family home cost $410,001 down 18 percent from the $500,000 median price a year earlier, according to the Realtors Association of Maui. The volume of sales was slightly higher, however, with 61 single-family sales on Maui in July 2010 and 65 sales in July. Maui condominium prices also were down, with a $325,000 median price in July, or nearly 16.7 percent less than the $390,000 price for the same month a year earlier.

“Neighbor Island (real estate) markets have yet to show the signs of stabilization we see on Oahu,” the economists say in their forecast. “Their continued decline reflects the aftereffects of their more pronounced building cycles during the past construction upswing, and, related to this, their relatively larger volume of distressed sales.”

TOURISM IS UP

The economists predict that visitors from countries other than the United States and Japan “will continue to be a bright spot, rising 16 percent this year and averaging roughly 5 percent annual growth over the next three years.”

Earlier this month, the Hawai’i Tourism Authority reported that visitors to Maui from Canada were able to nearly offset declines of tourists from the United States and Japan. Spotting the trend, the Maui Visitors Bureau has been marketing the island heavily recently in Canada.

Meanwhile, the administration of Mayor Alan Arakawa has reached out to tourism leaders in South Korea to encourage travel from its rising affluent middle and upper class to Maui County.

The university economists say that statewide, “the tourism recovery is now behind us, and further industry gains will be more incremental.”

FORCLOSURE UPDATE…

The market is saturated with many bank owned properties…this explains the slight decline in median
sold price points island wide. The investment buyer and savvy home buyer are going after the low end REO market which is lowering the dollar closing amount…but the number of sales occuring is ahead of years past. The prices are soon to go up once the best inventory is depleted.

(Last week, Pacific Business News reported that more than 39 percent of all home sales in Maui County in the second quarter were foreclosures. The 250 foreclosure sales on Maui, Molokai and Lanai represented an 8 percent increase from the second quarter of 2010, it reported. Maui County’s foreclosure sales percentage outpaced the state’s three other counties: Kauai, 33 percent foreclosure sales; the Big Island, 27 percent; and Oahu, 13 percent.)

“Prices are going up very, very slowly generally speaking,” he said, which is a trend he expects to continue.Hansen said there’s 20 percent less inventory now than there was a year ago, and when supply gets short, prices go up. Another 20 percent of the inventory is in escrow, he said, “so you can see how fast inventory is shrinking. That is kind of unprecedented.”

LUXURY MARKET

As usual, luxury properties in Wailea and elsewhere are expected to lead Maui out of the recession.

“Neighbor Island sales activity has picked up a bit over the past two years as homebuyers with available resources shop for bargains,” the economists say. “On Maui, areas with high-end homes, including Kapalua, Wailea-Makena and Maui Meadows, saw increases in median prices in 2010, even as the island as a whole saw a net price decline. Somewhat encouragingly, we are now beginning to hear anecdotal evidence of a return of offshore money, particularly from Canada, into Neighbor Island real estate markets.”

Interested in MAUI REAL ESTATE???Contact Maui EcoBroker Meghan Clair for a custom Homes search Island Wide

EcoBroker, Realtor(S) Meghan Clair of Coldwell Banker-Wailea Shops Office specializes in assisting Buyers find THE BEST Maui Oceanfront and Luxury Investments.


Meghan Clair
Realtor (S), EcoBroker
MauiGreenRealtor@Gmail.com
(808) 463-8485 Direct Phone
(808) 874-8668 Office Phone
Coldwell Banker Island Properties-Shops at Wailea