Honua Kai da Bomb!

I toured several units yesterday at Honua Kai on Kaanapali's North Beach, and I was impressed!  Especially the 3 BR unit with a lanai bigger than my own house!  Total square footage of the unit including the lanai exceeds the size of the lot that my house sits on!!  And the views can't be beat.  Here's a link to that listing:
Click Hereto View Listing

Go to ownhonuakai.com for updated prices and information on this and other units.   Then call ME!

(FREE mobile app available for download on the Apple App Store and Google Play for iPhone, iPad, and Android.)

I Love Hokulani #31!

Pick of the Month:  Hokulani Golf Villa #31 
Sneak Preview- This beautiful home is not yet on the MLS.

Wow! is the first word out of your mouth when you see the beautiful setting of this private, single level home, overlooking the golf course and blue Pacific!  Arguably in the best location in the subdivision, this home faces southwest, so you can enjoy your lanai overlooking the ocean even on windy days.  You'll love the privacy the rock garden provides as well. 

Hokulani Golf Villas offers all the benefits of a condominium but has the privacy of a single family home. Situated on the Elleair Golf Course on the majestic slopes of Haleakala, this 2 bedroom & den home has an incredible spacious plan with volume ceilings, a huge lanai and 2 car garage. On property you will find an exceptional community center with a gorgeous infinity edge pool, spa, barbeques and gathering room with a complete kitchen. The one thing you will love more than coming home to this wonderful house is being able to leave it and not worry about who is taking care of it!
Proposed New Wailea Condo Development Coming Soon

Keala O Wailea Will feature Absolutely amazing views from nearly every unit. 
After several years of waiting for a new condo development in Wailea we are happy to announce an amazing proposed project in Wailea "KealaO Wailea".

As proposed this intimate development will have only 70 units consisting of 2 & 3 bedrooms each with 5 different floor plans, Ranging from 1200+ to 1700+ square feet. There will also be 2 parking spaces per unit consisting of open stalls, carports and garages.

Keala O Wailea will be situated on the top of Wailea, directly in front of the Gateway Center home of Monkeypod, Pita Paradise & Fabiani's Restaurants'. This site was previously slated to be the Bluffs Single Family lot development, but is currently in the process of being redesigned as the proposed condominium development Keala O Wailea.

Pricing has yet to be determined, but initial indicators are that it will be aggressively priced to promote a quick sell through. I believe this will be a great opportunity to buy an exceptional new property in Wailea.

If this proposed new development is of interest to you please let me know as soon as possible so I can get you on at the top of our early information list.

To sign you up I will need you to email, call or text me with the following information:

Phone Number
Email address
Current mailing address
Zip or postal code

Also I would encourage you to give me a call to ask any questions you might have on floor plans, views, and sales release dates.
New Movie Theatre and Hotel for Kihei
A luxurious movie-going experience with gourmet food served on trays to patrons reclining in leather seats - instead of filmgoers scarfing down hot dogs and popcorn at a mall mega-plex, is proposed for the corner of Liloa and Piikea Streets.

Project developers are requesting an amendment to the Kihei-Makena Community plan that would change planning standards to allow a 60-foot height for the 44,180 square-foot theater.  The entire commercial project would have 257,098 square feet of gross leasable space.

Plans call for a pedestrian-oriented "main street" complex to the north and south of Piikea Avenue, roughly between the Piilani Shopping Center and the Longs-Azeka's malls.

The proposed hotel would be a "select service" hotel catering to Hawaii families visiting from off-island as well as business travelers. 
Maui Visitor Spending up 9.6% for YTD
Visitor spending for the first seven months of 2014 on Maui grew nearly 10% to $2.4 billion while visitor count was about even with 2013 at 1.4 million visitors.

Maui's Economy Strong with Low Jobless Stats
Maui County's unemployment rate dropped to 4.2% from 5% the same month a year ago.  The island of Maui's rate is down to 4%, Molokai's rate is up to 14.1%, while Lanai's rate is down to 2.4%.

Nationwide, the unemployment rate is currently 6.1%.   U.S. job openings are at a 13-year-plus high.  Employers posted 4.67 million jobs in June, the highest since February 2001.
State Department Proposes Cesspool Conversions 
Cesspools will have to be converted to septic tanks - at a cost estimated at more than $10,000 - within 180 days of the sale of residential properties if proposed revisions to the state Department of Health administrative rules are accepted by the governor.

This would impact about 12,000 homes on Maui, 1400 homes on Molokai, and 90,000 homes in the state.

U.S. Home Construction Up 15.7%
U.S. home construction rebounded in July, rising to an 8-month high and offering hope that housing has regained momentum after two months of declines.

Construction increased 15.7% in July, following declines of 4% in June and 7.4% in May.

Applications for building permits also showed strength in July, advancing 8.1%.

How Blessed We Are to Live on Maui!

Maui Voted Best Place to Visit in U.S.

Maui was named the best place to visit in the U.S. and the fourth best place in the world for 2014-15, according to U.S. News and World Report rankings released a few weeks ago.  

"Maui is not nearly as large as the Big Island, nor is it as small as Lanai, as bustling as Oahu or as quiet as Kauai" the news release said.  "For many Hawaii vacationers, Maui is just right - offering a taste of just about everything the Aloha State has to offer, from impressive wildlife to intriguing history and culture.  While on a visit here, you can shimmy alongside professional hula dancers, golf along coastal fairways, snorkel alongside five different types of sea turtles or simply lounge along some of Hawaii's most notable beaches."

Visitor Numbers UP Again
Visitor expenditures in Maui County edged up 10.9% in May compared with the same month last year.  Maui island visitor arrivals were up 3%.

Investment Trust to Buy Wailea Marriott

A California-based lodging investment trust announced Thursday that it intends to acquire the 544-room Wailea Beach Marriott Resort and Spa.

Sunstone Hotel Investors Inc. said it has entered into "a definitive agreement" to purchase the 22-acre resort property for $325.7 million.

Sunstone has already planned a renovation of the resort in 2015 and 2016.  

The transaction is expected to close this fall.

Maui Lu Under Contract

The 27-acre beachfront site is prepped for construction of 388 timeshare units, according to Real Estate Alert.  The property, listed for about $68 million, is under contract according to local sources.

The site, at 575 S. Kihei Road in North Kihei, now houses the 120-room Aston Maui Lu Hotel, which opened in 1959.  Although it generates cash flow, one investment plan could be to demolish the three-building hotel and construct time-share units, according to Real Estate Alert.

Permits are in place for the development of 388 two-bedroom units in 19 buildings of one to four stories, including a restaurant, swimming pools and clubhouses.

This transaction is also expected to close this fall.

Maui Unemployment Rate Drops Again

Maui County's unemployment rate of 4.7% is 0.2% below the same month last year.  Maui Island's rate is 4.6%; while Molokai has the state's highest unemployment rate of 8.6%.  Lanai has the lowest in the state - 3.4%.

Oahu Housing Prices Reach Record Levels

The median cost for a single-family home was $700,000 in June, eclipsing the June 2007 record of $685,000, according to statistics released last week by the Honolulu Board of Realtors.

Condominium prices also reached a new median high in June of $360,000, topping the previous record of $359,450 set in February.

For the first six months of the year, both median single-family house and condo sale prices gained 7%, to sit at $669,500 and $350,000 respectively.

Maui Prices also Up

The number of sales of homes and condominiums in Maui County decreased while median prices rose in the 2014 half-year totals compared to 2013, in what a Realtors Association of Maui official called "a normal market".

Terry Tolman, chief staff executive of the association, said that "prices are rising, sales numbers are lagging" but "this isn't a boom" like the last 2005-06 rising market.

The current trends in a market that is still on the rise signal "a lot safer market" he said.

Residential sales decreased 36 units or 7% to 454 homes sold from January to June, compared to last year.  Condo sales fell 17 units or 3% to 656 units sold in the same period.

Meanwhile, the home sale median price rose 7% to $575,000, and the condo median price was $422,750, up 13%.

Makena Resort Plan Clears Big Hurdle

Keeping You in the Know
Well, the busy winter season is history, the whales have gone home, and so did the snowbirds.  We are in a typical quiet time here on Maui, it is a nice break to be able to drive down South Kihei Road and make a left turn without waiting!
Our winter was solid, sales were brisk.  Our inventory got absorbed about as quickly as it listed, so we are in a healthy market right now.  Properties are appreciating at a healthy pace, but not at a crazy pace as we saw in the first decade of the millennium. 
Year to date figures, January 1 thru April 30, 2014:
YTD - Residential average sold price =
$1,055,947 (+35%YTD), 
median price = $585,000 (+14%YTD).

YTD - Condo average sold price = $611,956 (+15%YTD),
median price = $403,750 (+9%YTD). 
For complete stats, both year to date, and 2013 vs 2012, click here .

Visitor Numbers UP
Visitor arrivals to Maui County edged up 2.3% in Aril compared with the same month last year.  Maui island visitor arrivals were up 2.7%, while there were declines of 8.3% on Molokai and 6.3% on Lanai.
Makena Resort Plan Clears Commission
A proposal to redevelop the Makena Beach and Golf Resort cleared a major hurdle last week.  Resort owners said they plan to redevelop the existing 310-room hotel into 46 apartment units, and adding a 76-room hotel, 12 multi-family condo units, five spa hale and nine beach cottages.
The owner is ATC Makena Holdings LLC, a consortium involving AREA Property Partners of New York, Trinity Investments out of Honolulu, and Maui native Stanford Carr's development firm.  The purchase the property, formerly known as the Maui Prince Hotel, after it went into foreclosure.
If you would like to be informed on this and/or future developments on Maui, please let me know, and I will add you to a special list of prospective buyers of these exclusive properties.
April Jobless Rate Declines again
April unemployment for Maui island fell to 4.5%.  Molokai also dropped, to 8.4%.  Lanai had the lowest unemployment rate in the state, at 2.1%.
Nationwide, unemployment rates fell in 21 U.S. states, as hiring has improved for much of the country.  Rates increased in 17 states, and were unchanged in the remaining 12.  Hiring increased in 34 states and fell in 16.  Rates ranged from 2.6% in North Dakota to 8.7% in Rhode Island.
30-year mortgage rate down to 4.12%
15-year rate is also down, to 3.21%.  These rates are not going to last long- if you are considering a purchase that will require financing, don't delay- take advantage of them now, before the Federal Reserve stops buying up bonds to artificially lower the cost of borrowing.
U.S. Consumer Confidence jumps to 9-month high
This index is currently the almost at the highest level since the recession began in 2007 as Americans reported greater optimism about their financial situation and the economy..
The University of Michigan says its index of consumer sentiment rose to 84.1 from 80 in March.  That's just a point lower than the 85.1 reached last July, which was the highest in nearly 7 years.
Growth Picks up in most of U.S. and the World
A Federal Reserve survey shows economic growth picking up across most of the U.S. over the past two months.  Ten of the Fed's 12 regions reported an increase in economic activity.  Only Cleveland and St. Louis reported slower growth.  Confident that the economy is improving, the Fed has been scaling back bond purchases meant to push long-term interest rates down.
The world's top finance officials at the IMF also expressed confidence last month that the global economy finally has turned the corner to stronger growth.  The IMF in its latest economic forecast predicted global growth would strengthen to 3.6% this year and an even better 3.9% in 2015.
That growth is being supported by a stronger recovery in the U.S., which private economists believe could grow this year at the fastest pace in five years.

Gary Mooers

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