Maui Real Estate Newsletter

Aloha!

With my final Newsletter of 2017, I’d like to start by wishing you all a fabulous holiday season and a most prosperous New Year, filled with good health, family, friends, and a mending of the many wounds our nation has suffered this past year.
If you have been with me since the beginning, hopefully, you have enjoyed the 14+ years of Monthly Newsletters that have reached your email box. If we have connected more recently, please continue to check your emails the first week or so of each month to receive an update on our local and very healthy Real Estate market, information on new developments, and always a taste of Maui lifestyle designed to whet your appetite for becoming a part of this wonderful island community through Real Estate.

To recap, our statistics through October year to year show a 37% increase in closed sales, 9.5 increase in median home prices (including condos and land), and a 17.3% decrease in homes (condos, land) for sale. It doesn’t take a rocket scientist to see that demand is high, supply is low, and median prices are likely to continue to climb for the foreseeable future.

Click Here for complete November statistics.

The year has seen new projects coming online, as well as developments in progress continuing to sell at a consistent pace, and some that are still just a twinkle in the developer’s eye. Here’s a list with a brief description of each:

Keala o’Wailea—Located at the gateway to Wailea, this 70-unit residential condominium complex has nearly sold out, with the first two buildings and Recreation Center ready for occupancy first quarter 2018.

Makali’I Wailea—A bit south and across from the Fairmount KeaLani, these 68 luxury 2 and 3 bedroom units featuring mid-century Hawaiian neo-classical architecture are about halfway through the sales cycle.

Hokulani—As featured in last month’s Newsletter, these well-constructed 2, 3, and 4 bedroom homes are being built as they sell, and entering the last phase of the sales and build-out.

And just starting construction or in the near future, the Flats at Kamalani, Paradise Ridge Estates, and Kahoma Village come to mind.

Most everyone who receives this Newsletter has shared with me their desire to spend more time on Maui and perhaps even call this beautiful island “home” someday. My greatest joy is to help make that dream come true in any way possible. While I have been well-schooled on the art of leaving politics and religion out of my Newsletters, I would like to end by saying God Bless to all, and may our nation remain the greatest country in the world.

Mele Kalikimaka a Hau’oli Makahiki Hou!

Aloha!   

They say that timing is everything, and those words are often never truer than with Real Estate matters.  Such is the case with one of south Maui’s premiere single-family home subdivisions, HOKULANI.  Hawaiian words often have different interpretations, but history suggests that it is a name given to Hawaiian baby girls that means “Heavenly Stars”—although the name has been registered less than 100 times since 1880! Although I cannot be certain, the developers who conceptualized the project may have been influenced by the location.  Situated high on a crest above Piilani Highway and Kihei town--amongst the stars and away from city lights, and surrounded by the manicured fairways of the Maui Nui Golf Club—Hokulani is indeed “heavenly”.

Unfortunately for the developers, sales of these quality homes were initiated in 2007-2008 when Real Estate activity here and in most places came to a grinding halt.  Through 2010, only 9 units of the 152 planned were under contract.  Then, in 2011 with several models under construction and/or ready for occupancy, 36 homes were sold and sales have continued at a steady pace of about 15 homes per year ever since.

Entering the final phase with only 37 homes left to sell (about a 2+-year supply), the developers have kept pricing in the original affordable range of the mid $900,000’s to $1,200,000—approximately $500-$600/sq. ft.  Good news for the new homebuyer since the residential market has appreciated easily 15-20% since 2011, but the handful of owners who have marketed their homes for resale have been burdened with competing with new home prices and have not realized much of a gain.  Now, then, would seem to be the ideal time to consider owning one of these beautiful homes at developer prices--you still have time to select your finishes and choose from a list of custom modifications available.  Once they are all sold, prices are likely to go up considerably as these homes compare favorably with other homes in the area selling for $700-$800/sq. ft. and higher!

Seeing is believing, of course, and this 3D virtual tour should pique your interest a bit, so let’s start here before I describe the quality construction and many amenities.  Please use this link to access the tour:  https://my.matterport.com/show/?m=XcncRjxmzRr&brand=0

Designed by the highly respected architectural firm of Riecke, Sunnland, and Kono and currently being built out by the exceptional and very user-friendly builders Hollanti Homes, Hokulani is a gated, planned community that combines the pride-of-ownership of single-family detached homes with the convenience and security of condominium living.  I find that this concept addresses the concerns of the part-time resident of Maui as well as those who wish to make Maui their full-time home.  All exterior maintenance of your new Maui home is covered by a monthly maintenance fee, and 24/7 security patrols the home sites.

Amenities are many, to say the least.  With six different models available including some custom options, choose from single-level and two-story 2 and 3 bedroom homes ranging in size from 1,832 sq. ft. to 2,516 sq. ft.  Professional landscaping is included with your purchase, and these energy efficient homes feature Monier tile roofs, Gourmet Kitchen Aid stainless steel appliances, recessed lighting with Pendant accents, tankless on-demand gas water heaters, spacious walk-in closets, luxurious soaking tubs in bathrooms, and so much more!  An extraordinary waterfall Swimming Pool Center and a Community Clubhouse for neighborhood gatherings or private parties complete the offering.  http://www.hokulanigolfvillas.com/

Order yours today!**

** Please note, models, are open daily from 9-5.  I am more than happy to accompany you to the site, but should you wander up there on your own be sure to mention that I am your realtor so that I can be your eyes and ears, and mostly voice, throughout the whole process while you are not here.  You will not pay any more to have me represent you—and maybe even a little less!  I’m a pretty good negotiator.

Every now and again a property comes to the marketplace that has a certain “WOW” factor (WOW factor defined in an earlier Newsletter as “that rush you get when you first walk in”).  Wailea Elua #2105 is just such a property and is, therefore, this month’s Featured Property.

For those not familiar with the Wailea Resort community, Wailea Elua was one of the first three condominium complexes built in the mid 1970’s (Elua means “two” in Hawaiian), when the resort was first being developed.  Only two of the three are built on the oceanfront; only one of those two is a gated community—Wailea Elua.

Upon entering the unit the first thing you notice is that it’s bathed in natural light.  The spacious and very open feeling living/dining area features a large lanai facing the ocean and an even larger and very private back patio off the dining area—perfect for backyard grilling or entertaining.  With over 1,500 sq. ft. of living space, you will find the two bedrooms with private baths to be comfortably roomy, as well.

As you are drawn to the lanai you begin to take in the expansive and just-short-of-sensational ocean view that is waiting to greet you.  I will mention that this first-floor unit is located on the more elevated back side of the property, thus the more panoramic view.  I have not actually measured it, but the “back side” of the property cannot be more than about 200 feet from the beach.  Worth mentioning, also, the unit is elevated above ground as it sits over your personal one-car garage, large enough to store a golf cart alongside.  Only a handful of units in the complex include a garage.

Nonetheless, some of you reading this are probably disappointed that it is not one of the direct oceanfront units.  You will be pleased to know, then, that there are currently three oceanfront units listed for sale—priced from $3.6 to $3.9 million--with no garage and not quite as large as this one.  Or, you can put a little WOW in your life for only $1,419,000 for Wailea Elua 2105.  But hurry!
MLS #376037  Click Here to View Listings   Be sure to check out the 3D Virtual Tour!

With Thanksgiving right around the corner our vacation units are booking up, and if you are part of the fortunate few who will be spending their holiday here on Maui and doing a “meet and greet” with the seasonal return of our magnificent Humpback whales you may like some suggestions on places to dine.
My picks for the Kaanapali/Kapalua side of the island are The Terrace at Ritz-Carlton; Merriman’s Kapalua; and Pulehu, An Italian Grill at the Westin.  For Kihei/Wailea/Makena diners try Gannon’s, Ko at the Fairmont Kea Lani, Spago’s at the Four seasons, or Five Palms at the Mana Kai.  You will find me and my date at the Five Palms enjoying their first seating at 3:00 pm.

There’s always something special about the holidays here in the U.S.  Whether it’s a traditional Thanksgiving dinner with a fire crackling in the fireplace, or outdoor dining with breaching whales and dolphin silhouetted against the setting sun, I wish you all the very best.

Michael Blaz

Aloha!   

October is the month when most of us turn the page on summer.  The clocks get turned back the first Sunday in November (everywhere except Hawaii and Arizona), the days are shorter, and that all-too-familiar chill permeates the night air.  The nights do start getting a little cooler here, as well; a welcome change for me.  Our summer days in the low 90’s are turning to autumn days in the low 80’s.  Surprisingly, though, our visitor count seems unusually high for this time of year as the line between our traditionally high season and the low season continues to blur more and more.  It’s as if the world has discovered Maui…

Sales continue at a better-than-average pace for this time of year as well, in spite of the decline in buyers due to the lower exchange rate for the Canadian dollar.  I prefer to focus on the new “Pending” sales rather than completed sales, which can take anywhere from 30-90 days or more in some cases.  “Pending” sales are more in the moment, and our pending sales have actually increased about 8% over last month.

And speaking of sales, I would be remiss if I didn’t offer you, once again, an opportunity to own in what I believe to be one of the most exciting low-density multi-residence properties to be built in Wailea for some time.  Keala O’Wailea sits perched high on the most elevated building site in Wailea.  Not only does the site offer some of the most stunning views from anywhere on the island, but the amenities, quality construction, hand-selected finishes and surprisingly affordable price points make this a can’t miss value to add to your portfolio.

Comprised of a total of 70 units—7 buildings with 10 units per building—Keala O’Wailea offers 2-bedroom, 3-bedroom, and 3-bedroom Penthouse units in a 3-story format, including a state-of-the-art Pool Pavilion and Fitness Center.  With 90% of the units under contract and 1/3 of the property scheduled for move in this December, the last 7 units are sure to go under contract soon.

In addition, you will enjoy the convenience of the location, with some of Wailea’s most popular retail shops and restaurants as your backyard neighbors.  If you’re familiar with the area, The Gateway (to Wailea) Shopping Center is at the very top of the Piilani Highway before dropping down into the center of the Wailea Resort.  You may have already enjoyed the Monkey Pod Restaurant or Pita Paradise; Sweet Paradise Chocolatier or Panties in Paradise (oh, my!) as a reference point. 

Please enjoy the following artist’s renderings.  These renderings were created early on before specific finishes were chosen; the finished product will have a much more upscale look to it:

Of the 7 remaining units, 5 are ground level and 2 are on the 2nd floor (all the Penthouse units are under contract).  There are 2 3-bedroom and 5 2-bedroom units, ranging in price from $819,900 to $999,900—a value that you will not find anywhere else in Wailea.  Looking for the perfect Christmas gift?  How about one of these gorgeous units under the tree this December?For this month’s Featured Properties I am inviting you to take a look at other residential condominium properties in Wailea that feature large Pool Pavilions and Fitness areas.  Once you have viewed their websites, let me know if you would like a list of available units.

Kai Malu—Clearly one of Wailea’s most popular and successful complexes built in the last ten years (the same developer as the above mentioned Keala O’Wailea), consisting of 150 two-story Townhomes, all with 3 bedrooms and 2.5 baths and approximately 1,800 sq. ft..  Many have nice ocean views and re-sales will often come fully furnished and turnkey.  Prices start at about $1,200,000!!!

Na Hale O’Makena—Built-in 2002 and featuring solid concrete construction, these 2 and 3 bedroom condominiums offer large lanais to accommodate outdoor dining and entertaining.  This private and tucked away Makena location is only a 4-minute drive from the Shops at Wailea and with a total of only 40 units stretched over several acres, you’ll enjoy the feeling of wide open spaces.  Units start at $1,500,000!!!

Papali Wailea—One of my personal favorites, this complex of 24 3-bedroom, 3-bath free-standing homes sits nestled in a gated community in the heart of Wailea.  By combining architectural components of the Northwest with early Hawaiian roof lines and other features, these award-winning homes are in high demand and rarely come up for resale.  If one does, look for it to start at $2,800,000 and above.

Click here for complete September statistics.  And as an added feature, you can check current interest rates, different loan options, and other financial information at www.Finance.Yahoo.com.

If you’re a fan of ethnic dining, you may want to give Kamana Kitchen, recently opened in the Foodland Shopping Center in south Kihei, a try.  They have locations on Kauai and the Big Island; this is their first foray into Maui.  And if you’re a fan of Sci-Fi, you won’t want to miss Blade Runner 2049—especially if you saw and loved the original Blade Runner made in 1982.  Yes, it is the same Harrison Ford, 35 years later!  He’s aged well.  This film is an absolute stunner as it propels you into a dark and foreboding futuristic world.  Fasten your seatbelts!

As always, mahalo for following my Monthly Newsletter, and it would be my greatest pleasure to someday help you realize your dream of owning Maui Real Estate!

A hui hou,

Michael Blaz

Broker/Owner
Maui Realty Associates
(808) 283-9093 direct
(808) 879-5510 fax
Michael@mauirealtyassociates.com
www.MauiRealtyAssociates.com

Blogs for December 2017

Season's Greetings and 2017 Maui Real Estate Wrap-Up

Posted on December 01, 2017

Aloha!

With my final Newsletter of 2017, I’d like to start by wishing you all a fabulous holiday season and a most prosperous New Year, filled with good health, family, friends, and a mending of the many wounds our nation has suffered this past year.
If you have been with me… Continue Reading