Well, I don’t know about you, but I’m ready to jump into this new year with both feet. One of my trusted sources for economic prognostications relating to real estate sent me this:
The new year has started with some favorable news: a blockbuster jobs report and favorable commentary from Federal Reserve Chairman Jerome Powell. Also to be noted, home prices increased nationally by 5.1% year-over-year from November 2017. On a month-over-month basis, prices increased by 0.4% in November 2018. As for the future, the CoreLogic HPI Forecast predicts home prices will increase by 4.8% on a year-over-year basis from November 2018 to November 2019.
While the information I get from many of my Realtor friends on the west coast and other large market areas suggests slowdowns, price reductions, and longer days on market, activity here on Maui is continuing at a steady and positive pace. Year-end statistics will show prices on all properties combined—single-family homes, condos, vacant land—have increased at a healthy (not too high or low) rate of about 5% (December stats are not in as yet with the writing of this newsletter, but the link below will show December/year-end totals).
Click Here to view December and year-end statistics.
Our new Mayor Victorino (yes, Shane’s dad) and County Council members have been sworn in. In my opinion, we now have a good mix of progressives and conservatives on our Council, many of whom have worked well with the Real Estate community here on Maui in the past. All indications are that the “green” movement here on the island will continue to move forward in an effort to become energy independent, with wind and solar resources being maximized, within the next couple of decades.
In an effort to get this January newsletter out before it’s February, here are some Featured Properties for your perusal. All four offer eye-popping ocean views and are arguably the best each of their complexes has to offer:
MLS #380730—Say what you will, you would be hard pressed to find units with bigger, better ocean views that also include a toes-in-the-sand location than the iconic Mana Kai. Boasting 98 2BR/2BA units covering 8 stories, all with the option to lock off one of the bedrooms as a separate studio to maximize rental potential. This designer remodeled 7th-floor unit has it all and represents the best of the best. $1,650,000!!!
MLS #381040—This is not just any 1BR/1BA condo priced at $2,000,000 in the gated and secure Wailea Elua complex. No, it is one of the best 1BR/1BA units featuring near-ocean location and fabulous ocean views from the first floor (no steps)! Make an offer on this one before someone else beats you to it! $2,075,000!!!
MLS #377016—They can’t build them like this anymore. Polo Beach Club sits directly on the sand and features a beach that, though not private (no beaches are private in Hawaii) certainly feels like it’s your very own. This 2nd-floor unit sits in the middle of the complex and is direct ocean facing south while still enjoying a taste of the gentle trade winds that often grace our island. $2,675,000!!!
MLS #377350—If opulence is your thing, then Wailea Beach Villas is your place. This top floor Penthouse unit offers unobstructed ocean views, framed by Maui’s outer islands, that reach as far as the eye can sea (an intentional misspell!). With nearly 2,000 sq. ft. under roof, and an expansive lanai, this must-see condominium lives like a house—with no lawn to mow! $4,500,000!!!
Short but sweet this time. My best wishes to you all that 2019 will be a banner year for you and yours in every way—perhaps the year that you make a piece of Maui your very own! If I can help facilitate that in any way, I am at your service.
Mahalo nui loa,