As many of you know, I take great pride for continually being able to come up with new, and I hope at least somewhat interesting, topics for my Monthly Newsletter after all these many years. Well, this month I have “hit the wall”.
What I have been saving for this month is an article I found interesting in RIS Media, one of the resources I follow for real estate news. Like many others, I am interested in the big picture and what the experts are predicting in the way of trends. RIS Media solicits opinions from a group of 500 of the largest brokerages in the U.S. whom they refer to as the “Power Brokers”.
Without belaboring the point, the short answer/consensus seems to be a state of homeostasis, or balance, in the marketplace. The link below will take you to the full article, but this quote sums it up pretty well if you’re not motivated to read the whole article:
“I think 2019 will be a year of pause,” says Pat Riley, CEO of Allen Tate Companies. “For us, builders are still way behind demand, appreciation rates are sliding back to normalcy, days on market are increasing, boomers are squatting, and first-time homebuyers are having a tough time getting out of their leases financially. What this all adds up to is an adjusting market, which means cautious optimism and a return from a seller’s market to a balanced market.”
Click Here for Power Brokers article.
Of course, real estate sales and stats in Maui do not necessarily follow national trends. And sample sizes here are relatively small so it’s difficult to identify trends on a month-to month basis. For the past couple of months I have been sensing just a bit of a slowdown in activity, and now to start the month of April things have gone crazy again! Pending sales have increased rather dramatically. Now that the weather is getting a little warmer on the continent, visitors are starting to head back home and it’s as if they wanted to take a piece of Maui Real Estate with them. And I don’t mean just sand from the beach (which is a no-no anyway)!
Click Here for complete March statistics.
For the last several months, a higher percentage of buyers seem to be looking for single-family homes rather than condos. Predictions for many years have suggested that baby-boomers would begin looking for retirement nests in warm-weather places like Maui, and Gen X, Y, (no Z?) and even some millennials seem to be following suit. To honor all these homeseekers, this month’s Featured Properties will offer some savory choices.
MLS #380434—this elegant, high-fashion Wailea-style home with swimming pool will impress even the most discriminating buyer. Easy care bamboo and wooden floors throughout and even your own private media room says “come buy me quick before somebody else does!”
MLS #380972—This stunning custom-built plantation style oceanfront home with a 3,751 sq. ft. interior on a 10,000 sq. ft. parcel features 16’ tall Fleetwood receding doors that open up to a large poolside seating area for the ultimate in Hawaiiana lifestyle. The 1BR/1BA attached ohana creates caretaker or rental income options for its lucky owner. $4,175,000!!!
MLS #380107—I guess a 5,468 sq. ft. home on a ½ acre+ lot in one of Maui’s most exclusive oceanfront neighborhoods would impress everyone except your housekeeper! Wiggle your toes in the sand with beverage in hand and enjoy year ‘round sunsets and visits from our iconic Humpback whales from December through March. Reduced to $9,800,000!!!
Getting back to my original premise at the beginning of this Newsletter, this is where I like to share upcoming Art and/or Cultural events on Maui—Concerts, Film Festivals, even some dining tips. I often source Maui Time entertainment news (MauiTime.com) for my inspiration, but even that cupboard is relatively bare this month. Geesh. But while searching options, I did come across an unsettling review of the remake of Stephen King’s Pet Sematary. If you like scary movies and /or Stephen King, check this out.
On that note, mahalo again for taking a moment to read my Newsletter, and I look forward to sharing with you again next month!
A hui hou,