Royal Kahana Thanksgiving 2018
Hau'oli La Ho'omaika'i
Thanksgiving Makahiki
Long before the Puritans went sailing to Plymouth Rock,  "Makahiki"  was a Hawaiian harvest celebration that ran from November thru February.  Fast forward to 1849.  In an effort to strengthen relations between Hawaii and America, King Kamehameha III declared December 31st a national holiday of Thanksgiving. Why not November? Well, Hawaii already had a holiday called  La Kuokoa  at the end of the month.  So even with a different date, Thanksgiving became official in Hawaii 14 years before President Abraham Lincoln declared it the national holiday it is now. 
LOCAL MAUI NEWS
Aloha Fellow Royal Kahana Owners,  

It's official - The Hawaii Tourism Authority signed a contract to bring the Los Angeles Rams to Aloha Stadium next year.  The Rams will be the 1st NFL team to play a preseason game in Hawaii in more than 40 years. * On the day of his final concert in the islands, singer Bruno Mars (who's from Hawaii) announced that he will provide 24,000 Thanksgiving meals to Hawaii families in need.  If you're interested in donating meals to Hawaii's needy  click here. *  Black Friday is the day after Thanksgiving, and it was a boon for Hawaii retailers last year who saw a 179% increase in sales compared to their average day.  In fact Hawaii beat the national average when it came to revenue generated on Black Friday, and they're gearing up for it again this year.  Nationally, holiday spending is expected to top $1 trillion for the first time ever this year. 
       
Honolulu has become the 18th U.S. city to be selected for the American cities Climate Challenge, a $70 million program intended to tackle climate change and promote sustainability in 20 cities across the nation. * And local company Hawaii Biotech has received a 5 year $38.5 million contract with the federal government to develop an anti-toxin drug for anthrax in humans. 
        CURRENT MARKET ANALYSIS
The median price of a single-family home on Maui last month was $774,223 a 16% jump compared to $668,675 in October last year. That was based on sales of 88 homes a 21.4% decline compared to 112 homes sold in October 2017.  

The number of condos sold in October were relatively flat with 132 units sold, a 2.2% decrease from 135 units sold in October 2017.  The median price of a Maui condominium in October was $499,000, which was a 3.6% decline from $517,500 during the same month last year. 

Total year-to-date resort home sales in Hawaii are on track to increase nearly 17% this year compared to 2017 levels.  Maui resort home sales increased all around, with single-family home sales increasing by 30% compared to last year, as condo sales jumped 47%.  Prices did not follow, however, with average single-family resort home price on Maui declining by 10% and the average condo price declining by 5%.  Maui has the 2nd and 3rd highest priced sales so far this year, a $22 million sale in the 1st quarter and a $20 million sale in the third quarter.
 
Now l et's take a look at the Royal Kahana :

Status
Unit
Bd
Ba
List $
LT
Sold $
Close
Active
217
0
1
299,000
Active
702
0
1
335,000
Active
308
1
1
375,000
LH
Active
114
1
1
395,500
Active
514
1
1
479,000
Active
108
1
1
485,000
Active
120
2
2
430,000
Active
720
2
2
500,000
Active
1020
2
2
599,000
Escrow
301
2
2
475000
Sold
603
0
1
249,000
LH
215,000
9/21/2018
Sold
119
0
1
260,000
265,000
9/20/2018
Sold
105
0
1
270,000
260,000
4/13/2018
Sold
203
0
1
275,000
160,000
3/23/2018
Sold
204
0
1
280,000
270,000
1/19/2018
Sold
318
0
1
285,000
280,000
10/19/2018
Sold
804
0
1
299,000
285,000
4/25/2018
Sold
516
0
1
305,000
305,000
2/26/2018
Sold
619
0
1
337,500
300,000
8/9/2018
Sold
106
1
1
399,000
395,000
9/17/2018
Sold
915
1
1
435,000
430,000
5/29/2018
Sold
708
1
1
459,000
440,000
10/26/2018
Sold
207
1
1
465,000
440,000
3/23/2018
Sold
612
1
1
520,000
475,000
6/4/2018
Sold
501
2
2
495,000
465,000
8/22/2018
Sold
1001
2
2
599,000
550,000
1/11/2018
Sold
811
2
2.5
1,048,000
1,035,000
9/7/2018
Sold
610
2
2.5
1,195,000
1,098,000
8/30/2018

Figures from Realtors Association of Maui
FEATURED LISTINGS
The Royal Kahana is an oceanfront resort, with all apartments including Full Kitchen, Washer & Dryer, Cable, and Central Air Conditioning.  Units are very bright with large floor-to-ceiling sliding glass doors to your Private Lanai.  The Royal Kahana Resort also includes a Swimming Pool, BBQ area, Shuffleboard, Fitness Room, Sauna, Activity Desk, business and meeting facilities, and Free Parking.


STUDIO 702
$335,000
Upgraded Studio facing north to the Pacific Ocean with views of the beach and the Island of Molokai from your Private Lanai.  Good floor plan with sitting area, kitchen, and bed.
  (click on pictures for more information)
       
     

1-BEDROOM 514
$479,000
Sweeping West and South views with the island of Lanai in the background.  The kitchen and bath have been upgraded . The kitchen features newer appliances, custom cabinetry and custom flooring.  The bathroom features a beautiful rock vessel sink, stone tile tub/shower and upgraded fixtures and cabinetry.  A/C unit also replaced.
(click on pictures for more information)
            


1-BEDROOM 108
$485,000
Open and airy ground floor 1 bedroom unit facing northwest towards Molokai with stunning views of the blue Pacific.  Just steps from the water . ( click on pictures for more information)
         

2-BEDROOM 720
$500,000
  
Open floor plan 2 bedroom 2 bath with ocean and mountain views.  Sliding door access from the living room and master bedroom to your private lanai. Recent owner upgrades include the washer/dryer and central air conditioning. (click on pictures for more information)

                    


         
2-BEDROOM 1020
   $599,000
Upgraded 2-Bedroom, 2-Bath with views of the Island of Lanai, the beach, and fabulous sunsets all from your Private Lanai.  In addition to the Open Great Room, there's a full kitchen & bar, as well as en-suite Master Bedroom.   A-rated for rental. 
(click on any of the pictures for more information)

           
TOURISM 
Hula Turkey
The holidays are upon us and island accommodations will get full shortly.  According to the Hawaii Tourism Authority, the use of vacation rental homes and condos are rising while hotel use is declining.  From the West Coast, Hawaii's largest tourism market, visitor stays in vacation rentals grew 25.1% last month, while hotel use decreased.  Hotel use from East Coast visitors rose last month by 5.7%, but that was outpaced by a 37.7% jump in rental home use. The same dynamic applies to visitors from Japan and Canada. 

A measure passed on Maui ballots this month  increases the fine for a person operating short-term rentals without a permit from $1,000 to $20,000.  Then adds a daily $10,000 fine for each day the illegal rental persists.

So where are your friends and family staying when they come to visit you?  Likewise, if you don't plan on being here, instead of letting your unit sit empty, why not score some income? I keep my short term vacation rentals with M aui Beachfront Rentals .  I keep my guests happy by having them avoid all those inflated fees by travel agencies, and having a local staff that's available to them 24/7.  They get so much more than they would in a hotel room ... fully equipped kitchens, laundry, free parking, and amenities.  AND  MBR  takes all the hassle out of it for me.  They cover all the bases plus extra advertising on sites like VRBO, HomeAway, Flip Key and others ... all at no additional cost to me.  AND they handle all the collection of taxes from the rentals.
      MORTGAGES
Dean Rathbun  of  Avis Mortgage  shares that mortgage rates were on the rise this week, and as a result home buyers faced higher borrowing costs.  The 30-year fixed rate rose to its highest average in 7 years, averaging 4.94%.  The economy continued to show resilience as strong business activity and the growth in employment drove mortgage rates higher.

Dean says mortgage rates are expected to keep rising too.  Some researchers predict a nearly 10% increase in buyers' mortgage payment by next July, twice the rate expected for home prices.  Rates are expected to increase by about 0.43% between July 2018 and July 2019.  Housing forecasters predict median home sale prices to continue to rise by 1.8% in real terms over that same period.

The Fed, which has already increased rates by one-quarter point 3 times this year, indicated that their next rate hike will likely be next month.
MAUI HAPPENINGS 
               
Banyan Tree Lighting

11/19-21: Maui Jim's Maui Invitational  Chaminade
11/22: Turkey Trot  schedule
11/25: "Paint The Town Together"  tickets
12/1: Lahaina Banyan Tree Lighting
12/1: Make Living Wreaths  details
12/1: Lei of Aloha  event
12/8: Project Gift Maui  specifics
12/8: Annual Blessing of the Animals  Keawala'i Congregational Church  Kihei 9am
12/8: 66th Annual Chrysanthemum Festival  4:30 Wailuku Community Center
12/14-15: Maui Jim's Women's NCAA Classic  schedule
12/15: Pukalani Christmas Fair & Electric Golf Cart Parade 
12/16: Street Bikers United Toys 4 Tots Parade  Kihei to Lahaina

Holiday Craft Fairs
"Maui Gift & Craft Fair" Sundays  9am-2pm   Lahaina Gateway Center
"Maui's Finest Craft Fair" 9am-3pm
Tuesdays/Fridays Westin Kaanapali Ocean Resort Villas
Wednesdays Marriott's Maui ocean Club
Saturdays Westin Nanea Ocean Villas
Thursdays Hyatt Residence Club Maui

Maui OnStage    Iao Theater    tickets
11/23 - 12/9: Elf The Musical

Maui Arts & Cultural Center    
   tickets  
11/18: Ke'ala'iliahi: A Fashion Love Affair 2018
11/25: Maui Choral Arts Holiday Concert
11/28: Lee Brice   country music
11/30 - 12/2: Hawaii International Film Festival
12/1: Miranda Lambert & Friends
12/2: Holiday Pops featuring Henry Kapono
12/6: Lewis Hyde & Matthew Zapruder in the Green Room
12/8-9: Nutcracker Sweets
12/13: Alsarah & The Nubatones   East African Retro-Pop
12/14: Island Breeze Trio   Hawaiian music
12/15: Amy & Willie K Holiday Concert
12/16: Pepper & Stick Figure   reggae
12/21: Pat Simmons Sr. & Jr.   (of the Doobie Brothers)
12/27: Steven Tyler
12/29: Steve Earle   rock/country/folk
12/29: Hannibal Buress   comedy
12/30: Bill Maher

Mulligans On The Blue    Tuesdays
6:30 pm Free Magic Show
9:00 pm Open Mic Comedy Night (except 1st Tues of the month)


As you read above, mortgage interest rates have risen to a 7 year high, and the Fed is expected to raise their rate again next month.   I don't have to tell you that mortgage rates affect the housing market.  What I can tell you is the Island will be filled to capacity this holiday season with folks who will wish that they could own their own piece of paradise.  And all those folks are also aware of the rising mortgage rates. Listen, if you're considering selling your property or adding another to your portfolio, you should call me for a confidential, no obligation discussion. As owner of Berkshire Hathaway Maui Properties I have over 30 years experience in the Maui market with sales approaching $2 billion!  We a re the  only  Berkshire Hathaway Real Estate Brokerages on Maui. Our offices are located in Lahaina-Kapalua and Wailea-Makena.  I'm available to you 7 days a week.

Have a wonderful Thanksgiving.
Hau'oli La Ho'omaika'i,
John
Broker/Owner


If you are currently listed with another Broker, this is not intended to disturb that relationship
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