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Kaanapali Alii Thanksgiving 2018
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Aloha Honua Kai 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.
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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 Honua Kai:
|
Status
|
Unit
|
Bd
|
Ba
|
List $
|
Sold $
|
Close
|
|
KONEA
|
|
|
|
|
|
|
|
Active
|
306
|
2
|
2
|
1,075,000
|
|
|
|
Active
|
208
|
2
|
1
|
1,119,000
|
|
|
|
Active
|
512
|
1
|
1
|
1,139,000
|
|
|
|
Active
|
204
|
2
|
2
|
1,395,000
|
|
|
|
Active
|
926
|
2
|
2
|
1,595,000
|
|
|
|
Active
|
109
|
2
|
2
|
1,790,000
|
|
|
|
Active
|
543
|
2
|
2
|
1,999,888
|
|
|
|
Active
|
302
|
3
|
3
|
3,849,000
|
|
|
|
|
|
|
|
|
|
|
Escrow
|
638
|
1
|
1
|
990,000
|
|
|
|
|
|
|
|
|
|
|
Sold
|
521
|
0
|
1
|
975,000
|
960,000
|
08/09/18
|
|
Sold
|
730
|
1
|
1
|
763,000
|
747,000
|
05/04/18
|
|
Sold
|
616
|
1
|
1
|
860,000
|
850,000
|
02/02/18
|
|
Sold
|
924
|
1
|
1
|
939,000
|
939,000
|
07/11/18
|
|
Sold
|
408
|
1
|
1
|
1,145,000
|
1,015,000
|
04/03/18
|
|
Sold
|
206
|
2
|
1
|
1,050,000
|
1,050,000
|
06/29/18
|
|
Sold
|
232
|
2
|
2
|
1,150,000
|
1,100,000
|
09/27/18
|
|
Sold
|
726
|
2
|
2
|
1,289,000
|
1,200,000
|
11/02/18
|
|
Sold
|
1032
|
2
|
2
|
1,425,000
|
1,375,000
|
07/23/18
|
|
Sold
|
143
|
2
|
2
|
1,490,000
|
1,425,000
|
02/14/18
|
|
Sold
|
242
|
2
|
2
|
1,650,000
|
1,500,000
|
11/01/18
|
|
Sold
|
305
|
2
|
2
|
1,785,000
|
1,680,000
|
04/17/18
|
|
Sold
|
743
|
2
|
2
|
1,909,000
|
1,850,000
|
05/01/18
|
|
Sold
|
439
|
2
|
2
|
1,984,000
|
1,950,000
|
03/16/18
|
|
Sold
|
301
|
2
|
2.5
|
2,999,000
|
2,999,000
|
11/13/18
|
|
Sold
|
449
|
3
|
3
|
2,960,000
|
2,990,000
|
08/13/18
|
|
Sold
|
551
|
3
|
3
|
3,900,000
|
3,900,000
|
04/10/18
|
|
|
|
|
|
|
|
|
HOKU LANI
|
|
|
|
|
|
|
|
Active
|
219
|
0
|
1
|
750,000
|
|
|
|
Active
|
924
|
1
|
1
|
849,000
|
|
|
|
Active
|
140
|
1
|
1
|
920,500
|
|
|
|
Active
|
930
|
1
|
1
|
929,000
|
|
|
|
Active
|
222
|
2
|
2
|
1,098,000
|
|
|
|
Active
|
420
|
2
|
2
|
1,150,000
|
|
|
|
Active
|
146
|
2
|
2
|
1,595,000
|
|
|
|
Active
|
348
|
2
|
2
|
1,695,000
|
|
|
|
Active
|
548
|
2
|
2
|
1,795,000
|
|
|
|
Active
|
606
|
2
|
2
|
1,900,000
|
|
|
|
Active
|
404
|
3
|
3
|
2,925,000
|
|
|
|
Active
|
529
|
3
|
3
|
3,149,000
|
|
|
|
Active
|
403
|
3
|
3
|
3,200,000
|
|
|
|
Active
|
151
|
3
|
3
|
3,500,000
|
|
|
|
|
|
|
|
|
|
|
Escrow
|
244
|
1
|
1
|
959,000
|
|
|
|
|
|
|
|
|
|
|
Sold
|
332
|
1
|
1
|
728,000
|
695,000
|
02/05/18
|
|
Sold
|
524
|
1
|
1
|
738,888
|
720,000
|
05/04/18
|
|
Sold
|
1026
|
1
|
1
|
749,000
|
746,000
|
01/02/18
|
|
Sold
|
240
|
1
|
1
|
860,000
|
840,000
|
03/12/18
|
|
Sold
|
814
|
1
|
1
|
885,000
|
850,000
|
06/29/18
|
|
Sold
|
H116
|
1
|
1
|
924,888
|
926,888
|
05/07/18
|
|
Sold
|
438
|
1
|
1
|
929,000
|
919,900
|
05/25/18
|
|
Sold
|
838
|
1
|
1
|
947,500
|
947,500
|
04/24/18
|
|
Sold
|
442
|
1
|
1
|
1,175,000
|
1,100,000
|
05/31/18
|
|
Sold
|
634
|
2
|
2
|
1,225,000
|
1,140,000
|
07/03/18
|
|
Sold
|
510
|
2
|
2
|
1,469,000
|
1,445,000
|
02/12/18
|
|
Sold
|
448
|
2
|
2
|
1,645,000
|
1,645,000
|
03/20/18
|
|
Sold
|
309
|
2
|
2
|
2,025,000
|
2,000,000
|
08/21/18
|
|
Sold
|
815
|
2
|
2
|
2,100,000
|
2,200,000
|
08/03/18
|
|
Sold
|
SR 409
|
2
|
2
|
226,000
|
225,000
|
06/14/18
|
|
Sold
|
603
|
3
|
3
|
2,950,000
|
2,900,000
|
03/19/18
|
|
Sold
|
604
|
3
|
3
|
3,190,000
|
2,999,999
|
07/09/18
|
|
|
|
|
|
|
|
|
Luana Gardens
|
|
|
|
|
|
|
|
Active
|
13A
|
3
|
3
|
2,150,000
|
|
|
|
Active
|
10A
|
3
|
3
|
2,295,000
|
|
|
|
Active
|
10D
|
3
|
3
|
2,295,000
|
|
|
|
Active
|
12A
|
3
|
3
|
2,315,000
|
|
|
|
|
|
|
|
|
|
|
Escrow
|
9C
|
3
|
3
|
1,940,000
|
|
|
|
Escrow
|
7A
|
3
|
3
|
2,105,000
|
|
|
|
Escrow
|
9D
|
3
|
3
|
1,970,000
|
|
|
|
Escrow
|
13B
|
3
|
3
|
1,990,000
|
|
|
|
Escrow
|
11B
|
3
|
3
|
2,275,000
|
|
|
|
Escrow
|
11C
|
3
|
3
|
2,335,000
|
|
|
Figures from Realtors Association of Maui
|
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.
|
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.
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MAUI HAPPENINGS
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|
|
Banyan Tree Lighting
|
11/19-21: Maui Jim's Maui Invitational
Chaminade
11/25: "Paint The Town Together"
tickets
12/1: Lahaina Banyan Tree Lighting
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
11/23 - 12/9: Elf The Musical
Maui Arts & Cultural Center
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
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
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If you are currently listed with another Broker, this is not intended to disturb that relationship
|
Low Fixed & Adjustable Rates
Condo-tel Lender for over 23 Years
DEAN RATHBUN
Toll Free (888) 455-AVIS (2847
)
|
Increased Income Reduced Expenses
Never Pay For Guest Damages
Guest Travel Insurance
Eliminates Guest Refunds
MAUI BEACHFRONT RENTALS
Toll Free (888) 661-7200
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