October 2018 Royal Kahana Update

Royal Kahana Update

October 2018

LOCAL MAUI NEWS

Aloha Fellow Royal Kahana Owners,

They're back! We've had the official first whale sighting of the season on Oct. 8th. At least 12,000 humpback whales are believed to migrate to Hawaii's each winter to mate, give birth and care for their young calves. * The Blackstone Group, which paid more than $1 billion at the beginning of this year to buy the Grand Wailea resort, is continuing its Maui buying spree with the acquisition of the Ritz-Carlton, Kapalua

Things are looking up all over Hawaii. Take Pierre Omidyar, founder of eBay and Hawaii's wealthiest full-time resident. He just moved up 10 notches to #38 on this year's list of the 400 richest Americans compiled by Forbes Magazine. * Conde Nast listed Hotel Wailea in it's #1 spot on their "Traveler's Best Resorts" in Hawaii. Meanwhile Conde Nast "Readers' Choice" award voted Kaanapali Beach Hotel as their #1. * And last but not least, The Maui Ocean Center has recently been named among the "Top 10 Aquariums in the World" by TripAdvisor.

Seven large Solar and power storage projects statewide- including two on Maui are in negotiations and represent the largest infusion of renewable energy in state history. The announcement comes on the heels of Maui's second utility-scale solar project, Ku'ia Solar coming online Oct. 4th. The addition of Ku'ia Solar increased Maui Electric's renewable energy portfolio to 34%, which is ahead of the state's target of 30% renewable energy by 2020.

CURRENT MARKET ANALYSIS

The median price of a single-family home on Maui last month was $754,248 a 16% jump compared to $650,000 in September last year. That was based on sales of 80 homes compared to 81 homes sold in September 2017. There's been more variability in single-family home median prices, ranging from a decrease of 10.1% in March, to the 16% increase in September.

The number of condos sold in September also declined slightly to 121 units sold, a 4% decline from 126 sold during the same month last year. The median price of those condos, however, rose 18.2% to $501,000 in September, from $423,750 during the same month last year. September marked the 4th straight month of double-digit increases for condos: up 19.8% in June, 15.6% in July, and 26.2% in August. * Maui is having a banner year for condominium sales so far in 2018, with year-to-date sales rising by more than 20% and the median price increasing by more than 10% through the first three quarters, compared to the same time period last year. On Maui there were 1277 sales of condo units during the first three quarters of 2018, an increase of 21.6% from 1,050 units sold through the first nine months of 2017. The median price of those units was $499,000, 11.4% higher than the median price last year of $448,000.

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	318	0	1	285,000
Escrow	708	1	1	459,000

Sold	603	0	1	249,000	LH	215,000	9/21/2018
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	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	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

The holidays are coming, and it's not too soon to think of where your friends and family should stay if they're coming out to visit. Likewise, if you don't plan on being here, but don't want your unit sitting empty, check out where I keep my short term vacation rentals -M aui Beachfront Rentals . You know the Island is going to get inundated with visitors for our huge Halloween Festivities, not to mention all the other holidays coming up right in a row! It's a win - win all around. I can 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 more bang for their buck ... fully equipped kitchens, laundry, free parking, and amenities. I get a lot of repeat guests. 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 the 30-year fixed-rate mortgage hasn't averaged this high since 2011, as it inches closer to the 5% threshold. The Fed raised its benchmark interest rate last month for the 3rd time this year, into a range between 2 and 2.25%. President Trump has vocalized his displeasure with the Fed's action, none-the-less another quarter-point increase is expected in December.

Jerome Powell, the Federal Reserve chairman, stated that the current combination of low inflation and low unemployment could continue for some time. The U.S. economy is experiencing what Powell recently called a "particularly bright moment." Inflation is hovering around the 2% annual pace the Fed regards as optimal while the unemployment rate was just 3.9% in August. Fed officials have predicted that both inflation and unemployment will remain around the same low level for the next several years.

For one night each year, Front Street transforms into a giant Halloween Party. Front Street closes down to all vehicles so the pedestrians can get their party on. Beads are tossed from the lanais above the shops on Front Street, dubbing the annual Lahaina Halloween Celebration as

The Mardi Gras of the Pacific

Front Street closed to vehicle traffic 3:30 - Midnight

Noon - 10pm: Commemorative T-shirts Sale Cam pbell Park

4 - 5:45: Family Fun and Dance with DJ Zinn Campbell Park

4:30pm: Keiki Costume Parade Front Street & Banyan Tree Park

5pm - 8:45pm: Costume Contest Signup Pioneer Inn Retail Store

6pm - 8:30pm Music with Luna Overdrive Campbell Park

6:30pm - 9:30pm: Music with DJ Serna Banyan Tree Park

7pm - 9pm: Costume Contest Banyan Tree Park

9:30pm: Costume Winners Announced Banyan Tree Park

TRANSPORTATION

Coming to Lahaina from Kaanapali or Napili: Extended Maui Bus $2 ea way

Coming to Lahaina from Wailea or Kihei: Maui Express Tours

Coming to Lahaina from Wailuku or Kihei: Halloween Express Bus drop off & pick up at the intersection of Front Street & Prison Street

Many hotels also offer shuttle service

MAUI HAPPENINGS

10/27: BOO Bash at Outlets of Maui Lahaina 4pm

10/28: 2nd Annual Keiki Halloween at the Shops of Wailea 3pm

10/28: XTERRA World Championships details

10/31: Halloween in Lahaina Town (details above)

11/3: Arbor Day 1,000 tree giveaway info

11/4 & 12/2: Makawao Walking History Tour schedule

11/4 & 12/2: Jazz Maui Concert 11am Queen Kaahumanu Center

11/8: David Benoit Maui Coffee Attic

11/8: Day of Hope 5k and 10k info

11/9: Chinese Heritage Festival Lahaina details

11/19-21: Maui Jim Maui Invitational Chaminade

11/22: Turkey Trot schedule

Hawaii Food & Wine Festival details

10/19: Roy's 21'st Annual Golf Classic 11:30am

10/20: Spiked! 6pm-9pm Sheraton

10/21: Keiki in the Kitchen Kaanapali Whalers Village 10am-3pm

10/21: Symphony of Flavors 6pm - 9pm Hyatt Regency

Maui OnStage Iao Theater tickets

10/20-28: Honk Jr.

11/23 - 12/9: Elf The Musical

Maui Arts & Cultural Center
tickets

10/20: Mohala Mai hula

10/25: "Soil" Asian intercultural dance

10/26: Livingston Taylor in concert

10/27: Observe & Play Family Day

10/28: Bones Thugs-N-Harmony hip-hop

11/01: Tango Extravaganza

11/2-3: Made in Maui Festival

11/04: Pilina Aloha hula/song

11/9-10: Kumu Kahua Theatre Pakalolo Sweet play

11/17: Dirty Heads reggae/hip hop

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

Mulligans On The Blue Tuesdays

6:30 pm Free Magic Show

As you read above, mortgage interest rates have risen, and the Fed is expected to raise their rate again in December. I don't have to tell you that mortgage rates affect the housing market. What I can tell you is that 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.

John

Broker/Owner