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Kaanapali Golf Estates Update
May 2019
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Aloha Fellow Kaanapali Golf Estate Owners,
 If you're a Hawaii-Five-O fan you'll be happy to hear CBS has renewed the show for a 10th season. And as I make that little announcement, watch me segue into 4 bills that have passed this legislative session and are awaiting the Governor's signature ... one which involves film production. Production companies spend millions in Hawaii when they make TV, movie and digital media entertainment here. SB 33 will increase the income tax credit to them from $35 million to $50 million. SB 495 is aimed at levelling out the playing field between local businesses and online companies they compete with. The bill will impose a state excise tax on online retailers who are based outside the state and do $100,000 worth of transactions with people in Hawaii per year. SB 1360 seeks to level the playing field between resident owners of businesses in Hawaii with non-resident owners. Now non-resident partners, trusts or beneficiaries that receive distributed money must withhold income tax on what is distributed. SB 409 is another playing field leveler, this time between owners of gas vehicles and those of electric and alternative fuel vehicles. If signed, beginning Jan 1, 2020 there will be a $50 surcharge with the 1st registration renewal for electric and other alternative vehicles in addition to the annual $45 vehicle registration fee to contribute their share of revenues to support the needs of the state highway fund.
Scientists have been recording carbon dioxide levels atop Mauna Loa since 1958. The concentration of CO2 has been rising by an average of 2.5ppm over the last decade. But the increase from 2018 to 2019 has been around 3ppm. This month the observatory's sensor registered carbon dioxide levels over 4ppm. The last time humans experienced levels this high was ... never. Humans didn't exist. Those levels have been unseen for 3 million years in the Pliociene period, when temperatures were warmer, average sea levels are thought to have been around 50 feet higher, and Antarctica had forests.
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The median price of a single-family home on Maui last month jumped 13% past the $800,000 mark to a new all-time high! The new median price for Maui is higher than the record set on Oahu last fall, which was $812,500. The actual median price of a single-family home last month was $819,500, compared to $725,000 in April 2018. The number of sales however, dropped 17.4% to 76 homes from 92 homes sold during the same month last year.
Condominium sales on Maui dropped 22.2% last month to 137 units sold from 176 units sold in April 2018. The median price of a condo on Maui also fell, by 13.1% to $440,000 in April, from $506,113 in April 2018.
The Maui County Council has approved property tax rates for the next fiscal year, which will be effective July 1st. Hotels and resorts will see an increase from $9.37 to $11, a 17% jump. Short-term rentals will go from $9.28 to $10.75, a 16% increase. Homeowners will see a bump from $2.85 to $2.90. All rates are based on $1,000 of net taxable assessed value.
Now l
et's take a look at Kaanapali Golf Estates
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VACANT LAND
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Status
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Address
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List $
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Sq Ft
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Sold $
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Close
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GENERAL
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no listings
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KAHUA KAI
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no listings
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SUMMIT
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Active
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411 Wekiu Pl
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439,000
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11,112
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PINNACLE
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Active
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45 E Mahi Pua Pl
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655,999
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19,651
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LANIKEHA
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Active
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647 Anapuni Lp
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399,500
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12,081
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Active
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627 Anapuni Lp
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410,000
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12,117
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Active
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607 Anapuni Lp
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420,000
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12,630
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Active
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704 Anapuni Lp
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459,000
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11,927
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Active
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995 Anapuni Pl
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460,000
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20,299
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Active
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27 Kaulele Pl
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475,000
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12,071
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Active
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51 Lewa Lani Pl
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549,000
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24,394
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Active
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110 Lewa Lani Pl
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550,000
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13,072
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Active
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167 Anapuni Lp
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575,000
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21,780
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Active
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65 Lolii Pl
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575,000
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20,617
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Active
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85 Lolii Pl
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585,000
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20,617
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Active
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1015 Anapuni Pl
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585,000
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20,826
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Active
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524 Anapuni Lp
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765,000
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47,687
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Active
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25 Lolii Pl
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849,000
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20,219
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Active
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564 Anapuni Lp
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895,000
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43,643
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Active
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224 Anapuni Lp
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995,000
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40,816
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Active
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304 Anapuni Lp
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995,000
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40,554
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Active
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184 Anapuni Lp
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995,000
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43,342
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Escrow
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45 Lolii Pl
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425,000
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20,417
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Sold
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404 Anapuni Lp
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715,000
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40,862
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695,000
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02/22/19
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RESIDENTIAL
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Status
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Address
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List $
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Bd
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Ba
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Sold $
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Close
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Active
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324 Aalii Way
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2,225,000
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3
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3.5
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Active
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361 Aalii Way
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1,539,800
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4
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4
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Active
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229 Amakihi Way
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1,799,000
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4
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4
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Active
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365 Kului Way
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1,999,000
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4
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3.5
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Active
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300 Aalii Way
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2,365,000
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4
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5
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Active
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180 Kalaihi Pl
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2,750,000
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4
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4
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Active
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320 S Ulukoa Pl
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3,195,000
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4
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4.5
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Escrow
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346 Aalii Way
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1,400,000
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3
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2.5
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Sold
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241 Amakihi Way
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1,835,000
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4
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3.5
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1,835,000
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02/07/19
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KAHUA KAI
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Active
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50 Kahua Kai Pl
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3,595,000
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3
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4
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Escrow
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18 Kahua Kai Way
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3,299,000
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3
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3.5
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SUMMIT
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Active
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215 Wahi Oli Way
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1,895,000
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3
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3
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Sold
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211 Welau Way
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2,395,000
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3
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3.5
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2,200,000
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04/15/19
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PINNACLE
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Active
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56 W. Mahi Pua Pl
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5,800,000
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3
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4
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Sold
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94 W. Mahi Pua Pl
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3,895,000
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5
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4.5
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3,750,000
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05/03/19
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Sold
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23 W. Mahi Pua Pl
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3,595,000
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5
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5.5
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3,428,000
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02/28/19
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LANIKEHA
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Active
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697 Anapuni Lp
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2,099,000
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3
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3
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Active
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577 Anapuni Lp
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2,600,000
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3
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3.5
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Active
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784 Anapuni Lp
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3,795,000
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4
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3.5
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Active
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227 Anapuni Lp
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3,995,000
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4
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4.5
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Active
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49 Keahilele Pl
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4,300,000
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4
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3.5
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Active
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204 Anapuni Lp
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4,800,000
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4
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4.5
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Active
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267 Anapuni Lp
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4,975,000
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5
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4.5
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THE VINTAGE
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Status
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Unit
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Bd
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Ba
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List $
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Sold $
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Close
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Active
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141
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3
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2.5
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995,000
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Active
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21
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3
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2.5
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999,999
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Active
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61
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2
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2.5
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1,125,000
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Active
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57
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3
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2.5
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1,149,000
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Active
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130
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3
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2.5
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1,200,000
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Active
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104
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3
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2.5
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1,300,000
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Active
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28
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3
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3
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1,447,000
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Escrow
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139
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3
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2.5
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1,325,000
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Sold
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124
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3
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2.5
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1,300,000
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1,200,000
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04/18/19
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Figures from Realtors Association of Maui
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Kaanapali Golf Estates
324 Aalii Way
3 Bedroom 3.5 Bath $2,225,000
324 Aalii Way is located behind the gates of the highly sought after Kaanapali Golf Estates. Year round ocean, sunset, and outer island views can be enjoyed at this nearly 5,000 sf estate, The main living area allows for single level living with the master bedroom, kitchen, living and dining rooms, pantry, and laundry all on the same floor. An elegant curved stairway takes you down to a family room, second master, and guest bedrooms. The downstairs provides direct access to the outdoor covered lanais, waterfalls, pool, raised hot tub, and seated grotto.
(click on pictures for more information)
The Summit
215 Wahi Oli Way
Single Level 3 Bedroom $1,895,000
215 Wahi Oli Place is located behind the double gates of the Kaanapali Golf Estates and The Summit. This home boasts direct west views to Molokai and Lanai with year round sunsets and winter whale watching. Lot 17 is a single level home with two master suites and a third guest bedroom. Experience ocean and island views from the formal master bedroom, living room, dining room, and kitchen. The home features a pool, spa, outdoor kitchen with direct gas, bonus workout room, Subzero stainless steel appliances with gas stove, refrigerator drawers, Subzero wine cooler and much more. Surrounded by grass lawns and resort style landscaping, Summit 17 feels bright and inviting. Homes in The Summit Phase I are rarely available and the association dues cover the exterior paint and pressure washing, roof, all landscaping, insurance, pest control, and pool and spa maintenance. Secure, safe and located in the Kaanapali Resort, The Summit is a short golf cart ride to all that Kaanapali has to offer. Home is being sold fully furnished.
(click on pictures for more information)
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Southwest Airlines is adding another airport to its network of Hawaii destinations. Hilo is the 5th Hawaiian airport, and second on the Big island that Southwest services. Harry Kim mayor of Hawaii county, shared that there will be 4 daily flights between Hilo and Honolulu by this fall, and direct flights into Hilo from California before the holidays.
All Nippon Airways (ANA) has completed its second test flight in preparing for a big expansion in Hawaii. Their goal is to double the number of seats they connect from Honolulu to Tokyo in 2020. Starting this Friday, they will add service 4 times a week on its A380 aircraft. In July, ANA will add a second A380 to the Hawaii market, and a third in July of 2020.
 Hawaiian Airlines is seriously ramping up their Hawaii/Japan game. They just got approved for a 2nd Haneda flight slot (just in time for the Tokyo 2020 Olympics. They already have regular flights from Haneda to Honolulu and Kona. Haneda is closer to downtown Tokyo than Narita, which Hawaiian also serves.
And not content to leave it there, Hawaiian Airlines plans to offer 4 nonstop weekly flights between Fukuoka Japan and Hawaii as early as November. They also serve Osaka and Sapporo.
TOURISM
Maui County's visitor growth of 3% projected for this year is half of what it was in 2018, when arrivals rose 6.3% to nearly 3 million visitors. BUT the University of Hawaii Economic Research Organization (UHERO) declared that Maui County today hosts 17% more visitors than it did in 2017, AND they're spending 16% more.
Well, that's a lot of folks coming to Maui and they all need places to stay. A lot of them are looking for alternatives to the overpriced hotels with all those extras tacked on to the bill.
M
aui Beachfront Rentals
fills the bill. They can enjoy multiple bedrooms, full kitchens, laundry, free parking, plus all the amenities of a resort. Are you interested in enjoying a steady stream of income for your property when you're not using it? A word to the wise ... if you're thinking of trying to do it yourself (as I originally did), be prepared for major headaches! Do what I do now and check out
MBR
. They take all the hassle out of it for you.
And they market the heck out of your place with extra advertising on sites like VRBO, HomeAway, Flip Key and others ... all at no additional cost.
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Dean Rathbun
of
Avis Mortgage
says the Federal Reserve left interest rates unchanged this month, and its chairman, Jerome Powell, stressed that it would remain patient, even as investors looked for a rate cut and President Trump urged one. Powell said that his outlook for the U.S. economy is a positive and healthy one for the rest of this year.
Based on the Fed's laundry list of concerns, the bond market (which determines rates) will be watching economic data closely both at home and abroad. The stronger the data, the more rates could rise, while weaker data could lead to new long-term lows.
Speaking of lows, mortgage rates edged lower again this week, with rates remaining well below year ago levels. Even Freddie Mac's chief economist, Sam Khater, said the economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.
Nationally condominium loans represent only about 8% of total mortgages, a share that has remained fairly stable for several years. However, they are poised to play a much larger role, notably in the jumbo sector. A recent report by CoreLogic sited 2 locales where condos are especially hot: Hawaii where they represent 42% of the market, and Washington D.C. at 37%, and both are high-priced markets.
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MAUI HAPPENINGS
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Kapalua Wine & Food Festival |
6/2: Kahakuloa Half Marathon & Relay
schedule
6/6-9: 38th Annual Kapalua Wine & Food Festival
details
6/9: 11th Annual OluKai Ho'olaule'a 2019
race info
6/12-16: 20th Annual Maui Film Festival
tickets
6/15: Pride Maui 5k fun run and walk
sign-up
6/15-16: Kamehameha Parade Lahaina
details
6/23-30: Maui Jazz Camp
info
6/27: Hawaiian Music Series Concerts in Lahaina
details
Aloha Friday Free Movie Night
info
6/21: Spiderman: Into the Spider/Verse
7/19: Coco
8/16: Hotel Transylvania 3: Summer Vacation
Maui Arts & Cultural Center
6/01: ArT=Mixx: Mystic Groove
6/02: Kahalawai CD Release concert
6/06: Chris Thomas King blues
6/07: Keller Williams concert
6/22: Zenshin Daiko's 20th Annual Taiko Festival concert
6/23: 28th Annual Ki Ho'alu Slack Key Guitar Festival
6/28: Streetlight Cadence alternative folk pop
6/29: Jazz Maui: Jazz, Blues, & Beyond
6/7-23: Sleuth
As you can see from reading our update, real estate and the Maui economy is doing well. Lots of tourists still coming to our Island, many of them wishing to own their own little piece of paradise. So if you're wondering what your property may be worth in this market, we'd be more than happy to provide you with a free, no obligation, confidential assessment of your property. Conversely, if you're looking to get in on some good buys, let us know and we'll look into adding to your real estate portfolio.
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. We're available to you 7 days a week.
We hope you're enjoying our monthly updates. Feel free to share them with your friends and neighbors. If they like, we'll add them to our update list. Completely private and never any junk mail.
Alex, Leslee, and John
Your Kaanapali Specialists
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If you are currently listed with another Broker, this is not intended to disturb that relationship
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Condo-tel Lender for over 23 Years
DEAN RATHBUN
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