We just reduced our listing at 738 Haiku Road to $435,000. This is a 3 bedroom / 3 bath main house with a 1 bedroom / 1 bath cottage on a 1/2 acre lot. New carpet was recently installed so it shows great. What is so appealing about this property is that it is located in sunny lower Haiku and is located within walking distance to the post office, restaurants, grocery store, and health club. It is also a 5 minute drive to the world famous windsurfing spot, Ho’okipa. This is a great value considering that it is one of the lowest priced properties for a house and cottage in all of Haiku. Click here for details.
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- Jan
- 06
Vacation Rentals in Maui
If you are considering investing in property on Maui for the purpose of setting up a short term vacation rental, there are a handful of pros and cons to the idea that you need to be made aware of.
Ashley Halligan has compiled a list of four Risks and four Rewards one can expect from owning a vacation rental, with Hidden Costs, Competition, Restrictions, and Community Risks as being the Risks of the venture, while Income, Preservation, Tax Breaks, and Community Rewards are some of the Rewards of owning short term vacation property. (A short-term rental is a specially permitted home or condominium with no more than six rooms and located in districts that are not assigned by the county for hotels or resorts.)
Hidden costs, like maintenance and utilities, of owning a short term vacation rental property can add up, and those costs can go even higher if you supply such amenities as housecleaning and toiletries. Add on taxes, insurance and other standard fees, and without proper planning, you could be looking at a financial drain. However, short term vacation rentals can also bring in a lot of money in a very short period, sometimes up to 25% of the mortgage cost in a single night’s rental. While this is probably not the norm, it is certainly a possibility and could easily offset hidden costs and times when rentals are not as frequent.
Knowing the competition and the limits the community will allow with respects to the number of short term vacation units allowed in a particular area will save a lot of hassle and problems down the road. Some communities are in the process of passing regulations to limit, or simply stop, further short term rentals. Be certain to look into the rules on the table for the community you’re thinking of buying into before you do so and find yourself stuck with a business plan that you cannot get licensed. While some communities do not want more rentals units available, other communities welcome them with open arms, as they know such units promote local tourism, and tourist dollars are always a welcome income.
Be diligent in your research and you will find a short term vacation rental business venture on Maui to be both worthwhile and rewarding.
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The November 2011 Sales Volume for Maui Land Sales is a bump up from it was for October 2011. The number of lots sold is 8 (compared to 7 in October), with a median price of $427,500. The average Day On Market (DOM) was 317. DOM numbers are based on the average DOM of properties that SOLD, so if mostly Older inventory made up the majority of sales, the indicator would be moved upwards, whereas Newer market inventory would result in moving the indicator downwards. These DOM numbers are derived from information provided by the Realtor’s Association of Maui, which calculate Days On Market from List Date to closing Date (not Contract Date), and include the 60 day average required for escrow. Another consideration, when applicable, is that Short Sales usually require 4-6 months to close, which would extend the market’s DOM.
To gain a greater insight of the marketplace’s longer time frame trend, it is important to look beyond a month-to-month comparison and do a year-to-year comparison. With that in mind, it is also necessary to consider that Land sale statistics may not be a reliable indicator of the market, as the sample size is typically small. That said, there was an increase in Land Lot sales in January-November 2011 compared to January-November 2010, coming in at +9%. The average price of a sold lot was up +24% at $616,307, whereas the median price fell -25% to total $305,000. Overall total dollar volume was up +34%, coming in at $75,805,725. When looking at a full 12 month trend, there were 135 Land Lot sales in the past year.
With interest rates at some of the lowest rates ever seen, there has never been a better time for a first time Buyer to get into the market. Workshops are available that will teach the first time Buyer how to get their first piece of the market by familiarizing them with the process. Many owners never thought they would qualify before attending a workshop and discovering that ownership is within their ability to achieve. If you are looking to get into the market for the first time, attend a workshop and see what options and possibilities are available to you.
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The November statistics for Maui Sales Volume totaled 147 units sold, which boils down to 73 homes and 74 condos sold. This is representative of a slight decline in sales volume over the total numbers for October 2011. The median price for homes also declined to an average of $445,000, whereas the total average value of condo sales rose to $261,750.
The average Days On Market (DOM) for residential homes was 166, and for condos the DOM was 151. When it comes to DOM statistics, one has to take into consideration whether it was NEW or OLD stock that moved, as this will skew the statistics one way or the other, as OLD inventory sales will move the average upward and NEW inventory will move it downward. Another statistic to take into consideration is that short sales will extend the market’s average DOM, as short sales can take 4-6 months to close.
Being month-to-month timeframe reports do not mirror longer timeframe trends, it is important to do year to year comparisons to visualize the bigger picture. When comparing January-November 2011 with the same time frame for 2010, residential sales rose +10% with an average sold price of $775,283 which is an uptick of +2%, an average median price of $435,000 representing a slight downward turn of -5%, but the overall dollar volume of sold units totaled $634,957,051, a +13% upswing. Sales of condos increased +1% for the same time period with an average sold price of -24% at $496,199, a median price of -18% at $310,000, for a total sales volume of $527,955,915 (-23%). Total sales for the immediate past 12 months are 890 homes and 1156 condos.
Market inventories have declined by 18% over the past 12 months. With interest rates near record lows, potential Buyers may be motivated to make a purchase if they qualify. Many programs are available for first-time Buyers, so it is suggested to attend a workshop and become familiar with the process. Many home owners today did not believe they would be owners until they attended a workshop and learned how to make it happen. With property prices and interest rates at the tempting levels they currently are, now is the time to step up and see what the market holds for the first-time Buyer.
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The Maui real estate market free-fall has seemingly stopped and is on the upswing. Compared to November of 2010, sales of new and previously owned family homes on Maui has jumped a huge 26%, based on the statistics released by the Realtors Association of Maui this past Friday. Due to a drop in residential inventory, the lowest interest rates in just about forever, and buyers confidence in a solid market all contributed to this rise in home sale numbers. All told, there were 73 homes sold in November 2011 compared to the previous year. The median range for the home pricing was $450,000.
During the same period, there were 74 condominiums sold, both new and previously owned, with a median price of $261,750. This number is an increase of 12% in sale numbers with a decrease of 25% of the overall median price. The Maui real estate market is definitely coming back stronger than expected while other parts of the country are still in a slump. A strong market instills confidence in buyers and Maui is as strong a market as can be found nationwide.
Where are the buyers coming from who are giving Maui’s real estate market such a surprisingly strong uptick? Baby boomers, investors and folks from Canada seem to be making the largest impact on the current marketplace. This group should keep the market stable for at least four to six months, and perhaps beyond. Presently, the Maui market is in its high season due to cold weather elsewhere and people being employed. The biggest challenge would be to match buyers with properties as the inventory of available Maui homes has dropped 18% in the last 12 months. “Many short sales and bank-owned properties will need to be absorbed as sales before we can move ahead to a normal marketplace,” said Terry Tolman, the Realtors Association of Maui’s chief staff executive.
Still, with the prospects high that a home will sell, there are plenty of buyers looking for homes in all price ranges, from the “cheap stuff” all the way to the million dollar estates. Maui appreciation, in both the market and the hearts of buyers, is once again growing with no signs of slowing down.
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There are many excellent shops and malls to be found on Maui for shopping. Whether you are looking to buy supplies, souvenirs or some new clothing to show off at the beach, Maui has small ma and pop operations and well as large box stores to take care of your shopping needs. Take a leisurely stroll along Front Street of Lahaina for a wonderful selection of small shops to pick up the most interesting souvenirs for family and friends. Stock up on supplies at Wal-Mart or Costco in Kahului.
While in Lahaina, be certain to stop by Hilo Hattie, a store that almost 1/4 of all visitors pop into at least once. Get a free seashell lei and then browse the shelves for fun souvenirs to bring home and fine clothing to wear while still in Maui. A veritable custom amongst Maui visitors, Hilo Hattie is a must stop shop for souvenir hunters.
Maui has a fine selection of shopping malls that you can wander around in and check out fabulous items and unique offerings. Stores featuring arts and crafts, books, flea markets, perfumes and cosmetics, anything you could possibly want, need or require is available to be bought. Maybe you’re not even sure what you’re looking for but will know it when you see it, then Maui’s shopping mall selection will lead you to that very discovery.
There are also street vendors and fine stores to be found simply walking down the main streets. Sometimes these small kiosks and stores have a wealth of extraordinary items that could be decorating your home. Find the items that express your unique tastes, find the shirt that screams of your tackiest best. Whatever your shopping search finds you looking for, Maui’s shopping experience can help you find what you want.
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Maui is world renowned for fun outdoor activities like swimming, scuba diving, hiking, but Maui is also home to some fine recreational facilities allowing visitors and residents to take the fun indoors or out. If you would like to play some softball, maybe throw some hoops in a basketball court, get in the game on a full size soccer field, Maui has no shortage of facilities to meet your desires.
The War Memorial complex features baseball and softball fields, soccer fields, swimming, and tennis courts. Located in Wailuku, this facility even has its own stadium, if you ever wanted to feel like you’re in the big league!
The Lahaina Recreational Center, located in Lahaina, features swimming facilities for aquatics and swimming fun. Situated in a nine acre park, the facility also features ball diamonds, soccer fields, basketball courts, and a fun playground for the youngsters.
The Lahaina Civic Center, also located in Lahaina, features a full gymnasium, basketball courts, tennis courts, and even an amphitheater. A prime event location centrally located, the center is home to the annual EA Sports Maui Invitational, an NCAA-sanctioned basketball tournament.
Maui has numerous parks and recreational service programs and areas for resident and visitors of Maui. Overseen by the Maui Parks and Recreation Board, these facilities are well-maintained and provide safe, cost-effective fun for everyone. Enjoy a picnic in the park, a ball game on the diamond, and a hike through the paths of Maui’s beautiful parks.
Aquariums are always a favorite of visitors, and Maui has some of the world’s finest, including the Maui Ocean Center. See colorful marine life up close, let the kids wonder at the marvels of the sea as they swim close enough to almost touch, enjoy playful displays by the fascinating sea turtles. Digital audio guides keep you on track with what you are seeing and experiencing in this marvelous collection of the ocean waters around Maui. Cared for with integrity and released when they have grown big enough, as is the case of the turtles, the animals at the Maui Ocean Center are a world to experience for young and old.
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Employment opportunities abound on Maui for both the skilled and the entry level worker. A simple search for “Maui employment opportunities” brings up many websites with listings for job and career opportunities. Whether you are a student looking for some part time work to make some spending money, or are looking to transfer your medical background to a new locale, Maui is able to accommodate you.
With the recent expansion of the Maui Medical Center, there are opportunities for those with medical backgrounds. Whether it be clerical or working in the pharmacy, there are openings available now at competitive wages. To see what jobs are available in the medical field, please visit http://www.hhsc.org/recruit/maui_region.cfm with its list of job and career opportunities and the respective monthly salaries listed, you can shop for your dream Maui job from the comfort of your own home.
Teachers are also in demand, with both part time and full time positions available. A quality teacher is always a welcomed addition to a school system, so if you are looking to enrich the minds of youngsters and would like to live in paradise while doing so, consider a move to Maui to become a teacher in one of the many fine Maui facilities.
There are plenty of openings for care workers, clinicians and even housekeepers. If working in retail is more your cup of tea, there are plenty of shops, stores and other places you can find employment and lend a hand for a busy company. Maui’s shopping is as top notch as anywhere in the USA and the stores need employees to help with their day to day operations, so send in your application or head in to the store and meet a manager face to face to get a head start against anyone else who may be applying. While there are plenty of jobs, there is also competition for the good ones, so make yourself stand out and grab the bull by the horns by taking initiative.
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The cost of living on Maui can vary, depending on what your lifestyle requires. If you are planning a retirement to Maui and would buy into a retirement community, then the cost of maintenance and upkeep can be less than if you were to buy your own house. However, if you’re a family, you will need to consider the gas costs for transporting kids to school, plus more. While Maui is more expensive than mainland USA, it is considerably less expensive than living in other paradises in the world. If you want the best life has to offer and are willing to pay a little more to achieve it, living on Maui will be a dream come true.
Housing costs on Maui vary upon location and type of dwelling you are looking for. Apartments are less expensive to purchase than a house, but raising a family comfortably in an apartment may prove problematic. Rentals are available to allow you time to shop for the perfect place to live and search for the options that are out there. Get a feel for life on Maui before making a final decision, and know the market for when you are ready to make the decision to call Maui home.
Driving on Maui will cost more for fuel, but the amount of driving required is less than if you were living on the mainland. With so much available within walking or cycling distance, the reasons to drive a car anywhere are far and few between. The slower pace of the Maui lifestyle allows for taking the extra moments to run errands and enjoy living life to its fullest. If you need to get around faster regularly, perhaps a scooter or a motorcycle would be a good alternative to a car and reducing the cost of fuel for your travels.
Some types of food, such as fresh produce and fish, will be a little more expensive, but for the most part, there is little difference in grocery costs. There are many grocery stores on Maui, from large stores to smaller convenience stores.
Medical costs are the same as the mainland, and with the recent additions to the Maui Medical Center to be able to care for more patients right on Maui with the latest in technology and techniques, costs of traveling to the mainland for medical care have been reduced significantly for Maui residents.
All told, there is a jump in the cost of living if you move to Maui after having lived on the mainland. However, the rewards of calling Maui home and the benefits you reap in health and well-being completely offset the triviality of cost.
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Maui has many sport and leisure activities to entertain people of all ages. From warm beaches with soft sand to 10,000 feet high volcanoes, there is never an excuse for not having something fun to do. With beautiful weather pretty much all year round, Maui has plenty of outdoor activities to keep the kids away from the video games and the grown ups away from the television.
For fun on the beach, kids love to play with beach balls, Frisbees, throw footballs, badminton, and maybe even some volleyball. Of course, the water is always an interest to kids, so swimming, snorkeling and boogie boards are just a few of the activities once in the water.
For teens, there is plenty of surfing, sun, kayaking, and sun bathing opportunities all year round.
For the adults, there is plenty of beach fun to be had, as well as leisurely hikes to discover the wonderful Maui landscape and all its beautiful sights. Rare plants and animals make bicycle discovery trips an exciting venture each and every time. Take in a round or three of golf, get some tennis time in with new friends, or maybe ride a horse through the trails. Scenic waterfall hikes and amazing volcano tours will leave an impression that will last a lifetime. Whether on foot, bike, car, or a helicopter tour adventure, Maui’s sights are breathtaking from whatever vantage point you are looking.
Of course, you cannot miss out on a visit to Turtle Town for swimming and snorkeling with the friendly turtles, colorful tropical fish and plenty of unique marine life to thrill and captivate. A truly unforgettable experience, Turtle Town is a must-see stop while you visit Maui.
With over 727 square miles of beautiful one-of-a-kind landscapes and features to explore, and plenty of fun sport and leisure activities, Maui has something for everyone to make your stay enjoyable and memorable.
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