Maui Real Estate

Wailea is a small community located in Maui that is home to several world class resorts. Boasting year-round sunny weather, superb restaurants, and excellent shopping as well as outdoor activities like golf, surfing, kayaking, and diving; Wailea is not only a great place to visit but a great place to call home as well. Though there were only 5,600 residents as of the 2000 census, the resort qualities of Wailea ensure that it is a dynamic and exciting place to visit with no shortage of amenities.

There are several popular resorts in Wailea that cater to a range of visitors from couples seeking a romantic getaway to families looking for a fun-filled and adventurous vacation. Wailea offers everything you would expect from a Hawaiian destination including pristine waters and extensive sandy beaches which is the main reason why Wailea has become such a popular resort spot. Moreover, when it comes to shopping, there are few resort towns that compare with this jewel of Maui.

The major resorts offer boutique shopping and high-end designs from such famous fashionistas as Louis Vuitton, Fendi, Gucci, and Coach. On the other hand, if you’re looking for local goods and interesting markets, Wailea delivers as well. In fact, Wailea is packed with amenities so whether you’re a “foodie” and you want to find some of Hawaii’s best restaurants or you’re the outdoor type looking for a surfing paradise, Wailea is sure to have a range of activities that suit your personality.

Until recently, Wailea has been seen primarily as a resort town. Most residents work in the tourist industry and the major hotels provide for much of the local economy. Nevertheless, in recent years, real estate development has caught the eye of investors. Because Wailea offers a range of amenities that cater to tourism, it is certainly a place to live. What is often overlooked is the community itself.

The people of Wailea are committed to building a strong and vibrant town with fantastic community facilities like schools, community centers, libraries, and more. In addition, the long term plans for Wailea as one of Hawaii’s premier resort destinations assure that this is a prime location for real estate investment. Not only a lovely place to live, Wailea is also a place that will continue to develop and grow.

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There is a growing consensus that the recession is over. Here are a couple of optimistic reports worth reading.

Getting Back to Normal - The Outlook Continues to Improve

8 Reasons Why (We Believe) the Recession is Over

Of course, not everyone feels the same way, so in the interest of being objective, here is a somewhat contrarian point of view.

More Rough Times Ahead for U.S. Economy, Despite Recent Improvements

What do you think? Are you looking to buy real estate on Maui in the next 6 months, or are you waiting for prices to drop further? We would love to hear from you.

Mahalo Nui Loa,

The Smith Team

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While housing prices in Maui are still not at a level that allows the average island family to buy, just yet, there are some reasons for optimism. For the most part, the average island income is not enough to comfortably buy an average island house, but the University of Hawaii Economic Research Organization is quick to note that the Housing Affordability Index is on the rise. This index is designed to demonstrate how much of an average house an average income can support and a score of 100 indicates that an average family can afford an average house.

Hawaii has always scored lower than 100 on this index. In general, home ownership in Hawaii is lower than other states and while asking prices are falling the index is still reading below 100 in this state. Nevertheless, the index is higher than it has ever been before.

In 2006, Maui County was perhaps the worst region in Hawaii when it comes to affordable housing. With the index reading an abysmal 46.4, many experts would argue that Maui had the most unaffordable housing in the entire country. Last year however, the index topped out at 65.6 and most signs point to further improvement. Similarly, the Honolulu index which has improved dramatically to 64.4 this year is predicted to reach as high as 76.

The reason for the improvement in the index seems is undoubtedly falling housing prices. Most statistics show that the median house price in Maui is falling more rapidly than other regions, like Oahu, and as such we may see the greatest advances in the index here. Unfortunately, the economy is not only negatively impacting the price of homes as evidenced by the fact that annual incomes appear to be dropping off drastically as well. As Oahu is a larger more diversified community, it has not seen the same negative impact on personal income as Maui. Simply put, Maui is a tourism-based economy which is usually immediately affected by international economic turmoil. Unlike Maui, Oahu is home to a wide range of state and government jobs and as such layoffs and cutbacks may have yet taken effect.

Moreover, there is quite a range of buying patterns across Hawaii and these patterns will affect the Housing Affordability Index. For example, while single-family units saw an increase in median price, condo prices continued to fall. So, as the economy begins to regain its foothold and housing prices level off, we may see more affordable options in the Maui region.

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