Two important Senate Bills designed to identify land ownership, inventory public trust lands in the state and develop a public corporation to oversee public land usage have been signed into law by Governor Neil Abercrombie.
The first, Senate Bill 2, will create a repository for the land inventory. This is an “important tool that will help the State of Hawaii manage its public lands,” said Big Island Senator Malama Solomon, who also called Senate Bill 2 “a long-awaited initiative that has finally come into fruition.”
The second bill signed by Governor Abercrombie, Senate Bill 1555, establishes a public corporation which is tasked with overseeing an appropriate and culturally-sensitive land development program for the economic, environmental and social benefit for the people of Hawaii. This program would allow businesses to lease state lands. Revenue from such leases would go to a Department of Land and Natural Resources special fund allocated to help maintain those state lands. The overall purpose of the corporation will be to generate revenues that may be used to offset the regulatory functions of the Department of Land and Natural Resources. It will also be tasked with identifying public lands suitable for redevelopment, administer marketing analysis to determine the best programs to generate revenue for the public lands, enter into public-private agreements to appropriately redevelop the public lands. The new Public Land Development Corporation arm of the Department of Land and Natural Resources will also provide the leadership for the redevelopment, financing, improvement or enhancement of the selected redevelopment opportunities.
Of the two Senate Bills she initially introduced, Oahu Senator Dela Cruz said, “As the state faces a budget shortfall and departments such as the Department of Land and Natural Resources continue to see cuts in staff, it is imperative that we get this economy back on track. The DLNR will focus on the regulatory functions, while the Public Lands Corporation will focus on the revenue-generating functions. By creating opportunities through public-private partnerships, we can revitalize our state parks, redevelop our boat harbors and create revenue-generating opportunities that result into jobs. The endgame is to get the dilapidated infrastructure and underutilized land generating revenue, so that no taxpayer money will be directed to supporting DLNR and the department will no longer need to rely on the general fund.”
Senate Bill 2 and Senate Bill 1555 will go into effect July 1, 2011.
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While many people dream of being a cowboy, many cowboys dream of being a Hana Ranch cowboy. Commanding ocean, mountain and coastal views, Hana Ranch is minutes from the Hana airport, itself a short fifteen minute flight from the main Maui airport. With Hana Ranch on the market, a once in a lifetime opportunity is presented to own one of the most beautiful locations in the world.
With 4500 acres of pristine land bordered by three miles of ocean front property in the front yard and many miles of mountains in the backyard, this one of a kind property is as prestigious as the original Mona Lisa, but painted by a better artist. Situated in eastern Maui, Hana Ranch rises on a gentle slope from nearly three miles of oceanfront pastures to an elevation of 2200 feet, always looking out to the ocean. The land is divided on a north to south axis by Hana Highway, with 667 acres on the ocean side and 3833 acres on the mountain side of the highway. Ocean side pasture lands feature spectacular oceanfront and bluff properties, while the mountain side properties feature vast pasture land and forest land. When Kathy Bates wrote the words to “America the Beautiful” and spoke of “spacious skies” and “purple mountain majesties”, this is quite possibly the land she had envisioned. With sea and mountains, rolling plains and wilderness, Hana Ranch is the absolute realization of “America the Beautiful” in a single real estate offering.
Recognizing the extraordinary nature of Hana, the current owners of Hana Ranch have demonstrated their commitment to preserving this world class property by placing conservation easements on selected portions of the Ranch. A conservation easement agreement with the Maui Coastal Land Trust saves 41 oceanfront acres from development. The Hana Ranch’s 4500 acres is comprised of 92 separate parcels, providing numerous opportunities for conservation easements and extraordinary home sites.
Even with cattle rearing being an intensely competitive industry, Hana Ranch, with its considerable stock of cattle, has been economically successful since its founding. A founding member of Maui Cattle Company, Hana Ranch is noted for its all-natural grass fed beef derived from a cattle operation that includes a cow herd of approximately 1200 head of cattle, producing 1000 calves per year.
The Ranch home is a 2,236 square foot two bedroom and two bathroom plantation style home and outbuilding. The home’s modest design allows it to rest inconspicuously in the scenery, detracting in no way from the spectacular beauty that surrounds it on all sides and all angles. While effectively restrained in design, the home does not lack in the comforts, and comes equipped for a quick start up with all the necessary appliances and features already in place, including a refrigerator, range, microwave, dishwasher, cupboards stocked with kitchen ware, drapes, furniture, linens, smoke/heat detector, TV cable, washing machine, dryer, blinds, book shelves, and, yes, ceiling fans. Other property features include two recently upgraded private water systems, all County utilities, and extensive upgrades to the Ranch infrastructure, such as a Ranch office, barn, arena, and two corrals.
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6900 Makena Road, the only estate property on Maui’s beautiful Makena Beach, is not only the place of your dreams, it is quite possibly the place of everyone’s dreams. With over 600 feet of ocean frontage, this extremely rare offering is bordered by beaches both north and south, with natural majesty in every direction. The north gate opens to a very private beach, perfect for sunbathing. The south gate leads to a cove with a channel leading out to the ocean. Over half a mile of soft sand beach is available for exercising in the morning, relaxing in the afternoon, and walking with loved ones in the evening. The main house also comes equipped with an aboveground pool, perfect for exercise laps or floating about on an inflatable chair, and a hot tub, for the ultimate relaxation, romance and simple star gazing. A beautiful wide lawn invites thoughts of play as well as musings of inspiration. With the open sky above you, the boundless ocean before you, and the soft lawn beneath you, you will find yourself in a uniquely admirable place where the true gifts of life come together in the world.
Maui’s most private and secure oceanfront home is simple in its design, letting the natural world around it inspire the delights and inspirations. Masterful wood- and stonework blend the home into its natural surroundings, opening it to the majesty of the land, ocean and sky. Floor to ceiling windows in the main room look out onto the ocean and the offshore islands. The master bedroom sliding glass doors are available to open up one entire side of the room to the spectacular view. What a sight to wake to! What a sight to fall asleep to! Lush vegetation and Kiawe trees border and highlight the property’s 1.38 acres of land. Making meals in the spacious open kitchen will be a treat as the ocean breeze mingles with the smells of cooking food. Even cleaning up after the meal will be less of a chore with the ocean view from the kitchen windows! For getting in touch with the outside world, 2 T1 high speed internet and multiple phone lines are already in place. There is a wonderfully cozy guest cottage a short walk from the main house where your guests can stay while enjoying your hospitality.
If impressing yourself is more important than impressing your friends, and your spirit’s peace and tranquility win over your mind’s hustle and bustle, there is a place where the heavens touch the earth that is as rare as the people who deserve to live there. That place is 6900 Makena Road in Maui and it is on the market and available now.
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South Maui Condos sales have been gathering steam this year. So far in 2011 we’ve seen 104 condos listed for $250,000 or less change hands. The number of South Maui condos priced for $250k or less that sold in 2010 was 195. In total, by year end we anticipate seeing this number jump to somewhere around 250. This would be close to a 30% increase of units sold in this segment of the market. What’s the significance of this increased activity?
Well first let’s take a look at the change in median price. In all of 2010 for this segment of the market, the median sales price was $170k. So far in 2011, the median price for this segment is $150k. So the median price has decreased by 12%.
This has been a very active segment of the Maui Real Estate market. The inventory levels at condos such as Kihei Villages and Southpointe lately have been absorbed into the market at a very fast pace. In total there are currently 5 units currently showing active between both complexes. Just six months ago, that number was somewhere between 3 to 4 times that.
We’ll continue to keep an eye on South Maui condo sales as they are a great indicator of future trends in the broader Maui Real Estate market.
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Luxury home buyers searching for their Maui dream home will be presented with a unique and exciting opportunity on Friday, June 3, 2011. On that date, Grand Estates Auction Company is offering an absolute auction of a truly stunning, one-of-a-kind home on Maui’s beautiful and renowned west coast. Featuring approximately 4600 square feet of living space and set on 6.6 acres of land, this unique Mediterranean-style home represents the epitome of elegant, comfortable living in a tropical paradise. And by selling the home through an absolute auction with no minimum bid or reserve, prospective buyers will have a remarkable opportunity to make this home their own.
Ready to move on to new opportunities, the current owners of this custom-built Maui home have chosen the absolute auction method in order to ensure a prompt sale. This style of home sale will also ensure a beneficial deal for both the sellers and the buyer. Bidders must be registered to take part in the absolute auction and a $100,000 refundable cashier’s check or certified check must be submitted prior to the auction. Prospective bidders may take a tour of the property in the days leading up to the auction and the auction will begin at 11 a.m. on June 3.
As anyone who tours this Maui property will find, the home and its surroundings are absolutely exquisite. Built in 2008 and nestled within the gated community of Plantation Estates, this one level home features five bedrooms and five bathrooms. High ceilings and crown molding are common to all the bedrooms and the master suite includes a sitting room, a spacious walk-in closet, a gas fireplace and views of the home’s private tropical gardens. Other highlights within the home include a gourmet kitchen, a sound-proof media room, Travertine floors and a custom-painted mural in the impressive foyer.
Outside, the property is just as spectacular with beautiful landscaping and a private swimming pool and spa. This property also offers picture-perfect views of the Pacific Ocean and outer islands and provides an excellent vantage point for enjoying Maui’s colorful and breathtaking sunsets. Aside from the amazing views, the location of this custom-built Maui home also provides convenient access to world-class golf, restaurants, shopping and gorgeous beaches.
All in all, this luxury property is a dream home set in a stunning tropical oasis. For those who are interested in having the chance to make this beautiful home their own, contact The Smith Team, who can represent you as a buyer’s agent, at (808)572-0866.
Have a wonderful week.
P.S. If we can help with any of your Maui Real Estate needs, you can contact us here.
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In yesterday’s newsletter we made mention of a unique luxury auction that’s coming up next week on Maui. 4809 Honoapi’ilani Highway, also known as The Jewel of Kahana, is the oceanfront Maui estate that will be auctioned.
Currently listed on the Maui MLS for $15.9 million, the property will be sold absolute to the highest bidder.
Boasting over 275 Lineal feet of oceanfront views, 9,232 square feet of living area, 8 oceanfront master suites, and the finest craftsmanship, the “Jewel,” is quite the extraordinary home.
Tom Banner of Concierge Auctions will be leading the auction, which is set to take place at the property on May 12, 2011. Bids will also be taken by phone and over the internet. Registration for this luxury Maui auction closes May 9th. Here’s a few glances at The Jewel of Kahana:
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A long awaited plan to build a hotel near Maui’s airport is finally taking shape.
On Tuesday, April 26th, a ground breaking ceremony was held at the 3 acre site at the intersection of Dairy Road, Haleakala Highway, and Keolani Place. The land which is owned by Alexander & Baldwin. Joining A&B in this venture will be Marriott Hotels. The hotel will be a four story Courtyard Marriott with 138 rooms. The estimated cost for the project is $16.5 million. Construction, led by Irvine-based R.D. Olson Construction Company, is set to begin next week.
Marriott is building the Courtyard with business travelers in mind, government workers, family reunions, and visitors who are interested in Central and Upcountry Maui.
The hotel, which is expected to be completed within a year, will include 138 rooms, a business center, meeting rooms, fitness center, bar, lounge, pool, guest laundry, convenience store, and even surfboard storage.
A hotel near the Maui Airport is long overdue. The project gathered steam between 2001 and 2003but was postponed in 2004 due to what A&B cited “high construction costs.”
The recent decreases in construction costs provides the ideal window to move forward with the first Courtyard Marriott on Maui.
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Photo credit: Rosa Say
Two noteworthy multi-million dollar properties have sold on Maui within the last week.
The first home at 3264 Keha Drive in Maui Meadows sold for $2.35M. This is one of the highest sale prices collected for a Maui Meadows in the past several years. As you can see the views from this Maui Meadows Home are world class.
The second property to sell is a Makena home at One Palau’ea Bay. 15 Pohuehue sold for $4.5M. This was an all cash sale.
15 Pohuehue is the first Makena home to sell this year. Which one will be next?
If you’re looking to buy or sell a Maui Meadows home, Makena home, or Wailea home, please be sure to give us a call at (808)572-0866.
Have a wonderful week!
Josh Tremblay R(S)
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Photo Credit: Purpleslog
The absorption rate for Maui Real Estate has continued moving in a positive direction during the past 12 months.
Absorption rate is a simple tool you can use to measure supply and demand. Realtor.com explains it as: “The absorption rate provides the answer to this question: How many months it would take to sell all the homes for sale in my area at the current rate they are selling? The higher the number, the more aggressive home sellers will have to be to get their home noticed and sold.”
So let’s take a look at absorption rates of Maui Real Estate over the past 12 months. We got our numbers from The Realtor’s Association of Maui. Each month’s absorption rate is based upon that month’s active inventory divided by that month’s sales.
March 2011: Residential = 10.9 months, Condo = 10.5 months, Land = 50.4 months
February 2011: Residential = 16.9 months, Condo = 14 months, Land = 79.6 months
January 2011: Residential = 17.6 months, Condo = 15.9 months, Land = 62.9 months
December 2010: Residential = 13.6 months, Condo = 15 months, Land = 40.6 months
November 2010: Residential = 16.8 months, Condo = 20.8 months, Land = 100.2 months
October 2010: Residential = 16.3 months, Condo = 19 months, Land = 119.2 months
September 2010: Residential = 15.8 months, Condo = 14.5 months, Land = 100 months
August 2010: Residential = 14.6 months, Condo = 18 months, Land = 88.6 months.
July 2010: Residential = 16.3 months, Condo = 21.8 months, Land = 43.1 months
June 2010: Residential = 13 months, Condo = 13.4 months, Land = 66.7 months
May 2010: Residential = 12.4 months, Condo = 13.6 months, Land = 36.9 months
April 2010: Residential = 11.8 months, Condo = 9.2 months, Land = 38.6 months
March 2010: Residential = 15.1 months, Condo = 12.2 months, Land = 48.8 months
Do you see any trends in the above numbers? Does it give you faith in Maui Real Estate? Or does it make you want to sit on the fence (if you’re a buyer or seller)?
Soon we’ll organize absorption rates in a table representing a longer time line, i.e. the past 20 years in Maui Real Estate. One thing’s for certain, studying absorption rates, historical price movements, and other trends in real estate is a great way to make educated decisions.
What did you think of this post? What would you like to see us write more about in the future?
Thank you for reading. Have a great Thursday!
Aloha,
Josh Tremblay R(S)
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- Apr
- 19
Wailea Fairway Villas K-202
Looking for a fantastic opportunity to buy in Wailea? Wailea Fairway Villas K-202, a bank owned listing, was just added to the market yesterday.
We are extremely familiar with this 2 bedroom/ 2 bath condo in sought after Wailea. With ocean views, and nearly 1000 sq. ft. of living area, this condo shouldn’t last long. At $400k this is a steal.
Wailea Fairway Villas K-202 is just one example of the many opportunities to buy Maui Real Estate while prices are still low.
If interested, give us a call at (808)572-0866 or contact us through the contact page of our website.
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