Traveling to Hawaii is certainly not as easy as it used to be, but in a recent survey conducted by  the Hawaii Tourism Authority it was found that out of the 495 visitors that were surveyed 85% said their trip was excellent, and 94% said their trip either met or exceeded expectations. This is great to see, as it means that the number of tourists making the journey to Hawaii in 2021 should continue to rise.

While tourism numbers are not nearly what they were in 2019, the Pre-travel Testing Program allows anyone traveling to Hawaii to bypass the 10-day mandatory quarantine, which would make any vacation immensely more enjoyable. Out of the visitors that were surveyed, 79% said that their pre-travel testing experience went smoothly, and the protocols were clear. The remaining 21% reported various issues with pre-travel testing including difficulty finding a trusted testing partner, and not receiving their results within the specified window.

We will continue to look forward to a rise in tourism numbers as the local economy recovers from the COVID-19 pandemic. To look at the full report, follow this link.In an interview with The Maui News, the Chief Economist with the Department of Business, Economic Development and Tourism Eugene Tian stated that nearly 30% of the homes that were purchased in the better part of 2020 were purchased by out-of-state residents. Of those buyers 27.4% were from the mainland, and 1.4% were international. While this number seems high, out-of-state residents usually purchase nearly 50% of the available real estate on Maui.

The data is still being assembled for the demographic breakdown of these out-of-state buyers, as it is unclear whether most of those purchases were made by investors, or those seeking to move their principal residence to Hawaii now that most employees and business owners can work from home.

The three aspects of the current real estate market that appear to show no signs of slowing are low inventory levels, low interest rates on new mortgages and a climbing median sales price for both condos and single family homes. In December, the Realtors Association of Maui recorded the lowest inventory ever since they began keeping records in 2010. New construction is still very active on Maui, with several affordable housing projects as well as luxury condominium complexes set to be completed  between now and 2022.

To read the full interview The Maui News did with Eugene Tian click here.
 
Due to the spike in COVID-19 cases on Maui, Governor Ige gave Mayor Michael Victorino the authority to amend the current emergency rules. The new rules go into effect today. Here are the highlights.

- Retail occupancy is now limited to 30% to allow more room for social distancing.

- Bars and restaurants are now required to close at 10pm or earlier. Drive-throughs, non-liquor related takeout and room service are all exempt from this new rule.

In addition to pre-travel testing requirements for both inter-island and transpacific travelers, they are also now required to download either the AlohaSafe Alert app or another Google-Apple Exposure Notification System app. Travelers can also enable their exposure notification setting on their phone.

Face coverings must now be worn while walking to and from the beach or pool. They can only be removed once you are stationary and socially distanced from the people around you.

-Even if the venue is outdoors, a mask must be worn at gyms, yoga studios, and wellness centers.

While these rules mentioned  above are slightly different from rules that were already in place, it’s important to keep yourself informed on the latest developments coming out of the Mayor’s office.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Smith Team Real Estate - 2 Generations of Satisfied Customers - (808) 572-0866
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Issue 1023 October 11th, 2022
 

Aloha


In this newsletter:
Market Update
Market Watch
Homes Over $1 Million
Homes Under $1 Million
Vacation Condo Over $1M
Vacation Condos Under $1M
Residential Condos 
Vacant Land 


Bank Owned 
Homes (5)
Condos (2)
Land
New Properties 
Price Reductions  

Short Sales
Homes 

Condos 
Land
New Properties

Price Reductions 

 
Makena Estate
   4557 Makena 2   

4557 Makena Road
Makena
$22.5M (FS)

Uncharted Waters

 

We are currently in a situation that is somewhat unprecedented. Sales are falling rapidly in most real estate markets; however, prices are holding fairly steady.

 

It is obvious to see why sales are falling. Rising prices and interest rates have priced some people out of the market.

 

At the same time, inventory levels are still at or near historic lows. About half of all homeowners have fixed rate mortgages well below current rates. For this reason, many of them are reluctant to sell and then have to take out a new loan under much less favorable terms.

 

For an in-depth analysis, I recommend you read the article titled Here’s How Weird Things Are Getting in the Housing Market” published by Tracy Alloway and Joe Weisenthal with Bloomberg on Oct 9, 2022.

 

Have a wonderful week!

 

Mahalo Nui Loa,

Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B) and 
Rachel Smith Kofron R(S)

The Smith Team
 

P.S. Deadline to reapply for Real Property Long-Term Rental Exemption is Dec. 31, 2022.
Follow Us
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Market Watch
 
Active
Pending
Sold
Change
Homes
241 (203)
143 (78)
1138 (650)
+6
Condos
152 (68)
218 (126)
1743 (542)
-4
Land
129 (58)
 32 (11)
248 (84)
-3
Total
522 (329)
393 (215)
3129 (1276)
-1
 
1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in the number of active listings from the previous week.

 

Homes Over $1M

3140 Akala Dr
3140 Akala Drive
Kihei

$1.595M (FS)
Perfect opportunity for those looking to get an investment property or those looking to create their dream home in paradise. The home is conveniently located 5 minutes away from world class beaches, luxury shopping and renowned golf courses. This 1,866 sq ft family home that has an attached 400 sq ft Ohana make it the perfect opportunity for families who have always dreamed of living on the Southside of Maui.
206 Kulamanu
206 Kulamanu Circle
Kula
$1.8M (FS)
You will be greeted with an open and warm floor plan with amazing ocean and mountain views. Enjoy entertaining and sunsets from the lanai The updated kitchen has new appliances and a “smart” waiter allowing for easy transport of groceries from the garage. The spacious 2 car garage has ample storage and a new washer and dryer.
 
1133 Front St
1133 Front Street
Lahaina
$1.995M (FS)
This recently painted interior, single story residential home, is zoned to allow for a second story, and/or possibly a 600 sq. ft. cottage. The back yard may be large enough for a nice pool. The green velvet lawn and many tropical plantings, are complimented by a Plantation-Style covered lanai, ideal for BBQ, and outdoor dining area.
110 Hale
110 Hale Alii Place
Wailea
$3.4M (FS)
This private home offers both ocean and golf course views. Tucked away on a corner, cul-de-sac lot of over 15,000 sq. ft, this large, 4 bedroom, 4 bath home offers a masterful floorplan and ability to improve and make it your own. At over 3,400 sq ft. of living space, including over 1,100 sq. ft. of covered lanais, high open beamed ceilings, the possibilities are endless.
 

Homes Under $1M

57 Kupee Pl
57 Kupee Place
Pukalani

$749K (FS)
Elvis on vinyl and drive-in movies this home will take you back. Creative buyers will treasure the original 1950’s sliding windows, the vertical grain Douglas Fir flooring hidden beneath the vintage shag, and the plywood kitchen cabinets paired with stainless-edged Formica.

 
 858 Kelawea 
858 Kelawea Street
Lahaina

$799K (FS)
Great opportunity to own this home conveniently located close to downtown Lahaina, Schools, Beaches and Shopping. Home is in decent condition but will require some work. Nice backyard, covered patio, large carport and outside laundry room which includes a toilet and small shower. View of Lahaina's famous smokestack and peek-a-boo ocean view.
 
2868 Ipolani
2868 Ipolani Street
Pukalani
$806K (FS)
Bank Owned. A great opportunity to own in Pukalani.  Close to shopping, schools, parks and shopping. Enjoy the cool air of Upcountry, Maui. Call your favorite Realtor to schedule a showing.

Vacation Condos Over $1M

Kamaole Sands
Kamaole Sands 5401
Kihei
$1.5M (FS)
Situated on the top floor in preferred building 5, this luxury condo offers picturesque views of the property’s tropical courtyard, swaying palms, and even the island of Lanai. This contemporary, beautifully updated interior features an array of owner upgrades and blends a cool tropical elegance with a practical side. 

Customer Listing Synopsis

Video/Virtual Tour

Kapalua Golf Villas
Kapalua Golf Villas 25 P3-4
Kapalua
$1.7M (FS)
Upgraded 2 bedroom 2 bathroom Kapalua Golf Villa is located in Building 25, which is located on the top row of the Golf Villas. This ground floor location is right behind the 5th hole tee box of the Kapalua Bay Golf Course. The Seller has recently renovated the home, both interior and exterior, to include newer Washer/Dryer, beds, art, rugs, living room furniture, four new smart TV’s, all ceiling fans, scones and dining fixtures. The home was repainted in latter 2021. 
Wailea Point
Wailea Point 102
Wailea
$18M (FS)
Views expand way more than 180 degrees and exceed any superlatives. You feel like you “own” magnificent Wailea Beach and the vast ocean beyond, including the West Maui Mountains, Lanai Island, Kahoolawe Island, and the slopes of Haleakala. The residence comprises the entire top floor of Building #1 at Wailea Point.

Vacation Condos Under $1M

Koa Resort
Koa Resort 5-E
Kihei

$650K (FS)
This ground-floor, one bedroom one bath vacation rentable unit is ideally positioned near the property’s pool, spa, 2 tennis courts, putting green, shuffleboard, cabana, and soon-to-be pickle ball court. With over 5 acres of lush foliage, there is plenty of space to spread out and enjoy the sea breeze from this incredible low-density condominium. 
 Kahana Reef 
Kahana Reef 216
Kahana

$835K (FS)
This is a direct ocean front unit on the corner that allows for plenty of sunshine, and views of the neighboring islands. This unit has 661 square feet and windows for great light and increased airflow. You will love the privacy created by being on the corner.
Maalaea Kai
Maalaea Kai 315
Maalaea

$865K (FS)
This one bedroom vacation rentable condo is perched on the 3rd floor above it all to enjoy the sweeping vistas from the large covered lanai. An updated kitchen and bath, recessed lighting and split system AC in the living room. Plenty of storage, too, and sold fully furnished with all the comforts of a home away from home. 

Customer Listing Synopsis

Video/Virtual Tour

Maui Parkshore
Maui Parkshores 204
Kihei

$875K (FS)
This unit faces south and doesn't get the direct afternoon sun all day long. Relaxing on the lanai and watching Maui's "hustle & bustle" might just become one of your favorite pastimes. Sunsets are a favorite. 
 

Residential Condos Over $1M

Wailea Palms
Wailea Palms 3801
Wailea
$1.795M (FS)
You’ll love the beautiful blue ocean views from your living room, lanai and both bedrooms at this updated Wailea Palms home. Located just minutes from all the amenities that the Wailea Resort has to offer, unit 3801 is perched at the peak of the complex looking across the lush landscaping to the sparkling Pacific and the West Maui Mountains beyond.
 
Kanani Wailea
Kanani Wailea 23
Wailea
$1.899M (FS)
This boutique Wailea community of 38 free standing homes with the benefit of convenience to all South Maui has to offer. Minutes from world class golfing, beaches, 5 star restaurants and shopping. Wailea Kanani is gated, has many amenities which include a saltwater pool, hot tub, entertainment area with kitchen facilities and an exercise room.
 

Residential Condos Under $1M

  Iao Parkside
Iao Parkside 30-102
Wailuku
$500K (FS)
Spacious 2 bedroom  2 bath, ground floor unit at Iao Parkside on river side. Side by side parking stalls (#133 and #134) fronting unit. Small yard area for garden and or lawn. Ideal purchase for rental income or first time home buyer (s). Convenient to local restaurants, markets, recreational parks, beaches, post office, shopping centers, etc.

Customer Listing Synopsis

 

Hoolea Terrace at Kehalani
Hoolea Terrace at Kehalani 1005
Wailuku
$550K (FS)
A two bedroom, one and a half bath condo located on the 2nd floor. The unit has never been rented out and the Seller is the original owner. Room for a king size bed in the master bedroom, with a stacked in unit washer and dryer and two parking spaces and Pet friendly.
Kihei Villages
Kihei Villages 23-201
Kihei
$565K (FS)
A 24-acre residential complex located close to the beach and services in Kihei. Residence 23201 also comes with one parking stall (#103). The unit has a living room and an updated kitchen with granite counters, wood cabinets, and stainless steel appliances. A spacious lanai able to accommodate a barbecue grill and table is found off the living area.
 
Kehalani Gardens
Kehalani Gardens 102
Wailuku
$660K (FS)
There are so many delightful surprises in this lovely 2 storey townhouse in centrally located Kehalani Gardens. Filled with color and light, the owners have curated a selection of diverse materials including comfy cork floors, herringbone patterned tile in the foyer and kitchen.

Vacant Land

5147 Makena Rd 2
5147 Makena Road Lot 5
Makena
$3.25M(FS)
This rare lot comes with approved plans for a luxurious 4 bedroom, 4.5 bath, 7,386 sq. ft. home with a pool and inspired landscaping, affording buyers the ability to build without having to go through the lengthy new SMA approval process required of all new proposed constructions near the ocean. 
 

 
The Smith Team
www.MauiSales.com
(808) 572-0866
 
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Coldwell Banker Island Properties
#B-35 3750 Wailea Alanui Drive
Wailea, Hawaii 96753
US

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