Smith Team Real Estate Newsletter

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Issue 1225 | September 23rd, 2026

Aloha ,

In this newsletter:

Market Update Market Watch Homes
Over $1M Homes
Under $1M Vacation Condos
Over $1M Vacation Condos
Under $1M Residential Condos
Over $1M Residential Condos
Under $1M Vacant Land

Rare Multifamily Opportunity

410861-3a5a9e30-8dfa-48d5-967d-3841501ab33c

1683 Nana St
Wailuku

$3.600M (FS)

Also listed as Commercial MLS #410862. Rare opportunity to acquire Hale Nani, a 10-unit multifamily property in an elevated Wailuku location with beautiful ocean, harbor, Haleakala and Central Maui views. The property consists of six 2-bedroom/1-bath units, two 1-bedroom/1-bath units and two studio/1-bath units. Each residence is separately condominiumized with its own individual TMK, providing an ownership structure and future disposition flexibility rarely found in a traditional apartment property.

Listing Details

Rising Rents Strain Hawaiʻi’s Federal Housing Voucher Program

Aloha!

A recent study by the University of Hawaiʻi Economic Research Organization (UHERO) highlights growing financial pressures on Hawaiʻi’s Housing Choice Voucher program, commonly known as Section 8. While approximately 12,000 low-income households statewide—including Maui wildfire survivors—rely on these vouchers to cover rent, escalating housing costs are making it increasingly expensive for the government to maintain assistance.

Federal spending on Hawaiʻi’s tenant-based vouchers has more than tripled from $55 million in 2003 to roughly $170 million in 2024 (a 70% increase after accounting for inflation). However, the total number of enrolled families has grown only modestly over that period.

Here are the key takeaways from the UHERO report:

Cost Burdens Scale Up: Voucher recipients typically pay 30% of their adjusted income toward rent and utilities, with subsidies covering the remainder. As market rents outpace participant income growth, public spending must rise significantly just to keep the same number of households housed.

Long Waitlists Persist: Only about 1 in 5 income-eligible households in Hawaiʻi currently receives a voucher. With more federal funds absorbed by existing subsidies, expanding assistance to thousands of families on years-long waiting lists becomes increasingly difficult.

Critical Pathway Out of Homelessness: Approximately 20% of new Section 8 admissions are families experiencing homelessness, compared to roughly 5% in the mid-2000s.

Landlord & Supply Bottlenecks: Voucher holders face tight timeframes (60 to 120 days) to locate a qualifying rental unit and secure a landlord willing to accept the voucher before risk of expiration.

UHERO researchers emphasize that rental subsidies alone cannot solve the island state's affordability challenge. Long-term stability will depend on expanding housing inventory to slow rent growth, coupled with initiatives that enhance local earning opportunities.

Read the full article: Rising Hawaiʻi rents intensify costs for federal housing voucher program, known as Section 8

Mahalo Nui Loa,

Ken Smith R(S), Melissa Smith R(B), and Gregory P Smith R(B)

The Smith Team

P.S. County to host third Commercial Property Workshop on Sept. 30

Market Watch

	Active	Pending	Sold	Change
Homes	460 (393)	91 (60)	724 (526)	+4
Condos	824 (274)	103 (21)	804 (196)	-5
Land	237 (99)	16 (5)	138 (34)	+2
Total	1521 (766)	210 (86)	1666 (756)	+1

1. Numbers in parentheses reflect listings over $1M
2. Sold listings are for the previous 12 months
3. Change is the increase/decrease from the previous week

January 2026
February 2026
March 2026
April
May
June
July
August

Market Statistics

Updated list of all bank-owned and short-sale properties:

Bank-owned
Short sale

Homes Over $1M

410723-daa35a35-6dbf-4151-8669-0d9fe6df7b99

296 Kenolio Rd

Kihei

$1.199M (FS)

Opportunity awaits at 296 Kenolio Road! Located in North Kihei just one block from the beach, this spacious 4-bedroom, 3-bath home offers ocean views, a flexible floor plan, and plenty of potential to make it your own. The upper-level features 2 bedrooms and 2 bathrooms along with the main living areas and a large lanai where you can relax and enjoy ocean views.