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
About Maui Our Listings Property Search Rentals Blog Contact Us
 
Issue 1038 January 24th, 2023
 

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 (2)
Condos (1)
Land
New Properties 
Price Reductions  

Short Sales
Homes

Condos 
Land
New Properties

Price Reductions 

Private Lushly Landscaped Shangri La
   283 Akaula Way   

283 Akaula Way
Wailea
$8.995M (FS)


Foreign Buyers of Maui Real Estate

 

The real estate market in Hawaii has continually drawn international investors to its shores for its desirable weather, location and because it is one of the most stable markets in the world. 

 

Whether you’re from Canada, Japan, South America or Europe there are a few important details and tax considerations to be aware of before deciding to purchase property in Hawaii.

 

Under the Hawaii Real Property Tax Act (HARPTA), the purchaser of Hawaii real estate is obligated to withhold and deduct a tax equal to 7.25% of the amount realized by the seller upon settlement of the transaction. To be clear, this is withheld from the Seller's proceeds.

 

Under the Foreign Investors Real Property Tax Act (FIRPTA), the buyer of real estate in Hawaii (and anywhere else in the USA) is obligated to withhold and deduct a tax equal to 15% of the amount realized by the seller upon the settlement of the transaction. To be clear, this is withheld from the Seller's proceeds.

 

An Individual Tax Identification Number (ITIN) is required of foreign owners of short and long term rental properties and the application process may take months. Option 2 on the main page (click link above) has a link for Certifying agents that allow you to not have to mail your proof of identity and foreign status documents. 

 

Our US banks and lending institutions may differ greatly in their lending policies from what you are accustomed to. As a non-US resident it’s important to be thorough and diligent in researching the financial options that best fit your needs. Feel free to reach out to our team with your questions or for recommendations of local lenders. For Canadian buyers, RBC offers great financing options, click here to learn more.

Being familiar with the taxes and financing options available prior to choosing a property in Hawaii is the best way to ensure a smooth and successful transaction process. The Smith Team is here to help!

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. Yesterday marked the 10th Eddie Aikau Big Wave Surf Invitational. This is the super bowl event of surfing. Click here to learn more and watch the replay. Congratulations to all the contestants who braved unbelievably large waves.
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Market Watch
 
Active
Pending
Sold
Change
Homes
271 (231)
110 (61)
1004 (600)
+2
Condos
222 (103)
205 (120)
1445 (479)
+6
Land
136 (73)
 32 (10)
240 (69)
-1
Total
629 (407)
347 (191)
2689 (1148)
+7
 
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

 76 Mano 
76 Mano Drive
Kula
$1.05M (FS)
This property offers a single-level floor plan that includes four bedrooms with two full baths, a small ocean view, extra-large washroom and a walk-in kitchen pantry. There is a fireplace for the colder Kula nights, and plenty of storage room for your gardening tools beneath the house. Two-car garage with garage door. 
105 E Kuiaha
105 East Kuiaha Road
Haiku

$1.749M (FS)
This great opportunity to live in Haiku on 2 acres of Hawaiian tropical gardens with this lovely large 5 bedroom 3 bath house and ohana/cottage. The main house has vaulted ceilings and several units currently, and the grounds are a lush 2 acres located close to Paia town and near to the Jaws surf break. The property has a large garage and workshops with storage space for equipment and hobbies.
 
2040
2040 Piiholo Road

Olinda
$1.999M (FS)
There are 3 unique homes, an office, as well as an artist loft, and a Mega Greenhouse. Maintained with an eye for beauty, this special home is one of a kind. There is a viable business and income and expenses are available. Incredibly lush and private, with views from the mountain to the ocean. 
563 MIKIOI
563 Mikioi Place
Kihei

$3M (FS)
This gorgeous ocean view home on an exquisitely landscaped private.  Expansive covered lounging lanais, both upstairs and downstairs create the quintessential watch the Maui sunset moment. Offered fully furnished, ready to move in. Relax into two large master suites with ensuite bathrooms.
 

Homes Under $1M

 3050 Lower3050 Lower Kula Road
Kula
$650K (FS)
Enjoy the fresh mountain air, wide open spaces, moon and stars at night, and country living in the refreshing climate has to offer. Large approximately 23,000 square foot lot to construct.  Enjoy the beauty of flowering Jacaranda, Avocado, Mulberry, Pomegranate, Lime, and rare Malabar Chestnut trees. Great up country lifestyle.
2839 Iwalani
2839 Iwalani Street
Pukalani
$749K (FS)
This property in highly desirable upper Pukalani is a true diamond in the rough, with single-level living, a bit of an ocean view from the kitchen, a spacious and private fenced back yard, a garage, and a legal permitted Studio ohana. Enjoy the mild weather and laid-back lifestyle of lower upcountry with the convenience of town and the opportunity to generate income an extremely high-demand rental area and market. 
225 Hoohale
255 Hoohale Place
Kihei
$875K (FS)
Diamond in the rough. Mango tree and yard and original home on a sweet cul de sac, needing a little tender loving care. Just a few blocks up from the very popular Keawekapu Beach. Enjoy bbq's in your yard or sunset with your neighbors along the beautiful sandy shoreline.

Vacation Condos Over $1M

grand
Grand Champions 30
Wailea
$1.67M (FS)
This idyllic setting offers a relaxed lifestyle to enjoy on your spacious lanai. This beautiful villa features two spacious bedrooms, with full remodeled en-suite bathrooms. The second bedroom has a private entrance, with a lock off feature. High vaulted ceilings, creates an abundance of natural light and space.

Customer Listing Synopsis

Video/Virtual Tour

 Wailea Ekolu 
Wailea Ekolu 1305
Wailea

$1.888M (FS)
This is the condo you've been waiting for in the beautifully manicured. Fully furnished and turn key. Walk to the weekly Farmer's Market that's held in the new Wailea Village, where you'll also find the Wailea Golf Club, art galleries. With 2 ensuite bedrooms, the whole family can enjoy the stunning ocean views from the living and dining areas.
 
Wailea Point
Wailea Point 601
Wailea
$5.725M (FS)
The unit comes fully furnished turnkey. Kick back and enjoy year round sunsets, epic whale watching from the large spacious lanai. Is a low density village type of complex with multiple pools, clubhouses, full workout center, guard entry and easy access to five star dining.

Vacation Condos Under $1M

Shores of Maui
Shores of Maui 125
Kihei

$499K (FS)
This is the only available unit at the time of this listing as these units do not change hands often. This is a small boutique complex of 50 units which allows for a relaxed atmosphere. This is a highly desired first floor end unit with the largest one bedroom floor plan boasting 880 SF. This unit was owner occupied, vacant for many years and is in all original condition.
Kihei Bay Surf
Kihei Bay Surf 147
Kihei

$525K (FS)
This is a beautifully updated, private ground floor studio end unit. The amenities included are a large in-ground swimming pool, a separate Jacuzzi, tennis courts, a recently updated laundry room and a convenient BBQ area.The property is located directly across the street from the beach and the Hawaiian Islands Humpback Whale National Marine Sanctuary Visitor Center. 
Kamaole Sands
Kamaole Sands 1104
Kihei
$899K (FS)
One of the most desirable locations within this popular resort. It features a lanai that opens up to the tropical grounds of Kamaole Sands along with beautiful garden & ocean views. The unit has been decorated with the beach in mind and it feels bright, open and airy. It is just waiting for the next owner to add their own touches and memories. 

Residential Condos Over $1M

Menehune Shores
Menehune Shores 618
Kihei
$1.999M (FS)
Direct oceanfront views to hear the rhythmic waves, feel the gentle tradewinds, and see the spectacular sunsets. 3 bedroom, 2 bathroom condo on the top floor is currently configured as two bedrooms with an extended great room but easily converted back if needed. Complete, to-the-studs renovation delivers modern luxury throughout. 
Kanani Wailea
Kanani Wailea 34
Wailea
$2.399M (FS)
Amazing Single level home. This gated residential condominium complex is low density with only 38 homes. Great Ocean Views. Top of the line appliances (Wolf & Subzero) and construction, this home is a pristine lock and leave home as the landscape is cared for by the association. 
 
Makalii at Wailea
Makali'i at Wailea 101-6A
Wailea
$3.195M (FS)
Spectacular offering. Wailea's newest luxury townhome development.  Highly desirable end unit "A" floor plan with 3 beds, 3 baths, a 2 car garage and center courtyard with inviting ocean views from the main living spaces. Boasts an exquisite onsite residence club equipped with a world class infinity pool, gym, locker rooms, sauna, social areas and more.

Residential Condos Under $1M

  Harbor Lights
Harbor Lights A-301
Kahului

$260K (FS)
Renovated from top to bottom. Newer appliances, flooring, bathtub, toilets, vanities, light fixtures, screen windows, doors and much more. It's a corner unit in the desirable A building with lots of privacy and has a nice West Mountain view. 

Customer Listing Synopsis

Iao Parkside
Iao Parkside 47-105
Wailuku
$499K (FS)
This clean 2 bedroom 2 bath ground floor unit. This unit comes with an eat-in kitchen/bay window. The patio has been enclosed to give the interior more living area. Well maintained small yard. Close to parks, restaurants, and shopping. 
Kihei Shores
Kihei Shores C-001
Kihei
$520K (FS)
This newly renovated downstairs unit at Kihei Shores is private, cool, and quiet. Located at the west corner of the C building nearest to the entrance of the complex, this unit boasts a beautiful garden atmosphere and direct access to the green belt from the ground floor lanai. 
Cottages at Kulamalu
Cottage at Kulamalu 38
Pukalani
$899K (FS)
Kuinehe Place is a spacious 3 bedroom, 2.5 bath stand alone townhome located in the highly sought after Cottages at Kulamalu community. This charming, well maintained home features a private front yard and private backyard with tropical and low maintenance landscaping. The primary suite has gorgeous Haleakala mountain views which are just stunning. 

Vacant Land

1906 Naalae Road
Kula

$749K (FS)
Welcome to one of the most pristine and rare parcels of land on Maui. 1906 Naalae Rd CPR lot C sits on 2.92 acres of some of the best agricultural land Maui has to offer. Just ask Kupa'a Farms, they're neighbors. Lot C has already been graded and offers approved plans with active permits for an exceptional 1,000 square foot dwelling.

 
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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