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Market Update
A tax bill of $225 a year for a 310 acre parcel in Kihei. Must be a typo, right? Wrong. According to an article published in Maui Now, county council members are taking a closer look at the disparities in real property assessments for agricultural zoned land on Maui.
The 310 acre parcel referred to above was purchased in 2009 for $20 million by the Monsanto Corporation and yes the property tax bill is $225 annually.
Other examples cited in the article are a 149 acre parcel purchased in Pukalani for $4.75 million. The taxable value of the property? $12,400, which puts the owner in the lowest paying property tax bracket. The total property tax? $150 per year.
Sounds too good to be true, doesn't it? Council member Mike White believes so. White is leading the effort to reevaluate what he refers to as a system that "results in regressive and unfair taxation."
The article goes on to quote councilman White as saying “Even a small commercial lot in Waikapu pays more land tax than Monsanto’s 300-plus acres. All of Maui’s businesses pay exceptionally more land tax than the multi-billion dollar, international corporation pays for its Kihei land.”
What are your thoughts on Maui's current real property tax system? Whether you own a house, condo, or land, do you believe the system needs to be reformed?
Have a wonderful week,
The Smith Team
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for September 26th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
691 (252) |
238 (23) |
870 (114) |
-2 |
|
Condos |
1016 (180) |
222 (12) |
1141 (105) |
+11 |
|
Land |
519 (114) |
23 (8) |
130 (17) |
+2 |
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Total |
2226 (556) |
483 (43) |
2141 (236) |
+11 |
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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 number of active listings from the previous week.
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Homes Over $1M
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336 Door of Faith Road
Haiku
$3.5M (FS)
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Perched on the edge of Huelo Point this stellar property shines with a stunning and breathtaking view of Maui’s biggest visitors...the humpback whales. From within the high-tech “infinity” pool, behold panoramic vistas of the coastline cliff edges to the right and left. Tasteful design, high-quality craftsmanship and amazing lifestyle await you. Add this jewel to your crown.
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Homes Under $1M
124 Waiapo Place
Kihei
$254.5K (FS) |
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Bank Owned. This is asset is considered a contractor's special. The entire interior needs to be rebuilt from top to bottom.
Customer Listing Synopsis
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40 Pulehuiki Road
Kula
$309.9K (FS)
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Bank Owned. 3 bedroom 1.5 bath home with ocean views. Unpermitted additions cited by the county for removal.
Customer Listing Synopsis
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914 Kahoku Place
Kihei
$399K (FS) |
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Short Sale. Nicely kept, 3 bedroom, 2.5 bath, 2 story home in Piilani Village.
Customer Listing Synopsis
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170 Alaula Place
Wailea
$869.9K (FS) |
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Bank Owned. 4 separate uniquely styled suites all under one roof. Each entered from their own private exterior door off the patio. There is an infrastructure in place that allows for living "indoors and out" at the same time, through a private courtyard and two patios adding an extended living area. Panoramic ocean and sunset views from the first and second floors provide an amazing backdrop during special parties or everyday living.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Kapalua Bay Villas 30G3,5
Kapalua
$1.795M (FS)
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You'll love the stunning ocean views from this great Kapalua oceanfront 2 bedroom, 3 bathroom condominium. Location, location, location. This precious single level property has arguably the best location at the Kapalua Bay Villas.
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Vacation Condos Under $1M
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Ka'anapali Shores #139
Ka'anapali
$234.9K (FS)
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Bank Owned. Best value at Kaanapali Shores is this spacious 1 bd. 1 bath condo. It is made more spacious by its ground floor location that opens onto a lush lawn and gorgeous tropical forest setting.
Customer Listing Synopsis
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Aina Nalu H-202
Lahaina
$249K (FS)
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Short Sale. Great second floor, corner, two bedroom with vaulted ceilings and skylight. Spacious living room, open kitchen with long counter space and bar stools. Nice size master bedroom with skylight and air conditioning. Walking distance to Old Lahaina Town with all of its shops & restaurants and charm.
Customer Listing Synopsis
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Ka'anapali Plantation #35
Ka'anapali
$459.9K (FS) |
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Bank Owned. Must see to appreciate! Beautifully upgraded 2 bed/2 bath unit, with separate entrances and partial ocean views.
Customer Listing Synopsis
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Kapalua Golf Villas 20P5,6
Kapalua
$599.9K (FS) |
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Bank Owned. This "patio" model of the Golf Villas was remodeled recently and offers peaceful golf and ocean views through the pine trees. All on one level with central AC.
Customer Listing Synopsis
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Residential Condos
Kai Makani 23-202
Kihei
$290K (FS) |
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Short Sale. Relax while watching the monarch butterflies from the spacious lanai of this charming 2 bedroom/2 bath 2nd floor condominium home in the immaculate Kai Makani Beach Villas. Serene mountain views, high ceilings, arched doorways, dimmable lighting and a deluxe 22 seer Lennox central A/C system to keep your electric bills low and make this a comfortable place to call home.
Customer Listing Synopsis
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Masters #3906
Ka'anapali
$485K (FS)
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Short Sale. Top floor, upgraded unit with outrageous multi island and ocean views. This is Maui island lifestyle living at its best. The Masters is an exceptional, gated community with 2 pools, 4 tennis courts and lots of open areas. This is a 2nd story location with high ceilings, large master bedroom, lots of closet space and an upgraded kitchen and bath.
Customer Listing Synopsis
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Vacant Land
0 Kuahulu Place
Olowalu
$4.2M (FS) |
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Rarer then hen's teeth. 2 acres of oceanfront land priced to sell.
Customer Listing Synopsis
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