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Aloha Valued Subscriber
Market Update
The Hawaii Appleseed Center for Law and Economic Justice released a report on the impact of vacation rental units on Maui. For buyer and renters both, housing inventory has reached record lows and prices are reaching near-record highs. Illegal vacation rentals put pressure on Maui's already stressed housing market.
Hawaii housing costs are amongst the highest in the country. 43% of Hawaii residents are renters, the fourth highest renter percentage in the country. Rent is more expensive here than any other state and we also have the highest rate of homelessness in the nation.
The report indicates that at an 80% occupancy rate a vacation rental unit would make 3.5 times more revenue than a long-term rental unit making this approach very appealing for investors. Maui has the highest percentage of residential units being used as vacation rentals in the state.
A 2016 report stated that 20% of Hawaii's households were crowded, meaning more than 2 people per bedroom or multiple families living in one home. By housing affordability standards nearly 25% of Maui residents are considered severely cost-burdened, the highest proportion of this economic classification in the state.
State officials say it is difficult to find illegal vacation rental advertisements online but they soon will be implementing software to better track these listings.
Have a wonderful week!
Ken, Melissa, Greg and Lindsey
P.S. - Rodrigo Koxa of Brazil broke the world record for the biggest wave ever surfed by conquering a 80 foot wave in Nazare, Portugal.
P.S.S. - May Day is Lei Day in Hawaii, a day to celebrate the long-standing Hawaiian tradition of lei making on May 1st every year.
Melissa Smith R (B), Ken Smith R (S), Gregory Smith R (B), Lindsey Taylor R (S)
Market Watch
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Active
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Pending
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Sold
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Change
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Homes
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469 (274)
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238 (58)
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1145 (266)
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-13 |
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Condos
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563 (163)
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342 (48)
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1547 (225)
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-26 |
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Land
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320 (124)
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45 (11)
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248 (26)
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-20 |
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Total
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1352 (561)
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625 (117)
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2940 (517)
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-59 |
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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
Homes Under $1M
2229 Haiku Road
Haiku
$540K (FS) |
Restore a little bit of Old Hawaii in the Peahi area of Haiku! This 3 bed, 1 bath 1948 home will require a lot of work, but it will provide a big reward for the right buyer. The home is situated on 3.02 acres of land. A half acre of the land around the house is filled with beautiful botanicals.
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134 Kealaloa Avenue
Makawao
$545K (FS) |
Bank Owned - This central location in Makawao allows easy access to either Pukalani town center or Makawao town and all the local shops. Seabury Hall is just up the hill or King Kekaulike High is nearby as well. This 3 bed, 2 bath home was previously updated with slat tile flooring in the kitchen dining area with cherry wood laminate flooring in the living room and bedrooms.
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42 West Makahakaha Loop
Wailuku
$587K (FS) |
Great opportunity to own a home in the desirable neighborhood of Waikapu Gardens. This well cared for, single level, 3 bed, 2 bath home is situated in a quieter part of the neighborhood. Select portions of the property allows for captivating views of Haleakala and the West Maui mountains.
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1148 Aala Place
Makawao
$750K (FS) |
Makawao serene living on a dead end street overlooking the north shore and Molokai. The 3 bed, 2 bath main house is 1,358 sq ft with a permitted 520 sq ft attached 1 bed, 1 bath office with wet bar, parking, separate entrance and beautiful sunsets and ocean views.
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239 Kamalei Circle
Kahului
$975K (FS) |
Discover this lovely 3 bed, 4 bath home which has been recently remodeled and ready for any buyer. This highly desirable single level home is open concept, which most will find very appealing. The great room has views of the mountains, tranquil and serene.
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Vacation Condos Over $1M
Wailea Ekahi #42C
Wailea
$1.195M (FS) |
This approximately 1,000 sq ft 1 bed, 2 bath condominium ground floor condominium was remodeled, redecorated and refurbished by the current owners, including an expansion of the master bedroom to create an adjoining study, complemented by extensive hand crafted cupboards and storage capacity.
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Wailea Elua #102
Wailea
$1.295M (FS) |
Price Reduced - You'll love the beautiful ocean, golf course, and Lana'i views from this upstairs 2 bed, 2 bath unit at Wailea Elua, situated on the soft white sand of Ulua and Mokapu Beaches. You'll also love the proximity to world-class restaurants, golfing, upscale shopping at the Shops at Wailea, and the 5 star resorts, literally walking distance from your new home.
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Puunoa Beach Estates #203
Lahaina
$3.6M (FS) |
Lahaina town Lifestyle defined. Rarely offered 3 bedroom unit at Puunoa Beach Estates, a 10 unit direct beachfront condominium complex located on Lahaina's Baby Beach in West Maui, just a short distance from downtown shops, restaurants, entertainment and more.
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Vacation Condos Under $1M
Residential Condos
Southpointe at Waiakoa #12-104
Kihei
$328K (FS) |
Southpointe is located in North Kihei and has convenient access to South Maui’s resort amenities, some fabulous beaches, plus shopping, golf, tennis. Unit 12-104 is a ground floor, 750 sq ft, 2 bed, 2 full bath unit with a spacious, lovely, fully fenced back yard and covered lanai area.
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Keonekai Villages #9-203
Kihei
$349.9K (FS) |
Bank Owned - Great location for a great starter home. Sought after property in South Maui due to its location, management and landscape. One block from the popular Kamaole 3 beach for swimming, park shade trees and sunsets. This Condo in South Maui is close to Wailea hotels and Resorts, Golf and schools. Long term rentals allowed.
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Villas at Kenolio #8B
Kihei
$398.9M (FS) |
Bank Owned - Sought after, ground level, 2 bed, 2 bath end unit in desirable complex. Quiet location at back of the building with easy access to Recreation Center. Enjoy the massive community pool, grill area with two picnic tables, private gym, hot tub, children's playground, bike racks and zen garden all for under $400,000.
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Vacant Land
2780 Palalani Street
Pukalani
$269K (FS) |
If you are looking for cooler temperatures while still being minutes away from town then Pukalani is the place to build your perfect home. Fronting the 2nd Fairway you’ll find a generous leveled lot ready to break ground. Close to schools, parks and shopping makes the location convenient for anyone.
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