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January, 2012 - Newsletter for the Maui Market
Happy New Year!
Here is your eNewsletter for the Maui Market from Jim Foster and visit our web site when you have time www.JamesBFoster.com for searching properties on the Maui MLS or researching sales under the tab Condo Sales for all the major complexes individually or for 2012 to date 2011, 2010, 2009 and all of the MLS statistics.
Featured Properties For Sale:
Absolute Auction Ocean Front Home and this means the home will be sold “Absolute”, meaning there is no minimum bid, or reserve bid. - For Auction Package, photos and details just email Jim@JamesBFoster.com or call 1-808-661-7994. This is a beautiful ocean front residence nestled on an intimate portion of West Maui's dramatic Kahana coastline and overlooking the secluded cove known as Keoni Nui Bay, this oceanfront estate is the embodiment of Maui island living at its best. This property is one of the most spectacular ocean, sandy beach, island and coastal views that Maui offers. The winter season view is enhanced with whale-watching occasions, no binoculars required. The home was completed in 2005 and is an exclusive gated two-story estate is best described as contemporary elegance with Balinese influences commencing with 12.5-foot restored entry doors. Spread across 5,661 square feet of living area between the main home and Ohana, the estate is situated on a 20,705 square foot lot. The main home offers 5 bedrooms and 5.5 bathrooms including an extension of the master bed wing that serves as a reading room or office. The attached studio Ohana includes a bathroom, a comfortable kitchen and custom closet cabinetry. Providing privacy and separation for family, friends and guests, the Ohana is separated from the main home by the 2-car garage. 10-foot high sliding pocket doors, 8-foot high interior doors, large ocean side picture windows and the 20-foot high ceiling of the great room are design elements that reinforce the spacious and seamless.
Overlooking Kaanapali Beach & Resort Click Here to View Listings at a price of $3,190,000 and the price just reduced, $159,000. - Elegant custom built Lanikeha Villa featuring 27 foot African mahogany disappearing doors that seamlessly expand the spacious interior and magnificent Bankarai iron wood deck to create a luxurious 4,650 sq. ft. of living space w pool, spa, and breathtaking ocean vistas. The interior is beautifully finished with marble & granite countertops, cherry wood & antiqued white cabinetry, limestone & Brazilian walnut floors and offers Triple Master Suites, top of the line gourmet kitchen, spacious covered entry porch, extensive lighting systems, and custom ceiling finishes, this perfect Island resort residence or celebrity’s spa getaway is located directly across from the spectacular Lanikeha Clubhouse and Recreational pavilion and includes all furnishings and plans to build an additional 700 sq. ft. Ohana and garage.
If you are looking for that “Special Dream Home” Click Here to View Listings and a sale price of $4,299,000 is within your budget, this may be the best buy in Hawaii.
Dream Home at Lanikeha above Kaanapali and an exceptional price in this market. An immaculate 5943 s.f. three bedroom, three & one-half bath Estate is a ‘Vision of Tuscany’ & the Seller’s lifelong dreams. Set upon a .93 acre, double- gated, front-row, prime parcel, in Lanikeha, overlooking the World Class Maui Kaanapali Resort, one immediately senses the specialness of this property. Expansive South Pacific Blue Ocean & Outer Island Views of Molokai along with the privacy & natural buffer associated with this prime golf-course frontage make this a ‘one- of- a kind’ setting. The meticulously set, motor-court pavers, lead to the personal two-car garage or the guest wing entrance with its own additional garage. The authentic interior courtyard landscaping abundant with climbing roses & Italian herbs frame Oprah’s favorite oval-arched cast-iron & glass entry doors. Yes, the Seller was inspired by Oprah’s own entry. Interior travertine, halogen-lit, Corinthian columns, 16 ft. imperial-plaster & wood- coffered ceilings, signed custom cabinetry, made exclusively for this residence by William Ohs, Blue Bahia custom granite kitchen & sun room counters, gem-stone quality rose-quartz master bathroom counters, Sub-zero & Viking appliances, a Louvre-like enclosed sun-room, & the epitome of Home Theaters, with fiber-optic ceiling stars, plus a small stage for the grand-children symbolize this creative qualitative environment. There is custom sound throughout, full security, a lovely pool & spa, out-door BBQ, warming-ovens & refrigeration.
Ocean Front & Golf Course Condominiums - Here are some excellent buys that are ocean front or on the golf courses and the complex names are:
Hololani Click Here to View Listings This is an ocean front complex and underground parking, eight story concrete building in the Kahana - Napili area.
Kaanapali Royal Click Here to View Listings This is a complex across the golf course at Kaanapali, 3 story concrete, gated community, very large and spacious. Excellent value for the Kaanapali area.
Lahaina Shores Click Here to View Listings A seven story complex located between the ocean and front street. Walk to all of the Front Street shops and restaurants. Always a favorite for the tourist.
Mahana Click Here to View Listings Direct ocean front consisting of two twelve story buildings and a pride of ownership complex. Every unit has a direct ocean view and units rent exceptionally well.
Maui Eldorado Click Here to View Listings Two great studio units and owners have their own private cabana built out over the beach at Kaanapali just north of Black Rock.
Maui Kaanapali Villas Click Here to View Listings MKV is on the beach north of Black Rock and has gone through extensive renovations in the last four years. A variety of two story buildings and four complexes that are two story and a six floor Tower.
Paki Maui - Click Here to View Listings Ocean front complex in the Honokowai area of Lahaina. This is a two bedroom priced to sell and close to all your amenities and beautiful world class beaches with shopping, restaurants, farmers market and activities within walking distance
Papakea Click Here to View Listings A favorite family resort for many returning guest with great amenities. There are ten buildings of four floor concrete buildings and many amenities. Major renovations have been in process and the complex is recently converting from leasehold to fee simple.
Royal Kahana Click Here to View Listings A twelve story complex directly on the ocean. Concrete structure, underground parking, air conditioning and directly on the beach. Some of the best values in the Kahana area.
Honua Kai's Konea Penthouse 701 Click Here to View Listings is a rare gem on the West Maui Coast. This exclusive floor plan, recognized as a Kamehameha Residential Suite, offers 2,365 square feet of interior living space that seamlessly opens to the 850 square foot lanai. Using the technology of the NanaWall System, the luxurious lanai becomes an extension of the interior space, bringing the West Maui Coastline, neighbor islands of Lanai and Molokai and the famous sunsets into your living room year-round. Truly designed for the entertainer, the lanai boasts an outdoor kitchen featuring a Viking grill, sink, and refrigerator and space for enjoying the sunshine while entertaining your closest family and friends. Step inside to the elegantly appointed interior space and be treated to true Maui opulence. The gourmet kitchen is equipped with granite counters and full back-splash, exotic wood cabinets, and Viking Professional appliances. Everyone has their space with the two master suites and a guest suite providing privacy and comfort. Additional features include travertine flooring, marble baths, powder room, a technologically advanced media package, Bosch laundry appliances, and premium fixtures throughout this elegant Maui home. Resort amenities available to homeowners and guests are three coast-facing pools, two fitness centers, underground parking with valet service, bell-service, on-site concierge, private owner's locker, in-suite safe, on-site daycare, the Aina Gourmet Market & Deli, and Duke's Beachouse restaurant. Simply put, there is no other home on the market that compares to Konea 701. If you’re looking for a lifestyle property in Maui this is a must see.
Mahana on Kaanapali www.MahanaOnKaanapali.com Direct Ocean Front Complex with Studio, One Bedroom and Two Bedroom Units - We have a major lender that has approved the Mahana for condo-tel loans and it is one of the best run condominium complexes in West Maui and a real “Pride of Ownership Property”.
Honua Kai - New two phase development West Maui www.JimOnMaui.com
For special prices on Honua Kai units call Jim Foster 808-661-7994 or email me. For Vacation Rentals and to view the units that are in our vacantion rental program at Honua Kai go to www.WestMauiCondos.com or www.ChaseNRainbows.com
New Developments on Maui - For Information on new developments send Jim an email to Jim@JamesBFoster.com
For more information on Hot Buys - If you are looking for some excellent buys in the Kaanapali area that are REOs, Short Sales or aggressively priced listed properties for sale for condominiums, single family residential and vacant land (lots), call Jim @1-888-661-7994
We have a list of Short Sales and REOs for residential and condominium properties in West Maui and Short Sales and REOs for unimproved residential properties or lots. If you would like the details please send an email. For a complete list of REOs and Short Sales in West Maui or the entire island send an email request to Jim@JamesBFoster.com or if you would like to be notified daily of new listings or price changes that are REOs or Short Sales call me on my toll free number 1-888-661-7994 or email me at Jim@JamesBFoster.com
If you specifically are interested in a Short Sale or REO properties, you can now search on my web site www.JamesBFoster.com the Short Sales & REOs on Maui in the MLS. Email me and I will email you back the instructions on how do to do the search. There are a substantial number of Short Sales and REO properties for sale in the Maui Realtors Association Multiple Listing Service (MLS) and the number is increasing and if you would like to have a list or are interested in these types of properties send an email to Jim@JamesBFoster.com
Don't forget! We provide a free Automatic E-mail Notification Service that goes out to recipients whenever a new listing becomes available for a particular condominium complex. Each of these notifications includes a link to view the details of the brand new listing in the MLS. We DO NOT SHARE YOUR EMAIL ADDRESS or your contact information with anyone. To subscribe to our Automatic E-mail Notification Service, please send Won an email at Won@JamesBFoster.com with your first and last name, your email address, and the condominium property you wish to be notified of.
The Maui Real Estate Market and West Maui - The 2011 year end statistics for the Maui Market will be available in a couple of days and if you would like for me to email the 2011 year end statistics send an email to Jim@JamesBFoster.com
The Active Condo inventory began in January this year at 598, February at 599, March at 591, April at 577, May at 537, June at 507, July at 502, August at 490, September at 488, October at 484 and November at 475 and at the end of December at 489. The decreasing inventory is a good indicator of the market.
2007 - 327 condos sold for a total value of $271,290,428.00
2008 - 193 condos sold for a total value of $147,648,505.00
2009 - 363 condos sold for a total value of $349,325,347.00
2010 - 503 condos sold for a total value of $425,049,876.00
2011 - 446 condos sold for a total value of $226,985,582.00
Maui Real Estate - To view the year end 2009, 2010, 2011 & year to date 2012 Sales Statistics go to http://www.jamesbfoster.com/condosales.php and for the MLS statistics click on Maui MLS Statistics 2011.
Buyers in the market currently, for the most part, are looking for deals or the lowest prices. We are continuing to see improvement in the number of showings and increased bookings for vacation rentals. The current inventory of West Maui condominiums for sale is now at 475 (at 1/2/12) and on the same month in 2011 it was 598. Properties are requiring approximately five to six months to sell and in many instances, longer. Buyers have a decreasing inventory of properties for sale to choose from than at the height of the market. If you’re curious about current trends in Maui real estate and where the market is headed, the answer is - it depends on Location - it depends on if it is condominium or single-family residential - it depends on whether you look at volume, average or median prices. In the current Maui real estate market, the “For Sale” inventory is beginning to decline and prices are decreasing at a slower pace than previously.
Active Listings Statistics for West Maui
2008
Jan, 2008 - 511 active condos with total value of $445,656,447;
Feb, 2008 - 559 active condos with total value of $500,946,603;
Mar, 2008 - 595 active condos with total value of $529,779,322;
Apr, 2008 - 647 active condos with total value of $606,635,687;
May, 2008 - 634 active condos with total value of $583,391,821;
Jun, 2008 - 644 active condos with total value of $590,736,279;
Jul, 2008 - 680 active condos with total value of $662,919,268;
Aug, 2008 - 703 active condos with total value of $693,069,348;
Sep, 2008 - 693 active condos with total value of $654,411,079;
Oct, 2008 - 673 active condos with total value of $620,032,454;
Nov, 2008 - 715 active condos with total value of $652,379,032;
Dec, 2008 - 729 active condos with total value of $660,335,998.
The average number of condominiums for sale on West Maui for 2008 was 648 and the average total value was $604,191,111.50.
2009
Jan, 2009 - 742 active condos with total value of $693,143,047;
Feb, 2009 - 757 active condos with total value of $709,234,346;
Mar, 2009 - 787 active condos with total value of $681,864,289;
Apr, 2009 - 805 active condos with total value of $693,368,793;
May, 2009 - 717 active condos with total value of $629,812,465;
Jun, 2009 - 691 active condos with total value of $591,075,527;
Jul, 2009 - 692 active condos with total value of $588,385,017;
Aug, 2009 - 682 active condos with total value of $575,359,815;
Sep, 2009 - 662 active condos with total value of $540,291,317;
Oct, 2009 - 662 active condos with total value of $527,367,912;
Nov, 2009 - 636 active condos with total value of $486,410,609;
Dec, 2009 - 629 active condos with total value of $495,645,642.
The average number of condominiums for sale on West Maui for 2009 is 705 and the average total value is $600,996,564.92.
2010
Jan, 2010 - 608 active condos with total value of $511,345,892;
Feb, 2010 - 643 active condos with total value of $519,749,801;
Mar, 2010 - 681 active condos with total value of $549,060,756;
Apr, 2010 - 649 active condos with total value of $516,570,310;
May, 2010 - 647 active condos with total value of $497,221,612;
Jun, 2010 - 625 active condos with total value of $480,371,404;
Jul, 2010 - 640 active condos with total value of $504,764,616;
Aug, 2010 - 667 active condos with total value of $518,751,274;
Sep, 2010 - 665 active condos with total value of $504,937,487;
Oct, 2010 - 641 active condos with total value of $482,809,979;
Nov, 2010 - 585 active condos with total value of $457,281,641;
Dec, 2010 - 601 active condos with total value of $467,840,772.
The average number of condominiums for sale on West Maui for 2010 is 638 and the average total value is $500,892,128.67.
2011
Jan, 2011 - 598 active condos with total value of $453,677,675;
Feb, 2011 - 599 active condos with total value of $465,583,933;
Mar, 2011 - 591 active condos with total value of $453,513,739;
Apr, 2011 - 577 active condos with total value of $442,629,305;
May, 2011 - 537 active condos with total value of $411,302,316;
Jun, 2011 - 507 active condos with total value of $394,487,818;
Jul, 2011 - 502 active condos with total value of $390,912,811;
Aug, 2011 - 490 active condos with total value of $384,604,083;
Sep, 2011 - 488 active condos with total value of $383,780,807;
Oct, 2011 - 485 active condos with total value of $373,845,237;
Nov, 2011 - 484 active condos with total value of $363,927,180;
Dec, 2011 - 475 active condos with total value of $373,565,954.
The average number of condos for sale on West Maui for 2011 is 528 and the average total value is $407,652,572.
2012
Jan, 2012 - 475 active condos with total value of $377,394,435;
The condominium for sale inventory since January, 2008 has been as low as 490 and was up to 805 in April, 2009 with the current inventory of 475 on January 2, 2012.
Condominium Sales Statistics on West Maui
The total condo sales on West Maui during the month of:
2007
Jan, 2007 - 37 sales with total value of $33,091,000;
Feb, 2007 - 26 sales with total value of $16,330,000;
Mar, 2007 - 32 sales with total value of $24,121,000;
Apr, 2007 - 27 sales with total value of $16,766,000;
May, 2007 - 28 sales with total value of $30,774,929;
Jun, 2007 - 28 sales with total value of $18,917,000;
Jul, 2007 - 21 sales with total value of $13,314,200;
Aug, 2007 - 32 sales with total value of $33,258,999;
Sep, 2007 - 23 sales with total value of $24,701,900;
Oct, 2007 - 42 sales with total value of $28,159,900; **
Nov, 2007 - 15 sales with total value of $15,930,000;
Dec, 2007 - 13 sales with total value of $13,335,500.
**: includes a packaged sale of 19 units at Aina Nalu in Lahaina;
For 2007, the Month of December saw the lowest number of sales in 2007. The monthly average sales were 27 sales per month with the average sales value of $22,391,702.33 per month.
2008
Jan, 2008 - 20 sales with total value of $16,184,800;
Feb, 2008 - 20 sales with total value of $14,414,584;
Mar, 2008 - 26 sales with total value of $20,079,000;
Apr, 2008 - 28 sales with total value of $20,488,500;
May, 2008 - 22 sales with total value of $20,055,000;
Jun, 2008 - 14 sales with total value of $11,957,000;
Jul, 2008 - 10 sales with total value of $6,955,999;
Aug, 2008 - 13 sales with total value of $8,055,000;
Sep, 2008 - 12 sales with total value of $6,707,122;
Oct, 2008 - 12 sales with total value of $8,042,500;
Nov, 2008 - 10 sales with total value of $8,444,000;
Dec, 2008 - 6 sales with total value of $6,265,000.
For 2008, the average monthly sales were 16 sales per month with the average sales value of $12,304,042.08 per month.
2009
Jan, 2009 - 76 sales with total value of $95,573,286;
Feb, 2009 - 54 sales with total value of $68,795,841;
Mar, 2009 - 37 sales with total value of $32,979,595;
Apr, 2009 - 23 sales with total value of $13,142,872;
May, 2009 - 11 sales with total value of $8,879,500;
Jun, 2009 - 18 sales with total value of $12,530,000;
Jul, 2009 - 28 sales with total value of $30,196,900;
Aug, 2009 - 25 sales with total value of $17,891,397;
Sep, 2009 - 14 sales with total value of $5,684,550;
Oct, 2009 - 23 sales with total value of $14,202,856;
Nov, 2009 - 19 sales with total value of $9,850,550;
Dec, 2009 - 35 sales with total value of $39,598,000.
For 2009, the average monthly sales were 30 sales per month with the average sales value of $29,110,445.58 per month.
2010
Jan, 2010 - 31 sales with total value of $21,104,950;
Feb, 2010 - 46 sales (12 in Honua Kai) total value of $43,926,209;
Mar, 2010 - 72 sales (38 in Honua Kai) total value of $85,051,544;
Apr, 2010 - 77 sales (42 in Honua Kai) total value of $75,154,100;
May, 2010 - 42 sales (19 in Honua Kai) total value of $43,586,500;
Jun, 2010 - 45 sales (22 in Honua Kai) total value of $33,364,100;
Jul, 2010 - 25 sales (3 in Honua Kai) total value of $14,408,895;
Aug, 2010 - 30 sales (9 in Honua Kai) total value of $26,248,500;
Sep, 2010 - 40 sales (5 in Honua Kai) total value of $19,224,205;
Oct, 2010 - 27 sales (5 in Honua Kai) total value of $12,933,250;
Nov, 2010 - 24 sales (4 in Honua Kai) total value of $11,763,859;
Dec, 2010 - 44 sales (9 in Honua Kai) total value of $38,283,764.
For 2010, the average monthly sales were 42 sales per month (or 28 per month if you do not include the sales in Honua Kai) with the average sales value of $35,420,823.00 with the Honua Kai sales factored in.
2011
Jan, 2011 - 31 sales (5 in Honua Kai) total value of $21,104,950;
Feb, 2011 - 20 sales (2 in Honua Kai) total value of $12,089,400;
Mar, 2011 - 48 sales (5 in Honua Kai) total value of $20,712,004;
Apr, 2011 - 54 sales (10 in Honua Kai) total value of $28,727,492;
May, 2011 - 47 sales (12 in Honua Kai) total value of $30,131,525;
Jun, 2011 - 41 sales (9 in Honua Kai) total value of $24,488,089;
Jul, 2011 - 43 sales (5 in Honua Kai) total value of $20,717,896;
Aug, 2011 - 29 sales (3 in Honua Kai) total value of $18,734,724;
Sep, 2011 - 38 sales (7 in Honua Kai) total value of $15,685,552;
Oct, 2011 - 35 sales (0 in Honua Kai) total value of $15,536,900;
Nov, 2011 - 31 sales (5 in Honua Kai) total value of $10,867,200;
Dec, 2011 - 30 sales (6 in Honua Kai) total value of $13,937,800.
For 2011, the average monthly sales were 37 sales per month (or 31 per month if you do not include the sales in Honua Kai) with the average sales value of $18,943,381.83 with the Honua Kai sales factored in.
We have gone into the Maui MLS database and pulled information for 2000 through 2011 for West Maui Condo Sales
2000 - 654 condos sold for a total value of $209,064,010.00
2001 - 605 condos sold for a total value of $271,681,337.00
2002 - 730 condos sold for a total value of $240,178,915.00
2003 - 737 condos sold for a total value of $319,748,466.00
2004 - 700 condos sold for a total value of $375,033,467.00
2005 - 682 condos sold for a total value of $408,582,315.00
2006 - 435 condos sold for a total value of $351,782,614.00
2007 - 327 condos sold for a total value of $271,290,428.00
2008 - 193 condos sold for a total value of $147,648,505.00
2009 - 363 condos sold for a total value of $349,325,347.00
2010 - 503 condos sold for a total value of $425,049,876.00
2011 - 446 condos sold for a total value of $226,985,582.00
If you would like to view the most current sales statistics for Maui or West Maui Condominiums, you can go to my web site www.JamesBFoster.com and click on Condo Sales in the upper left corner of the home page or go to www.JamesBFoster.com/condosales.php
Mortgage Interest Rates for the Maui Area:
Mortgage Rates as of January 5, 2012 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.000% 30yr fixed 1.25 pts (4.222 APR) 4.375% 30yr fixed 0.00 pts (4.493 APR) Stated Income - NEW-Call for details. Interest Only To $625,500: 4.875% 30 yr fixed (10/20) .8750 pts (5.030% APR) Interest Only to $1M: 4.750% 30 yr fixed (10/20) .875 pts (4.825 APR) Condotels 4.875% 30 yr fixed 1.500 pts (5.188 APR) (APR includes origination fee)
Mortgage Rates as of December 5, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 3.750% 30yr fixed 1.25 pts (4.013 APR) 4.1250% 30yr fixed 0.00 pts (4.287 APR) Stated Income - NEW-Call for details. Interest Only To $625,500: 4.875% 30 yr fixed (10/20) 1.00 pts (5.039% APR) Interest Only to $1M: 4.875% 30 yr fixed (10/20) 1.000 pts (4.961 APR) Condotels 4.875% 30 yr fixed 1.500 pts (5.188 APR) (APR includes origination fee)
Mortgage Rates as of November 1, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.000% 30yr fixed 0.875 pts (4.190 APR) 4.250% 30yr fixed 0.00 pts (4.367 APR) Stated Income - No longer available. Interest Only To $625,500: 4.500% 30 yr fixed (10/20) 1.250 pts (4.678% APR) Interest Only to $1M: 4.625% 30 yr fixed (10/20) 1.000 pts (4.709 APR) Condotels 5.000% 30 yr fixed 1.375 pts (5.304 APR) (APR includes origination fee)
Mortgage Rates as of October 3, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 3.7500% 30yr fixed 1.250 pts (4.035 APR) 4.00% 30yr fixed 0.00 pts (4.181 APR) Stated Income - No longer available. Interest Only To $625,500: 4.50% 30 yr fixed (10/20) 1.25 pts (4.718% APR) Interest Only to $1M: 4.50% 30 yr fixed (10/20) 1.25 pts (4.625 APR) Condotels 4.875% 30 yr fixed 1.625 pts (5.214 APR) (APR includes origination fee)
Mortgage Rates as of September 6, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 3.875% 30yr fixed 1.6250 pts (4.128 APR) 4.125% 30yr fixed 0.00 pts (4.241 APR) Stated Income - No longer available. Interest Only To $625,500: 4.625% 30 yr fixed (10/20) 1.25 pts (4.805% APR) Interest Only to $1M: 4.625% 30 yr fixed (10/20) 1.25 pts (4.728 APR) Condotels 4.50% 30 yr fixed 1.25 pts 4.729 APR) (Points include origination fee)
Mortgage Rates as of August 1, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.2500% 30yr fixed 1.250 pts (4.566 APR) 4.375% 30yr fixed 0.00 pts (4.56 APR) Stated Income - No longer available. Interest Only To $625,500: 4.875% 30 yr fixed (10/20) 1.375 pts (5.069% APR) Interest Only to $1M: 4.875% 30 yr fixed (10/20) 1.25 pts (5.232 APR) Condotels 4.75% 30 yr fixed 1.25 pts (5.052 APR) (Points include origination fee)
Mortgage Rates as of July 5, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.500% 30yr fixed 1.250 pts (4.82 APR) 4.75% 30yr fixed 0.00 pts (4.919 APR) Stated Income - No longer available. Interest Only To $625,500: 5.125% 30 yr fixed (10/20) 1.375 pts (5.323 APR) Interest Only to $1M: 5.125% 30 yr fixed (10/20) 1.625 pts (5.262 APR) Condotels 4.75% 30 yr fixed 1.25 pts (5.052 APR) (Points include origination fee).
Some recent and past news about what is going on in Maui & Hawaii
Weather - As I am finishing this newsletter today, January 7, 2012 it is about 75 degrees and partly cloudy. Between now and January 17th, we are expecting sunshine, scattered clouds and showers, with temperatures from 75 to 81 degrees. Great Maui weather, even with the cooler temperatures. Come see us and enjoy a sunshine break.
Chase N Rainbows Real Estate - Vacation Rental Management and Bookings for Travel Information - Need a sun break? If you're tired of the rain and cold, you can get away now! Call us (877.647.9575) to check availability and book today. We can place any condo on a courtesy hold while you firm up your flights. Remember to check for low fares and use the fare finders at Kayak.com & Vacapedia.com. Sign up for e-mail reminders with Travelocity and Priceline too! www.ChaseNRainbows.com Sign up for Monthly Newsletter. Also www.WestMauiCondos.com If you are advertising your units on VRBO and are turning away leads because your unit is booked you are losing out on an opportunity to generate additional revenue! Please refer your leads to us and we will pay you a 10% referral fee if we are able to book them into another available unit. You can email the lead to info@chasenrainbows.com and then we will have the ability to track the referral and set up the commission at the time we confirm the booking.
A&B splits into two companies - Alexander and Baldwin have announced it will split into two $1 billion dollar companies: Alexander and Baldwin will keep the real estate and agriculture and Matson Navigation Co ( a wholly owned subsidiary of A&B) will handle the maritime and logistics. The split is expected to occur in the 2nd half of 2012 and will have no tax cost to the shareholders. Both companies will be incorporated and based in Hawaii.
Agreement in place to make way for smart grid - Governor Neil Abercrombie and NEDO have signed an agreement to allow for the start of the smart grid demonstration in South Kihei. The project is aimed at improving integration of multiple renewable energy sources for use with electric vehicles. The project is to invest $37 million in smart grid technology and install smart utility system controls in the Kihei area to facilitate photovoltaics and electric vehicles.
New book store in Lahaina - Maui Friends of the Library opened December 27, 2011 on the 3rd floor of the Wharf Cinema Center. All books gently used books are under $5 and all proceeds go to the support of the 8 Maui County public libraries.
Some upcountry homes to get water meters - Department of Water Supply will begin issuing water meters to upcountry residents on a waiting list of 1300 people. The purchase of water source capacity from Kaupakalua’s well totaling 33,000 gallons per day makes the permits possible. The estimate approximately 50 permits will be issued.
Civil unions expected to boost hotel industry - A new law legalizing civil unions effective January 1st 2012 is expected to bring a boost the Hawaii hotel industry. Hotels are actively reaching out to same sex couples with promotions and packages.
Battery system expected to stabilize power from wind turbines - An 11-megawatt battery system being installed at the Auwahi wind project in Ulupalakua is designed to smooth the variable wind power generated and help maintain its stability on the grid. It has the capability of maximizing production and reducing the challenges of variability of wind power.
Honua Kai lawsuit goes to District Court in Honolulu - A Maui man has filed suit in the US District Court against the developers of Honua Kai. It charges securities fraud, stating that the developer did not register its sales documents as securities. It also alleges failures to provide required information for securities sales.
Interesting numbers from census data over last decade - The majority of Maui’s growth over the past decade has come from people born here. 8,609 people were added to Maui County through birth, 4,373 from international migration and 1,588 from domestic migration.
Two saints for Kalaupapa - Blessed Mother Marianne Cope of Molokai will join St. Damien after being canonized by the pope. Father Damien and Mother Cope died and were buried in Kalaupapa after serving the Hansen’s disease patients.
Kahului airport runway in need of overhaul - The state Department of Transportation is looking at its options for the overhaul of the runway at the Kahului airport. Federal funds will no longer be available for the continued patching of the nearly 70 year old tarmac. One option being considered is extending the airports small planes runway for interim use while repairs are being made.
New North Shore buoy - The University of Hawaii has deployed a new buoy off the Peahi surf spot known as “Jaws”. It will collect data about wave heights, direction, swell depths, durations and ocean temperatures. Data will be posted online every ½ hour (www.pacioos.org). It has practical safety applications, and can help predict flooding from ocean surges.
Cancer Institute to expand for new equipment - Pacific Cancer Institute of Maui is expanding to accommodate a new $3 million dollar radiation machine. The expansion will be 2,500 square feet into the driveway at Maui Memorial Medical Center. The number of exam rooms will also increase from 3 to 5 and doctor’s offices will double to 4. The new machine will allow doctors to track “moving” cancers like small lung tumors. It is thought to be the first of its kind in Hawaii.
Lahaina Halloween sees sales boost for food and retail - Restaurants on Front Street saw an increase in revenue between 20 and 41 percent over normal at this year’s Lahaina Halloween. Retail stores say an increase ranging from 6.5 - 80 percent. Employees were also added for the evening.
Layaway Santa’s visit Maui stores - Maui Kmart had “layaway Santa’s” paying off accounts for Christmas gifts. Approximately 25 people went in and paid off the layaway accounts of strangers, totaling near $5,000 dollars. It followed similar accounts happening across the State and mainland.
West Maui Swap Meet looks to grow - It is held each Thursday from 9am to 3pm under the smokestack on Lahainaluna Road. All non-profits can set up for free. Other retailers pay $25 for a 10’ x 10’ booth space. Currently there 20-30 venders and there is capacity for 100. The swap meet takes pride that the majority of the vendors create their own items, more handmade that the Kahului swap meet.
Yacht to continue to visit Molokai - The owners of the yacht that was turned away in December by residents of Molokai has stated that he has reached an agreement with the opposition and authorities to resume tours of Molokai. The 36 passenger yacht is scheduled to return January 21st. Protesters state they are still waiting on an organized community response before agreeing not to impede the visit. The opposition worries that this will open the door to larger cruise ships and resort development.
Big Island telescopes aid in “Big Find” - the Keck and Gemini telescopes on the Big Island atop Mauna Kea aided the Hubble Space Telescope in the detection of the largest black hole known to exist.
House Finance panel tours Lahaina - The State House Finance Committee toured Lahaina in part of a statewide tour to assess various capital improvement projects and programs that were secured with their assistance over the last five years. It was also to help prioritize for the supplemental budget in 2012. Sights included the Lahainaluna High School, Moku’ula, Lahaina Harbor and the Lahaina bypass.
Professional & Service Recommendations from Jim Foster:
Attorney in Lahaina - Gary Robert resides in West Maui and has been providing legal services here for over 30 years in Lahaina. His office is located at 808 Wainee Street, Suite 201, Lahaina, Maui, Hawaii 96761. To contact Gary - Tel: 808-667-7741
Fax: 808-667-7550 Email grlaw@hawaiiantel.netWeb site www.garyrobertlaw.com
Business Law - Corporations, Partnerships, LLCs & Contracts. Real Estate Law - Conveyances, Mortgages, Foreclosures, Landlord - Tenant, Partitions, Associations, Wills, Trusts, Probate, Family Law and Divorce.
Accountant - Tom Marino, CPA, Tax Manager with www.LevinHu.com Tom has a Bachelor of Science degree in Accounting. Tom is a licensed CPA in both California and Hawaii since 1987. Levin & Hu provide professional services for individuals relative to Tax Planning/High Net Worth, Sole Proprietorship/Small Biz, Home Sale/Purchase, Rental Property, and Property Taxes. They also provide services for International clients in the areas of Expatriate Tax, Offshore Corporations, Foreign Corporations in the U.S. and Non-Resident Aliens and other areas of taxation and financial matters.
Tile Work - Superior workmanship and reliability for Bathrooms, Kitchens & Floors for installation or repairs. Top quality work with excellent references and longtime West Maui resident. Ron Huschke’s Email is OceanForSurf@GMail.com
Real Estate Tips:
Sellers & Buyers - In evaluating sales in the current real estate market, the properties that are selling are the ones that are aggressively priced based on the interior condition. The average buyer will typically prefer an upgraded unit to one that has not been upgraded. Buyers who are buying and the placing the property into vacation rental or continuing with the current vacation rental program are more typically scrutinizing the income and expenses and whether there is a cash on cash return. These buyers are purchasing in an uncertain market and take into consideration when making an offer that market values may continue to drop further in the next year of possibly longer. They cannot assume, as in years past, that high rates of appreciation will compensate them in the future for negative cash flows. Current buyers are using a lot more caution and doing more due diligence than previous years.
Useful Internet Sites:
www.khanacademy.org What started out as Sal Kahn making a few algebra videos for his cousins has grown to over 2,100 videos and 100 self-paced exercises and assessments covering everything from arithmetic to physics, finance, and history. Before quitting his job as manager of a hedge fund to run the Khan Academy full time, Sal also found time to get three degrees from MIT and an MBA from Harvard. The Khan Academy is an organization on a mission. This is not-for-profit with the goal of changing education for the better by providing a free world-class education to anyone anywhere. All of the site's resources are available to anyone. It doesn't matter if you are a student, teacher, home-schooler, principal, adult returning to the classroom after 20 years, or a friendly alien just trying to get a leg up in earthly biology. The Khan Academy's materials and resources are available to you completely free of charge.
www.seatguru.com At this web site they have made it easy to pick your seat on just about any flight! This helpful site allows you to view the seat configuration on 19 major airlines. Here you will find links to all the major airlines seat charts including seat maps, seating arrangements and seat configurations in all aircraft types and models. Details on exit rows, first class, business class and coach seats are all included.
www.zagat.com These folks know their food and this web site lists and evaluates restaurants in all major US Cities pus international cities like London, Paris or Tokyo. Just pick a restaurant and get an instantaneous evaluation in four categories: Food, Service, Décor and Cost on a rating scale of 0 (poor) to 30. The cost reflects the estimated price of a dinner with one drink and tip. You can also check out special restaurant lists, for the city you choose, ranked by: Top Décor, Best Buys, Top Food, Top Romantic, Top Rooms, Top Service and Top Views
www.elance.com Visit this web site to help your business--large or small --benefit from an on-line source for special project help? Perhaps you want a professional to design a logo, a banner ad or a brochure. Maybe you need a letter translated -- or a Power Point presentation to get the funding you need for a new business. This is great source for all sorts of free-lance help! You simply post your project here, and service providers bid to do the work. Then you choose a service provider based on bids, profile information, work samples, and feedback ratings from previous users. After a bid is accepted, you and the service provider can use the site to communicate, schedule deadlines, exchange files, and deliver the final product.
www.refdesk.com If you need even more convincing that the Web is one huge repository of valuable and useful information, your proof is right here! The folks at this great source say, "The Internet is the world's largest library containing millions of books, artifacts, images, documents, maps, etc. There is but one small problem in this library: everything is scattered about on the floor, with growing hordes of confused and bewildered users frantically shifting through the maze, occasionally crying out, "Great Scott, look at what I just found!" Well, now this powerful reference tool has organized the giant library to cover most major reference books, periodicals, newspapers, columnists (Dave Barry is there) etc.
Chase 'N Rainbows Real Estate, Inc.
Toll Free 888-661-7994
Direct Line 808-661-7994
Cell 808-870-5858
Fax 808-667-2957
Real Estate for Sale www.JamesBFoster.com
Vacation Rental www.ChaseNRainbows.com
Email Jim@JamesBFoster.com
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