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April, 2007 - Newsletter for the Maui Market
Aloha! You are receiving this email because you have requested to be on our newsletter email list. If you change your mind and do not wish to receive it, please send an email to Jim@JamesBFoster.com and request to be removed.
Don't forget! We provide a free Automatic E-mail Notification Service that goes out to specific recipients when ever a new listing becomes available for a particular condominium complex. Each of these notifications includes a link to view the brand new listings 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 condo complex you wish to be notified of.
Property for Sale in New Developments in West Maui
A new condominium villas development - These Villas will be located in eight separate buildings on the twenty four acre site of the old Royal Lahaina Resort; the first resort developed at Kaanapali Beach and will consist of two bedroom units from 2,482 square feet up to four bedroom units with 4,807 square feet. If you would like more information please contact Jim at 1-888-661-7994 or send an email to Jim@JamesBFoster.com
A new condominium development – Located in Lahaina and consisting of two bedroom and three bedroom condominiums across the street from the Cannery Mall and Lahaina Gateway. Sizes range from 1,239 square feet to 1,321 square feet for the three bedroom units up to 1,820 square feet with a home office 10’-6” X 11’. The two bedrooms are approximately 1,201 to 1,231. This is in the pre-construction stage and for sales information you can call Jim at 1-888-661-7994 or send an email to Jim@JamesBFoster.com.
A New Land Development - 28 fee simple ocean view agricultural-zoned lots set on 450 acres of West Maui's historic lands. The 28 lots offered for sale are from 2.79 acres to 13.27 acres and range in price from $1,125,000 to $1,395,000. Two water meters and underground utilities to each lot. CC&R's do not allow any further subdivision. Just 20 minutes to Kihei/Wailea, Kahului and Kaanapali, directly across the street from Ukumehame Beach Park and famous "Thousand Peaks" surfing beach. Access by appointment only. See attached "Associated Project Documents". Two water meters and underground utilities to each lot. The CC&R's do not allow any further subdivision. The land offers residents some of the most breathtaking views imaginable - dramatic mountains and valleys to the East, and 180 degree ocean views to the West overlooking the islands of Lana'i and Kaho'olawe. With preservation lands to the North and South, you can rest assured that your privacy and views will be protected forever. Directly across the street, and well within strolling distance, you'll find Ukumehame Beach Park and world-famous "Thousand Peaks" surf break. For sales information you can call Jim at 1-888-661-7994 or send an email to Jim@JamesBFoster.com.
Honua Kai - Located on the last stretch of beachfront in Ka'anapali, Honua Kai is the first whole ownership condominium resort to be built on the beach in over 20 years. Amenities include three spectacular pools, a boutique spa, underground parking with valet for owners and the recently announced Duke's Maui restaurant. Currently available is a one bedroom for $760,000 with 615 s.f.; 2 two bedrooms at $1,650,000 with 1,230 s.f. and one at $1,950,000 with 1,315 s.f.; and 3 three bedrooms at $2,100,000 with 1,610 s.f., $3,850,000 with 2,230 s.f. and $5,600,000 with 2,715. s.f.
For sales information, you can call Jim at 1-888-661-7994 or send an email to Jim@JamesBFoster.com.
The West Maui real estate market continues to transition from a Seller’s market to a Buyer’s market. The current inventory of West Maui condominiums for sale is now at 481 and seemed to peak at 485 on March 30th and has gone down since. Properties are requiring more time to sell and Buyers have a much larger inventory of properties for sale to choose from.
Condominiums for Sale - In the West Maui real estate market, at the beginning of July, 2005 there were 165 condominiums for sale in the West Maui area and the total value was $159,356,997.00; August, 2005 there were 166 condominiums for sale with total value of $154,446,497.00; September, 2005 there were 176 condominiums for sale total with value of $163,215,390.00; October, 2005 there were 177 condominiums for sale with total value of $168,464,220.00; November, 2005 there were 199 condominiums for sale with the total value of $188,377,265.00; December, 2005 there were 231 condominiums for sale with the total value of $222,669,115.00; January, 2006 there were 226 condominiums for sale with the total value of $226,520,200.00; February, 2006 there were 280 condominiums for sale with the total value of $281,793,835.00; March, 2006 there were 297 condominiums for sale with the total value of $286,082,559.00; April, 2006 there were 350 condominiums for sale with the total value of $317,599,199.00; May, 2006 there were 354 condominiums for sale with the total value of $321,932,077.00; June, 2006 there were 362 condominiums for sale with the total value of $333,616,070.00; July, 2006 there were 392 condominiums for sale with the total value of $346,937,598.00; August, 2006 there were 393 condominiums for with the total value of $344,119,142.00; September, 2006 there were 413 condominiums for sale with the total value of $369,322,455.00; October, 2006 there were 408 condominiums for sale with the total value of $366,608,574.00; November, 2006 there were 407 condominiums for sale in the West Maui area with the total value of $357,086,324,00; December, 2006 there were 428 condominiums for sale with the total value of $361,399,109.00; January, 2007 there were 410 condominiums for sale with the total value of $372,238,031.00; February, 2007 there were 431 condominiums for sale with the total value of $393,681,669.00; March, 2007 there were 458 condominiums for sale with the total value of $420,941,268.00; and at the beginning of April, 2007 there are 479 condominiums for sale in the West Maui area with the total value of $429,708,159.00. The condominium for sale inventory since July, 2005 has been as low as 165 and is up to 485 for April 1, 2007. The “for sale” inventory on West Maui continues to increase.
Condominium Sales - The total condominium sales for West Maui during the month of January, 2006 total condominium sales were 42 and the total value was $28,574,643.00; for February, 2006 total condominium sales were 48 and the total value was $32,995,078.00; for March, 2006 total condominium sales were 40 and the total value was $32,199,584.00; for April, 2006 total condominium sales were 43 and the total value was $41,898,525.00; for May, 2006 condominium sales were 51 and the total value was $39,644,886.00; for June, 2006 condominium sales were 40 and the total value was $ 32,533,500.00; for July, 2006 total condominium sales were 30 and total value was $26,212,000.00; for August, 2006 total condominium sales were 28 and the total value was $31,885,500.00; for September, 2006 total condominium sales were 30 and the total value was $24,770,000.00; for October, 2006 total condominium sales were 29 and the total value was $23,359,299.00; for November, 2006 total condominium sales were 22 and the total value was $13,414,600.00; for December, 2006 total condominium sales were 30 and the total value was $23,169,999.00; for January, 2007 total condominium sales were 37 and the total value was $33,091,000.00; for February, 2007 total condominium sales were 26 and the total value was $16,330,000.00; and for the month of March, 2007 as of 4/2/07 in the MLS data, total condominium sales were 32 and the total value was $24,121,000.00. The total condominium sales for August, 2005 was 52; September, 2005 was 58; October, 2005 was 38; November, 2005 was 48; December, 2005 was 47; January, 2006 was 42; February, 2006 was 48; March, 2006 was 40; April, 2006 was 43; May, 2006 was 51; June, 2006 was 40; July, 2006 was 30; August, 2006 was 28; September, 2006 was 30; October, 2006 was 29; November, 2006 was 20; December, 2006 was 30; January, 2007 was 37; February, 2007 was 26; and March, 2007 was 32. Remember, the contract was written 60 to 90 days or more prior to closing so if the high was May, 2006 the contract was likely between January and March.
For previous condo sale details, go to our web site, www.JamesBFoster.com and click on Condo Sales. For the time period of 1/1/2007 to 2/28/2007 the average price for a home on Maui was $1,120,823.00 which is up 13% for the time period of 1/1/06 to 2/28/06 when the average price was $994,021.00. For the same time period the average price for a Fee Simple condo on Maui was $887,890.00 which is up 51% for the same time period when the average price was $589,424.00 according to the RAM (Realtor Assoc. of Maui) statistics. Condo sale in Wailea/Makena, Kapalua and Kaanapali impacting the Fee Simple Condo average price.
We have gone in to the MLS database and pulled information for 2000 through 2007. In 2000 - 654 condominiums sold in the West Maui area for a total value of $209,064,010; in 2001 - 605 condominiums sold for a total value of $271,681,337; in 2002 - 730 condominiums sold for a total value of $240,178,915; in 2003 - 737 condominiums sold for a total value of $319,748,466; In 2004 - 700 condominiums sold for a total value of $375,033,467; in 2005 - 682 condominiums for a total value of $408,582,315; in 2006 – 435 condominiums for a total value of $351,782,614. In 2007, from 1/1/07 to 4/2/07 - 95 condominiums sold in the West Maui area listed on the MLS for a total value of $73,542,000. The number of sales in 2006 was approximately 64% of 2005 and dollar volume for 2006 was 86% of 2005 for data entered in to the RAM MLS.
Mortgage Rates as of 4/2/07 – from Town Island Mortgage, LLC – Hse/Condo: Full Docs: 5.75% 30yr fixed 2.0 pts (5.98 APR); 6.00% 30yr fixed 1.0 pt (6.13 APR); 6.25% 30yr fixed No Points (6.32 APR). No Docs: 6.125% 30yr fixed 1.0 pt (6.25 APR); Interest Only: 5.875% 5yr ARM 1.0 pt (7.14 APR); 1st Time 100%: 6.625% 30yr fixed 1.0 Pt (6.75 APR); $1M: 6.375% 30yr fixed No Points (6.50% APR); No Income, 100%, & Stated Land loans, too (Pts incl. origination)
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. If there are any specific condominium complexes that you wish to be notified by email when a condominium unit becomes available for sale, send Won an email at Won@JamesBFoster.com with your first and last name, your email address, and the condo complex you wish to be notified of and an Automatic Email Notification will be sent to you with a link to view the details of the listings through the Maui MLS. We DO NOT SHARE YOUR EMAIL ADDRESS or your contact information with anyone.
Some recent news about what is going on in Maui.
Weather – During February, March and April we have had excellent weather and at the beginning of April, its been around 80 degrees during the day and cool in the evening. Even in Lahaina, almost perfect, light trade winds and plenty of sunshine. Lucky to be on Maui, come visit and enjoy!
Medical Facilities on Maui – Trying to obtain approval for a second hospital to be funded with no tax dollars is a real life story of power, politics and money. The residents on Maui want it but the politicians in control continue to block its approval to go forward and what is going on behind the scenes is stranger than fiction. The web site for PUSSH supporting the Malulani South Kihei Hospital is www.maui-PUSSH.org Please visit the web site and send your letter and emails supporting the new hospital Malulani and requesting the elimination of the CON(Certificate Of Need).
Pacific Biodiesel based on Maui – Maui will participate in a $100,000 demonstration project to test the potential of biodiesel from crops that can be grown in Hawaii. The test will be mostly nuts and beans gathered from fields and roadsides, including kukui or castor bean. Also Oil palm (Elaeis guineensis) and Jatropha curcas are two of the highest yielding oil crops grown, primarily in tropical and subtropical areas will be tested. Pacific Biodiesel’s laboratory will refine and test the output to see how well it matches to industry standards and work with the state Legislature to get some money to grow experimental crops. Other participants will be Aloha Green, the University of Hawaii at Hilo College of Agriculture, Forestry and Natural Resource Management, Oceanic Institute, the Hawaii Agricultural Research Center and Grace Pacific.
Corn’s Potential Future on Maui – Hawaiian Commercial & Sugar Co., has examined a lot of candidates in its strategic goal of becoming an “energy plantation.” Hawaii’s seed corn industry, one of the largest of the state’s non-plantation crops and is critical for corn seed production as new varieties developed in small amounts on the Mainland in the summer are sent to Maui or Molokai for multiplication during our mild winter. Corn grows well enough in Hawaii to form a vital link in the worldwide business of seed corn. About 4,000 acres in Hawaii are devoted to seed corn and test plots, including substantial operations on Maui and Molokai. Specialty sugars are refined less than very low color sugar, but it costs more to do less, because it has to be done in a food-grade facility using stainless steel equipment.
Specialty Sugar production to be expanded by HC&S - Hawaiian Commercial & Sugar Co. is expected to more than double the amount of specialty sugar it makes.
By the end of this year, the mill will be able to make more than 25,000 tons per year of specialty sugar, and when a second phase is completed, the output will reach 50,000 tons. By the time it is refined, specialty sugar ends up as one of the purest substances people come into contact with in daily life – with less impurity than table salt or sterling silver. Specialty sugar, which retains more of the molasses that is refined out of white sugar, on the other hand, requires more careful handling. The company also is exploring the possibility of doing more of the packaging on Maui of its “Maui Brand Premium Maui Gold” sugar, packaged in brightly colored containers and sold at a premium price.
Founder of eBay & Ex-Senior VP of AOL put Millions in ML& P - Ohana Holdings LLC, which is controlled by Pierre Omidyar founder of eBay and ZG Ventures LLS, with investors have agreed to put $15 million into Maui Land & Pineapple Co., in a private placement of 517,242 shares of unregistered common stock.
Souki again sinks Superferry EIS – Chairman Souki of the House transportation Committee refused to schedule Senate Bill 702 for a hearing by the committee, basically killing the bill. The position he took is it is too late for the state of Hawaii to require an EIS just for the Superferry so it looks like the Superferry will begin operations this summer between islands by July, 2007.
Ritz-Carlton Kapalua to close for $95 million project – The interior designer is Jon Staub with Philpotts & Associates and anticipates infusing elegance with contemporary furnishings with a native Hawaiian sense of place. The hotel is expected to reopen in December, 2007.
Committee discusses progress Lahainaluna High School stadium – Currently, the committee is brainstorming to bring a state-of-the-art athletic stadium with light for football, soccer, track and field and other special events for the West Side high school campus.
Kahului Harbor study is considering alternatives – It is expected that the Maui population will be 200,000 by 2030 and the study of Kahului Harbor is to sketch out the alternatives to provide for increased harbor traffic to accommodate the growth.
West Maui Rep. Angus McKelvey – The state surplus of funds may allow Neighbor Islands, to use the expected state surplus to make infrastructure development a priority statewide. The largest CIP request was for funding the next stage of the Lahaina Bypass, Phase 1B, broken into two segments to allow work to continue unimpeded when the Keawe Street Bridge is finished. HB 500, HD 1 would allow funding for land acquisition in Fiscal Year 2008, followed by the design-build of the bypass in Fiscal Year 2009. Funding for McKelvey’s long-range project, a Maui Traffic Control Center, was also approved but contained in its own bill. The Intelligent Traffic System for Maui is estimated to require about $400,000, which would then allow us to get federal funds for the implementation of the system and a Maui Traffic Control Center as well. There is expected to be federal funds available to help leverage state money for improvements at Lahaina Harbor, such as the replacement of the main pier inside the Lahaina Harbor. Approximately, $4.3 million in state funds is to be paired with $13.2 million in federal ferry funds to build another loading pier at Lahaina Harbor.
Real Estate & Financial Planning Tips
Real Estate Tax Assessment Appeals on Maui – Dramatic jumps in assessed values for most of the real estate on Maui has been responsible for many tax appeals being submitted to the county. You can check your assessed value on the web site for Maui Count http://www.mauipropertytax.com When you get on the web site click on Property Search and you will need your address or parcel number. The tax appeal requires a check for $15.00, an appeal form, self addressed stamped envelope for the reply and it being mailed certified and return receipt requested. This is a good time to have a knowledgeable real estate broker to assist you with recent sales and what is for sale to incorporate in to your appeal for justifying the appeal. The last date to file the appeal is April 9, 2007.
Did you know that Oil & Gas Programs can be used to complete Tax Deferred Exchanges for Vacation Homes, Second Homes? For additional information give us a call at 808-661-7994 or send us an email at Jim@JamesBFoster.com.
For sellers of property participating in a tax deferred exchange, locating a suitable replacement property can often be a difficult obstacle to successfully completing the exchange which can save sellers thousands of dollars in tax savings, some times hundreds of thousands.
To facilitate the tax deferred exchange process for our clients we have placed our securities licenses with Welton Street Investments, LLC. Welton Street is the leading NASD Member Broker/Dealer formed exclusively to work with commercial real estate professionals offering TIC investments as 1031 exchange options and direct investments. Welton Street works with quality TIC real estate sponsors, providing access to a broad and deep array of institutional quality TIC investment properties providing due diligence, research & securities compliance. Welton Street utilizes three key areas of due diligence before real estate sponsors and TIC investment replacement properties are selected and presented for investor consideration: 1) Audit and Analysis of the Real Estate Sponsor; 2) Analysis of TIC Program Structure & Fees; and 3) Analysis & Underwriting of Replacement Properties.
If you are contemplating selling highly appreciated real estate during 2007 and would like for us to provide an analysis of how to best structure your transaction, please call us at 1-888-661-7994 or send us and email at Jim@JamesBFoster.com
Useful Internet Sites:
http://ocw.mit.edu/index.html MIT, has taken steps to educate self learners of the world by putting the course materials from almost all their undergraduate and graduate courses on the Web with topics that span the globe. For Real Estate, the “Search” function will allow you to locate over 450 links to real estate content from the many real estate courses available. Using these materials does not require any registration and is not a degree-granting or certificate-granting activity.
http://www.livingto100.com/ This is a Life Expectancy Calculator and if you know anyone interested in living to 100, the calculator can help you find out two things: 1. the age you will live to if you continue along your current path and 2. What you can change to extend your life.
http://www.pcmag.com/article2/0,1895,2090808,00.asp PC Magazine features its picks for no cost software. A great place where the experts share their thoughts on the best security software to protect you from spyware and viruses.
http://www.cranky.com For over 50 Boomers, a search function designed as part of a move to bring some of the internet social networking that the xGeners have been touting recently. The search function called “cRANKy” shows the four highest-rated search results based on the editors' and members' ratings. The ratings and opinions of the community determine how cRANKy ranks sites, making this the world's first age-relevant search engine. Learn which of these communities reflect what boomers are most eager to talk with each other about, from 50+ Singles and Six Degrees of Separation (Make New Friends) to Book Lovers, Travel, and Photography.”
www.gethuman.com The gethuman project is a consumer movement to improve the quality of phone support in the US. This free website is run by volunteers and is powered by over one million consumers who demand high quality phone support from the companies that they use. Go here and learn how to get out of “Voicemail Hell”.
http://www.Pandora.com/ If you love music, use this site to enjoy the type of music you identify – exactly as you ordered it. No downloads – no cost – just a little advertising.
Type in the name of one of your favorite songs or artists, a “station” appears that plays songs that are musically similar to the song title or artist you provided. This site is one of the best! Try it!
http://www.Komando.com/ This is a great site for staying current on new technology, new software and internet issues.
Kindest Regards, Jim Foster
Chase 'N Rainbows Real Estate, Inc.
P.O. Box 10398
Lahaina, HI 96761
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
EmailJim@JamesBFoster.com
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