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December, 2011 - Newsletter for the Maui Market
Wishing all of you a Merry Christmas & Happy Hanukkah!!!
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 2011 to date 2010, 2009, 2008 and all of the MLS statistics.
Featured Properties For Sale:
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 here 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.
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.
Whaler on Kaanapali Beach Click Here to View Listings Located directly on Kaanapali beach and within the Kaanapali Resort area. Sits next to the Whaler Shopping Center and has been a favorite since first developed in 1976.
Overlooking Kaanapali Beach & Resort Click Here to View Listings 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.
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
New IDX Search Features - on www.JamesBFoster.com Search properties and you can search for Short Sales, REOs, by location and other categories. If you would like directions on how to use, email me at Jim@JamesBFoster.com and I will email instructions.
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 - From the Realtors Association Maui (RAM) - Strong buyer-showing activity is now evidenced in actual reported sales, with multiple offers competing for well-priced properties. Inventories have declined 13-23% over the past 12 months. Condo Inventory in West Maui one year ago was 587 units for sale and today it is down to 483 or an 18% reduction in the last year.
Brief Maui Statistics Overview:
Maui November 2011 Sales Statistics November's Sales Volume - November’s Residential Sales dropped slightly to 73 homes sold, while Condo Sales declined to 74 units sold. Land sales came in at 8 lots sold.
The Residential home median price declined from October’s $482,500 to $445,000, while Condo median price was $261,750. Land median price was $427,500.
Days on Market for Residential homes = 166 DOM, Condos = 151 DOM, Land = 317 DOM. (General DOM Note: this is the average DOM for the properties that Sold. If predominantly old inventory sells, it will move this indicator upward, and vice versa. RAM's Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also - Short Sale transactions can often take 4-6 months to close thereby extending the marketplace’s average DOM.
Year to Date: Comparing January-November 2011 to January through November 2010, Residential unit sales rose (+10%), average sold price = $775,283 (+2%), median price = $435,000 (-5%) and total dollar volume sold = $634,957,051 (+13%).
Condo unit sales is up (+1%), average sold price = $496,199 (-24%), median price = $310,000 (-18%). Total Condo dollar volume sold = $527,955,915 (-23%).
Land Lot sales are such a small sampling that statistics in this property class are
not necessarily reliable indicators. Land lot sales increased (+9%), average sold price = $616,307 (+24%), median price = $305,000 (-25%), Total dollar volume = $75,805,725 (+34%).
Total sales for immediate past 12 months: Residential = 890 (with 44% being REO or Short Sale), Condo = 1,156 (33% REO or SS), Land = 135 (21% REO or SS).
Current Absorption Rate base on this month’s Active inventory divided by November Sales is: Residential = 10.8 months, Condo = 14.9 months, Land = 65.4 months (or 5+ years).
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. 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 - 414 condos sold for a total value of $210,568,082.00
Maui Real Estate - To view the year end 2007, 2008, 2009, 2010 & year to date 2011 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 12/1/11) and on the same month in 2010 it was 601. 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 from January 2011 to December, 2011 is 528 and the average total value is $407,652,572.
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 December 1, 2011.
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 - 28 sales (2 in Honua Kai) total value of $8,052,500.
From January 1, 2011 to November 30, 2011, the average monthly sales were 38 sales per month (or 32 per month if you do not include the sales in Honua Kai) with the average sales value of $19,142,552.91 with the Honua Kai sales factored in.
We have gone into the Maui MLS database and pulled information for 2000 through June 30, 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 - 414 condos sold for a total value of $210,568,082.00
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 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).
Mortgage Rates as of June 1, 2011 - from First Hawaiian Mortgage - Rates: Houses & Condos Full docs: 4.250% 30yr fixed 1.250 pts (4.566 APR) 4.50% 30yr fixed 0.00 pts (4.666 APR) Stated Income - No longer available. Interest Only To $625,500: 5.000% 30 yr fixed (10/20) 1.25 pts (5.116 APR) Interest Only to $1M: 5.500% 30 yr fixed (10/20) 1.25 pts (5.109 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, December 6, 2011, it is about 75 degrees and partly cloudy. Between now and December 16th, we are expecting sunshine, scattered clouds and showers, with temperatures from 74 to 76 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.
Lawsuit filed on behalf of Honua Kai buyers - A Wailuku lawyer has filed suit against Fidelity National Trust & Escrow of Hawaii, Inc. on behalf of more than 115 buyers at the Honua Kai resort condominium. The suit alleges that Fidelity began releasing the down payment money held for the potential owners out of escrow before there were binding contracts or legal authorizations in place. The sales at Honua Kai fall under the federal Interstate Land Sales Act that states buyers have the right to cancel at any time up to two years after signing. The developer then cannot use the down payment money to finance construction.
Council Member wants cap on Maui vacation rentals - Don Couch is in favor of capping the number of vacation rentals available on Maui. He states that if a cap is established it will also shut down illegal operations and help with enforcement. The proposed cap is currently 400, spread out throughout the island. The measure also establishes a requirement that owners or a designed/licensed manager have to be accessible 24 hours a day and live within 20 miles of the unit.
Council seeking equality in property taxes - Maui County Council is working on legislation that would change the existing tax structure for homes on agricultural land. It is recommended that the county enforce the rule that lower agricultural rates be applied only to the portion of land that is actually being farmed. The home on the property should be subject to the same property tax regulations as all other homeowners; at their fair market value. Currently they are receiving lower agricultural assessment and the homeowner exemption.
Maui County looking into LED streetlights - A bill is in the works that if passed would allow the conversion on hundreds of streetlights to LED; saving the county over $1 million per year in energy costs. The correct "blend' of LED would have to be used to ensure compatibility with wildlife and astronomy. The county is also in the process of installing shielding on existing streetlights to further minimize light pollution.
County to test curbside recycling - Maui County hopes to launch a pilot program in Maui Meadows in May 2012 that would include weekly pick up alternating between green waste and mixed recyclables (paper, cans and bottles) in addition to their refuse pick up. This would be an extension of the larger waste management plan that began with the recycling centers and is intended to reduce the amount of materials going into the landfill.
OHA and the State of Hawaii may have reached a deal - The State of Hawaii and Office of Hawaiian Affairs stated that they may have reached an agreement that would settle the decades old claim on revenue generated by Hawaiian monarchy lands. The deal would give OHA $200 million worth of real estate near the Kakaako waterfront. The deal is pending approval by the legislature.
Could the discovery of a new ant signal an expansion of non-native insects? - A University of Hawaii entomologist has discovered a large field of odorous house ants along Waipoli Road. This ant is typically found in North America, but until now has not been in Hawaii. The climate of upcountry Haleakala is conducive to their environment. This has left scientist to wonder if it could signal a new wave of ants invading the islands.
UH economists report the economy is leveling off - University of Hawaii economists have updated their original forecast for the year to state that the economic expansion has paused. They forecast gains into 2012, but at a slower pace. Consumer confidence and spending as well as manufacturing remain sluggish. On the upside oil prices are down and that creates a more travel friendly environment.
Kaheawa wind farm gets final OK - The state Department of Land and Natural resources has given final approval for the Kaheawa wind farm. Turbine installation could begin in December 2011, completion is hoped for by June or July 2012. A take license and habitat plan account for the threat to wildlife and methods are being implemented to avoid and mitigate injuries and death to Hawaiian petrels, Newell's shearwaters, nene and Hawaiian hoary bats.
Good times had at Lahaina Halloween - People returned in droves to the first Lahaina Halloween in years that featured a closed Front Street. It was a night of family fun and good times. Restaurants were full and as of 8pm there had been no arrests.
Higher room rates help hotels - Even though occupancy dropped in September, higher room rates contributed to an increase in the amount of money coming into Maui hotels. Hawaii lodging is seeing an increase of 12.8 percent over 2010 and 20.9 percent over 2009. Maui County has the highest daily rate.
Maui visitor counts leveling out - There was a dip in visitor arrivals and spending in October compared to the same month last year according to the Hawaiian Tourism Authority. Arrivals were down 2% and spending was down 4.7%. Leveling off is not surprising, double digit growth is not sustainable. Maui arrivals for the 1st ten months of this year were up 3.8%.
New dog park for Kahului - Final plans are in review for a new dog park in Kahului. It will include 2 fenced areas; one for large dogs, one for small. Volunteers are being sought for educating pet owners about the rules of the park and helping to pick up after owners that don’t pick up their pets messes.
High School athletes serve as role models for young students - The student-athletes that make up the "Luna Nation" from Lahainaluna High School have begun spending time with the students at Kamehameha Elementary School on a regular basis. They help with reading or playing at recess and provide a positive role model for the young students. The win-win comes when the teens realize their actions in and out of sports are important, and the program goes a long way in building their self-esteem.
Friday Town parties coming to Lahaina and Makawao - Lahaina and Makawao will join Wailuku in Friday Town parties. December 9, 2011 is the first event in Lahaina and will include a holiday theme and special events and promotions at art galleries, restaurants, retail stores and museums. Wailuku's event will be the only one with regular street closures. Lahaina is the second Friday of every month and Makawao the third Friday.
Dunes at Maui Lani up for sale - The 172-acre golf course at Maui Lani is being offered for sale, fee simple, to investors. The Maui Lani subdivision is less than 1/3rd built out with 1100 of 3600 residential dwellings. No asking price has been set. The property includes the links, clubhouse, pro shop and restaurant. It also includes the obligations to maintain the drainage for the surrounding area.
Maui to be a green energy model for electric vehicles - a $300,000 grant from the US Department of Energy given to the University of Hawaii will create an overall countywide plan and infrastructure for the widespread adoption of electric vehicles on Maui. The valley isle has been identified as a perfect location for the program due to its small and fairly simple geography.
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 & Financial Planning Tips:
Year End Tax Planning - Still time to sell if you price it right and one or two transactions could result in saving thousands of tax dollars this year and in future years.
Buy Your Principal Residence Before Year End - Buy a house or condo for your principal residence, the current market is a "buyer's market" where sellers are anxious to negotiate. The mortgage interest you pay the lender in 2011 is also tax-deductible on your 2011 income tax returns.
Deduct Theft Or Uninsured Casualty Loss - If the loss is personal and exceeds $100 and over you could deduct up to 10% of your 2011 adjusted gross income.
Delay Taxable Property Sales until 2012 - The capital gain tax on your 2012 profitable sale won't be due until April 15, 2013. This same principle also applies to other types of property sales.
If You Changed Your Residence Due To A Job Location Change Deduct Your Moving Costs - If you changed both your job site and your personal residence in 2011, you may be able to deduct your moving expenses.
Prepay Your January 2012 Mortgage Payment in 2011 - Make sure the payment is before December 29, 2011 so your mortgage lender will include it on your IRS 1098 and it will be an itemized deduction for 2011.
Prepay Your 2012 Property Tax in 2011 - If you need additional deductions for your 2011 return, check with the Assessor’s Office and if allowed take the deduction by prepaying.
Refinance Your Home Mortgage and Deduct Loan Fees Not Previously Deducted - If you have previously refinanced your home loan for which you paid a loan fee -- and are amortizing the interest over the life of the mortgage - consider refinancing to pay off an adjustable-rate mortgage and take tax-free cash from your home equity for home renovation or other purposes. In the year of paying off a mortgage with loan fees which have not been deducted, the fees become fully tax-deductible as an itemized interest. To avoid this issue, consider “no-cost mortgage”.
Sell Your Principal Residence Before New Year’s Day - If you owned and occupied it at least 24 of the last 60 months before its sale, you can claim up to $250,000 tax-free capital gains (up to $500,000 for a qualified married couple filing a joint tax return). This can be used every two years or 24 months.
Utilize A Home Equity Credit Line To Create Tax Deductible Interest - If the funds are used for personal reasons you can deduct up to $100,000 which is tax-deductible and for use in your business there is no limit.
Make sure you check with your CPA or accountant to confirm these IRC - IRS rules apply to you.
Tax Deferred Exchange IRC Section 1031 Of Business or Investment Property - This will allow you to defer capital gains tax if you were concerned about a substantial capital gains tax. In Hawaii, where non-residents have to deal with HARPTA (State Capital Gains Tax) and the Federal Capital Gains Tax, an IRC Section 1031, Tax Deferred Exchange will allow you to retain the 22.25% tax on your taxable gain. Send us an email to Jim@JamesBFoster.com and we will help you with the process or call me on the toll free number 1-888-661-7994.
Useful Internet Sites:
www.komando.com/ For those of you who enjoy or use the internet on a regular basis or use your computer frequently, here is a web site that is a great source of information relative to computers, software and the internet. She also does a radio talk show that is syndicated in most states, including Hawaii and is broadcast in Hawaii on Saturday morning, 990 AM at around 6:30 AM. If you would like to listen go to the web site and check the schedule for your area.
www.talkingstreet.com Next time you're in Boston, New York or D.C. (expanding to Chicago, San Francisco and New Orleans soon) visit this great place, download a tour map and sign up for a modestly priced celebrity tour that will then be available 24/7. You can take your tour whenever you want - on your schedule, and at your own pace. Each tour is narrated by a big name and "offers a uniquely entertaining, enriching, and easy-to-use experience-full of great stories, expert commentary, eyewitness accounts, historic audio and original music." No one will know you're a visitor - you'll look like all the rest of the natives --- talking on the phone!
www.hospitalcompare.hhs.gov Moving to a new area -- or just want some intelligence on surrounding hospitals? This tool from the U.S. Department of Health and Human Services will help. Here you can get information on how well the hospitals in your area care for their adult patients with certain serious medical conditions. You can compare the quality of care and get the address, telephone number and other important information for all Medicare-certified hospitals in the United States.
www.benjaminmoore.com How would you like to see the results of your redecorating without picking up a paint brush? With this great tool you can change the color combinations in your home with a mouse click and if you don't like the looks of your creation just start over and see another masterpiece in two minutes. This color visualization program allows you to select an exterior home or interior room image from a big pictorial library. You can even import an image of your own home and experiment with colors to your heart’s content.
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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