I know... Maui is not the Hamptons, nor Malibu nor the French Riviera and definitely NOT Dubai. No - Maui is not Honolulu nor does she want to be. Maui IS -to put it simply- a quiet island in the middle of the deep Pacific blue. An island that offers 5 Star Quality Hotels, gorgeous ocean view estates, incredible country charm, almost untouched rainforests, cowboys, artist retreats, organic farms, secluded beaches, world's most coveted surfs and so much more. People from all over the world gather here and get to choose amongst the more than 20 microclimate areas. You can pick whether you want to live in sunshine and warmth, rain and cool, dry and sun, whatever you want, she most likley can deliver. Believe it or not , I used to live up in Kula near 4500 elevation and we had SNOW one winter morning !! She doesn't scream out loud. She is understated and elegant because Maui does not pretend to be what she is not. At her core, she is all about natural beauty and grace and true aloha.
For those possible reasons, we are finding the fabulously wealthy, the famous, the artistic finding their way here to live, to invest. Yes. Aloha does live here and I believe everyone is touched by that. Whether your Oprah Winfrey or Clint Eastwood or ....this past month San Francisco technology investor and entrepreneur Peter Thiel. He has bought an oceanfront home in Maui for $27 million.
Mr. Thiel, 43, who co-founded PayPal and was an early Facebook investor, bought the 1.7-acre Makena property through a Delaware limited-liability company. The home, which unlisted , according to public records was built in 1991. It's over 4,500 square feet and has a pool. It is currently going through more renovations.
The sellers, through a Wyoming limited-liability company, were Dan Huish, founder of private-label laundry- and dish-product maker Huish Detergents, and his wife, Kim. The couple bought the property in 2006 for $19.2 million.
They bought at the peak of our market and sold for 27 million. It simply shows that in this market there still remains the outliers .
Maui land is precious and her shoreline even more scarce. Makena is South of the Wailea and holds the natural and untouched beauty The reason many people who could live anywhere have found refuge here.. on Maui.
Maui big beach aerial
Big Beach in Makena
A hui hou... (until we meet again)
Jeannie Kong
So...How's the Maui Real Estate Market?
Everyone asks how the real estate market is doing and if we're at the bottom yet. While we don't have a crystal ball to answer that question, we do have some indicators.
The Real Estate market on Maui is more or less in holding pattern and there is evidence that buyer activity is on the increase. Looking at the whole island, for the past 12 months condo sales are pretty steady at 80 to 120 per month, and residential sales at 60 to 80 a month. So the market is actually in somewhat of a holding pattern; some months going up and some going down. Since we were selling 60 condos and 50 houses per month two years ago these numbers do show that the market has settled into a reasonable level and people are buying.
Prices however show a different picture. Residential prices appear to be holding while condo sales show greater activity in lower priced inventory. Median Prices for the first 6 months this year vs. last year. The last six months have show a slight increase on median prices in single family homes however- will this trend continue?
2010 2011
Residential $464,500 $429,000
Condos $424,000 $338,000
It's important to note that there are 551 active and 285 pending short sale or bank owned (REO)residential, condo or land listings which constitute 29% of all listings. Yet short-sale and REO sales represent 35% of all sales and are still rising with 256 sold in the past 3 months and 182 the prior three months. So we can expect these market drivers to continue to influence sales and pricing for some time to come. But again the effect is much more pronounced in the lower price ranges. As always take the news with an "discriminating nose", don't just brush the entire canvas with a broad stroke!
The good news is that interest rates are still at historical lows and people who were priced out of the market a few years ago can now buy a home.
However, it's no surprise that we are seeing a decrease in inventory. In the last 12 months we have seen a decrease of 12-20 percent in inventory. Remember folks we are also on an Island, we can only stretch so far. And a decline in inventory can possibly lead to an increase in prices. There may be a silver lining....
But with everything lately, there is also a caveat and that is the REO's and Shorts sales must be absorbed in order for us to return to a more normal marketplace.
With the new Act 48 that the state just passed. This may cause some delay in getting back to normal. Read about it here. Act 48.
Inventory of Active, Pending & Contingent listings:
The good news for sellers is that sales of low-end properties are brisk. High-end properties (over $1million) are seeing a definite increase in activity providing further indication that the market may be turning:
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For sellers who need to sell their properties now, this means that at the right price, properties are selling. We may not be sure if this is the bottom of the bottom or if we're coming out of it, but when so many properties are a "great deal" we can safely say "there are opportunities to be had'!! As the market shows signs of "bouncing along the bottom", you need a great consultant to help you understand the specifics of our market.
Our real estate market is extremely specific to area, price range,even each condo complex. Because our classification of buyers are so diverse (first time homeowner, investor, foreign investor, second resort home buyer, etc etc), this creates a very unusual climate.
For more details or if you or anyone you know could use my services, please feel free to contact me by phone 808-276-1832 or email: Jeannie@Jeanniekong.com.
Mahalo and a hui hou...
Jeannie Kong, Realtor (S)
A look Back at 2010- Maui Real Estate
This past year posted a considerable increase in sales volume of both single family homes and condominiums on Maui.
Jan 2009 -Dec 2009, single family home sales volume on Maui was slightly over $494 million.
Jan 2010- Dec 2010 single family home sales volume rose to over $608 million. That's significant. A 23% increase over 2009!
Jan 2009-Dec 2009, condo sales volume was over $593 million.
Jan 2010-Dec 2010, condo sales volume was over $743 million. Again, a considerable increase of 25% over 2009!
See complete YTD statistics here: Click Here
Though prices declined during this period, it is notable that sales activity and resulting volume have been on the rise.
The reality is that great priced properties for their category are seeing multiple offers. Last week I was in a bidding war with 9 other offers within 2 days of the Kaanapali home going on the market.
I went up to see the house at 7am to video tape it for my client. By noon that day, 5 offers were in and more were coming. We cannot say with certainty where the bottom is but we can say, I think, that we are starting to bounce off of Why the Uptick in the market?
Lets talk about the uptick in Maui real estate sales volume during 2010. In order to do that we should look at some of the underlying factors that might have driven this upward tick. First and foremost, if you've visited Maui, then you know what an incredible place it is!
Maui is a place where people want to live,relax and retire. Maui, along with Hawaii County, has led population growth for Hawaii. Between April 2000 and July 2009, Maui's population expanded by 13.3% from 128,094 residents to 145,157 residents.*
Maui is a place that draws people time and time again. Eventually some of these visitors choose to become owners of Maui Real Estate. Between January 2010 and November 2010, 6,358,844 visitors came to Hawaii (by air), and 1,904,904 (30%) of those visitors made their way to Maui.
Maui Is leading the state in visitor arrivals and visitor spending. The growth has been in the double digits.
Don't underestimate the importance of airline seats coming to Maui. An occupied airline seat to Maui is like a "promissory note" for monies to be spent on Maui. Thus watching the increase/decrease of plane seats is critical.
Now that Hawaiian Airlines has just launched their NON STOP service to Seoul, S. Korea, we expect to see a rise in tourism numbers and dollars spent here in Paradise.
Read full article here.
Other factors that you may want to consider is the strong Canadian dollar. They have been taking advantage with their buying power and seeking sunshine from their cold winters. It is the perfect match.
Looking back at past real estate cycles in Hawaii, there seems to have always been someone who came to the rescue. In the 1980"s we saw the west coast (particularly California) come and invest; then in the 1990"s the Japanese yen was flying high and now it is the Canadians. Could South Koreans be next? Hyundai just sponsored the PGA Golf tournament (it used to be the Mercedes Benz Championship) a couple of weeks ago in Kapalua. They have several more years on the contract.
So it is ... the world is still seeing us as Paradise! Out in the middle of the ocean. One of the most isolated places on earth. Maui is quite a blessing. So much so that she even gives us SNOW!! Taken on Jan.19, 2011
Imagine basking in the sun and looking up at the SNOW covered Summit of Haleakala . Amazing diversity!
We hope that you have an Incredible New Year! Please know that we may not send you recipe cards or birthday cards, or remind you that it may be time to trim the trees, but we hope we send you real info you can use. Information that is unbiased and untainted to assist you in making informed decisions.
Thank you for your trust and A hui hou...
Jeannie Kong Realtor (S)
The BIG waves are back at Jaws too!! Maui is the world destination for Big Wave Surfing. The top surfers come to Maui in the Winter time to ride the world biggest waves. In person, it is just JAWdroppingly
Photo by Jimmie Hepp. Visit his website: JimmieHepp.com
Dream it!! Live it !! MAUI!Maui Real Estate Statistics- October 2010
So what's the Latest October 2010 Maui Real Estate Stats?
Brief Maui Real Esate Statistics Overview:
October's Sales Volume Residential Sales held at 60 homes sold, while Condo Sales decreased to 71 units sold. Both Residential and Condos show a decrease reflecting the end of the Homebuyer Tax Credit. Land sales came in at 5 lots.
October's Median Price
-SALES prices - Home median prices slipped to $435,000 and Condo median prices rose slightly to $320,000. Land median price was $210,000.
Days on Market for Residential homes = 182 DOM, Condos = 141 DOM, Land = 199 DOM. Year to Date: (General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can 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 Sales transactions can often take 4-6 months to close thereby extending the marketplace's average DOM.
Our numbers statistically are small. Thus to glean more accurate info from this data is to look at "trends" in the marketplace not the individual "numbers" data.
Residential unit sales rose (+27%), average sold price = $768,148 (+8%), median price= $460,000 (-8%) and total dollar volume sold = $521,572,222 (+36%).
Condo unit sales increased (46%), average sold price = $666,472 (-8%), median price = $385,000 (-18%). Total Condo dollar volume sold = $656,474,605 (+34%).
Land - NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales increased (+25%), average sold price = $506,074 (-60%), median price = $405,500 (-21%), Total dollar volume = $52,631,729 (-50%). Also, total sales for immediately past 12 months: Residential = 836, Condo = 1,139, Land = 134.
Real Estate is Local. Maui is even more Local. Thus contact your trusted Realtor to get the real picture. Even from one condo to the next present very different scenarios. Therefore if you just read media reports and data and generalize what you read- you will be at a disadvantage.
Maui Real Estate Statistics- October 2010
Would you like to have valuable information that overviews the last 10 years of Maui real estate?
Would you like a copy of our book titled "Buying Paradise" or "Selling Paradise". It's free !
Would you like to notified of properties that fit your criteria?
Have you ever wondered what to invest it when it comes to real estate on Maui? A condo/home/vacant land?
If you are a foreigner how should you hold title in Hawaii property?
If you are interested in any of this or you have a question not listed above, then Please say aloha and shoot me an email Jeannie@JeannieKong.com and I will get you the info as fast as I can! No obligation, no committment, just friendly service!
Thanks for yor valuable time. Our hope is to send you info that is of benefit to YOU!
Jeannie Kong and Warrick Price
THE My Maui Home Search Team
Maui Real Estate Statistics- October 2010
Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale
Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale
You want more than pictures then watch our video on
http://www.youtube.com/watch?v=IOAlqP8c9r0
Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale
Have you ever wondered about buying a luxurious condo in Hawaii more specifically Maui? Imagine having a condo to call your own and all you need to do is buy a plane ticket and leave the cold, damp rainy days and your Honua Kai Resort and Spa on Kaanapali Beach Front condos for sale awaits your arrival!
Just arrive in your very own luxury condo and step out onto your Lanai (patio) and look into the deep blue sea!
Honua Kai Resort & Spa is located on Maui, voted by Condé Nast Traveler as the Best Island in the World fourteen times, and is situated on nearly forty acres of the world's most beautiful beachfront - Kaanapali Beach.
Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale just a five minute drive to Kapalua Airport, which currently serves daily inter-island flights between Oahu and the other islands, and is just over a half hour from Kahului International Airport.
The historic town of Lahaina and Whaler's Village is just a short distance away. You could even just ride your bike or even walk to Whalers Village. You can whale watch from the comforts of your own condo and a very short distance away go golf to surfing and scuba diving.
Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale
Will offer you all the luxury conveniences you need to truly take a warm tropical hassle free time out!
Spacious interiors and luxurious finishings are what you can expect from your Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale .There are two towers:the Hokulani and the Konea they feature studio, one, two and three bedroom residences. Finished with contemporary design, each suite and residence features warm detailing and color palettes that embody the true spirit of Maui Hawaiiana.
Casually elegant furnishings reflect the natural balance between comfort and practicality that is the essence of island living.
The Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale open floor plans, celebrated ocean and/or mountain views, upscale interior details and spacious outdoor Patios (lanais). Luxury appointed features may include:
* Outdoor BBQ's and kitchenettes included in ocean front and top level three bedroom residences
Whether you like to keep active on your vacation or relax by the pool, as an owner at Honua Kai Resort & Spa you will be able to enjoy a broad range of activities and programs exclusive to the resort - or simply enjoy doing nothing at all.
Experience arriving at Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale which is a warm and inviting fusion of traditional and informal. As you pull into the grand porte cochere, you will be greeted by the soothing sounds of a waterfall. Once inside, take in the lobby with its rich woods, soft inviting furniture and elegant tile work frame and a warm welcome from the concierge and staff. Now that you have arrived at Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale take advantage of all or some of our amenities including:
*Please note that some of the above mentioned sevices are available only through the IHM rental management program
Ohh... one last thing!! When you are Not using your Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale you could rent it out to other vacationers and earn rental income!! Of course you have the option of keeping it all to yourself. But if you want your investment to possibly work even harder for you then rent it out daily, weekly, monthly ! This condomonium is zoned Hotel/Resort by the County of Maui so you may do so! Call us for info on Property Management companies that can rent it out for you so you don't have to worry.
This is one of the Newest Ocean Front and Beach Front condominiums that have been built in the last several years on Maui. For more information on Honua Kai Resort and Spa on Kaanapali Beach Front Condos For Sale Call or email us: 808-276-1832 or Jeannie@MyMauiHomeSearch.com or Warrick@MyMauiHOmeSearch.com 808-283-4960. We will give you whats available, what has sold, everything you need to know to make a wise decision! Its a BUYERS market- Are you going to buy a peace of paradise!
Plus you can receive a copy of our reference guide called Buying Paradise.
A hui hou... (until we meet again)
Jeannie Kong
If you have an interest in Maui Property, please email or call me. Rest assured you will get my utmost attention and full service. I will be your advocate and hopefully in time - your trusted advisor.
Dream It!! Live It !! MAUI!!
I can truly say that I got into this business because I was a real estate investor and could NOT find the expertise,service and savvy marketing skills that I require. I'm sure they are out there, but I could not find one at the time. I felt like just a number. So I told my agent if he didn't get any serious offers by the time I got my license that I would take over my listings. Sounds like I'm biting the hand that I play with now, but this really gave me an advantage on how I treat my customers. Ethics above all else. The Buyer has the "right" to know what they are buying and the Seller has the "right" to my innovative marketing skills and enthusiasm.
Why would someone want to work with me? You mean besides my integrity and expertise! It would be because I LOVE this MAUI ISLAND. If you are not from Maui-You will get the insiders advantage of knowing what life on Maui is like. I always encourage my clients who just moved here to connect with the community. It is the best way to lay roots on this incredbile place.
I am working on a documentary that highlights people who really add flavor to Maui life. They are people who not only are the movers and shakers, but also people who quietly contribute their wisdom and service without asking for any attention. Also you will see profiles of top Windsurfers, Kite Surfers, Surfers, Paddlers, Artists, Musicians, etc. People who make Maui Living so diverse.
Visit my Blog on all things Maui: www.LivingOnMauiNow.com Art, Music, real estate, community, interviews with the Maui people, restaurant reviews. What makes living on Maui ALIVE!!!
Maui is a a true melting pot. People from all over the world have discovered her aloha spirti. Maui is also ecologically diverse. You can be in 50 Degree weather to 90 degree weather within an hour. From desert like ecology to life brimming rainforests! To romantic waterfalls to heart pounding huge waves.
This photo of the Haleakala Crater is just a part of Maui's diverse ecology. THE Living On Maui Team- Giving you incredible customer sevice!
Visit www.LivingOnMaui.com for searching Maui Real Estate.
So you will get my clear and upfront manner (no hidden agendas, no gimmicks-no nonsense) approach to customer service. YOU will know why you would want to live out your precious moments here on Maui!! Please visit my website www.LivingOnMaui.com for Maui Properties.
Every client is essentially my "employer" for that period of time. I work relentlessly to give them a thorough representation. That means I give my clients "the good, the bad and the ugly" when it comes to researching properties.
I actively educate myself, therefore I can give my clients the edge on Real Estate, Finance, Economics, Internet, marketing, etc. I also love to think outside the box and find it very rewarding to have the most amazing clients ! Not just as clients but as human beings that I have had the privilege to know. Thats why I love this job. I get to assist outstanding people!!
I am not your "fancy" realtor. Although some may say I "look" like one because my background in another life was "fashion designer". So I tend to have that sense. But what I really mean is that I love the land, the design, the tangibility of real esate- all kinds. Not just the ultra lux. I love that real estate can be such a creative endeavor. It is my intention to do what I say and say what I mean. Therefore we will have an open and honest relationship. If you need to have the "fancy realtor" then I am not for you. I am here to represent you and give you as much information availiable and negotiate effectively on your behalf- in order to get you what you deserve. Thats it!!
I enjoy working with first time buyers and the savvy investor and the vacation home buyer. It is an honor to represent anyone who appreciates honesty, knowledge and incredible service.
I do not specialize in any one area. I've lived and worked in most places on Maui thus have an intimate knowledge. However, I will say this -if it is out of my expertise, I will refer you to someone who is an expert in that particular area.
Below is a picture of me (Jeannie Kong) .
I really look forward to meeting you and having a wonderful journey to your spot in Paradise!
Dream it!! Live it!! MAUI!!
I have also been honored by being voted onto the Board of Directors of Maui Memorial Medical Center Foundation. With this position I will be doing my best to support the only MAJOR Acute Care Hospital on Maui.
My goal is to support, along with the Board , to ensure Maui Memorial Medical Center Hospital in becoming a Top Notch and Innovative Hospital and to attract the world's leading doctors to our Island of Maui. Indications are that we are definitely on that path!
With these efforts in health care, energy sustainability, agriculture, great education for primary to higher, industry other than tourism, and cultural preservation-Maui will continue to thrive!
CAN YOU SEE YOURSELF HERE!!! Dream it!! Live it!! MAUI!!
Please call/email me Jeannie@JeannieKong.com 808-276-1832 and I can send you my referral letters that I have permission to use as letter attachments.
The refferals are from Top people in their field. So they had a high expectations. I hope you do too!
Thank you very much for your time and inquiry.
Aloha and a hui hou...
Jeannie Kong REALTOR® (S)
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