We are pleased to announce that Wailea Ekolu unit 1603 is now under contract. In this difficult market for Maui real estate, the Leading Edge Marketing System continues to shine!
Wailea Ekolu nestles into the foothills of Haleakala and lies within walking distance of the Shops at Wailea and this world famous resort's other amenities. Only a minute away is a selection of Maui's finest beaches as well as Wailea's three golf courses. Owners of Wailea Ekolu appreciate the two swimming pools, the complex's recreation center and available golf privileges, and the flexibility to utilize the property as a vacation rental.
To see how this system can work for you, contact us!
We promised a specific proposal to try to address the TVR fiasco now going on regarding Maui real estate. Well, here it is.
Permits for transient vacation rentals would be immediately granted in the following situations:
We believe this proposal does several things:
We are not wedded to our proposal and would gladly sign on to any idea that accomplishes the four goals above.
One of the major issues facing Maui real estate today is the topic of Transient Vacation Rentals in areas not zoned for hotels or apartments. Here are our thoughts:
In the past, while operating a vacation rental outside hotel zoned areas was illegal, Maui County actively and publicly chose not to enforce the statute. As a result homebuyers in areas including Haiku, Maui Meadows and along the Maui oceanfront factored into their decision making the likelihood of renting their properties. This had two major impacts. First, it promoted tourism in that it created an alternative for those visitors who prefer to avoid resorts, timeshares and crowds. The success of these TVR's clearly demonstrate there is a significant desire for these operations among tourists. Second, this rental capacity almost certainly helped drive property values higher than they would otherwise have been. There seemed to be little complaining from neighbors about these operations.
Recently, the Maui County Council and the Mayor have decided to enforce the on the books laws regarding TVR's. What has the impact of this been? It has, without question negatively impacted tourism and part of the quiet on the island today can be attributed to this political choice. This in turn has caused layoffs in tourism related businesses, higher unemployment and will cause a decrease in tax revenue. The other major impact has been the need of certain owners to now sell in a distressed manner and therefore a decline in real estate values. Now this may well be the plan of the current administration. If so it is working. We have declining real estate values, fewer tourists, fewer jobs, less overall economic activity and less variety on our island.
It is clear the current enforcement has been a disaster for the island. So what is the answer? Check back in a few days for our proposal.
We are pleased to announce that our listing at 6980 Makena Road has gone into escrow. This beach house-style home is dated but sits on an extraordinarily lovely spot. For details, contact us!
If you are looking for a deal in Maui Real Estate, todays market offers a great variety, at prices that almost guarentee a strong investment in the future.
On the residential side Wailea homes had a busy month with five closings. Four different neighborhoods had sales with the median being a whopping $3.2 million. The per square foot average of $863 was a full 17% higher than 2007 and 13% higher than the first quarter. These numbers reflect that all homes sold offered some ocean views and three of the homes were in exceptional condition. As always, a month offers too few data points to determine firm conclusions, but the high season certainly ended better than it began.
Maui Real Estate - The Edge. It's state-of-the-art technology and analysis at your fingertips. It's decades of experience helping the most sophisticated real estate clientele maximize their investment
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