Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago. New Listings increased 1.4 percent for Single Family homes but decreased 18.6 percent for Condominium homes. Pending Sales
For approximately 9 months now, RAM has been actively working to oppose two TVR phase out proposals that would have stripped thousands of property owners of their vested rights and caused major economic turmoil for the county. I am pleased to share that our policy arguments and hard work have finally paid off, and the Maui County Council has decided to take their TVR “phase out” in a much different direction. Instead of the legislative proposals we were opposed to, the Planning and Sustainable Land Use Committee of the Maui County Council opted to pursue an alternative model that would allow condominiums to voluntarily eliminate TVR use if a majority of unit owners agree. The current proposal would require 100% of unit owners
PROJECT OVERVIEW For decades, the shoreline of Kahana, Maui has experienced severe coastal erosion from sea level rise (SLR), storm events, and shoreline development. This has resulted in risk to public safety, threats to environmental quality, reduced coastal access, and damage to property and infrastructure. Almost all the properties in the project area have some form of shoreline erosion control, from seawalls to vegetated berms. The community is seeking ways to manage the important resources of Kahana Bay for generations to come. The Proposed Action presents a sustainable, resilient, community-based solution to mitigate regional shoreline erosion that could serve as a model for nature-based approaches to the severe
The real estate market on Maui is definitely heating up. Track the details on my www.MauiMarketWatch.com report which is a open source Google Sheets spreadsheet. You can also CLICK HERE see this summary report for January 2021. Mahalo for your business, and I look forward to working with you as a buyer or sellers agent.
Maui Short Term Vacation Rentals - Condos and Homes
Investment Pitfalls and The Minatoya List
This is a hot topic across the entire vacation rental market worldwide and Maui is no exception. The goal is basically to keep vacationers and other short-term visitors in the hotel districts and out of neighborhoods for various reasons ranging from crowded parking, unruly behavior, affordable housing shortage for locals, and loss of employment opportunities for hotel workers and many more. Threats to reassess properties for tax purposes at sky-high commercial rates can discourage homeowners from investing in short term rental properties. According to a recent poll over 55% of Maui residents oppose short term rentals in their neighborhoods. But all is not
Overview for Successful Ownership Avoiding Costly Tax Mistakes
Planning to buy, rent long term or vacation rent and eventually sell Hawaii real estate can be complicated and best done well in advance of contracting to buy or offering to sell real estate in Hawaii. Putting your real estate investment to work generating income by renting it out long term (180 days or more) or for even more $$$ as a vacation rental is a great idea to offset the cost of your permanent residence or pay for many future Hawaiian vacations for you and your family. Then, sell it down the road hopefully for a generous capital gain! When you grab a piece of paper or a spreadsheet to see how much of a good deal this is there are some tax
The ZERO Effect of COVID on the Maui Real Estate Market
Aloha! And welcome to another weekly Maui Real Estate Market Watch Report from Eric West at Keller Williams in Whalers Village.
Here is what's new and developing for the week of August 24th 2020. To see the entire Google Sheets spreadsheet please click here
The big question people ask me every week…”How’s the market doing on Maui?” Many people are expecting a major downturn in demand and subsequent 20-50% reductions in asking prices.
Not so much.
In a nutshell, the Maui Real Estate Market is holding steady, very steady.
Let’s compare the last 8 months of 2020 with the exact same time period in 2019.
Now keep in mind, in 2019 the market was in FULL swing with a FULL capacity
Maui Real Estate for Sale in the “New Age” of COVID
How to Find the RIGHT Real Estate Deal on Maui
Information is power. We all know that. But with all of the “tech tools” and everything available to everyone online, how can anyone get a competitive edge? Not to mention a true understanding of what is really happening in the real estate market in Hawaii in order to make wise and prudent decisions?
(Just because a buyer or a real estate agent uses or shows up on Redfin, Zillow or Trulia on Maui does not make you or them an expert...just sayin')
Especially given the new set of never before seen circumstances of a global pandemic such as COVID!
The answer is threefold.
Follow the numbers. The numbers don’t lie. But most
