Here is the full copy of a new Maui bill that was passed on March 27th 2018 and that will go into effect 6 months from its approval (September 27th, 2018). Under this new law, the dwelling unit shall be owned by the applicant of an Short Term Vacation Rental permit for at least five years prior to the date of application.
PS - I also have a YouTube channel with many informative videos about Hawaii, Maui and Real Estate. Check it Out Here https://www.youtube.com/user/hawaiirealestateorg RE: 1M building value requirement--> This was a proposed amendment only and it has not been approved. As of now ALL properties are subject to the Five-Year ownership durational requirement.
RE: Pending permit applications for applicants who have not owned their
And just like that. Without notice, or warning. The recent events regarding Launiupoko irrigation water restrictions have been nothing short of shocking. Details regarding this development are limited, but I wanted to share what I have so far. No question that this could impact the market and the due diligence required when considering purchasing or selling a home or land in Launiupoko.
Mahanalua Nui Association had a very productive Annual meeting Thursday night. If you were not there I wanted to give everyone a few key points before too much time passes. Even though this is not an official channel for communications with owners, we realize many read it: As most know, the DLNR’s Commission on Water Resource
Ocean front homes sales on Maui grew by a whopping 54% in terms of total homes sold! With 17 homes sold in 2017 vs. only 11 in 2016.
Beach front homes slowed by 27% with 8 homes trading in 2017 vs 11 in 2016.
The overall sales for Maui Ocean and Beach Front homes grew 6.3% in 2017 with $151 million in total annual sales versus $142M in 2016.
But the market did slow down in terms of how long it took to sell those homes as compared to 2016.
The "Average Days On Market" slowed 42% for beachfront (from 244 to 347 DOM in 2017) and slowed 24% for oceanfront from 193 to 240 days on market in 2017.
The average sales price of a beach front home slightly decreased 2.78% to $7,125,000 from
Trying to decide the best condo to purchase in Hawaii. Eric will explain the main differences between short term, long term, best location, and the importance of working with a local Hawaii based lender. Buying a condo whether it's a long term or short term rentable unit in Hawaii is so much different from buying a condo anywhere else in the world. . There are three types of condo classifications that will affect your financing options. That said, the category into which a condo falls will impact your down payment requirements and your interest rate. This is to be mostly accredited to the unique characteristics our condominium projects possess and how they are classified according to the "LIST" Make sure your lender has THAT list. . It is important for
One of THE most spectacular ocean front homes for sale in all of Hawaii. The creation of Sammy Hagar, a truly inspired artist of music, drink and food now offers his one of a kind home for sale in an epic Maui ocen front cliff top setting. Call Eric West for more details or to set a showing 808.298.2030
PS - I also have a YouTube channel with many informative videos about Hawaii, Maui and Real Estate. Check it Out Here https://www.youtube.com/user/hawaiirealestateorg
Bookmark this page....all of these graphs are dynamic and will update every month!
August 2017 is a Buyer's market! The number of for sale listings was down 5% from one year earlier and down 2.6% from the previous month. The number of sold listings decreased 8.1% year over year and decreased 22.7% month over month. The number of under contract listings was up 43.2% compared to the previous month and up 76.7% compared to the previous year. The Months of Inventory based on Closed Sales is 10, up 4.1% from the previous year. The Average Sold Price per Square Footage was down 9% compared to the previous month and up 8.9% compared to last year. The Median Sold Price decreased by 4.4% from last month. The Average Sold Price also decreased by 16.9% from last
BookMark this Page as it is dynamic will update monthly!
West Maui Single Family Home Report for August 2017 - not a buyer or a sellers market...rather....it is a Neutral market!
The number of for sale listings was the same as the previous month. The number of sold listings increased 41.2% month over month. The number of under contract listings was up 30% compared to the previous month. The Months of Inventory based on
Closed Sales is 5.2.
The Average Sold Price per Square Footage was down 1.5% compared to the previous month. The Median Sold Price increased by 13.6% from last month. The Average Sold Price also increased by 7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral"and
Understanding the difference between leasehold property in Hawaii and fee simple meaning is actually very simple! (Scroll Down to See Video) With leasehold you DO NOT own the land the home or condo sits on. With fee simple you do! A leasehold property will have an additional monthly lease fee that you have to pay to the land owner. (This fee typically goes up over time.) The lease is renegotiated every 10 years (typically) Leasehold properties are also very difficult to finance and are usually all cash deals. Leaseholds are also much less expensive than fee simple properties because of this extra cost and the risk associated with not owning the land. The good news is the many leasehold properties are converting to fee simple. Which simply means that the
We all have a story. Mine just happened to begin at The Kuleana Resort in West Maui. This was the first place that I really called home in Hawaii and it's quite frankly where I fell in love with the Island of Maui. I decided to make my home in Hawaii and move my wife and 4 boys over from Colorado. Since then we've had a ball selling real estate all over Maui, but really focused on West Maui homes and condos. I've had clients purchase condos on the West side and some I have even managed for short term rental. The Kuleana has always held a special place in my heart. It's almost like a first kiss that you never forget. The memories I made at this resort will not only be cherished but also represent the greatest risk and reward that I ever
Here is my “Top 10 List” of what you need to know before selling your condo on Maui. I believe this is a great checklist to have on hand when working with a Maui Real Estate agent/realtor.
#1 MANDATORY - Get professional photos, along with a 2-3 minute video and aerials. This is an absolute MUST. Don't you let an “el-cheapo” agent take pictures with their iPhone or a point and shoot camera. It will result in pictures that are dark and simply don't look good. (And yes, I see them show up every day on new listings!) Just look at how much commission they are charging and ask yourself "can they afford a few hundred bucks?" Also, DO NOT assume they are going to do it - just because you asked! Tell your newly hired star agent that you would like
