Maui Real Estate Stats December 2011

76 homes sold during December at a median price of $496,500.  By comparison, the December 2010 sales numbers were 73 sales at a median of $460,000. This is a 4% increase in volume and an 8% increase in median.

87 condos sold at a median price of $304,000 this December. The December 2010 numbers were 93 sales at a median price of $352,000. This is a 6% drop in volume and a 14% drop in median prices.

8 land sales closed December 2011 at a median price of $362,500. This compares to 14 sales at a median of $394,850 during December of 2010. This is a 43% drop in sales volume and an 8% drop in prices.

Bank Owned (REO) and Short Sale properties continue to have an impact on the Maui Real Estate market. There were  57 bank owned sales and 21 short sales last month. Of the 78 homes sold in December, 40 were REOs or Short  Sales. This reflects 51% of the sales volume. Of the 85 condos sold last month, 35 were REOs or Short Sales. This reflects 41% of the total condo sales volume. Of the 8 lots sold, 3 were bank owned. This is 38% of the land sales volume. Buyers are still looking for bank owned and short sale properties.

November stats showed strong increases in sales volume all the way across the board. Homes, condos and land sales all posted increases over November 2010. The home market looked particularly strong with a 26% increase in volume. Compared with the December stats, it is apparent that November just happened to be a good month and not necessarily evidence of a stronger recovery in the real estate market.

As we head into January, which is now considered the peak buyer’s season,” we are seeing good market activity. Maui still remains a buyers market.  At the lower price points for homes and condos we are seeing limited inventory.   Many home buyers are finding that they need to exercise patience to wait for good opportunities. The best opportunities often attract multiple offers. If buyers require financing, they should get loan pre-approval prior to searching for properties. This will put them in a strong position to act quickly when good deals come to market. Sellers who want to sell quickly should pay close attention to recent comparable sales and competing inventory.

Please contact me with any specialized questions or for assistance buying or selling Maui Real Estate.  A hui hou and I look forward to hearing from you.  Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea  808.298.8448   [email protected]  www.MauiRealEstateGuru.com

NEW Maui Ocean Front listings

2 Bedrooms/2 Baths, 947 sf all on one level.  Luana Kai B201, ocean front complex.  Tommy Bahamas style furnishings.  Spacious 200 sf double lanai with ocean views.  This is a turn-key vacation rental.  $395k.

http://www.youtube.com/watch?v=UmpdkgtOltY

2 Bedrooms/2 Baths, 963 sf all on one level and ground floor!  Luana Kai B103, ocean front complex.  Granite counters, tiled floors, nice upgrades.  Split AC, ocean view from lanai.  This is a turn-key vacation rental.  $470k.

http://www.youtube.com/watch?v=J5cDaKELkc4

1 Bedroom/1Bath, 686 sf.  Kauhale Makai 425, ocean front complex.  Spacious 4th floor condo with big ocean views in living area, bedroom and spacious double-lanai.  Also views of Haleakala.  Central AC.  Excellent vacation rental history.  $325k

http://www.youtube.com/watch?v=PyU3pINOFtg

Michele Muir White R(S), ABR, SFR
Coldwell Banker Island Properties Wailea
808.298.8448
[email protected]

WHALE WATCHING SEASON IS HERE

Maui Peak  Whale Watching Season (Dec 15 – Apr 15)

Humpback whales are gentle giants that are famous for their singing abilities, belting out seductive ballads to attract mates or to challenge other suitors. Their unique hunting skill, called “bubblenet” feeding, involves a group of Humpbacks working together to capture schools of herring.

These marine mammals travel great distances to take advantage of the best breeding grounds and feeding spots. North Pacific Humpbacks, for example, mate and give birth in Hawaii and then travel to Alaska each summer to feed.
With its warm weather, crystal clear tropical waters, and gentle channel, Maui is one of the best places for whale watching in the entire world. Humpback whales come to Maui every winter to give birth to their calves, mate, and socialize. During their time on Maui, Humpback whales are highly active on the surface, dazzling whale watchers with breaches, spy hops, and tail lobbing. Maui visitors and locals are entertained by these above-water performances.

What are the whales that I’m seeing in Maui?
The whales are humpback whales, the fifth largest of the world’s whales. There are distinct populations of humpback whales in all of the world’s ocean basins. The population that comes to Maui spends summers feeding in the cool waters of the North Pacific in the nearshore waters of Southeast Alaska and through the Aleutian Islands into the Chukchi sea. They are also found as far south as the Farallon Islands off California.
In autumn, the whales migrate to warm water areas near the equator to mate and give birth. These areas include Hawaii, the islands south of Tokyo (Ogasawara and Okinawa Islands), the Commonwealth of the Northern Marinas, and the Soccoro Islands of Mexico. About 60% of these North Pacific humpback whales come to Hawaii.

Why should I go whalewatching when I’m visiting Maui? How does whalewatching compare on Maui versus the other Hawaiian Islands?
Maui is considered one of the world’s top whalewatch spots, famous for the proximity of whales to its shoreline and the large number of whales found here. Warm sunny weather, great visibility, and clear ocean waters add up to excellent conditions for whalewatching. More than 3,500 humpback whales come to Hawaii each winter to mate and give birth, making our state the nation’s primary mating and calving ground for these endangered animals. Maui is where most of these whales are found. They are attracted to the shallow seas off Maui’s south and western shores, the relative lack of predators and the warm water temperature.

How can I see whales from shore? If so, why should I go on a whalewatch?
The best way to spot whales is by scanning the horizon, looking for a blow…the misty vapor plume that results when a whale exhales at the surface. You can also look for large splashes caused by activities such as tail slapping, breaching or pectoral fin slapping. Another trick: look for a boat that is sitting still for no apparent reason. There’s likely to be a whale nearby.
Sometimes, the whales come very close to shore and you’ll have an excellent view. Most other times, you’ll find yourself longing for a closer look. Whalewatch cruises offer you the opportunity to get closer to the whales. They offer thrills such as hearing a whale’s blow (an exhalation of 300 mph) or even seeing a whale swim beneath your boat. They are an opportunity to spend a two hours with an expert, to learn about these majestic animals as you watch their fascinating behaviors.

How close can we get to whales on a cruise?
Hawaii has the benefit of having some of the very best whale protection laws in the world. We all observe a “100 yard minimum” law, which states that whales within 100 yards cannot be approached by any means, including by boat, kayak, sailboard or even by swimming. Being wild animals, whales can approach us as they wish. It’s not uncommon for whales to come up alongside the boat, or may even swim beneath it. We call these events “whale muggings.” The boat captain can’t move the boat until the whale has departed!

Where do you go to see the whales? How far do you have to go?
Typically, you don’t have to travel by boat for more than ten minutes before you begin to see the humpback whales. We often see whales just minutes after leaving the harbor.

What’s the best time of day to see the whales? When are they most active?
Based on two decades of experience with whalewatching and whale research, researchers have found that all times of day are good for watching whales. They appear to be active throughout the day. More than time of day, the ability to see whales depends on conditions such as wind speed, sun glare or sea state. When you go whalewatching depends on your preferences. Morning offers ultra-smooth, calm conditions. Go in late afternoon, and you can enjoy a sunset as well as a whalewatch. And midday is popular too — it’s a nice time to take a break from the beach. So really, just pick the time of day that’s best for you. Pacific Whale Foundation has 15 cruises available each day, seven days a week, from both Maalaea and Lahaina Harbors.

What’s our chances of seeing them?
During Maui’s “whale” season, you have an excellent chance. It’s so good that some operators (including Pacific Whale Foundation) guarantee you see whales. The peak of the season is in January, February, March and April, but whales are commonly seen in Maui from December through early May.

What does a whalewatch include?
Most Maui whalewatches are two-hour tours. The better whalewatches feature talks by expert naturalists who describe the latest whale research findings and interpret the behaviors of the whales for you. If you have kids, choose a whalewatch that offers a free junior naturalist program for kids and let you participate in whale research.

Which is the best harbor to leave from?
Both Maalaea and Lahaina Harbors are in the zone where whales are most frequently seen. Save time driving and choose the harbor most convenient to you. Cruises from both harbors generally travel in the “lee” of the West Maui (Papawai) Mountains, where wind is not an issue. We suggest choosing the harbor nearest to your hotel or condo, to minimize driving time.

How do I choose the best whalewatch?
From knowing where the whales are most likely to be found, to understanding Maui’s weather patterns, the best cruises are offered by the most experienced operators. Go with the best experts you can find. Look for an operator with modern, well-equipped boats. In general, the most modern vessels feature the most efficient, low-polluting engines. Some whalewatches are powered with eco-friendly fuels made with recycled vegetable cooking oils. Also look for cruises staffed by rigorously trained and certified naturalists. You can also help whales by choosing a cruise that donates its profits to marine conservation. Be sure the company clearly delineates the portion of the profits or ticket sales going to protect whales.

What kind of boat is best? Can some boats get closer to the whales?
Whalewatch vessels on Maui range from kayaks to rafts to sailboats to power catamarans. All of these boats are restricted from approaching whales closer than 100 yards. Rather than choose a boat based on promises to get “closer” to the whales, select one that’s stable and comfortable, with unobstructed viewing of whales. Catamarans tend to be more stable and are designed so that everyone on board can enjoy a good view of the whales.

What are hydrophones? Are they important?
One experience not to be missed is listening to the haunting songs of male whales. Hydrophones are sensitive microphones that can be lowered into the water. This is done when the boat’s engine is turned off. The sounds are usually played over the boat’s public address system. You’re likely to hear not one but several singing whales in the area. Be sure your cruise is equipped with hydrophones so you can hear the whales’ songs during your whalewatch.

Will we see a breach?
One of the thrills of whalewatching is that you’re observing huge animals that are wild and free and somewhat unpredictable. Because the whales are in Hawaii to mate, give birth and care for their young, there are fascinating behaviors that occur here, such as “singing” or the intense shoving and pushing of males as they compete for a position near a receptive female. Certainly, breaching is one of the more dramatic of all whale behaviors, and is a treat for all viewers, but there are many other whale behaviors that are as equally engaging to watch.

Why do whales breach?
This behavior is seen in many species of cetaceans. It takes place at the feeding areas and at the warmer calving areas. One theory is that whales breach when they hear a boat in the vicinity; breaching lets them visually scan the surface for boats they hear but cannot visually or acoustically localize underwater. Recent research indicates that breaching is more likely to occur when a male humpback approaches another singing male humpback or joins a surface active group. The aerial act of breaching could be a display of dominance and aggression in this circumstance.

What do the whales eat here?
Whales don’t engage in feeding behaviors in Hawaii. They may feed opportunistically, but there is actually very little food for them here. Keep in mind that the most nutrient-rich areas of the world’s oceans are the cooler, polar regions. These areas support large populations of small fish. In contrast, Hawaii’s warm waters contain much less nutrient material (which is why our ocean is so clear). Humpback whales of the North Pacific spend their summers feeding in an area that stretches from the Aleutian Islands of Alaska to the Farallon Islands of California. A whale can consume nearly a ton of food per day. (In the North Pacific, humpbacks feed primarily on small teleost [bony) fishes such as herring and capelin.)

How many whales are usually seen in a pod?
Humpback whales do not appear to form stable groups or long term bonds, with the exception of the mother and calf bond, which lasts a little less than a year. In Maui, mother-calf pods are seen more frequently than single adults or larger groups of four or more whales. Sometimes an escort whale will join the mother and calf. It is assumed that the escort is a sexually active male. Typically, he remains with them for less than a day — most associations last only a couple of hours, or in many cases, only a few minutes.
Larger pods are often formed by a group of males as they compete with each other to get near to a sexually receptive female.

When are the calves born?
Sightings of calves occur most frequently after late January. The average gestation time for humpback whales is 10 to 12 months, so that calves conceived during one breeding season are born during the next winter’s breeding season.

I want to take photos…what’s the best film and camera choice for me?
If you don’t have a digital camera, bring along ASA 200 (or 400) film; a 80-200 mm zoom lens is helpful. Set your shutter speed for 1/500th of a second to freeze the action and minimize the effect of the boat’s movement. Hold the camera steady; don’t try to follow the motion of the whale. Have a video camera? Avoid excessive zooming and never film into direct sunlight.

No, you don’t have to go on a boat to see whales if you are here during the right time of the year. It is common to see people standing on a hillside overlooking the ocean and watching the signs of distant whale activity through binoculars.
You can often SEE whales from shore … but you can’t EXPERIENCE them from that distance. There is a tremendous difference between watching a whale splashing in the water two miles away and experiencing the thrill of looking over the edge of the boat and having one of these gentle giants swim directly underneath you. If you are here during peak season from December 15th to April 15th, do yourself a favor and go on a whale watch.

Michele Muir White R(S), ABR, SFR
Coldwell Banker Island Properties
Maui All-Island Realtor
808.298.8448
[email protected]

Access to Maui MLS @ www.MauiRealEstateGuru.com

October 2011 Maui Real Estate Stats

73 home sales this October at a median price of $480,000. By comparison, there were 64 home sales reported in October of 2010 at a median price of $425,000. This is a 14% increase in volume and a 13% increase in median price over last October.

75 condo sales reported at a median price of $310,000 for October of 2011. The October 2010 numbers were 72 sold at a median of $322,500. This is a 4% increase in volume and a 4% decrease in price.

The land market continues to be stagnant. There were only 7 sales reported for the month at a median price of $625,000. Last year’s land sales numbers of 6 sales at a median of $207,500.

REOs and shorts continue to have a significant impact on our market. There were 39 REOs and 33 short sales that closed last month. Of the 73 homes sold, 37 were REOs or shorts. That is 51% of the total sales volume. For condos, 34 of the 75 properties sold were REOs or shorts. That is45% of the total number of condos sold.

Sales volume is outpacing last year in all segments, but not by significant numbers. The bump in median home sales prices last month was the one other anomaly. That being said the change in median is likely a reflection of more high end sales than any measurable increase in home values. Smaller sample sizes mean that shifts in where market activity occurs can be just as big a driver of medians as changes in values.
There has been more luxury activity this October than we saw last October. There were seven home sales over $2,000,000 this month compared to only two sales in October of 2010. For luxury condos, 5 sales over $1,500,000. This outpaced the October 2010 numbers of 3 sales. 2011 has proven to be a better year for luxury home and condo sales than 2010.

For buyers and sellers of Maui Real estate, our market conditions remain similar to what we have seen for the past year. Buyers are going to continue to find properties for prices significantly below the peak of the market. Buyers may find inventory tight in some market segments. Lower priced homes and condos can be particularly competitive. Buyers may have to exercise patience to find the best values. When opportunities do come on the market, buyers are advised to act quickly and put their best foot forward as the best deals often attract multiple offers. Sellers are going to continue to find tough competition from the REO and short sale market. Those that need to sell quickly are served well by paying close attention to recent comparable sales and pricing close to or in some cases below those sales. For any questions and all of your Maui real estate needs, please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, 808.298.8448, [email protected] http://www.MauiRealEstateGuru.com

 

 

Maui Real Estate June 2011 Stats

Maui real estate is seeing a trend of shrinking inventory.  Inventory is down 13-20% from July 2010.   HRS ACT 48 is also likely to slow the flow of bank owned properties.  There is a moratorium on non-judicial foreclosures and all judicial foreclosures must first go through mediation.

Residential sales volume is up 4%, while median home prices are down 5%. Condo sales volume is down 3% , while median prices for condos are down 24%. Land sales are down 3%, while median land prices are down almost 30%. Realtors Association of Maui’s analysis anticipates that 2011 sales should fare better during the second half of the year, as the first half of 2010 was bolstered by the first time home buyer tax credits.  2010 condo sales were also bolstered by new developer sales at Honua Kai, contracts that originated in 2005-2006 that closed in 2010. The Honua Kai closings also account for part of the sharp drop in median prices for condos. These new developer closings were well above the median condo sales prices, and helped inflate last year’s median sales prices.  While condo values have continued to decrease over the last 12 months, the drop is not as steep as the median condo sales numbers suggest. With fewer new developer closings in the latter half of 2010, the Honua Kai effect will be less of a factor on median prices and volume.

2011-2012 Maui County Property Tax Rates & Homeowner’s Exemption

July 1 is the beginning of the new fiscal year for Maui County, and new property tax rates are now in effect.   The majority of the tax rates for this fiscal year were increased over the 2010/2011 rates to help offset decreases in assessed value.  Below is a list of the 2011/2012 tax rates.  Rates are based on per $1,000 of assessed value.

  • Improved Residential       $5.55
  • Apartment                        $5.50
  • Commercial                      $6.25
  • Agricultural                      $5.80
  • Conservation                    $5.60
  • Hotel and Resort              $9.00
  • Unimproved Residential $6.25
  • Homeowner                     $2.50
  • Timeshare                        $15.00
  • Commercialized Residential $4.20

Homeowners (owner occupied) are currently allowed to deduct $300k from their current assessed value.  A recent Maui News article reported that the Maui County Council has given their initial approval to reduce the homeowner’s exemption to $200k.

For all your Maui real estate needs or questions, please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea Gatway Office, 808.298.8448, [email protected], http://www.MauiRealEstateGuru.com

 

 

 

Maui Real Estate May 2011 Stats

As of May 31, 2011, 70 home sales sold at a median price of $421,500. This compares to May 2010 when 81 homes sold at a median price of $442,500. This is a 14% decrease in home sales activity when comparing 2011 to 2010.

111 condos sold in May at a median sales price of $349,000. May 2010 condo sales were 105 sold at a median of $410,000. This reflects a 6% increase from May 2010.

14 lots were sold in May at a median price of $275,000. May 2010 numbers were 16 sales at a median of $547,500 . This represents a 12.5 % decrease in sales volume when compared to May 2010.

Bank owned (REO) and short sale properties have dominated Maui’s real estate market since the economic downturn. There were 50 REO sales and 23 short sales last month. This compares to 29 REOs and 24 shorts sales for May 2010. 32 of the 70 homes sold were REOs/short sales, and that represents 46% of the home sales during the month. 34 of the 111 condos sold were REOs/short sales, and this reflects 31% of the market. 7 of the 14 land transactions sold last month were REOs/short sales, which is 50% of market.

When looking at the numbers for last month, there appears to have been a pretty healthy drop in home sales volume. This is the second month in a row we have seen home sales volume lower than what we saw during the same month in 2010. Conversely, condo numbers were up this month by a healthy margin. The difference in sales numbers would have been even greater if not for a boost from the Honua Kai new development closings in May 2010.

As the summer season begins, what can buyers and sellers expect in Maui’s current real estate market? It is still very clearly a buyer’s market. Buyers are continuing to find opportunities well below peak market pricing. That being said, buyers will find that the most compelling deals will attract strong interest and competitive bidding from multiple buyers. Sellers will continue to find the market provides tough competition especially if there are REO properties in their market segment. Buyers are looking for values and quality. Once their property goes to market, sellers would be advised to listen to market feedback and adjust prices accordingly.  Please contact Michele Muir White, R(S), ABR. SFR, Coldwell Banker Island Properties 808.298.8448, [email protected], www.MauiRealEstateGuru.com for your Maui real estate needs.

Maui Makani Classic

Maui Makani Classic Returns to Maui

Thursday, October 27, 2011.  Ho’okipa Beach Park, Paia, Maui, Hawaii

The Maui Makani Classic is the final stop on the American Windsurfing Tour (AWT).  Translated, Hookipa means “hospitality” and in 2011 we invite you as a competitor or spectator to come and see for yourself one of the most famous windsurfing locations in the world. You won’t be disappointed.

Dates:           (October 27-November 1, 2011)
Time:            All Day
Location:      Ho’okipa Beach Park
Mile # 9 Hana Highway
Paia, HI 96779

Contact information: 808-270-7415
Cost: Free.
Links: http://americanwindsurfingtour.com/

 

Maui Makani Classic Returns to Maui

Thursday, October 27, 2011, Ho’okipa Beach Park, Paia, Maui, Hawaii

The Maui Makani Classic is the final stop on the American Windsurfing Tour (AWT). Translated, Hookipa means “hospitality” and in 2011 we invite you as a competitor or spectator to come and see for yourself one of the most famous windsurfing locations in the world.  You won’t be disappointed.

Dates:           (October 27-November 1, 2011)
Time:            All Day
Location:      Ho’okipa Beach Park
Mile # 9 Hana Highway, Paia, HI 96779

Contact information: 808-270-7415
Cost: Free.
Links: http://americanwindsurfingtour.com/

 

Screamin Deal in Wailea

There is a screaming deal in Wailea right now.  A fantastic bank owned 2 bed/ 2 bath 2d floor condo at Wailea Fairway Villas that is being offered for $400,000. Condo boasts ocean and golf course views and appears to be in good condition. Wailea Fairway Villas has 118 condos spread among 24 two story buildings.  Complex has a rec center and a pool area that fronts along the Wailea Blue Course. The complex does not allow vacation rentals. It is an ideal location for those who are looking for a second home or retirement property in Wailea at a lower price point. Wailea Fairway Villas is located at the top of Wailea close to the Hotel Wailea and the award winning Capische Restaurant. You are just up the hill from the famous Wailea Beaches and the Shops at Wailea. You can search the full inventory of Wailea Condos for Sale and Maui Bank Owned Properties on https://www.MauiRealEstateGuru.com and I am happy to represent you as your buyer’s agent.

A hui hou,

Michele Muir White R(S), ABR, SFR
Coldwell Banker Island Properties
Wailea Gateway Office
808.298.8448
[email protected]