Real Estate

Leaders of the local nonprofit Hawaiian Community Assets (HCA) and Realtors Association of Maui (RAM) recently discussed the affordable housing plan currently under development for the County of Maui. A series of virtual meetings are scheduled for public input.

December is normally one of the slowest months of the year for real estate sales in Maui County. But the December 2020 report shows strong buyer demand across most segments of the market, buoyed by near-record low interest rates.

The project site is comprised of approximately 4.8 acres of land on Pu‘unēnē Avenue.

Thrivent, a diversified financial services organization, donated $5,000 to Habitat for Humanity Maui to help more than 10 families on Maui stay in their homes.

Hunt Capital Partners, in collaboration with Ikaika ʻOhana and Urban Housing Communities LLC, announced the closing of $21.9 million in federal and $8.1 million in state low-income housing tax credit equity for the new construction of Kaiāulu O Kupuohi in Lahaina, Maui.

The REALTORS® Association of Maui released its October 2020 real estate statistics report that shows for this time of year buyer activity remains higher than normal while many segments of the market housing supply remains lower.

Nā Hale O Maui today announced the completion of its Kahoma permanently affordable workforce housing project in Lahaina. Nā Hale O Maui is able to sell homes at below-market prices by keeping the land in trust, subject to a 99-year lease with the homeowner. The 12 three- and four-bedroom homes at Kahoma, which appraised between $745,000 to $800,000, were purchased between $390,000 to $460,000, with 3% down.

At the 2020 Building Industry Design & Construction Awards, Armstrong Builders received a Grand Award for Kalama Kai, an affordable multi-family development on Maui. It was recognized in the Projects up to $500,000 category.

The Department of Hawaiian Home Lands has published its final Environmental Assessment with a Finding of No Significant Impact for the Puʻunani Subdivision in Waikapū, Maui.

US Senator Brian Schatz of Hawai‘i announced that Hawai‘i will receive $1,820,264 in federal funding to support the Housing Choice Voucher program. These funds will help support rental assistance programs for current voucher holders who lost their job or saw a significant reduction in income due to the pandemic.

Hawai‘i REALTORS®, a statewide professional trade organization for the real estate industry, donated personal protective equipment and cleaning supplies to schools throughout the state in early October as part of REALTOR® Action Day (RAD).

Maui’s new luxury residential development, Laʻi Loa in Wailea, is now open for sales. La’i Loa, the first release within the master-planned Wailea Hills Collection, is a 13-acre community with 75 condominium residences spread across 15 boutique-sized buildings. 

SPONSORED: Here on Maui, even in the midst of all these changes and with the mandatory 14-day quarantine – which has basically cut off tourists from visiting –  the Maui real estate market is in a U recovery and gaining momentum.

The REALTORS® Association of Maui has released the September 2020 real estate statistics for Maui County. The report shows that housing and stock markets continue to be the leaders in the economy. In August, real estate showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months.

The Hawaiʻi Tourism Authority report showed Maui County with 123,100 available unit nights in August, which is a decrease of 57.9% compared to a year ago, the largest vacation rental supply in all four counties; unit demand also decreased 94.7% with 12,100 unit nights, resulting in 9.8% occupancy with an ADR of $229.

Maui Mayor Michael Victorino has authorized a 90-day extension, now to Nov. 19, 2020, for the deferral of the 10 percent penalty for Real Property Taxes that was due on Aug. 20, 2020, because of the financial impacts of the COVID-19 pandemic.

The report notes that while home sales and new construction fell sharply during the onset of the pandemic, both have rebounded aggressively, fueled by a combination of low interest rates, increased demand and a growing preference for low-density housing.

A new report compiled by the University of Hawaiʻi Economic Research Organization shows that the number of tenants fully caught up on rent dropped from 95% prior to the pandemic to 85% in August.

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August 2020, was the first month since March 2020, where the numbers of properties placed in escrow and the number of properties recorded exceeded the totals from that same month a year ago.