Housing & Real Estate

Saying that DHHL beneficiary demand for homesteading opportunities is “very high,” Villages of Leialiʻi 1-B units would go toward beneficiaries currently on the waitlist for a residential lease on Maui. Approximately 3,891 beneficiaries were on the wait list for a residential homestead as of June 30, 2021, the report said.

Hawaiʻi’s housing crisis is driven by policies that limit affordable options and leave gaps for local families trying to stay housed. Real solutions require building more housing at every level, especially deeply affordable homes that create stability and prevent homelessness.

Owned by developer Greg Brown, the eight-bedroom, 45-foot-tall house at 5385 Lower Honoapiʻilani Road drew strong community opposition in 2021 over its height and its intended short-term rental use. The unfinished, two-story home originally called for two rooftop pools, eight bedrooms, eight bathrooms, along with multiple dens and media rooms.

Nationally, applications for new mortgages have fallen by more than 40%, and figures for Hawaiʻi showed a 56% year-over-year drop in October.

Driven by relatively low inventory, Maui County condominiums last month hit an all-time high for median sales price at $856,250. The staggering median comes as sales continue to slow due to high mortgage rates and out-of-reach home prices, according to the latest report from Realtors Association of Maui.

Ledcor Maui LP is planning nearly 1,000 single- and multi-family residential units on eight properties not far from the shores of Kīhei and Wailea.

A grand opening celebration was held Monday for the 89 unit Kaiāulu o Kupuohi affordable apartment project in Lahaina, Maui.

In an ongoing effort to manage tourism, the Maui County Council passed Bill 159 Friday with a series of amendments that effectively caps transient accommodations and regulates camper van rentals on public property.

“Those are wonderful prices. Whoever wins the lottery on these 60 homes is going to truly win the lottery, so that better damn well be a fair lottery,” King said with a laugh. “I’m a little bit worried about the future asks, but I’m going to support this,” said Councilmember Kelly King. While the price is right for homes being built at Pulelehua, questions are raised about fair practices and proper prescedent.

Maui’s most expensive active listings include: a $41.9 million home at 9 Bay Drive at Hāwea Point in Kapalua; and a $35M property located at 4572 Mākena Road along Maui’s south shore.

2022 sales price guidelines estimate that a family making $60,000 annually could pay $289,100 for a 3-bedroom home. The new sales price guidelines would bring the price of a 3-bedroom home closer to $157,000 for the same family, according to the Mayor’s announcement.

Overall, the total dollar volume of residential homes sold in the third quarter fell $1.428B, a 23% decrease compared to the third quarter of 2021. The previously total dollar volume was $1.841B.

Phase 1A will offer 100 townhouses, for purchase at 60%-120% area median income, meaning a family or individual earning between $60,660- $121,320 will be eligible to purchase a home in Pulelehua.

The Land Use Commission unanimously approved Waikapū Properties’ petition to amend conditions now covered by a public-private partnership between the County of Maui and the developer.

Kaulana Mahina expects to begin delivering homes in the late summer of 2023, with a lottery process opening in the months prior.

Fine Island Properties, LLC Owner and Principal Broker Gina Duncan was honored as the 2022 Realtor Broker of the Year by the Realtors Association of Maui during RAM’s annual installation banquet on Friday, Sept. 23.

Maui’s median sales price for single family homes sold in September rose to $1,025,000, up 3.0% from the year prior, according to the latest data released by the Realtors Association of Maui.

The Public is invited to community meetings this weekend to learn more about the new Koa Waena affordable housing project by developer Peter Savio in Kīhei. Savio plans to break ground on the project later this year.

The Department of Hawaiian Home Lands has published a final Environmental Assessment with a Finding of No Significant Impact for a 500,000-gallon concrete water storage tank and related improvements in Waikapū, Maui.

Koa Waena will be available to current Maui Residents only, with no outside investors allowed. Savio is selling at cost with a limit of developers profit of no more than 5%.

Despite objections from local for-sale affordable housing developers and Maui County’s administration, rules that establish new affordable housing sales price guidelines narrowly passed second and final reading Tuesday at Maui County Council. When asked whether Mayor Michael Victorino will sign or veto Bill 107, a Mayor’s Office spokesperson declined to answer.