Despite the cries from some of a real estate bust, the lending community continues to pursue real estate opportunities aggressively. Fifty year mortgages, jumbo loans at low interest rates and modest down payments are still widely available here on Maui. Interest rates currently are very low and lower than last week. For more information, click here.
Coldwell Banker is offering twenty eight very large agriculture zoned parcels at Ukumehame on Maui’s west coast overlooking the Pacific and Lanai. The lots range in size from 2.7 acres to thirteen acres. These sites are wonderful for those seeking to build a dream home on Maui. There will be CC&R’s protecting view planes and open space. Just 15 minutes from Lahaina, this will be one of the premier communities on the West Side. Prices start at just over $1 million.
As you have noticed, construction is continuing on the four new Wailea projects. Ho’olei, across from the Grand Wailea has fourteen units still for sale. Ho’olei is 120 vacation rentable townhouses and are asking in the $3 million range. Kanani Wailea, at the corner of the Piilani Highway and Kilohana Road is sold out but several units are available for resale in the $1.3-$2.3 million range. These homes are thirty eight condominiumized single-family residences. Papali, immediately north of Wailea Palms, has a few homes left. These are twenty four, also residential condominiumized, single family homes in the $3 million range. Kai Malu is sold out.
Unit 2-B, a one bedroom with an excellent ocean view, listed for $1.399 million has gone into escrow. It has been on the market for less than a month.
The trend continues. In general, unit sales continue to be down considerably from a year ago while prices have flattened. In Wailea/Makena six condominium units sold compared to fifteen last October. Median sale price for the two periods was comparable at $2.2 million. In Kihei, 33 units sold compared to 55 last October. Median sale price was approximately 10% lower than a year ago.
Council Member Charmaine Tavares defeated incumbent Alan Arakawa and will become Maui’s next Mayor. Governor Linda Lingle easily won re-election. Maui County Council incumbents Joe Pontanilla (Kahului), Michelle Anderson (South Maui), Danny Mateo (Molokai), Ricki Hokama (Lanai), Jo Anne Johnson (West Maui) and Mike Molina (Makawao-Haiku-Paia) won re-election. They will be joined by new members Bill Madeiros (East Maui), Gladys Baisa (Upcountry) and Mike Victorino (Wailuku). Please join us in congratulating our new representatives.
By a vote of 8-0, the Maui County Council has passed Bill 57 which imposes strict new guidelines on future development. A brief synopsis of the bill:
Currently, Ekahi has nine units for sale. Of these all are one bedroom or studio units.For more information on those, click on Current Listings above. Wailea/Makena currently has approximately eighty five units for sale, with more than half of them in oceanfront complexes.