The Latest From Our Blog

This is where you can find out more about what's new at Aloha Group Maui - new homes for sale, new condos for sale, video tours, 3D tours, price adjustments, open houses, our community involvement, and Maui fun!

 

Oct. 16, 2020

Daily Dose of Vitamin Sea ~ October 16, 2020

Update from Maui ~ your daily dose of "vitamin sea"

Another week has flown by, and we anticipate by this time next week, we will have an idea of how the island is reacting to opening up to visitors. Stay safe out there and we hope to see you soon!

Maui weekend highlights:
~Consolidated Theaters at Kaahumanu, open with safety measures
~Kimo's, open Thurs - Sun, 4-8p (open for patio dine-in and take-out!)
~Waikiki Brewing Co, open at 7a on Sundays for football fans!
~Kula Country Farms, Pumpkin Patch open daily 9a-4p
~Baldwin Candle Lit Tour, Friday, 10/16 @ 5p
~Art Night in Lahaina, Friday, 5-8p

Have a great weekend. Let us know how it is if you get out and about town!
 
 
Another one of our favorite spots to watch the sunset! You can stand in the same spot night after night and it is no less beautiful!
 
"Learn from yesterday, live for today, hope for tomorrow."
~ Albert Einstein
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Oct. 14, 2020

Daily Dose of Vitamin Sea ~ October 14, 2020

Update from Maui ~ your daily dose of "vitamin sea"

It is officially the best time of the year on Maui! The first whale of the season was spotted on Thursday, just in time to welcome back the visitors! Read the article in The Maui News here.
 
(Photo taken by Jason Moore Fine Art Photography and featured in The Maui News)
 
 
Just in case you didn't get enough of the sunset on Monday!
 
"I'm so glad I live in a world where there are Octobers."
~L.M. Montgomery
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Oct. 12, 2020

Daily Dose of Vitamin Sea ~ October 12, 2020

Update from Maui ~ your daily dose of "vitamin sea"

We hope everyone had a great weekend (and Happy Thanksgiving to our Canadian friends!). 

This week is a big week here on Maui, Front Street is starting to show signs of life as a few more places are preparing to open for the October 15th...influx? trickle? of visitors. We are excited to welcome everyone back, curious to see what happens, and are hopeful that the steps being taken are enough to keep our island safe!  

Let us know if you have plans to visit, we would love to chat!
 
 
We were back in one of our favorite places to watch the sunset!
 
"As long as I live, I'll hear waterfalls and birds and winds sing."
~John Muir
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Oct. 7, 2020

Daily Dose of Vitamin Sea ~ October 7, 2020

Update from Maui ~ your daily dose of "vitamin sea"

One the silver linings of this time is that we have discovered some gems that we maybe wouldn't have before. We don't eat out much, but when we do we have our favorite places and why deviate?!? With so many of our favorites being closed during COVID, we were forced to branch out and we found some new favorites. 

One of those being the food truck park in Honokowai. More trucks are starting to open and there is a wide enough variety to suit everyone's needs (the Pad Thai is delicious). And, there is plenty of socially distanced outdoor seating! Bonus points for anyone who recognizes one of our favorite places to live on Maui in the background!
 
 
Watch for the he'e (and if you don't know what that is, you will!).
 
"The sunrise, of course, doesn't care if we watch it or not. It will keep on being beautiful, even if no one bothers to look at it."
~Gene Amole
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Oct. 6, 2020

Maui Real Estate Advisor ~ October 2020 Real Estate Statistics

This month celebrates the 100th edition of the Maui Real Estate Advisor. We appreciate all of you subscribing and supporting us with your comments and questions over the years. Mahalo mucho, y'all!

 

Sales:

Sales are the number of properties that actually closed escrow. These properties likely went under contract anywhere from 2 to 8 weeks before closing.

Home sales for September were surprisingly strong with 107 homes sold. Why so surprising? That's the highest number of sales in any single month since September of last year. Additionally, inventory is extraordinarily low. 

Condo sales, with 84 closings, are also pretty strong, especially for September. Since the Hawaii quarantine started, condo sales have been slow, but they seem to have leveled off and sales are consistent.With our "opening" later this month, most of us are hoping, optimistically, that we will see some of that pent up demand demonstrate itself in the form of more condo sales. 

Pending Sales:

Pending sales represent properties that are under contract but have not yet closed. Pendings are the pipeline that tell us how many sales are likely to happen in the next couple of months.

After reaching a high of 608 properties under contract in February of this year, we saw the COVID collapse in April when, just 2 months later, pendings fell 46% to a measly 327.

This month pendings broke 500 again. For homes there are 219 under contract, and 116 of those are on homes priced under $800,000. It seems like almost anything priced under $800,000 is going under contract.

The story for condos is similar. In February there were 306 under contract. By March pendings had dropped more than 50% and stayed down for 2 months in a row. The drop was due to many of those under contract being closed, and we had a fair number of buyers cancel, which also lowered the pending number. At the same time, buyers became cautious and we didn't see a lot of new contracts. Since May, we've seen consistent increase in new condo contracts. 

Inventory:

Inventory tells us how many units are available for sale in each category.

Last month we reported that inventory is the biggest challenge we have in home sales. Inventory has declined steadily since December of 2018 when it peaked at 508 homes for sale. This month inventory fell again. We now have barely 3 months of inventory, indicating a solid seller's market. For homes priced at the median selling price and under, the numbers are even more striking. At the current rate of sales we have enough homes to last barely more than 1 month!

Condo inventory has gone the other way. February was our low point for condo inventory with 444 units for sale. That was a little over 3 months of inventory at the time, indicating a solid seller's market. That all changed in March and April. At that time we saw inventory start to rise. Sales peaked at 156 in March. In April it looked like the bottom was dropping out, when sales dropped to just 185. 

Today, we have enough condo inventory for almost 9 months. That indicates a buyer's market, but most sellers aren't acting like it's a buyers market. At least not yet. Although we've seen sellers lower their initial listing prices and some are dropping prices at certain properties, examples being Aina Nalu in Lahaina, and Kamaole Sands in Kihei, most sellers are hanging in there and not accepting or settling for lower offers. I believe that many are seeing the October 15 opening as a ray of sunshine. We'll see.

Selling Prices: Average and median sold prices

We look at Average and Median prices in all categories. A lot of people like to know the average price; however, we tend to use median for most of our analysis, because the median is less likely to be skewed by outliers of a few very high priced or very low-priced sales.

The median selling price for homes has held steady in the high $700's for the last 3 months. With the lack of inventory and continued low interest rates, I don't see the median price coming down in the near future.

The median selling price for condos did drop off significantly compared to the previous month. August's median was $591,000, but September came in at only $497,500. The median asking price for those that sold was only $499,000, so there wasn't much discounting off the asking price. More than half of the condos that sold are zoned for short term rental. However, those also sold for over the median asking price. The majority of the lower priced sales were in complexes that do not or are not allowed to have short term rentals.

Days of Market: (avg-sold listings)

The days on market (DOM) is the number of days property has been on the market until close of escrow.

We usually don't comment too much about days on market. But this month, there was a huge drop in the days on market for those homes and condos that sold, especially for condos. Why the change? I'm not 100% sure, but 41% of the condo sales were cash or 1031 exchange properties. Some closed in as little as 15 days. That's fast here on Maui. but, if you don't have to wait for lenders conditions and appraisals, you can move a lot faster.

This is interesting, we'll keep an eye on this to see if it's a one-time thing or if it is the beginning of a trend.

Thanks for reading. Also, check out our weekly report, the Maui Real Estate Market Report. It keeps you current on Maui's real estate, economic and lifestyle trend every weekend. 

_____________________________________________

Get more information and details

To get more information on property and trends, you can search all properties listed for sale at www.alohagroupmaui.com. If you can't find what you're looking for there, send us an email to lee@alohapotts.com and we'll do our best to get an answer for you. As we get more requests for information, we'll add new sections to our website, newsletter or both.

About Aloha Group Maui

Aloha Group Maui was founded by L. Lee Potts, MBA, REALTOR R(B), and Barbara S. Potts, MBA, REALTOR R(B) and former California CPA. Our team consists of talented professionals: Angie Liu R(S), Beau Dyer R(B), Cheri Miller R(S), Keri Nicholson R(S), Paul Goodman R(B), Suni Novotny R(S), Myra Plant R(S), and Tony Brown R(B). We are business people, and we treat our clients with the same care and service attitude that we would like to receive when we do business. We are in business for pleasure and profit. We expect that most of our clients will enjoy the property they own on Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit). Real estate can be highly speculative, and profits are never guaranteed. So fi you are buying property on Maui, it is a good idea to surround yourself with a professional team. 

Lee Potts is the former President of an international software company and former Marketing VP of a publicly traded franchise organization. Lee and Barbara are both licensed under Keller Williams Realty Maui.

Barbara Potts was a CPA with Ernst and Young before joining Apple Computer back with both Steve's were there (Job and Woz). She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.

Lee, Barbara and the team are licensed under Keller Williams Realty Maui.

Oct. 6, 2020

Daily Dose of Vitamin Sea ~ October 5, 2020

Update from Maui ~ your daily dose of "vitamin sea"

I don't know if it is because Fall is in the air, but today was one of those days that everything felt just right in the world (pumpkin spice latte, surf...). It is important to be able to pause and put all the chaos and stress aside for a moment, and there really isn't a better place to do that than the ocean. 

As we count down the days until October 15, things are starting to feel hopeful again. Lahaina Town is putting up "Welcome Back" signs and the movie theater could possibly open tomorrow (but will there be anything to watch?!?). We continue to remain hopeful (and to keep our fingers crossed) that it will be smooth sailing!
 
 
Wondering where the Maui Real Estate Market Report was this week? 
 
"We must accept finite disappointment, but never lose infinite hope."
~Martin Luther King Jr.
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Oct. 4, 2020

Aina Nalu News Q3 - 2020

Aloha from your resident experts!

The COVID virus continues to have an impact! Some Aina Nalu owners have been very motivated to sell, and others are "hanging in there". Listing inventory has grown accordingly.

Listings Sales Active at the end of quarter

       Listings                Sales                 Active at the end of quarter

           10                        3                                         0

           10                        7                                         2

            9                         0                                         8

           18                        4                                         9

Over the last year, sold prices for 2/2 units have fallen from $599,000, for unit C203 which closed on February 10, to $505,000 for unit C107 which closed on June 3. At this time, there is one 2/2 unit in escrow priced at $499,000, and there are 7 active 2/2 listings ranging in price from $499,900 (bank owned unit I-203) to $625,000. There is still a 1-bedroom unit listed for $450,000 and a new 2/1 listing priced at $539,850 (H-101).

Maui's overall condo market has shifted from low inventory and strong sales last year to higher inventory and lower sales. At the end of Q3 2020, there were 742 active condo listings compared to 456 active listings at the end of Q3 2019. There were 279 condo sales in Q3 2020 compared to 392 in Q3 2019. Median condo prices in September 2020 were $487,500, compared to median condo prices in September 2019 at $540,000.

Hopefully, the State's decision to allow visitors to avoid quarantine requirements by getting a pre-travel COVID test will soon bring in some revenue to condo owners, but we expect it will take some time. At the same time, some unemployed Maui workers are leaving the island, resulting in a shift to less demand for long term rentals. We don't know how long it will take to bring back demand for condos to last year's levels.

Lahaina Town is still very quiet, with few businesses on Front St. open and a handful of restaurants within walking distance of Aina Nalu that serve in house. We miss our fellow owners and visitors and hope to see you all again soon!

For more details on current Maui real estate prices and sales, to MauiRealEstateMarketReport.com for the latest Maui Real Estate Advisor with all the stats. Watch your inbox for our weekly market updates!

From July 1 to September 30, there were 18 listings and 4 closed sales. There were 3 cancelled listings and 0 expired listings at the end of the quarter. There were 9 active listings and 2 pending sales at the end of the quarter. 

For further information, contact Lee Potts at lee@alohapotts.com or (808) 276-8776 or Barb Potts at barb@alohapotts.com or (808) 344-5008. 

_________________________________

Aloha Group Maui is a team headed by L. Lee Potts, MBA, REALTOR® R(B) and Barbara S. Potts, MBA, REALTOR® R(B) and former California CPA. We are businesspeople, and we treat our clients with the same care and service attitude that we would like to receive when we do business – and we do it with Aloha! We are in business for pleasure and profit. We expect that most of our clients will enjoy the property they own in Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit). Real estate can be highly speculative, and profits are never guaranteed. So, if you are buying property in Maui, it’s a good idea to surround yourself with Real Estate Professionals.

Lee Potts holds an MBA and was the President of an international software company. He was also the Marketing VP of a publicly traded company and has been investing in real estate since right out of college.

Barbara Potts holds an MBA, was a CPA with Ernst and Young, held a financial management position at Apple, was Director of Strategic Marketing for Grass Valley Group (a division of Tektronix), was a business broker in California, and has always been a real estate investor.

We would be honored to represent you with a purchase, sale or 1031 Exchange of Maui real estate. If you’re in Lahaina Town, let us know. We'd love to chat with you!

Copyright 2020 L. Lee & Barbara S. Potts
Statistical information in this newsletter is based on actual sales information reported to the R
ealtor’s Association of Maui, Inc. While this information is deemed reliable, it is not guaranteed. This newsletter is for informational purposes only and not intended as advice for investment or any other purposes. Real estate is considered to be highly volatile and purchasers and sellers of real estate should always seek expert outside advice before investing.

Oct. 2, 2020

Daily Dose of Vitamin Sea ~ October 2, 2020

Update from Maui ~ your daily dose of "vitamin sea"

Happy Aloha Friday! It is a beautiful day here, there is a swell up North and perfect waves in Lahaina. The sun is out and the birds are singing. It's pretty idyllic actually! 

Maui weekend highlights:
~Drive-In Movie50 First Dates: Mulligan's on the Blue, 10/2 @ 5:30p
~Frida's, open daily, 2-8p (They just opened!!!)
~Leilani's On The Beach, Aloha Friday Dinner, tonight, 10/2 - Reservations required
~Maui Brewing Co., Oktoberfest, 10/3 @ 5 or 7pm

Have a great weekend!
 
 
This is a "throwback Thursday" video (taken a few months ago), but the pictures were taken today, and it is nice to see that some things don't change too much, even if everything else around us has!
 
"sunny days, warm breezes and the sea."
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Sept. 30, 2020

Daily Dose of Vitamin Sea ~ September 30, 2020

Update from Maui ~ your daily dose of "vitamin sea"

There is a road in Kapalua, lined with enormous Cook Pines, that meanders along the golf course. There isn't much traffic on the road, so it is quiet and a little bit magical with the sun coming through the trees. If you're coming down the road there is also a spectacular ocean view.

Since the beginning of the Coronavirus on Maui, people have been leaving painted rocks at the base of some of the trees along Kapalua Road. They vary in color and with what is painted on them: palm trees, waves, positive thoughts. The number keeps growing and there are now around 12 trees or so that have the painted rocks. The one below is one of the newer ones, and one of my favorites. Go take a walk, take some pictures and let us know which one(s) you loved. 
 
 
The colors are just a vibrant underwater!
 
"Trees are poems the earth writes upon the sky."
~Kahlil Gibran
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
Sept. 25, 2020

Daily Dose of Vitamin Sea ~ September 25, 2020

Update from Maui ~ your daily dose of "vitamin sea"

Happy Aloha Friday! As the island prepares for our "soft" opening, several airlines are offering pre-travel COVID tests. Both United and Hawaiian Airlines are offering this testing for those traveling from San Francisco, and Hawaiian is also offering it through LA. We are cautiously optimistic that all goes well, but are prepared to wait and see.

Maui weekend highlights:
~Drive-In MovieMoonstruck: Mulligan's on the Blue, tonight @ 5:30p
~Holey Moley Post-Aeration Special, Kaanapali Kai Course, 9/25-26
~Drive-In MovieCharlie and the Chocolate Factory: Mulligan's on the Blue, 9/12 @ 5:30p
~Mala Ocean Tavern, open daily, 9a-9p
~Pacific'O, Special Chef Event, 9/26 & 9/27

Have a great weekend!
 
 
We're back in our condo in Lahaina, and while we're glad to be home, we'll miss the Napili Bay sunsets!
 
"Bursts of gold on lavender melting into saffron. It's the time of day when the sky looks like it has been spray painted by a graffiti artist."
~Mia Kirshner
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun