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!

 

Jan. 19, 2024

Daily Dose of Vitamin Sea ~ January 19, 2024

Update from Maui

Happy Aloha Friyay!

It was a momentous week in Lahaina; the first residential property was cleared of fire debris and whatever your opinions are about where they are or they aren't putting the debris, how or how they're not removing the debris, it is a huge step forward in the rebuilding process. Read more here...

If you haven't already heard, there is a unity walk, put together by Lele Aloha, this Saturday, January 20. It starts on the bypass above Keawe St. and ends at Launiupoko Beach Park. It is an effort to bring the community together in support of those affected by the fires. Read more and register here...

We hope you have a great weekend and again, call, text or email. We'd love to know how you're doing!
 
Posted in Community, Maui Fun
Jan. 8, 2024

The Sweet Smell of Hawaiian Paradise! ~ Kihei Alii Kai B207

The first thought walking into the Kihei Alii Kai complex is welcome to quintessential Maui! With the cool breeze off the ocean, the tropical birds singing and the sweet smell of paradise, B207 is the perfect Hawaiian getaway.

B207 has a peaceful, large private lanai with a partial ocean view. Enjoy the beautiful sunrise each morning with a cup of coffee in hand and watch the whales jump in the winter months or watch the sky light up with sunset each evening while eating dinner outside.

The one-bedroom, one-bathroom unit is clean and bright with cool and easy to care for tile flooring throughout. The beautiful full-size kitchen was recently remodeled with top-of-the-line stainless-steel appliances, soft close custom cabinetry and a soothing modern backsplash. There is a lot of cabinet storage space, and the quartz countertops provide plenty of room for all your cooking creations.

The kitchen flows into the roomy living area which is filled with lots of natural light and is a comfortable place to put your feet up after a long day exploring lush and picturesque Maui.

The spacious bedroom has room for a California king-size bed and lots of storage. The floor to ceiling mirrored closet provides more storage and the illusions of an even bigger space. The bathroom has also been remodeled and has a large tiled walk-in shower. The unit has a full-size stacked washer and dyer and an owner's lock-off closet.

This vacation rentable unit has easy access to the pool and hot tub. There is a public locked bathroom, a sauna and a shower to rinse off after a day at the beach, so you don't have to worry about getting sand in your unit. The complex has a community BBQ area and there is shuffleboard and a Pickleball court for some neighborly competition on the meticulously maintained property.

Owners have covered priority parking, and the unit is across the street from gorgeous Kamaole Beach Park I and is conveniently located near restaurants and shopping in South Kihei.

Posted in Listing News
Jan. 5, 2024

Daily Dose of Vitamin Sea ~ January 5, 2024

Update from Maui

Happy Aloha Friday!

Wow! It is 2024. Welcome to a new year and cheers to one that is without any major event or catastrophe!

We have noticed that many of you mainlanders have decided to come enjoy the weather on Maui over the holiday break...we're so glad you're here, truly, but do you think we could go back to the horse and buggy system?!?! The roads are crowded! 

We drove up to the Lavender Farm in Kula last week, it is so beautiful up there, the above picture does it no justice. But it was nice to have a different view for a while. And those lavender scones, delicious! Who's with me?!?

If you were traveling over the holidays, we hope you enjoyed your time and that you stayed sickness free! It seems like most people that were on a plane ended up with either COVID or a cold.

Let us know if you're in town, we'd love to catch up.
 
Posted in Listing News
Dec. 30, 2023

Daily Dose of Vitamin Sea ~ December 30, 2023

Update from Maui

Happy Aloha Friday and Happy almost New Year!

Who else is ready for a new year?!? I hear echoes of that same sentiment when 2020 rolled into 2021...it has to get better, right?!?

It has been pretty incredible to see the outpouring of generosity from our community and beyond this holiday season. The Kai Lenny Foundation donated $100,000 worth of gift cards for families displaced by the fire. Maui Preparatory Academy, and numerous other community volunteers, handed them out with a box from the Maui Food Bank, stockings for the keiki, cookies (over 1,000 from the Maui Cookie Lab and they were delicious!), hot chocolate and holiday cheer. The Guy Fieri Foundation donated $1.2M in gift cards to restaurant workers that were impacted by the fires, and the list goes on. We have truly witnessed the spirit of Aloha during this holiday season.

We hope you are able to ring in the New Year with friends and/or family by your side and wish you health, peace and prosperity in the coming year. Remember, if you're in town, let us know, we would love to catch up. 

Hau’oli Makahiki Hou!!

Posted in Maui Fun
Dec. 27, 2023

Just Listed and Already Under Contract ~ Kamaole Sands 5-209

This gem didn't last long! Wonder how else the market is doing in Kamaole Sands? Click here to find out!

Located on the second floor of the only fully-frontal ocean facing building in Kamaole Sands. This well-maintained 1 bed, 2 bath unit offers 818 square feet of vacation-rentable space.

You and your guests will enjoy evening cocktails on your spacious lanai, looking out over the sparkling swimming pool to spectacular sunsets along the coveted South Maui coastline. This unit comes fully furnished outfitted with everything necessary to offer the vacationer from the day of closing. 

Cool tile flooring and air conditioning will keep you cool after days spend by the pool or at Kamaole Beach Park III, just across the street. Located in the heart of one of the only two major tourist destination areas on the island, Kamaole Sands is mere yards from a myriad of shopping, dining, and activities. 

The proximity to attractions, meticulously maintained landscaping and a variety of on-site amenities including a pool and spa, well-equipped exercise room, tennis courts and barbecue areas provide a complete Maui vacation experience, all within the space of a few city blocks. 

1 bed | 2 bath | 818 SF | $864,600

Posted in Listing News
Dec. 21, 2023

Maui Real Estate Advisor ~ Issue 131, December 2023

News Flash: Maui has a housing crisis

Aloha, all, we have been raising the lack of real estate inventory and especially the lack of "affordable" inventory here on Maui for years. The situation became much more pronounced when over 7,000 Lahaina residents were "displaced", and more than 2,000 properties were lost.

In those first few days after the fire and before any government help arrived on the scene, the way the community responded with food, clothing and aloha was extraordinary. It makes me emotional, and grateful, just to think about it.

Individuals scrambled both to provide and find any kind of housing they could. The government stepped in, and hotels and condo owners stepped up to house people who lost their homes.

Now, over 4 months later, we are still trying to figure out how to house all the displaced residents. What some say is the obvious answer - condo-tels and other short term rental properties - are in the spotlight.

According to Mayor Bissen in a piece from MauiNow, there are 13,800 short term rental properties and 16,000 second homes on Maui. It would take less than 10% of those owners to step up and rent long term to solve the housing issue on a short term basis.

Click here for Mayor Bissen's press release.

The mayor's bill to exempt owners of short term rentals from property tax was passed by the county council on December 15. The bill provides an 18-month exemption to STR owners who agree to lease their units long term by February 1, 2024.

That is the carrot, and where there is a carrot, there is usually a stick. The stick proposed by Mayor Bissen is that property taxes for STR owners who do not participate in long-term rental is that their taxes will be raised high enough to cover any short fall in taxes as a result of the exemptions.

The governor, on the other hand, is threatening a ban on short term rentals on Maui in order to force openings for fire victims that need housing.

At the same time FEMA is sending out letters and holding meetings to explain their program and their offer to short term rental owners. The FEMA approach through their Direct Lease Program:

  • here's what we need
  • here's how it will work and
  • here's what's in it for you.

Seems like a pretty good idea. It's almost like they have experience in this kind of thing and the state and county don't have experience. What if FEMA, the mayor and the governor all got together and came up with one comprehensive plan?

So many questions, right? And where does this leave property owners, and how's the real estate market? Let's do the numbers. 

____________________________________

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.

There was a significant drop in condo sales for the month. November's 53 sales were the lowest for 2023 so far, but that was only one less than January. Still, for the sake of comparison, there was 119 sales in March and 100 in August. With November's low sales and more condos coming to market, it may be a good time for buyers to be shopping. 

Home sales were flat for the month with 47 sales in November compared to 48 the previous month. Late fall on Maui is typically a slower time of year for home sales, but 47 sales this year compared to 63 in November of 2022 is a 25% drop. You might expect that lower sales would be followed by prices declining. That is not happening.

 

____________________________________

INVENTORY:

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

The number of homes for sale just isn't growing. For years Maui County has made it between difficult and impossible to build homes in any quantity. Now, when there is a crisis, the county is coming to the owners of legal short term rental properties for help.

Ok, enough soap box rhetoric.

The number of homes for sale is down from 233 last month to 224 at the beginning of this month. It's also down from the 252 that were on the market in the same month in 2022. On top of that, the average selling price is up over 20%.

Condo inventory, on the other hand, is up to almost 300 condos for sale. We haven't seen that many condos for sale since March of 2021. Add that to the threats being made against short term rental condo owners, and we may see prices softening. We may also see more inventory as some would-be sellers who have been sitting on the fence thinking about selling now or selling later may decide that now is the time to sell.

____________________________________

SELLING PRICES: average and median sold price

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.

I've already noted that the average selling price for homes in up 20% over the same month in 2022. But at $1,599,751 it is still lower than the peak average prices when we topped $2M.

The median selling price for homes for November came in at $1,100,000 even. That is the lowest median selling price in 5 months. Still, $1M plus is still $1,000,000+.

The average selling price for a condo topped $1.8 million! What the heck? That is the highest average selling price on Maui ever. It turns out that properties at the New Makena Beach Club and Residences, which were never listed in the Maui MLS, stated closing. The 4 that closed started at just over $7.7 million and topped out at over $10 million. Those numbers may have skewed the average selling price a bit.

You may remember this New Makena Beach Club as the old Makena Beach Club, and before that the Prince, as it was remembered by the locals and long term residents. We used to do long weekends there and got the rooms for $99 per night. Seems like yesterday. 

The median selling price for condos was $890,000. That is more than the median price a year ago, but not as high as the $900K + we hit a couple of times this year. 

We may be seeing the shift in the condo market. Based on the few sales coupled with increased inventory we now have 5.6 months' worth of condos for sale. That is technically a balanced market, and we've moved from a seller's market to a balanced market in a hot hurry. Sellers who want to sell should price their property based on the rental market and be patient. The seller's market for condos appears to be over.

The times, they are a changin' Keep an eye out for updates on Maui and Lahaina.

- - - - - - - - - - - - -

The team at AGM continues to help Maui's keiki with their basic day-to-day needs and hope to bring some joy to this holiday season.

You can help by making a tax-deductible contribution at GoFundMe - Keiki Fire Relief Fund or click on the QR code below.

Mele Kalikimaka & Hau'oli Makahiki Hou!

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 the 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; Cheri Miller R(S), Suni Novotny R(S), Keri Nicholson R(S), Myra Plant R(S), Anthony Freda R(S), Courtney Stice, R(S), Kathy Becklin, R(B), Heather Zidell, R(S), Magdalena Odonnell R(S), Sarah Twitchell R(S), and Tony Brown R(B). 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.  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 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 when both Steve’s were there (Jobs and Woz).  She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.

 

Copyright 2023 L. Lee Potts

Statistical information in this newsletter is based on actual sales information reported to the Realtors 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.  

 

 

Dec. 21, 2023

Beautifully Appointed ~ Maui Lani Terraces F303

Wonder what the market is doing at Maui Lani Terraces? Click here to find out more!

Beautifully appointed, this bright and spacious two bedroom, one bathroom unit at Maui Lani Terraces is located in cool and green Honokowai.

The condo has gorgeous wood flooring throughout with stainless steel appliances and beautiful custom cabinetry in the full-size kitchen. The wide counters are a sleek, clean granite with space for a bar seating area.

The roomy living area opens to a private lanai, which overlooks the lush West Maui mountains.

Both bedrooms have plenty of room for a queen-size bed and have large closets. The bathroom has been remodeled with a farmhouse style sink and a large tiled walk-in shower. The unit comes equipped with a washer and dryer and includes 2 parking stalls.

There is a pool on the property and the HOA includes water, sewer, garbage, high-speed internet, landscaping and pool maintenance.

Maui Lani Terraces is conveniently located near grocery stores, restaurants, coffee shops, shopping, the bus line, and a beautiful beach park

2 bed, 1 bath, 705 sqft, $599,000

Posted in Listing News
Dec. 19, 2023

It's a Beauty! ~ Milowai 401

Wide open spaces, swaying palm trees and expansive ocean views. Milowai 401 is a beautifully remodeled space with clean and modern lines.

Tax records designate this as a 2-bedroom condo, however it has been meticulously transformed into a spacious 1 bedroom, 2 bath corner unit that sleeps up to six. It has a view of the mountains from the front door and jaw dropping ocean views out the lanai.

The highlight of the condo is the extra-large lanai, with a fantastic ocean view. Start your day with a coffee and a beautiful sunrise and spend the rest of the day watching the whales play right in front of you. Refresh your drink in the kitchen and spend the rest of the day soaking up the views.

The modern design and decor feature multiple cozy conversations areas. The room flows naturally from the video viewing area to a relaxing indoor ocean view area to the contemporary kitchen.

The flooring is modern grey vinyl which highlights the modern esthetic of the unit. The spacious great room has a full-size kitchen, with top-of-the-line digital appliances, including a Wolf Induction range top. The state-of-the-art fridge is seamlessly integrated into the custom cabinetry making them virtually invisible. The counter top extends around the corner for bar like seating.

There is a large guest bathroom with a glass and tile walk-in shower and a spacious linen closet that extends into a locked owner's closet with additional storage.

The bedroom has the same clean, modern lines as the rest of the unit and a large window that lets in plenty of natural light. The minimalistic bathroom has a bidet, a walk-in, spa like shower with rainfall and body shower heads and a closet for storage.

For the few days the cool tropical breeze isn’t gently blowing through your unit, there is a split-level air conditioner.  There is one garaged stall and a storage locker with extra appliances. The heated in-ground pool is ocean front and there are 2 community BBQs.

Milowai has wonderful amenities included a heated pool, oceanfront BBQ's, nearby shops and special opportunities at the nearby golf course. This unit is a leasehold property and allows short term vacation rentals. 

Posted in Listing News
Dec. 19, 2023

Beautifully Remodeled in Honokowai ~ Honokowai East 111

One of only 8 two-bedroom units at Honokowai East, this easily accessible first floor unit boasts 793 square feet of living area on the West Side of Maui.

Fully remodeled in 2019 including new kitchen appliances, cabinetry, granite countertops in both kitchen and bathroom areas, a full bathroom remodel, new paint, new flooring and new ceiling fans throughout. The A/C unit was added to the living room in 2021. There is new furniture in the guest room and a smart lock was added to the front door in 2022. 

The unit has one assigned parking space and other amenities in the complex include tennis courts, an in-ground pool, BBQ area and community laundry. Enjoy the well maintained landscape, featuring a variety of tropical fruit trees.

Honokowai East is located just across the street from the shoreline at popular Honokowai Beach Park and a short distance to the local Farmer's Market grocery store.

Posted in Listing News
Nov. 28, 2023

Maui Real Estate Advisor ~ November Issue 2023

Aloha, part of our aim is to come from gratitude and look for silver linings. The Lahaina and Kula wildfires have clearly had a dramatic and traumatic impact on the community.

Itʻs been tough, and the way forward is not clear in any way. However, forward is where we must go. The visions for the future of Lahaina are as varied and diverse as the people who live here. We can build back to serve many of the diverse interests in a way that weʻve never seen before if those varied and diverse groups are willing to undertake the "C" word, that many groups and politicians find abhorrent these days.

Compromise.

Whatever way we move forward, there is no denying the physical, emotional, and economic impact of the fires. Their effects will continue to ripple through the islands for years to come.

Real estate, and the businesses related to it, including tourism, are major drivers in the economy. So how is the market fairing? Letʻs look at the numbers.

___________________________________

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.

Sales of homes, condos and land all declined in October, and each category hit their lowest level in many months. There are multiple reasons for the decline, including lack of inventory, interest rates, and of course, the aftermath of the fires.

Single family home sales declined in almost all areas of Maui compared to the previous month and the same month a year ago. The exception was Upcountry, but only by a small margin. There were 6 sales in Kula, and 3 sales in Makawao. Wailuku posted the highest number of sales with 11, however, several of those are in a newer development and had been under contract since May or earlier. 

Condo sales were also lower in most areas. Kihei had the most sales at 21. The largest drop in sales compared to the same month a year ago was the Napili/Honokowai/Kahana area, where there were just 7 sales compared to 20 in October of 2022.

___________________________________

INVENTORY:

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

Inventory levels seem to be stuck near all time lows. Even though the market seems to be slow, prices are holding due to continued high demand. So, even in these crazy days, itʻs a sellerʻs market.

With 233 homes on the market, there are only 41 in the whole county, including Molokai and Lanai, priced at $1,000,000 and under. Two of them are in Kihei and zero are in West Maui.

West Maui home prices start at $1,234,000 for a 2 bedroom, 1.5 bathroom home. Many of you may be familiar with Kahana Ridge, a nice community with nice homes. The starting price for Kahana Ridge is now $2,150,000.

Condo inventory has increased a bit. In fact, at 245 condos for sale we have the highest number of condos for sale since April of 2021. However, prices are holding, and we expect to even see demand increase as folks, including folks like us who have lost their homes, are looking for a place to live.

___________________________________

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.

Pending sales are down for both homes and condos. With 100 homes under contract, there are fewer under contract now than in the last few months, but there were only 112 under contract in the same month last year, so the decline isnʻt dramatic. With the current level of demand and a slight increase in inventory, I wouldnʻt be surprised to see an increase in pending sales soon.

Having just 134 condos under contract is a huge change from a year ago when there were 202 under contract. In fact, there were over 300 condos consistently under contract during most of 2022. While this is a huge decline, with only 4 months of inventory, this is still a sellerʻs market. 

___________________________________

SELLING PRICES: average and median sold price

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.

I recently saw a headline stating that home prices on Maui were down. Whoever wrote that isnʻt looking at the same data as us or the Realtors Association of Maui (RAM). According to RAM, the average selling price for 2023 year-to-date, at $1,770,978, is slightly higher than the YTD in 2022. This monthʻs average home selling price was down slightly from the previous month, but that is likely an indication of fewer high-end sales. We are also in the slower part of the season for high-end sales, so we could see that change with the warm winter season right around the corner.

The median selling price for a home has risen consistently over the course of the year and is holding steady at well over $1.2 million. The year-to-date median selling prices through October in 2021 and 2022 were $930,000 and $1,075,000 respectively. We are at an 18% increase in selling price year over year according to RAM. So much for the expected negative impact for higher interest rates. 

- - - - - - - - -

It will be interesting to see what happens in the Maui real estate market over the next few months, to say the least. In the meantime, there are a lot of people who need help and will for some time to come. The team at AGM is working to help Mauiʻs keiki with their basic day-to-day needs, and hopes to continue, especially with mental health support, in the months and years ahead.

You can help by making a tax-deductible contribution at GoFundMe - Keiki Fire Relief Fund or click on the QR code below.

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 the 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; Cheri Miller R(S), Suni Novotny R(S), Keri Nicholson R(S), Myra Plant R(S), Anthony Freda R(S), Courtney Stice, R(S), Kathy Becklin, R(B), Heather Zidell, R(S), Magdalena Odonnell R(S), Sarah Twitchell R(S), and Tony Brown R(B). 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.  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 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 when both Steve’s were there (Jobs and Woz).  She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.

 

Copyright 2023 L. Lee Potts

Statistical information in this newsletter is based on actual sales information reported to the Realtors 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.