Real Estate Sales Data for Maui for December 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui
December 2014 - 63 Houses Sold - $565,000 Median Price
December 2013 - 78 Houses Sold - $512,500 Median Price

Condominium Sales Data for the Island of Maui
December 2014 - 122 Condos Sold - $387,500 Median Price
December 2013 - 120 Condos Sold - $365,000 Median Price

Source: Honolulu Star Advertiser, 1-10-2015, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Hyatt Enters Hawaii Time-Share Market

Hyatt has entered Hawaii time-share market with the opening of the Hyatt Kaanapali Beach, a Hyatt Residence Club Resort, on Maui.  According to the announcement, there will be a total of 131 time-share units on the 40-acre Hyatt Regency Maui Resort and Spa.  John Burlingame, president of Hyatt Vacation Ownership, commented, "Fifteen years ago we determined that there was an opportunity to build an additional project within the overall resort campus and we thought this would be a great addition. I think Hawaii is an important destination for people to buy and exchange to and if you talk to Interval International they would probably tell you that Maui in particular has the most demanded properties in the system."

According to Hospitality Advisors LLC, time-share units represents 15 percent of total resort accomidations in the state of Hawaii.  

Source: Honolulu Star Advertiser, 12-17-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for Maui for November 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui

November 2014 - 74 Houses Sold - $587,500 Median Price

November 2013 - 75 Houses Sold - $515,000 Median Price

Condominium Sales Data for the Island of Maui

November 2014 - 68 Condos Sold - $366,250 Median Price

November 2013 - 96 Condos Sold - $350,000 Median Price

Source: Honolulu Star Advertiser, 12-13-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Invasive Pine Trees Removed from Haleakala National Park

The National Park Service has announced that they will be removing a total of 3,000 invasive pine trees from the Haleakala National Park on the island of Maui. The operation will take about 10 days to complete and will require the use of helicopters to remove some of the trees that are growing in very remote or steep areas.  The invasive trees are Monterrey pine, Mexican weeping pine and maritime pine, and they are displacing endemic and endangered species in the area.

Source: Honolulu Star Advertiser, 12-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Target to Hire 500 Workers in Hawaii

Target Corp. has announced that they will be hosting two job fairs in December to hire approximately 500 workers for the their two new locations in Kailua, Oahu, and Kahului, Maui.  The Kailua location will be located at 345 Hahani Street and will be approximately 134,000 sq ft in size.  The Kahului store will be about 140,000 sq ft in size and will be located in the Pu'unene Shopping Center.  Both stores will feature a pharmacy and a Starbucks and are expected to open in March 2015. 

Source: Honolulu Star Advertiser, 12-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Maui Lu Resort in Purchased by Capbridge Pacific LLC

Capbridge Pacific LLC has announced that they have purchased the 28-acre Maui Lu Resort at Kihei.  The exact price and terms for the property have not been disclosed, but it has been reported that it was in the upper-$60 million range.  According to Capbridge, the existing 150 unit property will be redeveloped into a Hilton Grand Vacations times-share with 388-units.  The redevelopment will cost approximately $300 million and should be completed in 2017.

Source: Honolulu Star Advertiser, 11-28-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for Maui for October 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui
October 2014 - 80 Houses Sold - $564,000 Median Price
October 2013 - 82 Houses Sold - $540,000 Median Price

Condominium Sales Data for the Island of Maui
October 2014 - 94 Condos Sold - $407,000 Median Price
October 2013 - 98 Condos Sold - $347,000 Median Price

Source: Honolulu Star Advertiser, 11-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Maui Memorial Hospital Seeking Buyer

The Maui Memorial Hospital in Wailuku has entered preliminary negotiations with Kaiser Permanente Hawaii and Hawaii Pacific Health, as a growing budget deficit makes it difficult for them to stay afloat.  Current estimates has the hospital facing an $11 million deficit in 2015, a $40.1 million deficit in 2016, and a $46.5 million deficit in 2017.  Wesley Lo, CEO of Maui Memorial, stated, "It gets way worse in 2016 and 2017. All of a sudden as we look to 2016 and 2017, revenues aren't projected to increase at all, then you have continued inflation and then also it appears there's going to be additional raises (for workers), The amount of losses over the next three to five years, I don't even know what you would do to stem those losses. At (a certain) point in time, what do you cut? (If) you start cutting services, you start cutting revenue."

Currently, Maui Memorial Hospital is a quasi-public hospital, and therefore if an agreement is reached, the legislature would have approve the deal.  Lo stated that he hopes to have proposals from both Kaiser and Hawaii Pacific Health in the next few months.

Source: Honolulu Star Advertiser, 10-14-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for Maui for September 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui

September 2014 - 95 Houses Sold - $570,000 Median Price

September 2013 - 85 Houses Sold - $475,000 Median Price

Condominium Sales Data for the Island of Maui

September 2014 - 79 Condos Sold - $465,000 Median Price

September 2013 - 121 Condos Sold - $345,000 Median Price

Source: Honolulu Star Advertiser, 10-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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New Maui Public High School Construction Delayed Until 2020

South Maui has been waiting patiently for years for a new public high school to be built in Kihei, but now, they will be forced to wait even longer as funding issues mean that the school, which was expected to be done in 2016, will be ready for students by 2020.  This is extremely frustrating for residents who noted that currently, more than 700 high-school students living in South Maui are forced to attend schools outside of their community. Baldwin and Maui High Schools, which have taken in the overflow, are significantly overcrowded because of this.  When completed, Kihei High School is expected to eventually serve 1,650 students.

In 2013, the state Legislature approved $130 million to be spent for the project, out of which $30 million would come from state backed bonds and $100 million would come from the Department of Education's State Educational Facilities Improvement fund.  The bonds will became available in July 2014, which was the start of the fiscal year, but the DOE is not willing to release their $100 million to start building Kihei High School. The DOE is arguing that there are a lot of other maintenance and improvement projects across the state that need to be attended to first, before a new school could be built.  Some speculate that the Department of Education will request the state to find a different source for their $100 million, perhaps from general obligation bonds.

Andrew Beerer, who chairs the Kihei High School Action Team subcommittee, stated, "I think what's frustrating for the community is that for six years we were led down a path being told this would be a design-build project and we lobbied the Legislature for this huge amount of money because they said they would need it all upfront. Then, not to play the blame game, but someone changes the dynamic in the 13th hour. Now, there's no real timeline, the financing is uncertain. I'm just like, wow, we're really in no-man's land now. We just have to stay on top of them and make sure that they go out for that $30 million and get it bonded and make sure this remains a priority. They say they're committed to this, but not until they put bulldozers on the land and spend that $30 million will they be committed to finish. If not, we could see this completely fall off the radar."

Source: Honolulu Star Advertiser, 9-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for Maui for August 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui
August 2014 - 68 Houses Sold - $570,000 Median Price
August 2013 - 81 Houses Sold - $585,000 Median Price

Condominium Sales Data for the Island of Maui
August 2014 - 94 Condos Sold - $410,000 Median Price
August 2013 - 113 Condos Sold - $420,000 Median Price

Source: Honolulu Star Advertiser, 9-12-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for Maui for July 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui
July 2014 - 98 Houses Sold - $573,750 Median Price
July 2013 - 93 Houses Sold - $475,000 Median Price

Condominium Sales Data for the Island of Maui
July 2014 - 82 Condos Sold - $387,500 Median Price
July 2013 - 112 Condos Sold - $357,625 Median Price

Source: Honolulu Star Advertiser, 8-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Mokulele Airlines Offers First Commercial Flight from Kalaeloa Airport

Mokulele Airlines, the state of Hawaii's third-largest carrier with 4 percent of the interisland market, has launched its first commercial flight from Kalaeloa Airport in West Oahu today.  The airline will offer flights from Kalaeloa, Oahu to Kahu­lui, Maui at 7:35 a.m., 1 p.m. and 6:20 p.m. every day with flights from Kahu­lui to Kalaeloa at 6:15 a.m., 8 a.m. and 5 p.m.  Dave Berry, the Chief Operating Officer for Mokulele, stated, "We think this will be a great opportunity for Moku­lele, and the folks in this area have embraced us. We're very excited to open this new airport. The residents in West Oahu have responded very positively to our efforts and the affordable airfares, as well as the convenience, too. You don't have to fight the H-1."  Berry added that Mokulele is looking at expanding and adding some additional routes from Kalaeloa in the next couple of months.  "Probably Molokai would be next, and then we're considering Kapa­lua (Maui) and Lanai. With our current nine planes (in the overall fleet), we may have one or two flights a day to Molo­kai by the end of the summer."

Source: Honolulu Star Advertiser, 7-1-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Wailea Beach Marriott Resort & Spa to Sell for $325.7 Million

Sunstone, a real estate investment trust, has announced that they have agreed to purchase the 544-room Wailea Beach Marriott Resort & Spa on the island of Maui for $325.7 million. The company added that they plan to invest about $65 million to upgrade the property over the next two years, which will hopefully allow them to raise the hotel's average daily rate.  Evan Pahaski, Sunstone's vice president of corporate transactions, stated, "Sunstone has been looking in Hawaii for quite some time. It's a great market with a lot of different demand generators in leisure and group. South Maui, specifically Wailea, has always been a prominent resort address on Maui."  Ken Cruse, the CEO for Sunstone, added, "Wailea is one of the most attractive and supply-constrained leisure and group destinations in the United States."

Source: Honolulu Star Advertiser, 6-20-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Over Half of the Top 20 Beach Housing Markets Are in Hawaii

According to a report issued by RealtyTrac, 11 of the top 20 beach housing markets in the United States are located in Hawaii.  The California-based research company conducted their studies based upon the average temperature, percentage of sunny days, percentage of days with good air quality and crime rates.  The top 20 markets were then selected provided that they had a median value of below $1 million.  Daren Blomquist, the vice president at RealtyTrac, explained, "Buying near the beach is one of the best ways to ensure a property will appreciate in value. Whether buying for retirement, a vacation home or a primary residence, homes located in quality beach towns benefit from virtually unlimited demand and a finite supply of land to build on."

Ranking third on the list was Waianae, located on the Leeward Coast of Oahu.  Waianae has an average temperature of 76 degrees, 74 percent sunny days, 100 percent days with good air quality, and a crime grade of a B.  It also has a relatively low median home value at $309,328. The other Hawaii beach housing markets to make it in the top 20 were Wailuku (Oahu) at fourth place, Kahului (Maui) seventh place, Ewa Beach (Oahu) at eighth place, Kihei (Maui) at ninth place, Waipahu (Oahu) at tenth place, Lahaina (Maui) at 12th place, Honolulu (Oahu) at 13th place, Pearl City (Oahu) at 14th place, Kaneohe (Oahu) at 15th place, and Kailua at 18th place. 

Source: Honolulu Star Advertiser, 5-24-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Mokulele Airlines to Begin Flights Out of Kalaeloa Airport

Mokulele Airlines has announced that they will be beginning to offer commercial flights out of Kalaeloa Airport starting on July 1, 2014.  Kalaeloa Airport is located on the western side of Oahu and was formerly the Barbers Point Naval Air Station.  The first route that Mokulele will offer will be between Kalaeloa and Kahului Airport on the island of Maui. Ron Hansen, the chief executive officer for the airline, stated, "It's been a yearlong goal of ours, and it's finally happening and we'll see what the reception is. And if it warrants more flights based on bookings, we'll add more flights."

With regards to other potential destinations, Hansen added, "What we're trying to determine is where passengers want to go at this point. We feel the most conservative way to venture into this is with three flights a day into Kahu­lui, and the rest of the (airline's) flights will remain the same."

Source: Honolulu Star Advertiser, 5-14-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Outlets of Maui to Expand by 50,000 Sq Ft

Watt Cos, the real estate investment firm that owns the Outlets of Maui, has announced that they will be adding a total of 50,000 sq ft of retail space to their property.  Currently, there are 147,000 sq ft of retail space at the Outlets of Maui, out of which 91 percent of that space is occupied by tenants.  Nadine Watt, the president of Watt Cos, stated, "The redevelopment of The Outlets of Maui has created a great and productive use for the center while bringing new jobs and terrific new retailers to the region's residents and visitors." 

Source: Honolulu Star Advertiser, 5-6-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Pagoda Hotel to Expand Brand to Maui

Developer Peter Savio has announced that he will be converting the Maui Beach Hotel into his Pagoda hotel brand by the end of this year.  The purchase of the Maui Beach Hotel is scheduled to close on June 27, 2014, and is currently being managed by Aqua Hotels and Resorts.  Savio stated that he would retain all of the current employees and hire additional ones after he expands the property by adding an additional 155-room hotel to the site.  The Pagoda Hotels caters primarily to locals and college students.  Savio stated, "The Maui Beach will keep its name and join the other hotels in the Pagoda Collection, which includes the White Sands Hotel and the Ewa Waikiki Hotel in Waikiki."

Source: Honolulu Star Advertiser, 4-24-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for the Island of Maui in March 2014

Source: Realtors Association of Maui

Single Family Home Sales for the Island of Maui

March 2014 - 69 Houses Sold - $596,000 Median Price

March 2013 - 80 Houses Sold - $509,500 Median Price

Condominium Sales for the Island of Maui

March 2014 - 127 Condos Sold - $420,000 Median Price

March 2013 - 101 Condos Sold - $375,000 Median Price

Source: Honolulu Star Advertiser, 4-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Majority of Hana Ranch on Maui Sold for $4.75 Million

Approximately 3,600 acres of the 4,500 acre Hana Ranch on Maui has been sold for a $4.75 million. The new ownership group, Hana Ranch Stewards LLC, has stated that they plan to turn the property into "one of the premier sustainable farms in the state."  Grant McCargo, one of the principals of the company, stated, "We are proud and humbled to become the new stewards of Hana Ranch. To maintain Hana's natural beauty, continue Hana's legacy as a productive ranch, and be part of a vibrant community centered on healthy food, clean water, and a thriving environment is truly a blessing."

Source: Honolulu Star Advertiser, 2-15-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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