Honua Kai Update
June 2017
4th of July Activities included 
LOCAL MAUI NEWS
Aloha Honua Kai Owners,

We've all experienced traffic jams of one kind or another ... but I think a back up caused be a Seal in Traffic is probably unique to Maui!   We experienced unusually high tides called King Tides which caused not only the waves to land on Honoapiilani Hwy ... but carried a Monk Seal along for the ride.  Don't worry volunteers and police protected the seal and got him back in his watery home.

So what kind of tracks do you think the ones in the picture to your right are? Tire tracks?  Nope ... Turtle Tracks!  The endangered Hawksbill and green (honu) turtles have just begun their nesting season along our Maui beaches. You can help out be reporting sightings of nesting turtles, fresh turtle tracks, or nest hatchlings on the beach.  US Fish & Wildlife will take it from there.  *
Another new item you might spy on the beaches ... Rescue Tubes.   The Rotary Club is installing flotation devices velcroed to numbered poles, so you can assist swimmers in trouble and also report the number of the pole so emergency responders can know your exact location.

Ready for some "Best of ..." nods for Maui?  Kimo's Restaurant (Lahaina), Frida's (Lahaina) and Duke's (Kaanapali) made it into OpenTable's 100 Best Al Fresco Dining Restaurants in America. * US News and World Report ranked Maui among the best places to visit in the USA calling Maui "escapism at its finest." * Last but not least, "Dr. Beach" (Dr. Stephen P Leatherman) awarded Maui's Kapalua Bay Beach the #2 spot in his 27th Annual Top 10 Beach List.

Hawaiian Electric has donated $10,000 and paired up with Google to take 360-degree images of the Island and display them on Google Maps by this fall.  So don't be surprised if you run into a guy like the one on the left.  He's a Google Trekker carrying around that 50-pound tricked out backpack. *  Ponce De Leon is associated with the never found "Fountain of Youth".  He looked too soon and too far East. Turns out the real fountain of youth may actually be Island based. The National institute of Health has chosen to further study a compound developed by a Hawaii-based business - Cardax CDX-085 2nd generation. It's proven credible enough on mice that it may actually activate a gene in us that factors into longevity.  
        CURRENT MARKET ANALYSIS
Nationally, limited supply propelled U.S. home prices to rise 6.8% to a median sale price of $288,000 last month.  The Federal Reserve's latest announcement to raise short-term rates didn't appear to spook home buyers.  If anything, it may be motivating buyers to make their purchases sooner rather than later.  In a recent survey of home buyers and owners by Berkshire Hathaway HomeServices, 55% of millennials reported discouragement about buying a home due to rising rates.  Some 68% feel pressured to buy a home before rates increase further.

Leasehold properties are still in demand by a niche group of buyers in Hawaii.  With leasehold property, buyers own their residence but not the land it sits on.  Even with the uncertainties that can come with it like ... lease rent fees are expected to increase by about 40% over the next decade, and some property may convert to fee simple. Still some buyers see it as a good option to get into a luxury condominium in a pricier neighborhood, at a fraction of the market rate.  

Last month, single-family home median prices on Maui jumped up to $700,000, a 12.4% increase from the same month last year of $622,500.  Condominium prices surged over 13.5% with the median price at $479,000 compared to $422,000 in May 2016.  Year-to-date prices are up 10% and 12.4%, respectively, at $685,000 for single-family homes and $480,000 for condominiums.

Now l et's take a look at Honua Kai:

Status
Unit
Bd
Ba
List $
 Sold $
  Close
KONEA
Active
930
1
1
739,888
Active
830
1
1
740,000
Active
1022
1
1
774,950
Active
343
2
2
1,425,000
Active
243
2
2
1,499,000
Active
143
2
2
1,525,000
Active
926
2
2
1,595,000
Active
305
2
2
1,785,000
Active
813
2
2
2,239,000
Escrow
524
1
1
799,000
Sold
920
2
2
1,250,000
1,175,000
05/05/17
Sold
345
2
2
1,429,000
1,337,500
03/07/17
Sold
229
2
2
1,599,000
1,575,000
04/07/17
Sold
613
2
2
2,100,000
2,100,000
04/13/17
Sold
251
3
3
3,650,000
3,600,000
03/13/17
HOKU LANI
Active
223
0
1
725,000
Active
219
0
1
795,000
Active
224
1
1
694,900
Active
332
1
1
728,000
Active
634
2
2
1,288,000
Active
1022
2
2
1,295,000
Active
645
2
2
1,745,000
Active
545
2
2
1,749,000
Active
511
2
2
1,775,000
Active
341
2
2
1,875,000
Active
505
2
2
1,899,000
Active
603
3
3
2,950,000
Active
451
3
3
3,964,000
Escrow
337
0
1
829,000
Sold
537
0
1
850,000
845,000
04/03/17
Sold
837
0
1
872,000
872,000
02/13/17
Sold
632
1
1
719,000
712,500
04/07/17
Sold
732
1
1
729,000
718,000
05/15/17
Sold
213
1
1
950,000
950,000
04/17/17
Sold
442
1
1
1,089,000
1,060,000
03/22/17
Sold
710
2
2
1,399,000
1,325,000
06/09/17
Sold
629
3
3
2,650,000
2,475,000
05/17/17
Sold
150
3
3
2,999,999
2,637,500
05/31/17
Sold
201
3
3
3,775,000
3,775,000
04/17/17
Figures from Realtors Association of Maui
TRAVEL & TOURISM
United Airlines is increasing service to Hawaii on 11 routes from its hubs, which makes United the carrier offering the most flights between the mainland and Hawaii. Beginning December 20th, service between Denver and Maui will increase from seasonal to daily year-round service.  From Chicago, United will increase service to Maui to 5 times per week.  Los Angeles to Maui flights will increase to 3 flights per day.  And flights from San Francisco to Maui will increase to 5 flights a day.  Oh - if you're a premium class traveler on an overnight flight to Hawaii from Chicago, Denver, Houston, New York/Newark or Washington, D.C. ... you'll enjoy new lie-flat seating with designer accessories by Saks Fifth Avenue.

Maui's main airport in Kahului, is getting more than $6 million in federal funding for runway improvement.  The Federal Aviation Administration support will also help with the acquisition of around 13.34 acres of adjacent land.

Japan Airlines (JAL) will resume nonstop flights between Tokyo and the Kona airport on the Big Island this fall after a 7 year absence.  The re-established route will provide $84.2 million in annual visitor spending, $9.8 million in state tax revenue, and will support more than 900 jobs.  Daily flights will begin on September 15th.
      MORTGAGES
As expected, the Federal Reserve raised its key interest rate one-quarter percentage point earlier this month, and Dean Rathbun  of  Avis Mortgage shares his thoughts on that with you. Dean says the focus now turns to the longer-term ramifications of this 2nd rate hike in a matter of months and whether another increase will come in September.  While mortgage rates aren't directly tied to the Fed's key interest rate, rates are still influenced by the movement.  Actually bank fees and car loan rates are more directly affected and should move up.  Dean shared this past week mortgage applications for refinancings and home purchases remained elevated as mortgage rates continued to give consumers incentive to make a move.

Government-sponsored financing giant Fannie Mae will ease its requirements next month.  On July 29th, the debt-to-income ceiling will be raised from 45% to 50%.  Debt-to-income ratio compares a person's gross monthly income with their monthly payment on all debt accounts, including auto loans, credit cards and student loans. It also factors in the projected payment on the new mortgage.  Traditionally lenders saw applicants with lower debt-to-income ratios as less at risk of defaulting. But a recent study by Fannie Mae showed that borrowers with debt-to-income in the 45%-50% range had good credit and were not prone to default.
GREEN
Last month I told you about the first harvest of sunflowers on Maui to be used for energy.  Crushed sunflower seeds yield 100 gallons of oil per acre.  Now here comes the Pongamia Tree (pictured to the right).  The pongamia harvest crop is very similar to soy, except you get 10 times the amount of oil per acre and three times the amount of plant protein per acre.  If all goes well, these trees will can produce more than 400 gallons of oil per acre, which can be used to create biofuels.

Solar powerMaui Electric Company's first two utility-scale solar power projects in South and West Maui, are expected to come online by the second half of this year. They should supply 6 megawatts of power. * Kudos to Maui-based HiVe Energy Systems which has developed a fully integrated energy storage system for commercial and residential use.  The residential system is designed to store one full day of energy needs.  In addition to working with solar energy, it can also be used with wind or any other type of renewable energy source. * If you've seen, or perhaps used, one of those publicly accessible DC fast-charger facilities on the islands run by Hawaii Electric  ... there's good news. In an effort to encourage ownership of plug-in electric vehicles in Hawaii, the program has been extended for 5 more years.

Out of the box thinking came up with this idea - Solar Paint!  Researchers at RMIT University in Australia, say "solar paint" will be available to homeowners in the next few years.  It's sunlight-absorbing pain that produces hydrogen fuel from solar energy and moist air.  Even a brick wall could potentially be turned into an energy-harvesting piece of real estate.  

                             
MAUI HAPPENINGS
          
6/27: National Pineapple Day events
6/30-7/2: 62nd Annual Makawao Rodeo and Parade Oskie Rice Arena
7/08: Fire It Up   BBQ Grand Wailea Resort      
7/8-9 & 22-23: Lahaina Arts Society Fine Art Fair  Banyan Tree      
7/15: 8th Annual Maui to Molokai   Stand-Up paddling
7/15: Maui Mermaid Extravaganza Contest for Mermaids/Mermen  Shops at Wailea 5:30-7pm
7/21-22: Obon Festival  Makawao Hongwanji Mission 6:30pm
7/22: Kaluanui Centennial Festival & Family Day  info 
7/29: Iao Valley 10k  details

4th of July Activities
Moonlit Movie on Sugar Beach  Free passes for "Airplane"
Lahaina Town Free Fireworks shot from the Ocean
Pacific Whale Cruises  Four different cruises
Pride of Maui Cruise   details
SeaMaui Open Bar Cruise  info
Sanity BYOB Cruise   schedule
Lahaina Appetizer Cruise BYOB  specifics
Kualana Maui Cruise  features
Maka Koa Cruise   (808) 875-0333

Maui OnStage    Iao Theater   tickets
7/14-8/6:  9  to  5  The Musical

Maui Theater   Monday, Tuesday, Thursday Friday tickets  
"Ulalena"           Hawaiian Show 5pm
"Burn'n Love"   Relive Elvis in Hawaii Concert 7:30pm

Maui Arts & Cultural Center   
   tickets  
6/25: 26th Annual Ki Ho'alua Guitar Festival   slack key
7/01: Everclear
7/02: Maui Taiko's 10th Anniversary Concert   drumming
7/14: Andy McKee   acoustic guitar
7/21-23: Sesame St Live "Elmo Makes Music"
7/28: Rita Rudner   comedy
7/29: The MayJah RayJah: Soja, Katchafire, Manalion

I enjoy hearing back from you with suggestions or questions about my monthly updates. And would be happy to offer you a no obligation, confidential evaluation of your property if you're even considering selling your property.  Likewise, if you're thinking of purchasing a property and locking in that low interest rate now, I will find you the perfect match.  With over 30 years experience in the Maui market, you can't put yourself in better hands.   Remember, we are the only Berkshire Hathaway Real Estate Brokerages on Maui with offices in Lahaina-Kapalua and Wailea-Makena.  I'm available to you 7 days a week.  

Mahalo,
John


If you are currently listed with another Broker, this is not intended to disturb that relationship
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