Royal Kahana  Update
October  2017
LOCAL MAUI NEWS
Aloha Fellow Royal Kahana Owners,

It's official ... Whale season in Hawaii has begun.  The first pair of humpback whales were spotted on October 10th about a mile of the coast of Kapalua.  Each winter, around 12,000 humpbacks migrate to our waters to mate, give birth and care for the newborn calves. When the mating season ends, around March they return north to feed.

When it comes meeting the criteria needed to host Amazon's 2nd headquarters,  Hawaii misses by a mile.  However, Amazon came to Maui last month to host its first-ever Liftoff workshop.  The workshop helped local businesses find out how to join the Amazon platform to increase their visibility nationwide. 

The President and First Lady will be stopping in Hawaii next month on their way to visit five Asian nations, capped by a summit in the Philippines with the Association of Southeast Asian Nations (ASEAN). This summit is  very  important to Hawaii. Our relationship with those nations includes nearly $160 million in exports that support over 1,000 jobs.  Visitors to Hawaii from those nations contribute some $55 million to the state's economy.

Finally, grocery delivery service is coming to Maui.  Instacart will work with Safeway, CVS/Longs, Costco, Foodland and PetCo. They have begun serving Kihei, Wailea/Makena, Kahului and Waikapu.  However, if West Mauians want to get in on the action they should let Instacart know right here.
        CURRENT MARKET ANALYSIS
Following three consecutive months of national declines, existing-home sales ticked up last month.  However ongoing inventory shortages, coupled with the recent hurricanes put a damper on any annual gains.  According to the National Association of Realtors, total existing-home sales for all housing types increased 0.7% over the previous month, but was still 1.5% below a year ago.  The story is rosier as far as the median price for all types of existing-homes.  That figure was $245,100 - a 4.2% increase over last year. 

On Maui,  single-family home sales    decreased to 81 sold last month from 83 a year ago September.  That's a 2.4% decrease. The median price also decreased 2.3% to $650,000 from $665,000 at the same time last year.  Year-to-date condo sales increased 25.3% to 124, from 99 units sold in September 2016. The median price also increased 14.4% to $433,750 from $379,000 last year. 

Year-to-date figures are much better, so let's take a look at the first nine months of this year.  The median price of a single-family home was $700,000 - a 10.2% increase from $635,000 at the same point last year. The number of sales rose 2.6% to 826 homes sold from 805 the first nine months of last year.  The year-to-date median price of a condo was $449,500 - 1 7.7% increase from $417,250 last year.  Sales of condos during that time increased 6.9% to 1,048 sold compared to 980 last year.

Now l et's take a look at Royal Kahana :

Status
Unit
Bd
Ba
 List $
LT
 Sold $
Close
Active
203
0
1
275,000
Active
105
0
1
279,000
Active
217
0
1
295,000
Active
619
0
1
345,000
Active
214
1
1
446,000
Active
106
1
1
448,000
Active
107
1
1
449,000
Active
207
1
1
465,000
Active
314
1
1
475,000
Active
514
1
1
479,000
Active
108
1
1
485,000
Active
708
1
1
529,000
Active
501
2
2
535,000
Active
120
2
2
542,000
Active
1001
2
2
599,000
Active
311
2
2.5
878,000
Active
811
2
2.5
1,098,000
Active
610
2
2.5
1,195,000
Escrow
204
0
1
280,000
Sold
405
0
1
215,000
LH
205000
7/31/2017
Sold
315
1
1
445,800
440,000
4/27/2017
Sold
1114
1
1
446,000
446,000
3/24/2017
Sold
115
1
1
446,000
438,000
7/18/2018
Sold
614
1
1
448,000
440000
8/28/2017
Sold
1209
1
1
475,000
475000
9/22/2017
Sold
201
2
2
431,000
425,000
7/17/2017

Figures from Realtors Association of Maui
TOURISM
Maui has been ranked  the #1 U.S. destination for Fall travel! Over 1,000 travel agency professionals were surveyed and found Maui to be #1 for the second straight year for Fall travel.  *  Maui has a few more bows to take ... 3 restaurants on Maui were ranked among the  top 25 restaurants in the country!  Mama's Fish House - a favorite for over 40 years, Lahaina Grill, and Merriman's with its farm-to-table cuisine all came in with excellent scores for the best fine dining in the United States.
TRAVEL
Southwest Airlines made it official ...  they're coming to Hawaii!  Ticket sales will start next year. As for when service will begin, that's still up in the air as they work with the FAA.  However, we do know that they will begin on the West Coast, with the first flights from California.  They also stated inter-island flights are a possibility.  So what about that famous "Southwest "Effect"?   Well they do have lower fares, and often that brings other airlines' fares down in the market.  *  Island Air has filed for Chapter 11 bankruptcy protection while dealing with legal challenges with the airline's aircraft lessors.  Their next court date is in the beginning of November.  Currently they have lost the use of 2 of its five planes, and have cut its flights by more than 40%.

Asian low-cost airline  Scoot will launch new service to Hawaii later this year.  They are taking reservations for the new service that is set to start on Dec. 19th with four flights per week.  Service will be from Singapore to Honolulu, with a stopover in Osaka, Japan.  *  The Hawaii Department of Transportation Harbors Division is proposing a modest increase in dockage and port entry fees, as well as cruise passenger fees to help fund its Harbors Modernization Plan.

A lot of folks never heard of the  Jones Act until the problem in getting relief shipped to Puerto Rico after the hurricane.   But as far as Hawaii is concerned, all the national attention on the Jones Act is only good news. Like Puerto Rico, we are surrounded by water, and we are extremely dependent on keeping the shipping lines open.  The law specifies that ships carrying cargo from one American port to another must be built in the United States, must be 75% owned and crewed by U.S. citizen and fly the U.S. flag.  Hawaii is pushing to update the Jones Act for the 21st century in this way ... shippers be allowed to buy ships built by foreign entities due to a "critical shortage of ships being built by American shipyards."
HALLOWEEN - MARDI GRAS OF THE PACIFIC

Lahaina on Halloween ... people come from all over the world for it. Streets are closed, accommodations are full, it's just one GIANT street party.  And the costumes ... these are not your store bought variety. A lot of them look like they just stepped out of a movie set.  There's a reason they call Halloween in Lahaina the Mardi Gras of the Pacific.

                                          GENERAL
3:30pm - Midnight: Front Street Closed to all vehicles from Baker to Prison
4:30pm:  Annual Keiki Costume Parade
5 - 8:45pm: Costume Contest Signup in Pioneer Inn Retail Store

                                 BANYAN TREE PARK 
6:30- Dancing  7-9pm Costume Contest   9:30pm Costume Contest Winners

                                      CAMPBELL PARK
Noon - Commemorative Tee shirts         4pm: Family Activities          5-9pm: Music

halloween.jpg

                                         HALLOWEEN EXPRESS BUS SCHEDULE
Tix must be bought in advance 10/21 - 10/31(noon)  here
Remaining  return tix available at Campbell Park Oct 31st
                                                               $10 each way

Kihei Aquatic Center
    Kihei to Lahaina: 4:30, 5:30, 6, 6:30      Return from Lahaina to Kihei: 9pm, 10, 11, Midnight

War Memorial Gym Parking Lot
Wailuku to Lahaina: 6pm, 6:30pm            Return from Lahaina to Wailuku: 10:30pm, 11:30pm


                                                 EXTENDED MAUI BUS SCHEDULE
                                                           $2 each way or $4 all day pass

                                                    Kaanapali Islander Route 25
                                                        Regular schedule until 3:30pm
                      Then every 30 minutes from Wharf Cinema Center making stops at
Papalaua/Wainee, Lahaina Cannery Mall and Whaler's Village. Last bus leaves at 10:30pm

Napili Islander Route 30
Regular Schedule until 9pm then:
Every hour from Whalers Village to Napili. Last bus at 11pm

 
      MORTGAGES
A slight decrease in mortgage rates brought refinancing and home shopping back to lenders last week. According to    Dean Rathbun  of  Avis Mortgage, total mortgage application volume for refinancings and home purchases rose 3.6% week-over-week.  Rates came down slightly, ending a two-week streak of increases.  The 10-year Treasury yield dipped 6 basis points, while the 30-year fixed mortgage rate fell 3 basis points to 3.88%.  Dean also shared that the recent release of the Federal Open Market Committee minutes showed an increased likelihood of one more rate increase in 2017.  That would likely nudge mortgage rates higher too.
    
It looks like President Donald Trump is considering nominating Federal Reserve Governor Jerome Powell and Stanford University economist John Taylor for the central bank's top two jobs.  Under that scenario, either Powell or Taylor would take the reins from fed Chair Janet Yellen when her term expires in early February, and the other would fill the vice chair position left vacant when Stanley Fischer retired this month.  Nothing is set in gold ... Trump has indicated Yellen could still be named to another term as Fed chair.
LOOK!  UP IN THE SKY ... IT'S A 
Researchers from the University of Hawaii were part of a major scientific discovery ... confirming the collision of a pair of neutron stars, marked by ripples through the fabric of space-time and a flash brighter than a billion suns!  As the stars collided, they emitted an intense beam of gamma rays and the sky was showered with heavy elements - gold, platinum, and uranium. That resolved a decades-old debate about where gold and platinum come from.  And all this before they disappeared into a black hole.

Serial entrepreneur Henk Rogers wants to see a moon base built on the lunar surface within the next decade.  And his plan to make that happen involves building on in Hawaii first!  Rogers gathered global leaders for the first International MoonBase Summit.  He says that lava rock would be perfect for simulating a moon base.  They also want to find out how to build stuff out of ground-up lava rock.  If it works, then buildings and highways could be built without having to import the insane amount of cement that Hawaii imports each year.

Several leaders in the aerospace industry want to see Hawaii become a player in the $260.5 billion global satellite industry.  They say the state's geographic location is perfect - close to the equator and surrounded by close to 2,500 miles of water in every direction.  According to a recent report by the Satellite Industries Association, small satellites (which is what's being proposed for Hawaii) are the fastest growing segment of the global satellite industry.
MAUI HAPPENINGS 

Ongoing: Stand Up Comedy Open Mic   Every Tuesday Night
10/31: Halloween in Lahaina  Mardi Gras of the Pacific
11/01: Japanese Tea Ceremony  Free
11/3-4: 4th Annual Made in Maui County Festival  info
11/04: Arbor Day 1000 Hawaiian Tree Giveaway  details
11/10: Sun Yat-sen Chinese Heritage Festival  in Lahaina
11/11: Cancer Day of Hope  5/10k Run Walk
11/20-12/24: Hui Holidays  Maui one of a kind holiday gifts

Maui Gift & Craft Fair     schedule
Lahaina Gateway 9-2
10/29, 11/5, 11/19, 11/26, 12/3, 12/10, 12/17, 12/24, 12/31
Kihei Community Center 9-4  11/12

Maui OnStage    Iao Theater    tickets
11/13: How I Brought Peace to the Middle East: A Tragicomedy"
11/24-12/10: Chitty Chitty Bang Bang
12/16-17:  Maui Chamber Orchestra Christmas Holiday Concert

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  
10/26: Mana Wahine   Okareka Dance Company
10/29: Steven Hough   concert pianist
11/02: Faustwork "The Mask Messenger"   live theater
11/3-4:  4th Annual Made in Maui County Festival
11/04: Hula Ki'i
11/11: Alan Clements Uncensored   comedy/satire
11/16: Abe Lagrismo, Jr. Trio   concert
11/17: Songbirds of Hawaii  ladies performing traditional Hawaiian music
11/18: Peter Rowan Trio   bluegrass
11/19: Rita Coolidge  concert
11/21: Honolulu Biennial 2017   Island Hopping visual arts
11/22: Jo Koy  comedy
11/25: Thompson Square   This is Us Tour concert
11/26: Maui Choral Arts:  Happy Holly Jolly Days

As you read, Maui is the #1 travel destination for Fall.  That means more visitors falling in love with our Island. I'd 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 those low interest rate now, I'll find you the perfect match.  As a Fellow Royal Kahana Owner, I have a vested interest in seeing the property grow in value. 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. Our offices are located in Lahaina-Kapalua and Wailea-Makena.  I'm available to you 7 days a week.  

Mahalo,
John
Broker/Owner


If you are currently listed with another Broker, this is not intended to disturb that relationship
Local Lender     
Low Fixed & Adjustable Rates
Condo-tel Lender for over 23 Years
DEAN RATHBUN
Toll Free (888) 455-AVIS (2847 )
Increased Income  Reduced Expenses
Never Pay For Guest Damages
Guest Travel Insurance
 Eliminates Guest Refunds
Maui Beachfront Logo Shell
MAUI BEACHFRONT RENTALS
Toll Free (888) 661-7200
                 Berkshire Hathaway  HomeServices  Maui Properties   

             Copyright © 2017 . All Rights Reserved.