Kahana Update
September 2016
LOCAL MAUI NEWS
Aloha Fellow Kahana  Owners!

Okay, it might not look like Fall over here, but this is the time of year that Maui ushers in her special events.  This Friday for instance, we get a jump on Oktoberfest! We couldn't wait for October ... so if you want to get your jagerschnitzel on, check out my Maui Happenings Schedule further down.  If you miss that one, the list includes other dates for getting your sauerkraut, pretzel, and beer fill.  If you still have room after all that oom pah pah ... Kapalua Restaurant Week runs Oct. 17-23.    Of course, what would October be without a Halloween party so big, they call it "The Mardi Gras of the Pacific". Last year there were over 500 kids just in the early afternoon Keiki Parade. It'll be huge again this year with Front Street closed off to traffic.  But I'll give you all the details including free shuttles and timing for everything in next month's update.

Dwayne "The Rock" Johnson, the world's highest-paid actor, is expanding his film production company to Hawaii.  Johnson just registered "7 Bucks Entertainment Inc".   He is set to start filming the remake of the blockbuster movie "Jumanji" along with Kevin Hart and Jack Black, this fall.    
ABC is bringing "Magnum, P.I." back to the Islands.  This time the focus will be on the private investigator's daughter Lily "Tommy" Magnum, who was last seen as a child in the series' 1998 finale.     A $50M movie "The Islands" will start filming entirely in Hawaii next April and create hundreds of local jobs in the state. The movie is based on true stories about Hawaii's beginnings from Captain Cook's arrival. Word has it that Russell Crowe is being courted to play the Cap.
        CURRENT MARKET ANALYSIS
Home owners are picking up more equity again.  According to CoreLogic's latest equity report, the percentage of homes with positive equity nationally is 92.9%.  Hawaii is one of the states with the highest percentage of homes with positive equity - 97.7%.    
The largest hospitality merger to date closed Friday, after the Chinese Ministry of Commerce approved the deal between Marriott International and Starwood Hotels & Resorts Worldwide. The merger was under review in China because it would have consolidated more than 400 hotels there under one operator.  In Hawaii, the combined company has 26 hotel and time-share properties.      Meanwhile the holding company for Japan's second-largest bank has put up $1.3 billion in financing for four prominent Hawaii hotels, including the Sheraton Maui Resort & Spa.

Here on Maui, the median sales price of single-family homes and condominiums sold jumped last month. While the number of  single-family homes sold dipped slightly by 1% to 95 ... down from 96 in August 2015, the median sales price soared higher by 21.7% to $669,125, up from $550,000. Condominium sales on Maui shot up 24% to 124 units from 100 sold in August 2015. The median price of condominiums in Maui County also rose 21.6% to $420,000 from $345,500 during the same month last year.

Let's take a look at Kahana:

KAHANA OUTRIGGER
STATUS
UNIT
BD
BA
LIST $
LT
SALE $
CLOSE
no new activity
KAHANA SUNSET
Active
E4E
1
1
465,000
Active
B1B
1
1
585,000
Escrow
E5
2
2
675,000
KAHANA VILLAGE
Escrow
34
2
2
849,000
LH
ROYAL KAHANA
Status
Unit
Bd
Ba
 List $
LT
 Sold $
Close
Active
405
0
1
215,000
LH
Active
604
0
1
288,000
Active
119
0
1
299,000
Active
203
0
1
300,000
Active
204
0
1
300,000
Active
605
0
1
310,000
Active
616
0
1
325,000
Active
619
0
1
345,000
Active
1217
0
1
364,500
Active
115
1
1
468,500
Active
107
1
1
474,500
Active
514
1
1
479,000
Active
108
1
1
485,000
Active
614
1
1
485,000
Active
314
1
1
499,000
Active
1114
1
1
499,000
Active
807
1
1
527,000
Active
201
2
2
494,000
Active
501
2
2
499,000
Active
720
2
2
569,500
Active
1001
2
2
615,000
Active
311
2
2.5
1,050,000
Escrow
916
0
1
328,000
Sold
104
0
1
322,000
305,000
8/2/2016
Sold
703
0
1
340,000
300,000
2/26/2016
Sold
413
1
1
519,000
500,000
9/16/2016
Sold
513
1
1
549,000
518,000
4/27/2016
Sold
201
2
2
399,000
399,000
2/16/2016
Sold
220
2
2
498,000
498,000
3/11/2016

Figures from Realtors Association of Maui
TOURISM 
A bipartisan bill introduced by Senator Brian Schatz of Hawaii, has passed both houses of Congress and now awaits the President's signature.  It's called the Native American Tourism and Improving Visitor Experience Act - or the NATIVE Act.  For a long time tourism has focused on so-called major destinations like Hawaii. While that's important, visitors are increasingly seeking out a more authentic and culturally rich travel experience.  In Hawaii this bill would give Native Hawaiians access to resources and technical assistance needed to build a sustainable cultural travel tourism infrastructure, leading to more economic development and job creation.

The number of occupied Hawaii hotel rooms rose 2.4% last week.  Maui's occupancy rate increased by 3.1% to 79.7%.  As usual we carried the highest average room rates of all the Islands.  They rose 3.9% to $253.64 a night.

No secret - I keep my vacation rentals with  Maui Beachfront Rentals .  Why? Because I get the best return with none of the hassles.   No more trying to cover all my bases with a local rental agency here plus extra advertising on sites like VRBO, HomeAway, Flip Key and others to try and get a decent return.  Not any more ... they hit it all and at no additional cost to me! See if you too can get more bang for your buck with MBR.
TRAVEL
Hawaiian Airlines is hoping to fly to Europe and increase its destinations in  the Eastern United States, Australia, Canada, and China.   London is  what they're currently eyeing while waiting for their new A330 jetliners to be completed.  They're studying about a half dozen new long distance routes to the East Coast (besides New York) and even Canada.  Right now the airline only serves Beijing in China and is looking at other prospective cities.  While already flying to Australia ... they'd like to add more flights.

And the race is on between JetBlue and Hawaiian airlines to reduce their carbon footprints. JetBlue has just inked a a first of its kind 10 year agreement to buy 33 million gallons of fuel. The blend would be 70% traditional jet fuel and 30% fuel produced from plant oils.  Hawaiian Airlines just became the first carrier to fly between Honolulu and Brisbane using eco-friendly practices outlined by the Asia and Pacific Initiative to Reduce Emissions - ASPIRE.
      MORTGAGES
The big news coming from the Feds last Wednesday was the decision NOT to increase the bank's key interest rate. Dean Rathbun  of  Avis Mortgage  added that they even downgraded their forecast for economic growth in 2016 for the third time this year.  It now projects growth this year to be 1.8%, down from a 2% forecast in June.  Dean considers a rate hike increasingly likely in December, if conditions don't change before then.

In a new limited pilot program, Freddie Mac is easing income and documentation requirements for mortgage borrower applicants.  During the 12 month test Freddie Mac will allow the income of others who live with the borrower, but who aren't going to be on the mortgage, to qualify.  They will also consider income from second jobs that borrowers have held.  While the pilot program won't lower down payment or credit score requirements, borrowers will not be required to come up with bank statements to show how they saved for their down payment.  Sister mortgage giant Fannie Mae is offering a similar program.
GREEN
Kapalua Plantation and Bay Golf Courses have been recognized for their environmental excellence once again.  Golf courses around the world vie for the designation that was set up by the Audubon Cooperative Sanctuary Program for Golf Courses.     The "State of the Environment" report has been released.  One aspect specifically stood out to me.  How does that old saying go ... "water water everywhere - and not a drop to drink"?  I mean ... here we are ... an island ... surrounded by water, but it turns out fresh drinking water is an issue. Hawaii is the fourth-highest state in terms of per capita consumption of fresh water, due in part to the demands of 8 million visitors annually.  The report says we must prepare our infrastructure and proceed with plans to double the size of priority watersheds by 2030.

Previously I told you about a program the Navy was going to conduct off Hawaii to test Wave Energy.  Well it's official.  The Navy test site is generating the first ocean wave-produced electricity to go online in the United States.   The current generated by the 2 buoys anchored a half-mile to a mile offshore, travels through an undersea cable where it feeds into Oahu's power grid.  Wave-energy technology is well behind that of wind and solar power, and it could be up to 10 years before it's perfected.  Developers are still studying which design works best.  Some buoys capture the up an down motion while others create power from the side to side movement.  Eventually the United States could get 20 - 28% of its energy from waves.
                             
MAUI HAPPENINGS

9/30: Montage Kapalua Oktoberfest with Beer Garden  tickets
10/01: 5th Annual Walk a Mile in her Shoes  details
10/01: Maui Paddle for a Cure - Kaanapali  info
10/1-2 & 22-23: Lahaina Arts Society Fine Arts Fair  free - schedule
10/06: 5th Annual Oktoberfest Pioneer Inn   tickets
10/17-23: Kapalua Restaurant Week
10/22: 19th Annual Noble Chef  event info
10/23: Fall Harvest Festival pony rides, games, petting zoo  details
10/31: Lahaina Halloween  info
 
Maui OnStage   Iao Theater   tickets
Now-10/16: Boeing Boeing
10/22-23: Maui Chamber Orchestra
11/25-12/11: Mary Poppins

Maui Arts & Cultural Center
 
  tickets  
10/02: Ukulele Festival
10/13: Air Supply  concert
10/15: Mohala Mai: Celebrating 20 years of Na Lei Love   hula
10/21: Society of Seven  concert
10/21-22: Robert Angelo as Clarence Darrow  1 man show
10/23: Paka'a Lanakila   Chamber Music Hawaii's Spring Wind Quartet
10/25: Big Bad Voodoo Daddy  concert & dance
10/27: Martha Redbone - Bone Hill: The Concert
10/28: Haunted Hawaiian Nights:  Storyteller Lopaka Kapanui
10/29: Hall & Oates   concert
10/30: Mike Epps   comedy

Pioneer Inn - Lahaina    
(808) 661-3636
"An Evening with Mark Twain" 10/16, 11/6, 11/27
"The Old Man and the Sea" 10/2, 10/23, 11/13
"An Evening with Albert Einstein" 10/9, 10/28, 11/20
"Dylan Thomas: A Child's Christmas in Wales" 12/4, 12/11


Last month I mentioned I was working on something big that would provide even more service to you.  To that end, let me introduce (drum roll please) your new Berkshire Hathaway Team.  No, I didn't clone myself ... and yes, we're still the only Berkshire Hathaway Real Estate Brokerage on Maui ... but we've expanded with the opening of our new Wailea-Makena office. Enter - Sid Kirkland and our "team" concept.  I've waited a long time to find a guy like Sid. He brings decades of experience in the resort and 2nd home markets. Between Sid and I,we have over 30 years in the Maui Real Estate Market and over $2 billion in closed sales.  You're gonna love the guy.

Now with multiple offices to serve you, our "team" has the knowledge, expertise, and resources to provide you with unequaled service.  Mortgage rates are low ... thinking about purchasing another property?  We're available 7 days a week to find you a good buy.  Considering selling? Let us give you a free, no obligation analysis of your unit's current value.

Meanwhile if you have friends or fellow owners you think would enjoy these updates, shoot us a message and they'll be included next month. 

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