Wailea Fairway Villas Update
January 2019
LOCAL MAUI NEWS
Aloha Wailea Fairway Villa Owners,  

There are a couple of events coming up on Maui where you can be more than just an observer, you can be involved.  The 1st starts next Saturday (1/26) and continues on 2/23 and 3/30.  It's the Great Whale Count. Regular folks like us (formally called citizen-scientists) sign up to count Whales along certain stretches of beach. If interested,  click here.  * The 2nd experience is the true premier art event on Maui - Maui Plein Air. International professional artists have been invited to paint Maui landscapes in public settings where you can watch them create their works in under 4 hours. Over 200 paintings will be offered for sale, plus a free children's workshop, adult master classes, lectures, silent auction, and a gala ... with part of the proceeds going to build the West Maui Fine Arts Museum.  Details  are here.
          
The sale of an oceanfront estate that belonged to the late Jim Nabors closed earlier this month for $12 million.  Nabors was best known for his role as Gomer Pyle on "the Andy Griffith Show" and "Gomer Pyle USMC".  * Kapalua Golf's Plantation Course, will temporarily close on 2/11.  It will undergo a multimillion-dollar enhancement project aimed at revitalizing the 27 year old sports facility.
          
According to Michael Foley, a coastal engineer at Oceanit, a new type of artificial reef design that uses concrete with natural materials, instead of old cars and tires, could be proposed to the West Maui community later this year as a way to combat coastal erosion. Foley, who grew up on Maui, gave a talk at the Maui Nui Marine Resource Council on a novel solution to our beach erosion. It's a highly technical complicated system, but basically the shallow reef will cause waves to slow down, change wave height and shorten wave length, even cause waves to break.  The reefs may also change the direction of approaching swells.  That's important because waves that approach at an oblique angle may transport sand away from the beach.   A reef that rotates waves so they approach parallel to the coastline may prevent longshore sediment drift. * A slate of new laws took effect in the Islands at the 1st of this month.  Some of the most significant: Pesticides containing the chemical Chlorpyrifos have been banned, Foam food takeout containers have been banned, a new law Fines owners of fake service dogs, Employers can no longer ask about salary history, and Motorcycles have been given the OK to drive in the shoulder lane in designated areas.
        CURRENT MARKET ANALYSIS
Uncertainty regarding the government shutdown, slowing global growth, Brexit, a more patient Fed, and a volatile stock market continued to keep mortgages rates from seriously increasing.  The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.
____________________
                                               
There are as many opinions about forecasting the national housing market for 2019, as there are so-called experts.  I put together the following cross section of forecasts for you.

The National Association of Realtors: expects home sales to increase 1% to about 5.4 million and the median home price to rise 3.1% to around $266,800 in 2019 and $274,000 in 2020.

Realtor.com: Because of diminishing affordability from mortgage rate and price increases, they forecast a 2% decline in home sales, and price growth rising just 2.2% in 2019.  They also predict mortgage rates reaching 5.5% by the end of 2019.

Redfin: sees the housing market cooling in the first half of the year. Price growth will settle around 3%. They also see mortgage rates rising to 5.5% by the end of 2019.

Zillow: sees mortgage rates setting the scene for 2019. They predict mortgage rates to reach 5.8% and home values to grow by 3.79% in 2019.

Mortgage Bankers Association: anticipates the 30-year fixed-rate mortgage will level out at 5.1%.  Even with a cool down in economic growth, they expect housing demand will remain strong, mortgage rates will stabilize, wage growth will increase and home price growth will moderate ... providing favorable conditions for growth in the housing market.

Bankrate.com: these folks seemed to break with the others, predicting the 30-year fixed-rate will pass 5.25% before going into a swoon late in the year to finish around 4.35%
____________________

The figures are in, and I can now provide you with an overall picture of how the Maui real estate market performed in 2018 compared to the year before.  The median price of a condo for all of 2018 was $500,000, which was 12.4% higher than the median price for 2017 - $445,000. The number of condo sales rose 13.8% last year to 1,654 units, from 1,453 sold in 2017.

Sales of single-family homes in 2018 rose 3.3% to 1,137 homes sold, from 1,101 sold in 2017.  The median price of those houses was $710,000 for all of 2018, 1 2.2% increase from $695,000 in 2017.
 
Now l et's take a look at Wailea Fairway Villas:

Status
Unit
Bd
Ba
List $
Sold $
Close
Active
A102
2
2
629,000
Active
N201
2
2
800,000
Active
R202
2
2
839,000
Active
M103
3
3
779,000
Active
E103
3
3
1,200,000
Sold
V202
2
2
590,000
600,000
07/24/18
Sold
V201
2
2
590,000
590,000
07/31/18
Sold
A101
2
2
598,500
600,000
08/27/18
Sold
A201
2
2
599,000
589,000
12/28/18
Sold
X201
2
2
665,000
630,000
01/26/18
Sold
L102
2
2
680,000
645,000
08/16/18
Sold
X202
2
2
688,000
674,000
07/20/18
Sold
P102
2
2
735,000
715,000
05/18/18
Sold
D102
2
2
739,000
725,000
01/18/19
Sold
J202
2
2
747,000
725,000
03/02/18
Sold
E101
2
2
749,000
740,000
07/10/18
Sold
T103
2
2
750,000
745,000
12/24/18
Sold
T201
2
2
759,000
755,000
01/29/18
Sold
E102
2
2
759,999
720,000
01/18/19
Sold
Q201
2
2
789,000
789,000
10/12/18
Sold
E201
2
2
805,000
765,000
05/11/18
Sold
Y103
3
3
902,000
902,000
01/23/18
Sold
B103
3
3
949,000
910,000
06/26/18

Figures from Realtors Association of Maui
TRAVEL & TOURISM
Sun Country Airlines has announced its largest route expansion, with the addition of 19 seasonal nonstop routes and 7 airports, including a new flights between San Francisco and Honolulu beginning May 18th. * Hawaiian Airlines has been named the most punctual airline in North America for a 5th straight year - with an almost unchanged on-time performance of 87.5%.

Speaking of Hawaiian Airlines, for those of you catching international flights, Mainland, or even neighbor island hops, their terminal and lobby stations have changed as of this month.

Hawaiian Airlines new dedicated lobbies for check-in:

  International Flights          Neighbor Island Flights           North America (Mainland)    
         Lobby 4 in Terminal 2          Lobby 3 in Terminal 1                Lobby 2 in Terminal 1                 
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

All year long,   M aui Beachfront Rentals  handles my vacation rentals so I can enjoy a steady stream of income without all the hassles.  When I have guests coming in I never send them to a hotel.  Why would I, when they can enjoy a fully equipped kitchen, laundry, free parking, and all the amenities of a resort through  MBR .  Since Wailea Fairway Villas doesn't allow vacation rentals, you might want to keep Maui Beachfront Rentals in mind when you have guests coming to visit you.
      MORTGAGES
Dean Rathbun  of  Avis Mortgage  shared that mortgage rates rose gently Friday. When US Treasuries are improving, mortgage-backed bonds tend to improve as well. The level of correlation varies though. For nearly all of 2018, mortgages weren't improving as quickly as the most widely-used rate benchmark: 10yr Treasury yields. That began to change recently--especially when 10yr yields began moving higher 3 weeks ago. During that time, we've seen moderate moves higher in 10yr yields met with modest moves higher in mortgage rates. Friday was another one of those days.

Dean says there's a new conforming loan limit for all Islands ... one-unit properties $726,525 and it's available now.  It's a benefit because it allows homeowners to take advantage of the higher limit without higher rates and stricter underwriting guidelines.  The new conforming limit of $726,525 in Hawaii would allow a buyer with a 20% down payment to get a conforming mortgage to buy a home for about $900,000.
MAUI HAPPENINGS 
Maui Plein Air

1/26, 2/23, 3/30: The Great Whale Count  get involved
2/02: Pacific Whale Foundation Run/Walk  info
2/08: World Whale Film Festival  details
2/15-18: Whale Tales  schedule
2/16-24: Maui Plein Air Painting Invitational  particulars

Maui OnStage    Iao Theater    tickets
3/01-17: Pirates of Penzance
4/26-5/12: The Boys Next Door
7/12-8/4: Mama Mia

Maui Arts & Cultural Center   
   tickets  
1/23: David Sedaris   readings and recollections
1/27: Surfing Hawaii:  related Exhibit Lectures
1/31: Derek Gripper   classical guitarist
2/01: Henry Kapono with Robi Kahakalau
2/02: ArT=Mixx: EcoEvolution
2/03: Watch the Big Game   gates open at Noon
2/05: Maja Salvador   Filipina actress, dancer, singer
2/07: Prazak and Zemlinsky Quartets   International chamber music
2/08: Author Richard Powers in the Green Room
2/08: Tomas Kubinek   1-man show clowning, vaudeville
2/16: UB40   concert
2/17: Winter Pops:  Maui Pops Orchestra
2/17: George Lopez   comedian
2/18: Hawaii Youth Symphony
2/22: Starry Night Cinema:   "Incredibles 2"  Free
2/23: Kainani Kahaunaele   Hawaiian music
2/28: Jacob Jonas The Company   dance

Mulligans On The Blue    Tuesdays
6:30 pm Free Magic Show
9:00 pm Open Mic Comedy Night (except 1st Tues of the month)

No matter what the economic climate, there are always reasons for folks to buy and sell real estate.  With rising interest rates and a volatile stock market, your real estate professional must have the appropriate market strategy to yield the best results in the transitioning Hawaii real estate market.   As owner of Berkshire Hathaway Maui Properties I have over 30 years experience in the Maui market with sales approaching $2 billion!  We a re 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.

John
Broker/Owner


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