Throwing Shade on Maui?
July 2017
Aloha Fellow Kahana Owners,

"Maui" is partially shaded in the above picture.  And that's because Maui will experience a Partial Solar Eclipse next month on August 21st.  There's 2 important details; Even though it's "partial" you still have to wear protective eyewear, and 2 ... you'll have to get up early.    The partial eclipse starts at 5:51am ... but you won't be able to see it as it will be below the horizon. You'll start to see it at sunrise 6:06am.  The maximum viewing will be at 6:35am - toward the East.

Erosion in West Maui has caused several properties to put up sandbag barriers.  A wave run-up forecast and notification system is being developed with a half-million dollar federal grant.  This will give residents about a 6-day "heads-up" of possible large wave and flooding events. *  Wine Spectator Magazine recently awarded 17 Maui restaurants for their wines, including Sarento's on the Beach, Morimoto Maui and Merriman's Kapalua.  * Don't feel guilty about eating Hawaiian Macadamia Nuts anymore.  The U.S. Food & Drug Administration has, for the 1st time, approved a qualified health claim specifically for the macadamia nut in helping reduce the risk of coronary heart disease!  *  Move over, Kona.  Maui coffee is becoming the big thing. Maui Coffee made history for winning best overall coffee in Hawaii this month!  Next to seed corn, coffee is the #2 crop in the state.  *  A new crop is on our horizon.  Turns out Jamaica's climate resembles Hawaii's so closely, that the Department of Agriculture purchased hemp seed from them.  From those seeds, Hawaii growers will develop a Hawaii-specific seed that will thrive here.

Filming has wrapped up in the Islands for the 5th installment in the Jurassic World Series.  That gorgeous specimen to the right is an animatronic T-Rex from the movie. "Jurassic World: Fallen Kingdom" will debut next June.

And I'd be remiss not to mention that "Spam", the canned meat Hawaii has come to love, has just turned 80! What started during the Great Depression, has become an annual  7 million can consumption here in Hawaii.
Nationally, low inventory slowed down home sales last month.  Buyers faced fewer options and record-high real estate prices.  According to the National Association of Realtors, the median existing-home price for all housing types was $263,800.  That's up 6.5% from a year ago, and is now the highest median price on record.

On Maui, the median price for a single-family home was up 12.3% to $740,000 last month, compared to $659,000 at the same time last year. Home sales also shot up 21% with 120 homes sold in June, up 21 units from year before levels.  It's important to note that the median single-family home price in Maui County hit $700,000 or more for the 3rd time this year! Median home prices topped the $700,000 mark only one month last year - in December when the price was $700,500.  Before that, Maui County median home prices had not gone north of $700,000 since September 2006!

There was also a double digit increase in the median price of condos, up 13.3% to $435,000.  A total of 123 condos sold in June, up nearly 12% from June 2016. 

Now l et's take a look at Kahana :

3 (1A3)
Figures from Realtors Association of Maui
Visitors to Hawaii spent nearly 9% more in May than they did in the same month last year.  Spending is up by 9.8% to $6.9 billion for the first 5 months of the year.  Arrivals grew by 4.2% during the same period, while daily spending was up 5.2%.  Hawaii received a tourism boost from east coast travelers last month, which may be due to  the new marketing initiatives launched in New York City.   Because they have to travel farther than our west coast visitors, they tend to stay longer and spend more.  Total air seats serving Hawaii from the East Coast jumped 10.6% in May.  A healthy visitor industry tends to stimulate the real estate market as visitors fall in love with the island and become residents, or simply find a good investment opportunity.

Tech giant Google wants a piece of the booming vacation rental and home-sharing market. They've started off with 7,000 vacation rental listings in Europe.  Still, nothing beats having an actual local company in the area you're renting ... to handle all the things you need while on vacation.  Folks who rent out Maui properties are in a good position now with the increased visitor count.  And when I'm asked for my recommendation for owners who are looking to rent out their condos for income when they're not using it ... I always give the same answer:  Maui Beachfront Rentals. It's where I have my vacation rentals. I know my guests are being treated like royalty, and I don't have any hassles.  If you're looking to get more bang for your buck - give them a call.

According to Hawaiian Airlines CEO Mark Dunkerley, China will soon overtake Japan as Hawaii's largest international tourism market.  No wonder Asia is where the airline is focusing its attention.   Hawaiian Airlines is also adding 3 new daily routes between the neighbor islands and the U.S. West Coast early next year.   Hawaiian will add direct routes between Portland and Maui as of Jan 18, 2018, Oakland and Kauai will be offered until Sept 4th then resume on April 11, 2018, and the daily flight between Los Angeles and Kona launches March 11, 2018.

Negotiations between Alexander Cauguiran, the CEO of Clark International Airport in northern Philippines, and airlines could begin this year.  He is looking to launch flights between Pampanga province and Los Angeles and Hawaii. 
Mortgage rates dropped to the lowest averages in a month last week. Even with that, Dean Rathbun  of  Avis Mortgage tells us that the total mortgage application volume eked out just a 0.4% increase last week. Refinance applications, however, did increase 3% last week. Dean says he's "prequalifying a lot of buyers who are looking for their perfect property." The stock market is at an all-time high, and rates are favorable.  The stringent regulations in the lending industry put in place during the Great Recession have become more relaxed in recent years.   Dean reminded me that Fannie Mae recently increased the debt-to-income ratio by 5% points to 50% ... making it easier for new buyers to get home-purchase mortgages.

Dean also shared that foreclosures are now the 'Unicorns' of the housing market.   Foreclosure filings are down 20% from the same period a year ago.   Also, the population of underwater homeowners (where they owe more on their mortgage than their home is currently worth), has dropped by nearly 1 million borrowers since last year.  This marks the first time the underwater population has dropped below 2 million since 2006.
Hawaiian Electric has extended its $10,000 rebate promotion with Nissan for new 2017 Leaf models.  With the federal tax credit of up to $7,500, you could save up to $17,500.  The extension will run through Sept. 30th.  *  Ground, marine and air transportation currently accounts for two thirds of the state's oil consumption.  The Hawaii State Energy Office has been looking at electric vehicles as a solution.

The state Public Utilities Commission has accepted an updated plan submitted by Hawaiian Electric Cos. detailing how it will reach the state's goal of 100% renewable energy 5 years ahead of schedule. A key goal of the plan involves acquiring nearly 400 megawatts of renewable energy sources by 2021.

Alexander & Baldwin Inc. has begun growing sorghum and corn on Maui as part of a test project to develop biofuel.  Last month, A & B announced a partnership to produce biofuel from Pongamia Trees on Maui to produce seed oil.

7/21-22: Obon Festival  Makawao Hongwanji Mission 6:30pm
7/22: Kaluanui Centennial Festival & Family Day  info 
7/29: Iao Valley 10k  details
8/03: Maui Film Premiere of "Plastic Ocean"  tickets
8/4-6: San Francisco Symphony 1st Violin Section Concerts  schedule
8/5-7: Free 2 Night Cabin Stay service trip in Haleakala Crater  information
8/11: "Aipono Wine Dinner  Longhi's Wailea  (808) 891-8833
8/11-12: Lahaina Hongwanji Mission Obon Festival
8/12: 5th Annual Huliau Food & Film Festival  details
8/12: EV Showcase  Electric & Hybrid Vehicles  Queen Kaahumanu Center 10-2
8/19: Paia Maui Rinzai Zen Mission Obon schedule
8/26: 1st Annual La 'Ula Breadfruit Day   Free 
8/26: Kula Shofukuji Mission Obon Festival

Pre-Sale Tix on sale for Oct 20-22 Hawaii Food & Wine Festival  details

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   
7/21-23: Sesame St Live "Elmo Makes Music"
7/28: Rita Rudner   comedy
7/29: The MayJah RayJah: Soja, Katchafire, Manalion
8/05: 2017 Grammy Award Winner Kalani Pe'a   concert
8/06: America   in concert
8/10: An Evening with Ottmar Liebert   guitar
8/12: The Roots of 'Ulu   Polynesian documentary film
8/13: Maui Chamber Orchestra & Chorus   French Impressions
8/18: Maui Calls  (Maui's premiere wine & food tasting event)
8/25-9/3: The Hunchback of Notre Dame    musical

As you read, the visitor count to our Island is up, and we have pre-qualified buyers. 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 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.  


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