Wailea Fairway Villas  Update
September  2017
LOCAL MAUI NEWS
Aloha Wailea Fairway Villa Owners,

The first episode of the Hawaii-filmed TV series "Marvel's Inhumans" will air on the ABC Network starting Friday Sept. 29th. The series wasn't just filmed here in Hawaii, part of its plot also takes place in the Island.  The series is expected to pump between $80 and $100 million annually into the state's economy. 

      
When you think of what happened to other states with recent hurricanes Harvey and Irma, you realize no one is exempt from potential disasters.  Now the Department of Homeland Security will award $7.6 million in federal funding to Hawaii to prevent and respond to natural disasters, terrorism, and other emergencies. 
          
Mutual insurance company Sentry  has agreed to a 5 year deal with the PGA Tour to become the title sponsor of the Kapalua Golf Event. The Sentry Tournament of Champions Kapalua is scheduled for Jan. 2-7.  * And it just keeps getting better ... Governor David Ige recently bragged that Hawaii is ranked the healthiest and most livable state in the nation; has low unemployment; has created 14-thousand jobs; and is currently in the 6th consecutive year of record visitor arrivals and spending.  He's not the only one that feels that way.  WalletHub recently dubbed us  one of the "happiest states" in the country. And Expedia claims that Kaanapali Beach and Lahaina Beach are America's favorite beaches for 2017.
        CURRENT MARKET ANALYSIS
Nearly 10 years after shutting down operations at Hawaii's Molokai Ranch, the owners have put the property (35% of the island) on the market for $260 million.  They are looking for a "legacy buyer" not a developer.  *  A ccording to a report by the Department of Business, Economic Development and Tourism, some 45% of homes sold on Maui last year went to mainland or foreign buyers .  Oahu had 23% buyers from mainland/overseas, and both Kauai and the Big Island had 37%.
       
On Maui, condominium sales increased to 110 last month, while the median price decreased 4.8% to $400,000 from $420,000 at the same time last year.  Year-to-date condo sales increased 5% to 925, with the median price also increasing 5% to $450,000.  Meanwhile single-family home sales increased to 105 sales last month with a median price of $700,000, a 4.2% increase from $672,063 August 2016.  Year-to-date sales increased 3% to 743 with a median price uptick of 11.1% to $702,000.
            
Now l et's take a look at Wailea Fairway Villas :

Status
Unit
Bd
Ba
List $
Sold $
Close
Active
X202
2
2
688,000
Active
L102
2
2
688,800
Active
K102
2
2
739,000
Active
B103
3
3
949,000
Escrow
V102
2
2
625,000
Escrow
N102
2
2
639,900
Escrow
T202
2
2
679,000
Escrow
C103
3
3
780,000
Sold
V103
2
2
565,000
550,000
03/16/17
Sold
Q102
2
2
599,999
599,999
01/30/17
Sold
Q101
2
2
648,000
635,000
08/07/17
Sold
E201
2
2
715,000
711,000
03/22/17
Sold
E101
2
2
748,880
740,000
05/09/17
Sold
H101
3
3
925,000
880,000
02/23/17

Figures from Realtors Association of Maui
TOURISM
There's a new U.S. Customs program that could bring more visitors to Hawaii.  The U.S. Customs and Border Protection (CBP) has launched a Global Entry pilot program with Japan that will allow up to 1,500 Japanese citizens to receive expedited screening when visiting the U.S.  Japan is the largest international tourism source for Hawaii with nearly 1.5 million Japanese citizen visiting Hawaii last year, and spending over $1 billion in the state's economy while supporting over 26,000 jobs.  *  Could Hawaii benefit from Mexico's travel warning?  The travel warning was issued last month, following an increase in violent crimes in various Mexican states. 
     
The state Office of Consumer Protection is investigating resort fees charged by local hotel operators.   Resort fees at Hawaii hotels typically range between $10 and $40 a night.  They're not included in the standard room rate listed, and some consumers complain that they don't find out about these fees until it's time to check out ... kind of like a "sucker punch".  
TRAVEL
United, Delta and Hawaiian Airlines are offering new nonstop service to Maui. Beginning in December United will offer 40 daily flights to the Islands, making it the carrier offering the most flight to Hawaii.  Maui will get daily year-round nonstop service from Denver, as well as the only nonstop flight to Hawaii from Chicago, and an increased number of flights from Los Angeles and San Francisco.  *  Delta will introduce flights to Maui from Salt Lake City in December.  *  Hawaiian Airlines will fly to Maui from Portland beginning in January 2018.  
                                 
Alaska Airlines, the 4th busiest airline serving Hawaii recently unveiled new technology to make your flight better.  They brought on Gogo satellite-based broadband 2Ku service. It has 20 times more bandwidth and you'll be able to stream from services like Netflix, Hulu and HBO Go beginning in 2018.  Alaska has also reached a deal with Singapore Airlines as its newest global partner.  *  Not to be outdone, Hawaiian Airlines is upgrading its nonstop service between Honolulu and Sapporo Japan.  They'll introduce Airbus A330-200 aircraft, with full-flat seating as well as premium economy seating in Feb. 2018.
              
You won't have to fly that far for a more comfortable flight.  Island Air has also brought on new planes - the Q400 - that have roomier seats and faster flight times for your inter-island flights.
      MORTGAGES
Home buyers and homeowners are taking advantage of some of the lowest interest rates in a year.  According to    Dean Rathbun  of  Avis Mortgage, mortgage applications for refinancings and home purchases jumped 9.9% higher last week on a seasonally adjusted basis.  Home equity line originations jumped 8% to nearly $46 billion in the second quarter. This is the highest level since 2008.  Cash-out mortgage refinances reached $15 billion, a 6% increase from a year ago.
    
Fannie Mae is changing the requirement that borrowers pay a higher down payment to qualify for an adjustable-rate mortgage (ARM). They're trying to bring this type of financing more in line with that of fixed-rate mortgages.  Now borrowers can make as little as a 5% down payment on a one-unit primary property.  Also they'll need less equity in order to refinance into an ARM.  *   HARP, a popular government refinancing program was supposed to expire at the end of this month, but has now been extended through the end of 2018.
            
Reverse Mortgages are going to get tougher going forward.  The Department of Housing and Urban Development (HUD) says the program has proven costly to the government in recent years.  New borrowers will pay 2% of the home's value upfront, and then 0.5% annually over the course of the loan.  They will also face higher premiums upfront but will pay lower premiums over the life of the loan.
GREEN
eco footprintHawaii's oil refineries were supposed to be nothing more than historical artifacts by the time 2020 rolls around.   But with only 3 years left until then, it's clear that deadline was off the mark.  In fact, both of the state's refineries are investing in their operations to meet market demands.  Par Hawaii Refinery's top product is jet fuel.  With the booming tourism market and Hawaii's military presence both refineries can't make enough of it and some jet fuel still needs to be imported.  Electric power generation is the 2nd largest sector for fuel use in the state.  However, House Bill 623 (passed in 2015) mandates that by 2045, 100% of Hawaii's electricity has to be generated by renewable technologies.  Hawaii is the only state in the country to commit to a 100% target.
     
Hawaiian Electric Cos. has filed its grid modernization plan with state regulators.  The plan estimates it will cost $205 million to update the energy grids on all the Islands over the next 6 years.  *  Hawaii energy stakeholders disagree on new solar credit programs.  The CGS program, which provides customers with credit for electricity sent to the grid, will end on Oct. 21st.  Hawaiian Electric Cos. has proposed a smart export program that lets customers to export electricity to the grid only during high demand times: 6am - 9am and 4pm-10pm. They also want to cap it at 1 megawatt for Maui.  A group of local energy stakeholders says that's way to low and are looking for a cap space of 5 megawatts on Maui.
Battle of the Badges

                             
MAUI HAPPENINGS

9/20: Stand Up Comedy Open Mic   Every Wednesday Night
9/23: Battle of the Badges Softball  Maui police vs firemen  
9/30: 4th Annual Maui Swim & Fin tonirojas@hawaii.rr.com
9/30: Chinese Moon Festival  Lahaina
10/01: MPPA' s 29th Annual Garden Party  details
10/7-8: Pacific Cancer Foundation Paddle for Life 
info
10/15: Maui Marathon & half marathon 
schedule
10/20-22: Hawaii Food & Wine Festival  tickets
10/31: Halloween in Lahaina "Mardi Gras of the Pacific" (808) 667-9175

Maui OnStage    Iao Theater    tickets
9/29-10/15: Harvey
10/21-22: Maui Chamber Orchestra Season Opener
11/24-12/10: Chitty Chitty Bang Bang
12/16-17:  Maui Chamber Orchestra 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  
9/19: Richard Marx  in concert
9/22: Paradigm Lost   surf movie
9/29: A 90th Birthday Tribute to W.S. Merwin
9/29: Shank's Mare   Japanese/American puppetry
9/30: Damian Marley & J boog   reggae
10/09: Tommy Emmanuel  guitarist
10/12: Song of Frank Sinatra   crooner John Wilt
10/14: Ukulele Workshop
10/15: Ukulele Festival
10/22: Black Uhuru   reggae
10/26: Mana Wahine   Okareka Dance Company
10/29: Steven Hough   concert pianist

As you read, the visitor count to our Island is up, and I 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. Our offices are located 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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