This Is How We Do FALL On Maui
September 2015 
LOCAL MAUI NEWS
Aloha Kapalua Golf Villa Owners!
            
As we enter Fall here on Maui, we welcome some new things and say goodbye to others.   is West Maui's newest attraction. The show traces the story of horses (lio) in Hawaii from the 1st gift of horses to King Kamehameha I - to the vaqueros from Mexico, Central and South America who taught Hawaiians how to maneuver horses - to Slack Key guitar (loosen the key) which was born when the vaqueros left guitars behind - to today's Hawaiian paniolo (cowboy) and and pa`u riding (ladies wrap skirt).  It's a big show with a large cast and of course, beautiful horses.      

Think you can't get authentic Bratwurst, cold German beer, and an Oompah band under a mango tree on a tropical night in October?  Then you need to check out the 4th Annual Octoberfest October 7th at Pioneer Inn.  A lot of local restaurants are also featuring Oktoberfest menus throughout the month.   If you're swimming in the waters around Maui and happen to see a honu (Hawaiian green sea turtle) with a number on its shell, make sure you remember when and where you saw it.  You can aid research and on turtle migration if you Email it to the Maui Ocean Center. 
    
And after 7 memorable years, Lahaina Plantation Days will celebrate its finale on Oct. 16-17.  Celebrating West Maui's Plantation roots, it'll feature food from over 15 of Maui's favorite restaurants,a beer and wine garden, MauiGrown Coffee tent, a plantation art gallery with works by well-known local artists, a game zone, and farmers' market.  And for those interested in cultural cuisines of the era, there'll be a Plantation Life tent with Hawaiian, Chinese, Japanese, Filipino, Portuguese, Korean, Okinawan and Puerto Rican foods.
       CURRENT MARKET ANALYSIS
A recent report from CoreLogic shows that twice as many metro markets are considered "overvalued" - prices are inflated relative to incomes - in the 2nd quarter of this year compared to the first 3 months of the year.  This is where I usually hear someone say uh-oh housing bubble! Bubbles eventually burst and home prices this time around aren't likely to fall.  The housing bubble of 10 years ago was fueled by free and easy mortgage credit. That's not the case today. Strong demand and weak supply is driving the rise in prices.  That same study reported that 91% of all mortgaged property now have equity.  Foreclosures are falling fast.  In fact they are down 68% from their peak.  CoreLogic predicts home prices to rise an additional 4.7% over the next year.  
     
As China's economy slows and its stock market posts sharp declines, Chinese investors are looking to park their money in U.S. real estate - and that goes for Hawaii too.  We're expecting an infusion of capital from the Asia-Pacific market.  In Hawaii there's been a nearly 30% increase in more cross-border capital being deployed this year compared to last year.

Here on Maui single-family homes sales rose by 41.1% to 96 homes sold last month compared to 68 sold during August 2014.  However, the median sales price for those homes fell by 3.5% to $550,000.  The last time the median sales price for single-family homes fell below $550,000 was back in June 2014 when it dipped to $530,000.  Meanwhile, sales of condominiums rose by 4.2% to 99 units sold last month compared to 95 in August 2014.  The median sales price of those condos fell by 13.4% to $355,000 last month, from $410,000 in August 2014.

Overall, year-to-date single-family home sales on Maui increased by 15% compared to the first 8 months of 2014.  The median sales price for those homes rose by 4% over the same eight-month period last year.    Year-to-date condo sales also dipped slightly by 3% over the same eight-month period last year.  The median sales price of those condos also fell slightly by 2% over the same period last year.

Let's take a look at Kapalua Golf Villas:

Status
Unit
Bd
Ba
 List $
 Sold $
Close
ACTIVE
26V-1
1
1.5
650,000
ACTIVE
20V-1
1
1.5
660,000
ACTIVE
14V2
1
1.5
675,000
ACTIVE
15T7-8
1
2
600,000
ACTIVE
18T3-4
1
2
615,000
ACTIVE
15T5-6
1
2
725,000
ACTIVE
24T3-4
1
2
725,000
ACTIVE
16T5-6
1
2
730,000
ACTIVE
27T5-6
1
2
735,000
ACTIVE
27T1-2
1
2
755,000
* ACTIVE
17T7
1
2
795,000
ACTIVE
24T1
1
2
795,000
ACTIVE
27V3
1
2
815,000
ACTIVE
20T5-6
1
2
866,000
ACTIVE
15P3-4
2
2
720,000
ACTIVE
14P1-2
2
2
830,000
ACTIVE
21P7-8
2
2
929,000
ACTIVE
14P7-8
2
2
950,000
SOLD
27T7
1
1.5
699,000
650,000
04/15/15
SOLD
21T1-2
1
2
767,000
767,000
03/31/15
SOLD
24P3-4
2
2
675,000
660,000
01/14/15
SOLD
23P3-4
2
2
775,000
725,000
03/27/15
SOLD
16P3-4
2
2
819,000
805,000
05/06/15
SOLD
14V3
2
2
829,000
775,000
05/05/15
SOLD
26P3-4
2
2
850,000
800,000
03/02/15
SOLD
26P5-6
2
2
949,000
918,000
05/29/15
* new listing
                          
 Figures from Realtors Association of Maui
TOURISM and TRAVEL
United Airlines revealed a new premium cabin seat.  Some things stay the same: number of seats, seat pitch of 38".  The new navy and champagne leather seats will be wider - while the aisle width will shrink from 28" to 24" to accommodate them.  They will also feature a new seat try (pictured at left) for positioning iPads or other mobile devices upright for easy viewing.

Hawaiian Airlines has added a new range of enhancements to its in-flight service for customers traveling from Japan to Hawaii.  Main cabin and business class passengers will be served regional and global fusion dishes, a new signature cocktail Pukana La, Hawaiian Host chocolates, and even pre-order keiki (kids) meals and a newly designed snack bag.  Then beginning December 1st on all flights from Hawaii to the Mainland, they'll debut their new menu for the first class cabin. Hawaiian Airlines have some numbers to boast about.  They flew 5.2% more passengers last month than they did in August 2014.  Year-to-date, Hawaiian's passenger count has grown by 5.1% during the first eight months of the year.

Cruise arrivals in Hawaii have been declining, and one of the reasons is the difficulty in scheduling their ports of call in the Islands.  More than 130,000 visitors arrived by ship or air to board a cruise ship this year through July - a decline of 8.6%.  A new system went live last week which should create greater ease of access to the Islands and alleviate some of the challenges cruise lines have faced in coming to our islands.

Not unexpectedly, Hawaii hotel rates and occupancy on all Islands fell after the Labor Day holiday.  Statewide occupancy rte fell 3.9% to 75.3% and the average room rate declined by 1.1% to $213.93.  Maui hotel occupancy fell by 1.8% to 69.7% while the average daily room rate declined 1.6% to $242.02. 
            
Even if it doesn't feel like Fall, we've got Halloween, Thanksgiving, and the Christmas-Hanukkah holidays coming and you know how fast they sneak up on you. If you own a vacation rental and it's not already booked, you might consider giving the folks at Maui Beachfront Rentals a call.  I keep my vacation rentals in their program, and I never have to wonder if I got the best rate -  They guarantee the best rate! And repeat bookings - let me tell 'ya.  Folks that stay in my units love the complimentary concierge services - from doing a grocery run, arranging a babysitter, reserving your tee time or making  your dinner reservations.  If you have vacation rentals or have guests coming for the holidays check 'em out: MBR.
     MORTGAGES
I've been giving you a heads up that there's a new "Know Before You Owe" mortgage initiative coming October 3rd.  They involve sweeping changes across the industry.  My mortgage guru Dean Rathbun of Avis Mortgage provided us the cliff notes in a way that's more easily understood. Just CLICK the picture to the right to see it for yourself. 

The Federal Reserve voted to keep interest rates unchanged, citing concerns over the global economy and our own financial market volatility.  Federal Reserve Chairman Janet Yellen wants more evidence that the labor market is continuing to improve and that inflation is on a path to eventually reach the Fed's 2% target.  She added that it's possible that the Fed will begin to raise its federal funds rate next month.  13 of 17 Fed policymakers say they foresee increasing rates at least once this year.  Four say rates should not be raised until at least 2016.  Fed policy meetings are slated for October and December.
GREEN
NextEra Energy, the company proposing to buy Hawaiian Electric (which includes Maui Electric) has committed to:
  • Nearly $1 billion in customer savings and benefits in 1st five years
  • The state's 100% renewable energy goal by 2045
  • Savings from $345 - $475 per residential customer in first 5 years
  • Develop smart-grid technologies across the state 2 years of Hawaiian Electric's plan
  • Give at least $2.2 million to Charity for a minimum of 10 years
Hawaii leads the nation in solar electricity per capita, with 312 watts of solar power capacity per resident - more than 7 times the national average.   Hawaii moved back into the top 10 in the United States when it came to solar panel installation rankings in the 2nd quarter.   Looking forward, Hawaii expects another record year for the U.S. solar PV market in 2015, with installations reaching 7.7-gigawatts, a 24% increase over 2014.

Ever hear of water scalping? Well, the Hawaii State Department of Transportation is going to spend $2 million on the feasibility of that particular re-use of water.  Without going into much detail, water scalping involves the extraction of water from sewers and treating it for various uses like irrigation.
Walk a Mile in Her Shoes
                             
MAUI HAPPENINGS
 
10/3: Maui Paddle for a Cure  Kaanapali Beach details
10/3: Walk a Mile in Her Shoes guys in heels
10/7: Oktoberfest info
10/9-12: Play for P.I.N.K. Kapalua golf & tennis tournament
10/10-12 & 24: Lahaina Art Society Fine Art Fair Banyan Tree
10/16-17: Lahaina Plantation Days details
10/17: Growing Dreams Floral Design Festival
10/17: 18th Annual Noble Chef info
10/19: Maui's Native Birds presentation
10/31: Lahaina Halloween even more details next update

Maui Arts & Cultural Center tickets 
10/01:Psychic Migrations Film Premiere    surfing movie 
10/09:Bone Thugs-N-Harmony    hip hop
10/10: Ukulele Workshop
10/11: 10th Annual Maui Ukulele Festival
10/15: Postmodern Jukebox    concert
10/17: Billy Currington     country
10/18: Lau Hala     cultural symposium
10/21: Zemlinsky Quartet     Czech string quartet
10/23: Flaco Jimenez and Max Baca     Texas-Mexican conjunto music
10/24: Mohala Mai     hula
10/25:  Sean Robbins    hawaiian music
10/27: Hawaii Symphony Orchestra Debut     Opera
10/29: Maui Comedy Festival presents Patton Oswalt
10/29: 13 Candles - Ghost Stories of Hawaii
10/30: Starry Night Cinema - Hotel Transylvania

That's a wrap for this month.  I invite you to check out my new website and keep me in mind if you have any interest in selling your property, or buying while taking advantage of the low interest rates while they last.  Of course, I'm available to you 7 days a week and am more than happy to help you in any way I can.
       
Remember I've been a full time Real Estate Specialist since 1987 and have closed over $1.5 billion in Maui real estate sales. As Broker/Owner of Berkshire Hathaway Maui Properties, Hawaii's only Berkshire Hathaway brokerage, I'll ...
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