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Kahana Update
February 2016
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Aloha Fellow Kahana Owners!
Did you know there's a Partial Solar Eclipse coming March 8th and you'll get the best opportunity to see it from Maui this decade. For the best viewing ... head to Kalama Park in Kihei. From 3:30 - 7 pm there'll be local astronomers on site with solar telescopes set up, as well as free eclipse glasses. There'll also be free activities, exhibits and crafts. info "Hakuna Matata" is Swahili for "No Worries" ... remember it from the Lion King? Well I'm thinking it may just have a Hawaiian connection ... because according to the Gallup-Healthways Well-Being report just released ... Hawaii reclaims its title as the state with the happiest residents! It's the 5th time (out of 8 years) that Hawaii has led the pack.
 As a Maui resident, I know I could find happiness in not only the most expensive luxury suite in our County, but the most expensive luxury suite in the State! The Four Seasons Resort Lanai reopened this month and the Alii Suite is only $21,000 a night. (not a typo folks ... that's 3 zeros). But if that's a little rich for your blood, other room rates their start at only $1,075 a night. That's all well and good, but can you find Spam cupcakes there? I'm guessing not. But you will be able to find all things Spam, from Spam fries to Spam cheesecake at the 14th Annual Spam Jam in April. Of course you won't be alone ... they expect 25,000 locals and visitors alike. details
 The Senate just passed the permanent Internet Tax Freedom Act (IFTA) ... next stop is the President's desk and he supports the act. The act will only affect the 7 states, Hawaii is one, which tax Internet access and email services. The affected state and local governments will be prohibited from doing that under the IFTA. And we've all seen the news coverage of the Zika virus in Brazil and other areas ... well Hawaii Biotech is developing a vaccine for it! They've developed several other vaccines, including one for dengue fever and the West Nile virus, which fall under the same flavivirus family as the Zika virus.
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 California remained the top state in the country (outside of Hawaii) to purchase residential real estate in 2015.
CA Buyers HI Buyers
2015:1534 properties $1.3 billion 2015: 15,080 properties $8.3 billion
2014:1462 properties $1.2 billion 2014: 13.457 properties $7.2 billion
Local buyers remain the dominant player in Hawaii real estate. I want to point out that Hawaii buyer data also includes both foreign and domestic entities registered to do business in the state.
But how is 2016 stacking up for Hawaii compared to the rest of the country? The National Association of Realtors took a state-by-state look at predictions:
So how did Maui do last month? Sales of single-family homes on Maui took a slight downturn based on 73 home sales as compared to 75 sold in January 2015. The median price of a single family home was $630,000, a 9% increase from $577,000 in January 2015. Condominium sales on Maui slipped by one in January to 82 units sold, compared to 83 sold during the same month last year. The median price of a Maui condo last month was $397,500, which was a 5% increase from $378,000 in January 2015.
Let's take a look at Kahana:
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KAHANA OUTRIGGER
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STATUS
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UNIT
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BD
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BA
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LIST $
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LT
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SALE $
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CLOSE
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no new activity
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KAHANA SUNSET
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*Active
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E4E
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1
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1
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495,000
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Active
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B1B
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1
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1
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629,000
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Active
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D10
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2
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2
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610,000
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Active
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E5
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2
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2
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695,000
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KAHANA VILLAGE
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no new activity
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ROYAL KAHANA
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Status
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Unit
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Bd
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Ba
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List $
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LT
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Sold $
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Close
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Active
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405
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0
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1
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215,000
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LH
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Active
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102
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0
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1
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225,000
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LH
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*Active
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119
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0
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1
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305,000
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Active
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605
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0
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1
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310,000
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Active
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604
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0
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1
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315,000
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Active
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1219
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0
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1
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319,800
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Active
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104
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0
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1
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322,000
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Active
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616
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0
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1
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336,000
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Active
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916
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0
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1
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339,000
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*Active
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619
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0
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1
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345,000
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Active
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1217
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0
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1
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364,500
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*Active
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108
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1
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1
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485,000
| | | | |
Active
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614
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1
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1
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485,000
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*Active
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315
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1
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1
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494,500
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Active
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115
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1
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1
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495,000
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Active
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107
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1
|
1
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495,000
| | | | |
Active
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413
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1
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1
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549,000
| | | | |
Active
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513
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1
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1
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549,000
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*Active
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501
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2
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2
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545,000
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Active
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720
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2
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2
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569,500
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Escrow
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703
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0
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1
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340,000
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Escrow
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201
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2
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2
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539,000
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*Sold
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201
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2
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2
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399,000
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399,000
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2/16/2016
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* new listing
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* $ reduced
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*new sale
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Figures from Realtors Association of Maui
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According to a report released by the Hawaii Tourism Authority, our visitor industry experienced it's 4th record breaking year of visitor arrivals and expenditures.
2015 8.65 million visitor arrivals spending $15.2 billion
2014 8.30 million visitor arrivals spending $14.8 billion
Oahu and Maui saw record arrivals, while the Big Island and Kauai held steady at the visitor numbers they've had for the past nine years.
THE BIG NEWS !
No less than 2 large studies - one by Goldman Sachs and one by the Hawaii Tourism Authority were conducted on where visitors are choosing to stay. They both found that more of Hawaii's visitors are return visitors, and more of them are skipping traditional hotels in favor of other accommodations like "peer-to-peer" service. Peer-to-peer [P2P] services are companies like Airbnb on the mainland or Maui Beachfront Rentals here on Maui that offer privately owned homes/condos directly to visitors.
The Goldman Sachs study found that 79% of visitors who had NOT stayed in an alternative accommodation (ex: condominium), preferred their return visit to be a traditional hotel. HOWEVER, if the visitors HAD stayed in P2P lodgings, that number was halved to only 40% who would go back to using a traditional hotel. According to a Bloomberg report "We find it interesting that people 'do a 180' in their preferences once they use P2P lodging. They move directly from preferring traditional hotels to preferring P2P accommodations."
In the information above I reference Maui Beachfront Rentals. That's because that's where I keep my condominium vacation rentals. My experience absolutely reflects the statistics used in the studies above. I get a ton of repeat visitors and referrals. What I don't get is any hassle. I do get the best bang for my buck. And the folks who stay in my rentals come back because they get the best of both worlds ... the luxury of a resort and the comforts of home.
Virgin America announced their new flights between Los Angeles and Honolulu will begin this May. Starting promotional price for a one-way ticket from LA to Hawaii is $169, which is $30 less than its San Francisco promo flight deal (they started San Francisco/Maui flights in December). Their competition has taken notice and Hawaiian Airlines is matching fares by offering roundtrip fares for San Francisco/Honolulu and San Francisco/Maui hundreds of dollars less compared to their typical winter season rates.
Delta has already introduced a Seattle/Kona flight and Jin Air has a new Seoul/Honolulu route. In July, Hawaiian Airlines will launch a Honolulu-to-Tokyo-Narita flight. Talks are also underway for a Kuala Lumpur-Osaka-Honolulu flight by Air Asia, and a potential Manila/Honolulu flight by Cebu Pacific.
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Mortgage rates stayed low again this week, remaining near their 2015 lows. Dean Rathbun of Avis Mortgage, shares that if Treasury yields were to hold at current levels, mortgage rates might sink a little further before stabilizing. Dean pointed to a report by the Mortgage Bankers Association, that shows Refinance applications jumped 16% last week. Refinance is the magic word right now. Dean sited a recent analysis of mortgage loan data from Black Knight Financial Services, that shows Hawaii is the top state for potential savings through mortgage refinancing! Used to be that folks would refinance if they could get a new rate that was at least 1%-2% lower than what they had. But that analysis showed that folks can get generous savings if they refinance an interest rate even less than 1%.
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Hawaiian Electric has reported that rooftop solar, utility-scale solar and wind, with some offshore wind, as well as geothermal, biomass and biofuels are the types of renewable energy sources that will be needed for Hawaii to reach its 100% renewable energy goal by 2045 at a reasonable cost. The report also noted that using liquefied natural gas (LNG) could be a good option.
In addition to renewable resources, Hawaii will also need to include development of microgrids, demand response options that will allow customers to shift their electricity use, and energy storage on both big and small projects.
A Silicon Valley company, Stem Inc., has already struck deals with nearly 30 companies in Hawaii to install energy storage systems with build out of these projects this year, and system completion in 2017-18. They created a technology that can rapidly respond to spikes in electricity use, and alternate between battery stored power and grid power to reduce costs for customers. "Behind-the-meter" battery storage has seen strong grown in the United States, but its barely touched the market's potential.
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MAUI HAPPENINGS
Pioneer Inn Courtyard (808) 276-4201
"An Evening with Mark Twain"
3/14 & 18, 4/1 & 15, 5/13 & 27
"An Evening with Albert Einstein"
3/11 & 25, 4/8 & 22, 5/6 & 20
Maui Arts & Cultural Center tickets
2/26-27: Kumu Kahuma Theater: My Boy He Play Ball
2/27: Exhibit: Observe & Play Family Day
3/3: Juan Siddi Flamenco Santa Fe
3/4: Sarah Chang & Julio Elizalde violin/piano
3/5: Santana concert
3/6: Lee Brice and Jarrod Niemann country
3/8: Baldwin High School Band
3/11: Hawaii Symphony Orchestra Spanish theme
3/14: Lahainaluna High School Band
3/16-17: Maui Energy Conference
3/18: The Midtown Men (4 Broadway Jersey Boys) 60's music
3/19: Wendy Liebman comedy
3/20: Maui Pops Orchestra Spring Concert
3/20: What is Mana talk
Various Events
3/5: Wooden Crate Cabaret at Lumeria dinner & reggae w/Mike Love details3/8: Maui Solar Eclipse Fair 3:30-7 pm Kalama Park Kihei schedule3/17: The Leprechaun Chase wear green or costumes 3 mi walk/run info
Until next month's update, I invite you to check out my website and to keep me in mind if you're looking to sell or perhaps add to your real estate portfolio. Remember I'm a fellow Kahana owner, and I've been a full time Maui Real Estate Specialist since 1987. I have closed over $1.5 billion in Maui real estate sales, and I am available to you 7 days a week.
Exceeding Your Expectations
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If you are currently listed with another Broker, this is not intended to disturb that relationship
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Local Lender
Low Fixed & Adjustable Rates
Condo-tel Lender for over 23 Years
DEAN RATHBUN
Toll Free (888) 455-AVIS (2847)
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Increased Income Reduced Expenses
Never Pay For Guest Damages
Guest Travel Insurance
Eliminates Guest Refunds
MAUI BEACHFRONT RENTALS
Toll Free (888) 661-7200
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