Aloha From Maui! – Island Update May 2020
I hope you are safe and healthy during this crazy time in our lives. While the effects ofCovid-19 in the broader economycontinue, real estate is beginning to recover across much of the country. Maui has been on an upward trend in 2019 and so far in2020, but we are finally starting to feel the decline in the pace of sales as a result of the Hawaii quarantining order. The goodnews is that prices are holding firm, in fact increased over last May, while the pace of sales slows down. Inventories remain low.Much of Maui is now open for business except for the traveling tourist. Restaurants are starting to open, golf course have beenopen and there is unlimited use of beaches. However, we still have a mandatory 14-day quarantine for all incomingtravelers anda ban on vacation renting for now. It appears that travel restrictions will start to ease in Mid-July.
Featured Listing of the Month
4039 Lower Honoapiilani Road
Mahinahina, Maui, HI
6 bedroom | 6.5 Bathroom | 5,418 sf | .095 acres
$9,900,000.00
This entertainer’s dream has an unparalleled oceanfront lifestyle of peaceful seclusion and luxurious comfort. The approximately 1-acre, gated, oceanfront property cultivates a rare sense of privacy and tranquility. And, no expense was spared in this 2017 meticulous renovation, now adorned with an unsparing collection of lavish finishes including tiger wood floors, Ann Sachs glass tile, Walker Zanger stone, and-all new kitchen and bathrooms. This Classic Plantation style residence sets a new standard of island elegance and sophistication. The explosive views over the private sandy-beach lounging area, secluded coastline, turtles frolicking at the shoreline, whales breaching in the distance, and the majestic outer islands of Lanai and Molokai with the epic Maui sunsets in between, creates a picture-perfect postcard. Other distinguishing features include totally renovated upstairs master and complete new downstairs master bedroom, new-view flame fireplace to set the mood, indoor outdoor living at it’s finest with blurred transition to the outdoor entertaining area with oversized, all-tile pool, a 3-car garage and a rare private-well for irrigation. The exterior was completely repainted and has a new heavy shake cedar roof with copper gutters, all new energy efficient multi-citi central air-conditioning, new security system and cameras, automated shades, new media and surround sound system and extensive tropical landscape upgrades.
Ok, now Nature’s just showing off – Kaanapali Beach
Market Update – May 2020
Real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May. On Maui, the evidence of the impact of Coronavirus is starting to show in May:
New Listings decreased 15.5 percent for Single Family homes and 18.8 percent for Condominiums. Pending Sales decreased 28.2 percent for Single Family homes and 52.7 percent for Condominiums. Inventory decreased 15.5 percent for Single Family homes but increased 6.1 percent for Condominium homes.
On a positive note, prices continue to hold firm, in fact, are slightly up from May 2019. Median Sales Price increased 13.5 percent to $800,000 for Single Family homes and 33.3 percent to $680,000 for Condominiums. Months Supply of Inventory decreased 5.8 percent for Single Family homes but increased 24.4 percent for Condominium homes. Our market is still performing well and is expected to continue because of low remaining inventory.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks
Dean’s Bar & Grill
My garden continues to delight. This week’s house special appetizer below is fried
okra with salt and pepper and Hawaii Chili Pepper Water and pesto dip made from
my basil plants. The yellow flower below is the Okra “orchid-like” flower. Eating
Okra can improve your heart health. Done. Enough said.
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