WAILELE RIDGE- New Development in Napili

I am very excited to inform you that there will be a new development in Napili, on the mauka (mountain) side of the highway, above Maui Preparatory Academy, a quick walk to Napili Plaza and 5 min drive to prestigious Napili Bay and Kapalua Bay. There have not been any developments in Napili area since the 70’s, thus the excitement. Wailele - New Development in Napili

This community is designed as a cluster of townhomes, located in 25 buildings, with a large pool, jacuzzi and club house. No short term vacation rentals will be allowed, this property will be the perfect choice for a main residence or a Maui home away from home.

Wailele New Napili Development

With a variety of floor plans and some ocean views, prices will start in the $400,000’s.

Wailele Ridge

Construction is said to start in December and first buildings will be completed as early as December 2015.

Wailele Ridge Napili

Please let me know if you are interested in this development and I will add your name to the interest list. This will allow you to receive updates regarding prices, timelines, floor plans, etc.

Mihaela Stoops, REALTOR Broker
Maui Estates International
The Exclusive Affiliate of Christie’s International

http://www.facebook.com/mihaelastoopsrealtorbroker


Maui County property tax rates went down

FISCAL YEAR  JULY 1st 2014 to JUNE 30th 2015

Class                          Tax rate per $1,000               Tax rate per $1,000                                  

                                    Net Taxable Building             Net Taxable Land

Residential                             $5.57                                  $5.57

Apartment                             $6.20                                  $6.20

Commercial                          $6.83                                  $6.83

Industrial                              $7.07                                   $7.07

Agricultural                          $5.86                                  $5.86

Conservation                        $6.06                                  $6.06

Hotel/Resort                        $9.11                                    $9.11

Homeowner                         $2.78                                    $2.78

Time Share                         $15.07                                   $15.07


61 Hoaka Pl

Picture perfect home across the street from the ocean

This is the home that you have been waiting for. Meticulously maintained, the residence at 61 Hoaka Place, also known as house #12 has an excellent curb appeal and offers 3 bedrooms and 2 bathrooms across 1,387 sf of living space. Offering one of the largest parcel within this gated community, the spacious lanai areas will provide endless evenings of enjoyments and retreat.

Hoaka

Hoaka


The fire pit surrounded by a nice seating area and the wet bar are the highlights of your back yard, making it really easy to entertain. A secondary lanai provides the perfect set up for outdoor dining, just off the kitchen, equipped with stainless steel appliances and hard wood cabinetry.
The Kauhale Mahinahina community is conveniently located on Lower Honoapiilani Road, nestled between Honokowai and Kahana. This gated community consists of 19 residential homes. The proximity to the ocean, parks and intimate setting are this community’s strength. Park is adjacent to the community and is very much enjoyed by children and dog owners in the neighborhood.


Sands of Kahana #284

Your worry free beachfront home
Nestled on the pristine coastline of Kahana, located approximately half way between Kaanapali and Kapalua, the beachfront condominium community known as the Sands of Kahana is the perfect family resort. This resort offers a wide range of amenities: on-site restaurant, two pools, Jacuzzi, multiple barbeques, exercise room, tennis courts, computer/internet room and putting green. This is also one of the few properties that offers covered parking, extra storage & elevator access.

Sands of Kahana

Sands of Kahana


Units at Sands of Kahana are in demand due to their generous living area and friendly, functional floor plans. Offering 2,290 sf of living space, three large lanais totaling approximately 430 sf, three master suites, a large kitchen and lots of storage, unit 284 feels more like a house than a condo. The two story floor plan and the vaulted ceilings really differentiate this top floor unit from most oceanfront condos and compels us to compare it to houses on the ocean.
Those following the real estate market already know that the inventory of homes in West Maui priced under $1 mil is very low and that the options are very limited. Well maintained homes with ocean views (like in Kahana Ridge subsivision) start at $895,000. Proximity to the ocean comes with a price, the starting point being at $1,095,000. The most affordable beachfront home is only 1,140 sf, located in Lahaina and it is listed at $3,975,000. Now price reduced to $839,000, Unit 284 is truly your perfect beachfront home, with stunning ocean views and easy maintenance : an array of amenities are taken care of by the homeowners’ association. Save yourself $3mil or more and purchase this unit at Sands of Kahana!
Following the successful purchase of the fee by the Homeowners Association in 2008, the Sands of Kahana is now a fee simple community. An existing sandwich lease will terminate in 2036.


Studio on Napili Bay price reduced to $329,000

Hale NapiliOriginally listed at $400,000 Hale Napili #9 is now listed for only $329,000. This is the lowest priced condo located on the sandy beach at Napili Bay. Other than Napili Kai Resort, Hale Napili is the only other property on Napili Bay that has been remodeled and landscaped top to bottom.
Hale Napili is an intimate, beachfront condominium community consisting of only 18 units, located on a premier portion of Napili Bay. Well known for its beautiful sandy beach, clear water, turtles, rainbows and swaying coconut trees, Napili Bay is the definition of Paradise!
The studio at #9 is a ground floor and provides 417 square feet of living area. This allows for convenient living and easy access to the beach. The large private lanai is a perfect spot for your morning coffee or an afternoon read. Fully renovated, the kitchen features a full assortment of appliances, granite counter top and ceramic tile. Sold fully furnished, this turn-key property is ready to move-in or be placed it in a vacation rental program. Please call for details.


Refrigerated Cabinets for Bathrooms

This is the latest trend for bathrooms: having a refrigerated cabinet that would allow ladies to store all their skin products!

Read about this here:
http://robbreport.com/Home-Design/Refrigerated-Cabinets-for-the-Bathroom


$21,000 donated to the Lahaina Tutoring Program!

I am so proud to be part of this amazing group of volunteers that raised $21,000 for the Lahaina Tutoring Project, during the Aina Nalu Wine Tasting Event on May 25th 2013!

Lahaina Tutoring Project

A new “tutoring year” debuted last week! My 6th grade math students are excited about it and I am looking forward to making math more interesting and more attractive to them!


Living at Puamana in Lahaina

PUAMANA:
Close to Lahaina downtown, famous restaurants, art galleries and stores. Check.
In walking distance to the ocean. Check.
Famous surf spot. Check.
Community that offers pools and tennis courts. Check.
Great club house, perfect for parties and weddings. Check.
Low density community, spread over 30 acres, park setting, with many trees and plants. Check.
Gated community. Check.
Covered parking. Check.

Unit #23-4 has a good location within the community, close to the “big pool” and the tennis courts. Great layout with a 1bd/2ba + loft, offering approx. $992 sf of living space. Listed at $640,000, this your blank canvas, ready to be decorated and transformed into your home!


Forecasting Condo Values

In determining value, many refer to location, square footage, views and interior décor. But there are several other factors that need to be considered, before buying or selling property:

a) supply and demand trends. There have been only 4 new developments from Lahaina to Kapalua, in the past 20+ years and there is only one future development on the books: Pulelehua.  Direct oceanfront property is naturally limited and thus will always be sought after. The available inventory in West Maui has shrunk so dramatically in the past year that we are starting to see prices going up in certain neighborhoods.

b) distressed inventory: number of current and future short sales and disclosures. Although it is hard to know exactly how many properties will become distressed, the delinquency in maintenance fees or special assessments may indicate what units may be available for sale in the near future. According to the Mortgage Bankers Association, the mortgage delinquency rate in Hawaii fell to 4.8% in the first quarter of 2012. As a reminder, the national rate for mortgage delinquency was in the 2% range before 2007.

c) property maintenance. Special assessments imposed to update or modernize a property may determine owners to sell, increasing the available inventory. Buyers are encouraged to read all the condominium documents provided in escrow, to learn about significant upcoming maintenance issues and the association’s ability to finance such projects.

d) demographics like baby boomers and aging ownership. In many areas, ownership did not change in many years. At Kapalua Golf Villas, a property of 186 units, there have been 229 sales since 1996 until today (there is no data available in the Multiple Listing System, prior to 1996). More than half of these transactions occurred in the past ten years. According to National Association of REALTORS, we trade up or down every six years.

e) loan availability. In the past few years, banks have shied away or increased minimum down payment requirements on condotels (properties where vacation rentals are allowed), properties with maintenance fee delinquency above 15% and properties with low owner occupant ratio.

Work with a REALTOR that has access to above mentioned information and that can help you do all your homework before you buy or sell real estate. Timing is crucial in real estate and although the market is recovering, we will see some oscillations.

Year Avg  Price 1bd units Median price 1bd units No of Sales

2002

$393,900

$392,500

10

2003

$425,300

$430,000

5

2004

$586,000

$590,000

17

2005

$753,777

$775,000

9

2006

$887,250

$869,500

4

2007

$710,000

$700,000

7

2008

$686,200

$700,000

5

2009

$528,750

$535,000

4

2010

$461,900

$457,500

5

2011

$484,166

$457,500

6

2012

$448,055

$425,000

9

 

Price evolution for 1bd units at Kapalua Golf Villas, between 2002 and 2010.Views and interior appointments were not factored in. Although distressed inventory took a very small share of the market, the current special assessment and the aging ownership have lead to a dramatic reduction in prices, presenting opportunities for savvy buyers.

Current listing prices for large 1bd units are between $390,000 and $435,000, while 2bd units are priced between $525,000 and $945,000. To learn more about these listings, please call Mihaela Stoops, REALTOR Broker with Maui Estates International, at 808-357-4000.


How Much Does It Cost to Build?

The price per square foot is one of the most asked questions in the construction industry. Although in other areas this indicator is successfully used to perceive value or to build budgets, it may not apply as well in the Hawaiian Islands, without further clarification.

Although it is simple math, one needs to start by defining or determining the square footage. In the real estate industry, for statistical purposes, square footage most times refers to the living area, thus excluding lanais, covered porches or garages. In the construction industry, the most common term is “ under roof square footage”, which is a more inclusive term. Often enough, some may focus only on the area of the building, but not consider its volume. Cathedral ceilings make a home feel more spacious and help with ventilation, but the height of the building is not taken into consideration when calculating price per square footage.

In determining the total cost of construction, there are several factors that are unique for Hawaii and that one needs to be aware of:

1) Site preparation. Not every parcel is ready to have a house built on it and it may require additional preparation like bringing utilities to the main dwelling, grading, digging, leveling, filling in, building retention walls, etc. Topography, slope and soil composition are very important in determining the total cost of the “ground work”, in preparation for construction.
2) Outdoor living space. We all recognize the value of having large, covered, well ventilated, accessible lanais. Depending on the finishings, they may cost as much as interior living space, yet they are only marginally included in real estate statistics.
3) Cost of materials. As we all know, most of the materials that are used in building and decorating homes are not made in the islands and have to be shipped from somewhere else. Prices for wood, steel and gas have gone up in the past few years, due to global demand.
4) Interior finishings. Although we live in a society that praises the next new thing, when it comes to houses, we are not building them for the season, but for a lifetime. Classic, timeless décor seems to cost more than what is fashionable at a certain point in time; but this décor will not need to be replaced when trends change.
5) Landscaping, pools, ponds and other water features: these are lifestyle choices more than design choices. It may cost more to build a swimming pool on your lot, or it may be more challenging to have your own rose garden. But the benefits are priceless.
6) Labor costs. Although in a recession labor costs are expected to go down, we need to remember that the cost of living in Maui has not gone down: rents, mortgage payments, gas and the cost of food are higher than on the mainland.

To conclude, when you are looking for a contractor, make sure you are not just shopping for a price per square foot. Factor in all above mentioned variables; check your contractor’s references, his work and his reputation.


Sub-Zero 48” Refrigerator

SUB-ZERO’s latest invention in the area of food preservation is the stand alone or built in PRO 48” refrigerator. Annual energy usage of this refrigerator is 691kwh, meeting the strict requirements of the Department of Energy.

Although we all may be familiar with the sleek stainless steel design, let me point out a few of the particulars of the PRO 48:

– Dual refrigeration- two compressors and three evaporators keep foods fresher longer and prevent odor transfer;

– Exterior temperature display with easy-to-read digital readouts;

– Microprocessor and interior control panel with up-front touch controls;

– Crisper drawer with a tight-seal glass lid;

– Drawers with adjustable and removable dividers;

– Cantilevered and spill-proof glass shelves with stainless steel trim;

– Auto-close system with an advanced hinge design;

– Easy-access grille pops up with a simple pull;

– Slide-out stainless steel bin.

SUB-ZERO PRO 48 with a glass door refrigerator and freezer is also available for those that are looking for a more modern design.

The retail price advertised on the company’s website is $15,970. And what about competition for 48 “ refrigerators? Kitchen Aid , GE Profile and Dacor all have a built in, side by side model and prices vary between $6,099 and $10,450. SUBZERO appears to be the only brand that offers French door models and stand alone models.

For more information on SUB-ZERO PRO 48, please check http://www.subzero-wolf.com/refrigeration/pro-48-with-glass-door

Watch video at http://www.subzero-wolf.com/refrigeration/pro-48-with-glass-door#vid1


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