Maui Blog for Luxury Real Estate, New Construction, and Maui Lifestyle.

 

May 10, 2021

Maui FAQ

Maui FAQ's:

 

  • Maui is in a Seller's Market like everywhere else, why should I buy now?

         -Maui's long term appreciation is the highest among all the islands with no end in sight. A perfect is example are the Maui homeowners that purchased a single family home 10 years ago and now their home is worth double or more. The simple fact is more people want to be here than what's available in inventory. Especially today with so many working remotely from home. 

 

  • Is there a Real Estate bubble coming on Maui?

        -According to multiple lenders, economists, and brokerages  there is no bubble in sight based on the simple fact that most all the transactions that have been done the last few years are Tier one credit(A+) paper or cash deals. We may begin to level off as things get back to normal however a crash is very unlikely.

 

  • What side of the Island offers the best beaches?

         -The answer to this question really depends on what you're looking for. If you want great swimming and snorkel beaches the West Side(Lahaina, Kaanapali, Napili) and South Side(Kihei, Wailea, Makena) are where you want to be. If you're more of an adventurous and are looking for surfing and kite surfing the North Shore will check that box. Paia and Haiku are great options for that. Breathtaking views off the Ocean exist in all areas. 

 

  • How do I own and operate a vacation rental when I'm not there using it?

         -Owning a vacation rental is one of the most rewarding real estate transactions there is. Not only do you get to have a home on the island of Maui for whenever you want to come in, but when you are not here its producing some of the best nightly rates in all of Hawaii. Property Management companies on the island charge anywhere from 18-30% and handle everything from reservations, vendors, customer service, financials, and more. Depending on how much you plan on staying the property can usually service all the debt(including management fee), produce some income, and this is in addition to the appreciation. 

 

  • What effects of the new Administration may apply to my purchase?

          -If you are thinking about selling a property to and using a 1031 now may be the time to excercise that option. The new administration has shown interest in doing away with the 1031 all together in addition to higher taxes on capital gains and appreciation. Contact you CPA to see what is the best avenue for your personal scenario.

 

  • What is typical closing times for financing?

         -Due to the high amount of transactions typical closing times for financing is 60 days. 

 

  • Can I purchase remotely?

          -Yes, if we find the right property for you not only can we supply all due diligence electronically but we can also FaceTime or do a Live Virtual Tour if you can't get here right away. This has become quite common over the last year. Contracts are completed via DocuSign and Escrow can send notaries to your home or office(if financing).

 

April Maui Statistics

Posted in Market Updates
April 7, 2021

Maui’s Vacation Rental Occupancy Highest during Pandemic

Maui’s Vacation Rental Occupancy Climbed to 52.4% in February; Highest during Pandemic

March 24, 2021, 11:36 AM HST 
* Updated March 25, 7:18 AM
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In February 2021, Maui’s vacation rental occupancy climbed to 52.5 percent with visitors arriving in the largest numbers since the pandemic started a year ago. Photo Credit: Cammy Clark

In February 2021, Maui County’s vacation rental occupancy climbed to 52.5 percent, which is down 35.1 percentage points from a year ago but the highest rate since the start of the pandemic last March. 

Maui County’s available unit nights for vacation rentals in February was 213,200 — the most for Hawaiʻi’s four counties, but down 7.7% from February 2020. The average daily rate (ADR) for February was $281, down 11% from a year ago. In comparison, Maui County hotels reported ADR at $446 and occupancy of 31.7 percent.

All information is from the February 2021 Hawaiʻi Vacation Rental Performance Report, contracted by the Hawaiʻi Tourism Authority. The report included data for 25,189 units representing 43,505 bedrooms in the Hawaiian islands.

In February 2021, the total monthly supply of statewide vacation rentals was 535,000 unit nights (-26.6% from a year ago) and monthly demand was 266,600 unit nights (-56.5%), resulting in an average monthly unit occupancy of 49.8 percent (-34.3 percentage points).

In comparison, Hawaiʻi’s hotels had an average occupancy rate of 30.5 percent in February 2021. Unlike hotels, it is important to note that condominium hotels, timeshare resorts and vacation rental units are not necessarily available year-round or each day of the month and often accommodate a larger number of guests than traditional hotel rooms. 

The unit average daily rate (ADR) for vacation rental units statewide in February was $242 (-1.3%), which was less than the ADR for hotels ($259).

ARTICLE CONTINUES BELOW ADDuring February, most passengers arriving from out-of-state and traveling inter-county could bypass the State’s mandatory 10-day self-quarantine with a valid negative COVID-19 NAAT test result from a Trusted Testing Partner through the state’s Safe Travels program. All trans-Pacific travelers participating in the pre-travel testing program were required to have a negative test result before their departure to Hawaii. 

The counties of Maui, Hawaiʻi and Kalawao (Molokaʻi) also had a partial quarantine in place in February.

Data for the other Hawaiian counties:

ARTICLE CONTINUES BELOW AD

Oahu: Vacation rental supply was 123,100 available unit nights (-42.4%) in February. Unit demand was 68,700 unit nights (-60.3%), resulting in 55.9 percent occupancy(-25.2 percentage points) and an ADR of $192 (+2.2%). Oahu hotels reported ADR at $169 and occupancy of 29.3 percent.

Big Island: Vacation rental supply was 115,800 available unit nights (-33.8%) in February. Unit demand was 69,000 unit nights (-52.8%), resulting in 59.6 percent occupancy (-24.0 percentage points) with an ADR of $215 (+19.9%). Hawaii Island hotels reported ADR at $276 and occupancy of 35.3 percent.

Kauaʻi: Vacation rental supply was in February was 83,000 (-23.8%). Unit demand was 16,800 unit nights (-81.4%), resulting in 20.3 percent occupancy (-62.9 percentage points) with an ADR of $308 (+0.1%%). Kauaʻi hotels reported ADR at $181 and occupancy of 26.4 percent.

Tables of vacation rental performance statistics, including data presented in the report are available for viewing online at: https://www.hawaiitourismauthority.org/research/infrastructure-research/

In this report, a vacation rental is defined as the use of a rental house, condominium unit, private room in private home, or shared room/space in private home. This report also does not determine or differentiate between units that are permitted or unpermitted. The “legality” of any given vacation rental unit is determined on a county basis.

The report includes data for properties that are listed on Airbnb, Booking.com, HomeAway and TripAdvisor. Data for units included in HTA’s Hawaiʻi Hotel Performance Report and Hawaiʻi Timeshare Quarterly Report have been excluded from the Hawaiʻi Vacation Rental Performance Report. 

Posted in Market Updates
March 23, 2021

Hawaii Hotel Occupancy Climbs to 30.5% for February, Up 8.6% from January

Hawaii Hotel Occupancy Climbs to 30.5% for February, Up 8.6% from January

 

 

In February 2021, Hawaiʻi hotels statewide reported occupancy rate at 30.5 percent, which is up 8.6 percent from January 2021 but still well below the pre-pandemic occupancy rates of February 2020, according to the Hawaiʻi Hotel Performance Report published by the Hawaiʻi Tourism Authority.

Compared to one year ago, statewide revenue per available room (RevPAR) decreased to $79 (-69.9%) and average daily rate (ADR) fell to $259 (-16.5%). In January 2021, the occupancy rate was 21.9 percent, RevPar was $58 and ADR was $251.

Maui County hotels led Hawaiian counties in February RevPAR of $141 (down -63.8% from a year ago), with ADR at $446 (-7.3%) and occupancy of 31.7 percent (-49.5 percentage points). 

Maui County’s February supply was 354,800 room nights (-0.3%). Maui’s luxury resort region of Wailea had RevPAR at $239 (-61.9%), with ADR at $758 (+7.5%) and occupancy at 31.5 percent (-57.5 percentage points). The Lahaina/Kaanapali/Kapalua region had RevPAR of $104 (-67.8%), ADR at $364 (-9.1%) and occupancy at 28.7 percent (-52.3 percentage points).

The report’s findings utilized data compiled by STR, Inc., which conducts the largest and most comprehensive survey of hotel properties in the Hawaiian Islands. For February, the survey included 148 properties representing 43,266 rooms, or 81.4 percent of all lodging properties and 86 percent of operating lodging properties with 20 rooms or more in the Hawaiian Islands, including full service, limited service, and condominium hotels. Vacation rental and timeshare properties were not included in this survey.

During February, most passengers arriving from out-of-state and traveling inter-county could bypass the State’s mandatory 10-day self-quarantine with a valid negative COVID-19 NAAT test result from a Trusted Testing Partner through the state’s Safe Travels program. All trans-Pacific travelers participating in the pre-travel testing program were required to have a negative test result before their departure to Hawaiʻi. 

Hawaiʻi hotel room revenues statewide fell to $111.2 million (-72.1%) in February. Room demand was 429,700 room nights (-66.5%) and room supply was 1.4 million room nights (-7.3%). Many properties closed or reduced operations starting in April 2020. If occupancy for February 2021 was calculated based on the pre-pandemic room supply from February 2019, occupancy would be 28.4 percent for the month.

All classes of Hawaii hotel properties statewide reported RevPAR losses in February compared to a year ago. Luxury Class properties earned RevPAR of $188 (-61.0%), with higher ADR at $729 (+19.5%) counterbalanced by an occupancy of 25.8 percent (-53.4 percentage points). Midscale & Economy Class properties earned RevPAR of $65 (-64.3%) with ADR at $171 (-18.3%) and occupancy at 37.9 percent (-48.8 percentage points).

Oʻahu: Hotels earned RevPAR of $50 (-76.3%) in February, with ADR at $169 (-30.5%) and occupancy at 29.3 percent (-56.7 percentage points). Oʻahu’s February supply was 775,600 room nights (-9.5%). Waikiki hotels earned $45 (-78.0%) in RevPAR with ADR at $164 (-31.4%) and occupancy of 27.6 percent (-58.4 percentage points).

Big Island: Hotels reported RevPAR at $98 (-62.0%), with ADR at $276 (-9.0%) and occupancy at 35.3 percent (-49.3 percentage points). The Big Islandʻs February supply was 186,800 room nights (-0.2%). Kohala Coast hotels earned RevPAR of $154 (-59.5%), ADR at $445 (-2.5%) and occupancy at 34.6 percent (-48.6 percentage points).

Kauaʻi: Hotels earned RevPAR of $48 (-82.0%), with ADR at $181 (-42.9%) and occupancy of 26.4 percent (-57.4 percentage points). Kauai’s February supply was 90,800 room nights, 22.9 percent lower than last February.

Tables of hotel performance statistics, including data presented in the report are available for viewing online at: https://www.hawaiitourismauthority.org/research/infrastructure-research/

Posted in Maui Lifestyle
March 3, 2021

Love's Bakery closing after almost 170 years of business.

Love’s Bakery to Cease Operations in Hawai‘i

March 2, 2021, 10:21 AM HST 
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Locally owned and operated, Love’s Bakery, a fixture in Hawaiʻi for over 169 years will cease operations at the end of March due to losses attributable to COVID-19.

“Love’s Bakery has been a beloved brand for nearly 170 years,” the Love’s Bakery Management Team said in a press release announcement. “We have worked diligently to cut expenses, to maintain our market share and to remedy our operational difficulties, however under the current business environment we are no longer able to continue operations.”

The management team continued saying, “Love’s local management is committed to closing its doors in a responsible manner. We wish to thank all of our employees, suppliers, customers, friends, neighbors, and business partners for their loyalty and support.”

Love’s Bakery was founded in 1851 by a Scottish baker Robert Love, Love’s Biscuit & Bread Co. originally specialized in ‘re-baking’ bread from sailing ships that had become inedible, as well as selling hard biscuits called hardtack. 

The business expanded in 1924, and by 1932 its operations were concentrated on wholesale only. Owned by the Love family until 1968, it was sold first to ITT Continental Baking Company, then in 1981 to First Baking Company of Japan. In 2008, management brought ownership back to Hawaiʻi.

Posted in Maui Lifestyle
March 3, 2021

Coldwell Banker Island Properties 2020, A record year.

Posted in Market Updates
Dec. 16, 2020

5 Tips for a Stress Free Home Purchase

5 Tips for a Stress Free Home Purchase

5 TIPS FOR A STRESS FREE HOME PURCHASE

1

   Get a Headstart

Make sure your finances are in good standing. Gather and review financial documents, such as bank statements, paystubs, tax returns, etc. Be sure to pay your bills on time and avoid making large purchases. A poor financial history could jeopardize your chances of getting a mortgage loan. Also, be mindful of the funds required to purchase your home: a down payment, closing costs, and moving expenses. The sooner you begin saving, the better

Retain A Professional

Real estate agents have a wealth of knowledge and industry connections that you’d never be able to pull off alone. An agent will be with you at every turn, from recommending a mortgage lender to negotiating the best purchase price. Generally, the seller is responsible for paying the real estate commission, which means you get a personal guide and all their resources at no extra expense.

Maintain Open Dialogue

Effective communication is key. Do you prefer text messages or emails over phone calls? Let your agent know what communication method works best for you. Be clear about your must haves and deal breakers from the beginning. If you have questions or concerns at any time during the process, be sure to promptly address them.

Be Nimble

The homes you view may not check all the boxes on your wish list. In fact, there may be some things you just don’t like. This doesn’t mean it can’t become your perfect home. Don’t compromise on major requirements but understand finding a home that meets all your criteria is unlikely. Keep in mind that if it’s something repairable, the seller may be willing to offer a credit for repairs.

Stay Calm, Alert and Confident

Buying a home is one of the most important investments you’ll ever make. Don’t get too attached to online photos, visit the property before making impulsive decisions. It’s possible the first offer you make may not get accepted. Don’t grow weary! Remain confident and steadfast, knowing the right property is out there for you.

Posted in Maui Lifestyle
Dec. 8, 2020

New on South Maui and Coming Soon

South Maui Hawaii

Many different words could be used to describe the year 2020 – and they’re not exactly positive.  In early spring, many Hawaii businesses began to shut their doors and Governor Ige imposed the now-infamous 14-day quarantine for travelers. It was an interesting time to be on the islands. Thousands of unoccupied rental cars sat in the fields surrounding Kahului Airport, the road to Hana was closed to non-residents, and once-bustling tourist attractions were eerily quiet. While the pandemic caused quite a blow to the local economy, the ocean became more clear than most had ever seen, there was a noticeable uptick in monk seal, shark, and green sea turtle activity, and Hawaii residents got to experience the islands like never before.

It was the definition of a silver lining.

Back to Hawaii

Now Hawaii has worked out the kinks in the pre-travel testing system, and we are starting to see the slow but steady awakening of the tourism-reliant South Maui. While many were eager to get back to work, there were rightfully legitimate concerns about what opening the floodgates to travel might mean for the islands and Maui’s hospital. At the time of writing, we’re a little over a month into tourism’s return and the pre-travel test seems to be working efficiently. While Maui residents are still acting with care, the successful launch of the travel program is allowing those who work in the tourism industry to breathe a collective sigh of relief. Along with kickstarting tourism, the pre-travel test meant residents could once again see out of state family and friends without being subject to the quarantine. Hawaii’s current mask and social distancing rules are working to keep the virus at bay and helping to keep local businesses and events operating as well.

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Nov. 13, 2020

Hyatt Regency Maui, Andaz, Hana-Maui Resort, Wailea Beach Villas Resume Operations

 

Hyatt Regency Maui Resort and Spa. File courtesy image.

 

Several Hyatt properties on Maui and across the state announced today they are resuming operations as  Hawaiʻi begins its next steps toward the return of tourism.

Two Maui properties, the Hyatt Regency Maui Resort and Spa in Kāʻanapali and Wailea Beach Villas, A Destination Hotel, opened on Oct. 15, the same day that the state launched its pre-travel COVID-19 testing program which gives travelers arriving in Hawaiʻi an alternative to the state’s 14-day mandatory quarantine.

Hyatt Regency Maui Resort and Spa debuts a multimillion-dollar renovation that is nearing completion. With a total reimagining of all guest rooms and suites led by Wimberly Interiors, the resort’s upgrades include a modern new design with open closets, glass lānai railings, energy saving sustainability aspects and a new contactless mobile key card process.

On Nov. 1, the Andaz Maui at Wailea Resort began welcoming guests back.  The reopening came right on the heels of the announcement as the top resort in Hawaiʻi by Conde Nast Traveler’s Reader’s Choice Awards. Located in Wailea, the beachfront resort features 301 guestrooms and suites, including 11 ocean-front residential villas; with 19 additional villas set to debut in early 2021. 

Hyatt also has a collection of vacation rental properties on Maui, Hawaiʻi Island and Kauaʻi that are operated under it’s Destination Residences Hawaiʻi brand.  Current offers are available in: WaileaLahainaPuʻunoaKāʻanapaliMauna Lani, and South Shore Kauaʻi. (Reopening dates vary per property)

  • “With a strong focus on safety first and wellbeing always, Hyatt hotels throughout the state of Hawaiʻi are reimagining the hotel journey with new amenities and offerings,” according to a company announcement.

“With safety and wellbeing in mind, we are listening to our guests and colleagues and working to implement new experiences that will help reimagine the Hyatt journey,” said Michael Jokovich, area vice president for Hyatt Hotels. “From a major renovation at the Hyatt Regency in Lahaina to the addition of luxury villas at the Andaz in Wailea and a new resort in picturesque East Maui, we are proud to reopen our doors to our guests, colleagues and World of Hyatt members.”

Hana-Maui Resort photo

Hāna-Maui Resort file photo. Photo Credit: Travaasa Hāna.

Posted in Maui Lifestyle
Oct. 23, 2020

Wailea Luxury New Construction

 

Laʻi Loa

 

 

Introducing Laʻi Loa, the first residential opportunity within the Wailea Hills Collection. Offering a premium selection of two and three bedroom villas and penthouse homes in boutique-sized buildings, this 13-acre community is thoughtfully designed along six lushly landscaped stepped terraces, descending towards the ocean, allowing for an unprecedented connection to the spectacular Wailea landscape. This is Maui Luxury Living at its best. Contact us today at 808-868-6711 or 808-990-4425 for more information, pricing, and availability for this property. Our Luxury Buying Specialists are here for you in every way. If you go into the sales office please tell them up front you are working with Dave Zitiello and Janice Vannatta with The Buy and Sell Maui Team. Mahalo Nui Loa. 

 

THE VILLAS

Enchantment that Endures

Choose from a premium selection of spacious two bedroom and three bedroom homes, featuring open and airy floor plans of approximately 1,374 and 1,746 square feet, respectively. A timeless color palette is warmed by subtle textures and clean, contemporary lines for a visual kinship with the surrounding landscape, while premium design elements such as quartz countertops elevate each home to a sophisticated place. Defined by a signature sliding window wall in the great room and a generous ocean-facing lanai, each residence embodies casual island elegance and a truly seamless sense of indoor/outdoor living.

 

 

 

 

 

THE PENTHOUSES

Island Allure from a Captivating New Vantage

Gently commanding the top floors of each villa building, the sublime penthouse residences offer approximately 2,587 square feet of modern living space and truly unsurpassed ocean vistas. Uncover true luxury in Wailea with this four bedroom home in the sky, dazzling with an open floor plan, junior suite, and full master suite with private lanai. A grand sliding window wall connects the great room to an expansive lanai of approximately 778 square feet complete with an exterior wet bar and built-in BBQ, ideal for unforgettable sunset dinners with friends and family.

 

 

Underground Parking & Storage

A rare find in Wailea, a generously sized, secure underground parking garage for each building leaves the surrounding landscape and its views blissfully uninterrupted, allowing residents immediate access to each floor by elevator. Large private storage rooms for each building provide a cool, dry place to accommodate golf clubs, bicycles, surfboards, luggage and more, combining the spaciousness of a single-family home with the effortless convenience of a lock-and-leave condominium.

 

Enchantment that Endures

Choose from a premium selection of spacious two bedroom and three bedroom homes, featuring open and airy floor plans of approximately 1,374 and 1,746 square feet, respectively. A timeless color palette is warmed by subtle textures and clean, contemporary lines for a visual kinship with the surrounding landscape, while premium design elements such as quartz countertops elevate each home to a sophisticated place. Defined by a signature sliding window wall in the great room and a generous ocean-facing lanai, each residence embodies casual island elegance and a truly seamless sense of indoor/outdoor living.

 

Amenities at Laʻi Loa

Though beautifully connected to the very best of Wailea, Laʻi Loa also provides a stunning collection of amenities just steps from home. Take in a sunset from the serene hot tub, or gather for drinks at dusk at the thoughtfully curated outdoor dining area, surrounded by a verdant Hawaiian garden; start a game of bocce ball on the recreation lawn or soak in the exquisite infinity-edge pool. Each amenity at Laʻi Loa makes leading an active lifestyle not only possible, but absolutely spectacular.

Aug. 5, 2020

Buy and Sell Maui Luxury Real Estate Magazine

 

The Buy and Sell Maui Team has launched it's first issue of their magazine. This first publication details who we are and what we do. Whether we are serving you as a seller's agent or buyer's agent you can expect professionalism, knowledge, and creativity when you work with us. We aren't your standard run of the mill agents who simply post on MLS and sit back. We are aggressive with aloha in everything we do. Our future issues will showcase Maui properties for sale, local businesses, activities, and the people that make our Island special. Check out the below link to flip through our digital publication. Be sure to expand and view it in full screen to experience it best. Mahalo Nui Loa. 

 

https://issuu.com/buyandsellmauihomes/docs/buy_and_sell_maui_lisiting_magazine__1_

 

Posted in Maui Lifestyle