Market Spotlight: Honua Kai June 16, 2023

The Honua Kai is Kaanapali's newest condominium development and one of the most desirable vacation destinations in West Maui.  Built in three phases along Kekaa Beach on the North Side of Black Rock, the Honua Kai is comprised of three separate sections: Hokulani (South Resort-SR-2008), Konea (North Resort-NR-2009) and Luana Gardens (2018).   

The Hokulani and Konea towers feature 627 studio, one, two and three-bedroom condominium residences.  The 10 story buildings have central air conditioning, elevators and underground parking.  The new addition of Luana Gardens weaves in a more contemporary residential component, with 72 three-bedroom residences.  These low rise, two-story buildings feature private

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KAANAPALI CONDOMINIUM MARKET UPDATE: Q1 2023 

Kaanapali Resort Condominiums

Kaanapali Condominiums

Kaanapali is home to several different condominium communities, with offerings ranging from studios to four-bedroom condominiums.  Located along Kaanapali Beach are the Kaanapali Alii and Whaler, and located on Kahekili are the Maui Kaanapali Villas, Honua Kai, Mahana and Maui Kai.  Surrounding the Golf Course, you'll find the Maui Eldorado, the Masters, Kaanapali Plantation, International Colony Club and Vintage.

 

How does the market through the first quarter of 2023 stack up for each community as compared with prior years?

A FIVE-YEAR OVERVIEW

Honua Kai: condos for sale All Buildings

International Colony Club condos for

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Maui Property Taxes Fiscal Year July 1, 2023-June 30, 2024
Changes: Classifications & Rates

Each year, Maui County does two things: assesses the value of the property AND sets new rates for the upcoming fiscal year, which runs from July 1st-June 30th.  Below is a snapshot of the new Maui County Property Tax Rates for 2023-2024 as well as a summary of how they've changed over the years.

How do you calculate your property taxes given the new tiered system?

Fidelity National Title put together this helpful video when the new tiered system was introduced in 2020.  Note the tier amounts have changed in 2022 from prior years.

Maui County Property Tax Rates 2023 vs Prior Years

Rates are per $1000 of assessed value.  In 2020, the County introduced a

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FAQ: Vacation Homes & 1031 Exchanges

1031 exchanges are common here on Maui, where many properties are second homes.  The following is a summary of the guidelines for Exchanging a Vacation Home as part of a 1031 tax deferred exchange.  The information outlined below is courtesy of Julie Bratton, of Old Republic Exchange Company.

IRS Guidance on Exchanging Vacation Homes:
Revenue Procedure 2008-16 Provides Safe Harbor 

Revenue Procedure (“Rev. Proc.”) 2008-16 provides a safe harbor for exchanges of vacation homes (defined as “dwelling unit” in the Rev. Proc.). This ruling provides clear guidance of the circumstances under which the IRS will not challenge whether a vacation home will qualify as property “held for investment” under §1031.   …

KAPALUA MARKET UPDATE: First Quarter 2023

The view from 330 Cook Pine Drive in Pineapple Hill, Kapalua

Kapalua Condominiums:  2018-Q1 2023

Kapalua is home to several different condominium communities, with offerings ranging from one to four-bedroom condominiums.  The Kapalua Bay Villas, Kapalua Ironwoods, The Coconut Grove on Kapalua Bay, the Montage Residences Kapalua Bay and the Ritz-Carlton Kapalua Residences are all oceanfront properties nestled along the Kapalua Resort's spectacular shoreline.  The Kapalua Ridge Villas and Kapalua Golf Villas both are located on the Kapalua Bay Course with ocean and golf course views.

Key Stats by Community

How does the market in the first Quarter of 2023 stack up for each community when

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Maui Real Estate Market Overview and Buyer Statistics: 2022

Many Sellers want to know where buyers of Maui County real estate call home (in this case, their legal residence).  Historically, buyers originate largely from the state of Hawaii.  In total, there were just 38 sales to foreign nationals out of 2067 in 2022, accounting for just 2% of the sales volume (number of sales) and 4% of the dollar volume ($).   Buyers from the US represented 98% of the sales volume and 96% of the dollar volume.

The majority of Maui's buyers are Hawaiian residents, representing 67% of the sales volume (number of sales) and 56% of the sales volume ($).  California runs second with 15% of the sales volume and 19% of the dollar volume ($).  Washington follows as a

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Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market.  The report notes:

"Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

New Listings decreased 40.9 percent for Single Family homes and 46.2 percent for

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Introducing 330 Cook Pine Drive: elevated living in Kapalua's Pineapple Hill Community

Sunset at Pineapple Hill from 330 Cook Pine Drive

This is a rare offering of of one of only six homes on an oversized lot in Pineapple Hill.  This gracious estate is nestled on a hill overlooking the Pacific Ocean framed by the neighboring islands of Molokai and Lanai.  

This private ocean view estate is situated on approximately a half-acre in one of Kapalua’s most popular neighborhoods, Pineapple Hill. Remodeled in 2018 with a contemporary, elegant island inspired design, this home is one of the most secluded in the community. 

The main home is comprised of a spacious living room with a fireplace and soaring ceilings, a gourmet kitchen and ocean view

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Introducing Kapalua Bay Villas 35B2: oceanfront living in Kapalua

This is a rare offering of an oceanfront Kapalua Bay Villa located along the spectacular Kapalua coast.  This spacious one bedroom, two bathroom townhouse floor plan is situated overlooking Hāwea Point.  It has been beautifully renovated with thoughtful attention to detail.

At the Kapalua Bay Villas, the bridge-level townhouse floor plan is coveted as it offers ocean views from both the upstairs and downstairs living spaces. 

Downstairs the kitchen, living room and lanai are oriented to the view.  Upstairs, the spacious bedroom suite and upstairs lanai have views of the ocean and outer island of Moloka'i. 

The first thing that grabbed the owner's attention was the view of

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KAPALUA MARKET UPDATE: 2022 Year in Review

Kapalua Condominiums:  2017-2022

Kapalua is home to several different condominium communities, with offerings ranging from one to four-bedroom condominiums.  The Kapalua Bay Villas, Kapalua Ironwoods, The Coconut Grove on Kapalua Bay, the Montage Residences Kapalua Bay and the Ritz-Carlton Kapalua Residences are all oceanfront properties nestled along the Kapalua Resort's spectacular shoreline.  The Kapalua Ridge Villas and Kapalua Golf Villas both are located on the Kapalua Bay Course with ocean and golf course views.

Key Stats by Community

How does the market in 2022 stack up for each community when compared with prior years?

Coconut Grove on Kapalua Bay

In 2022, there were

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