Maui Real Estate & Lifestyle News

Maui's Resort Areas: a Nine Month Review of the Market

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Fri, 10 May 2024 17:47:00 -1000

Maui's Resort Areas: a 9 Month Review of the Market for Condos and Homes How the past nine months compare with the same period in the prior year Maui has been slowly recovering in the wake of the tragic fire of August 8, 2023. Many buyers and sellers have asked me how the market is doing, so I've compiled some data for both condominium and home sales by area comparing the period from 8/8/23-5/8/24 with the same period in 22-23. West and South Maui Condo Sales The statistics show that sales are down primarily in West Maui, with the condominium market in Kapalua hit the hardest, with number of sales down -66 and dollar volume down 49. with uncertainty regarding the future of Short Term Rentals in the apartment zone, we are seeing more sales at hotel-zoned properties. Kaanapali has more hotel-zoned properties (like Honua Kai, Whaler, Alii, and Mahana) at lower prices than Kapalua, which has the Montage Residences, Kapalua Bay and the Ritz-Carlton, Kapalua, which command higher sales prices. However, while it appears that condo sales are up in Wailea & Makena, and subsequently, South Maui, they are actually down -19 if you remove the new developer sales. It's important to note that two developments began closing in 2022-2023 (Paradise Ridge in Kihei and Makena Golf & Beach Club). In 2023-204, we continued to see new sales recording at Makena Golf & Beach Club and at Lai Loa. In the last 9 months, there were 55 sales at Lai Loa and 13 at Makena GBC. This amounts to 60 of the Wailea/Makena condo sales. The low sales price was $1,519,250 and the high was $13,000,000. The total sales volume at these two complexes was $291,586,280 or 60 of the total dollar volume. It also impacts stats such as days on market, as they typically will go under contract pre-construction. That is why the average days on market for this period for all of Wailea/Makena is 620, but if the new development is removed, it is actually 95. It is also important to note where we are seeing the majority of the sales activity. In the last nine months, the bulk of the condo sales (96) in West Maui are under $3,000,000. In fact, 62 were under $1M, 29 from $1-2M, and 5 from $2-3M. In West Maui, there was only one sale over $5M, a Montage Residence at Kapalua Bay that closed at $12M In South Maui those stats are a bit different due to the new developments, with 88 under $3M and 12 from $3-13M. I expect we may see a slowing of sales in the condominium market in the next quarter, particularly in those areas not zoned hotel, on the heels of the Mayor's announcement of a bill to phase out short term rentals in apartment zones. This affects more than 7000 properties that currently rent legally under Chapter 19.12.020 of the County Code. Read More about the proposed legislation that is impacting Maui's Short Term Rentals Volume () of Condo Sales 8/8/22-5/8/23 8/8/23-5/8/24 Change West & South Maui 657 610 -7 West Maui 273 188 -31 South Maui 384 422 10 Maalaea 33 27 -18 Kihei 286 279 -2 Wailea Makena 65 116 78 Wailea (exclude new dev) 57 46 -19 Lahaina 56 2 -96 Kaanapali 62 59 -5 Napili/Kahana/Honokowai 126 117 -7 Kapalua 29 10 -66 Volume ($) Condo Sales 8/8/22-5/8/23 8/8/23-5/8/24 Change West & South Maui $807,171,395 $964,984,382 20 West Maui $313,600,610 $214,749,408 -32 South Maui $493,570,785 $732,114,974 48 Maalaea $23,137,500 $20,138,580 -13 Kihei $245,201,236 $257,362,116 5 Wailea Makena $225,232,049 $454,614,278 102 Wailea (exclude new dev) $135,857,149 $163,027,998 20 Lahaina $59,165,500 $235,000 -100 Kaanapali $94,589,500 $96,732,250 2 Napili/Kahana/Honokowai $96,646,610 $85,785,158 -11 Kapalua $63,199,000 $31,997,000 -49 Median Condo Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change West & South Maui $852,500 $915,000 7 West Maui $885,000 $827,500 -6 South Maui $831,250 $959,500 15 Maalaea $709,000 $701,000 -1 Kihei $794,000 $800,000 1 Wailea Makena $2,050,000 $2,662,275 30 Wailea (exclude new dev) $1,795,000 $2,800,000 56 Lahaina $850,000 $117,500 -86 Kaanapali $1,346,250 $1,500,000 11 Napili/Kahana/Honokowai $755,000 $689,000 -9 Kapalua $1,675,000 $2,297,500 37 Low Condo Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM * $160,000 $95,000 -41 West Maui * $160,000 $95,000 -41 South Maui *** $345,000 $239,000 49 Maalaea *** $390,000 $326,000 -16 Kihei ** $390,000 $239,000 -39 Wailea Makena $1,095,000 $999,999 -9 Wailea (exclude new dev) $1,095,000 $999,999 -9 Lahaina* $330,000 $95,000 -71 Kaanapali *** $380,000 $475,000 25 Napili/Kahana/Honokowai *** $160,000 $210,000 31 Kapalua $655,000 $750,000 15 High Condo Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM $13,000,000 $13,000,000 0 West Maui $6,250,000 $12,000,000 92 South Maui $13,000,000 $13,000,000 0 Maalaea $1,225,000 $1,350,000 10 Kihei $2,400,000 $2,400,000 0 Wailea Makena $13,000,000 $13,000,000 0 Wailea (exclude new dev) $11,575,000 $11,750,000 2 Lahaina $4,875,000 $140,000 -97 Kaanapali $5,525,000 $4,625,000 -16 Napili/Kahana/Honokowai $2,300,000 $1,950,000 -15 Kapalua $6,250,000 $12,000,000 92 Avg Days on Market Condo Sales 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM 121 187 55 West Maui 94 97 3 South Maui 141 227 61 Maalaea 66 64 -3 Kihei 145 79 -46 Wailea Makena 161 620 285 Wailea (exclude new dev) 96 95 -1 Lahaina 73 85 16 Kaanapali 62 102 65 Napili/Kahana/Honokowai 88 92 5 Kapalua 140 127 -9 Condo Sales by Price Range of Sales (West Maui) 8/8/22-5/8/23 8/8/23-5/8/24 Change <$1,000,000 159 116 -27 $1,000,001-2,000,000 88 55 -38 $2,000,001-3,000,000 17 10 -41 $3,000,001-4,000,000 2 3 50 $4,000,001-5,000,000 4 3 -25 $5,000,001-6,000,000 2 0 -100 $6,000,001-7,000,000 1 0 -100 $7,000,001-8,000,000 0 0 -- $8,000,001-9,000,000 0 0 -- $9,000,001-10,000,000 0 0 -- $10,000,001+ 0 1 100 of Sales (South Maui) 8/8/22-5/8/23 8/8/23-5/8/24 Change <$1,000,000 254 229 -10 $1,000,001-2,000,000 90 103 14 $2,000,001-3,000,000 22 40 82 $3,000,001-4,000,000 2 22 1000 $4,000,001-5,000,000 5 5 0 $5,000,001-6,000,000 1 2 100 $6,000,001-7,000,000 1 3 200 $7,000,001-8,000,000 0 3 300 $8,000,001-9,000,000 0 1 100 $9,000,001-10,000,000 1 5 400 $10,000,001+ 8 9 13 West and South Maui: Home Sales In West Maui, 73 of the home sales were under $3M, with the largest percentage in the $1-2M range. In South Maui, the figure was higher for homes under $3M at 84. That said in West Maui, there were only 3 sales over $5M and in South Maui, there were 9 sales over $5M. It is not surprising to see sales in the lower end of the market, as some of those who received insurance payouts opted to relocate. Lower priced inventory was harder to come by and home sales ( of Sales) was down everywhere except Wailea and Makena, where sales were up 11. In terms of Volume of sales ($) both Wailea and Makena were up, as was Napili/Kahana/Honokowai, which has more affordable housing than the resort areas of Kaanapali and Kapalua. It should be noted that Lahaina also includes the areas of Launiupoko and Olowalu. The sales in Lahaina these last nine months, were largely in Launiupoko (15), though there were 2 sales up in Kelawea which were out of the burn zone. Volume () of Home Sales 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM 196 163 -17 West Maui 79 55 -30 South Maui 117 108 -8 Maalaea 0 1 100 Kihei & Maui Meadows 86 87 1 Wailea Makena 18 20 11 Launiupoko 14 13 -7 Lahaina 38 17 -55 Kaanapali 11 11 0 Napili/Kahana/Honokowai 23 23 0 Kapalua 6 4 -33 Volume ($) of Home Sales 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM $514,413,413 $389,186,422 -24 West Maui $229,264,222 $141,335,466 -38 South Maui $285,149,191 $247,850,956 -13 Maalaea $0 $2,933,006 -- Kihei & Maui Meadows $110,807,700 $135,060,000 22 Wailea Makena $142,618,491 $109,857,950 -23 Launiupoko $69,803,758 $42,314,500 -39 Lahaina $106,818,723 $47,880,250 -55 Kaanapali $50,390,000 $36,555,000 -27 Napili/Kahana/Honokowai $33,130,499 $37,300,216 13 Kapalua $36,825,000 $19,600,000 -47 Median Home Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM $1,410,000 $1,695,000 20 West Maui $1,800,000 $2,000,000 11 South Maui $1,250,000 $1,482,500 19 Maalaea NA $2,933,006 -- Kihei & Maui Meadows $1,095,000 $1,375,000 26 Wailea Makena $4,781,000 $3,745,000 -22 Launiupoko $3,950,000 $3,087,000 -22 Lahaina $1,665,000 $2,995,000 80 Kaanapali $2,850,000 $2,700,000 -5 Napili/Kahana/Honokowai $1,529,000 $1,690,000 11 Kapalua $5,787,500 $5,000,000 -14 Average Home Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM $2,624,598 $2,387,646 -9 West Maui $2,902,078 $2,569,735 -11 South Maui $2,437,172 $2,294,916 -6 Maalaea NA $2,933,006 -- Kihei & Maui Meadows $1,288,461 $1,552,413 20 Wailea Makena $7,923,249 $5,492,897 -31 Launiupoko $4,985,982 $3,254,961 -35 Lahaina $2,811,019 $2,816,485 0 Kaanapali $4,580,909 $3,323,181 -27 Napili/Kahana/Honokowai $1,440,456 $1,621,748 13 Kapalua $6,137,500 $4,900,000 -20 Low Home Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM $450,000 $693,500 54 West Maui $450,000 $750,000 67 South Maui $450,000 $693,500 54 Maalaea NA $2,933,006 -- Kihei & Maui Meadows $450,000 $693,500 54 Wailea Makena $2,200,000 $1,930,000 -12 Launiupoko $1,680,000 $1,600,000 -5 Lahaina $450,000 $855,750 90 Kaanapali $1,900,000 $1,860,000 -2 Napili/Kahana/Honokowai $700,000 $750,000 7 Kapalua $4,150,000 $3,150,000 -24 High Home Sales Price 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM $32,673,491 $18,500,000 -43 West Maui $20,750,000 $6,450,000 -69 South Maui $32,673,491 $18,500,000 -43 Maalaea NA $2,933,006 -- Kihei & Maui Meadows $10,000,000 $4,000,000 -60 Wailea Makena $32,673,491 $18,500,000 -43 Launiupoko $9,750,000 $5,000,000 -49 Lahaina $9,750,000 $5,000,000 -49 Kaanapali $20,750,000 $5,350,000 -74 Napili/Kahana/Honokowai $2,450,000 $2,150,000 -12 Kapalua $7,900,000 $6,450,000 -18 Average Days on Market: Home Sales 8/8/22-5/8/23 8/8/23-5/8/24 Change WM & SM 119 110 -8 West Maui 126 132 5 South Maui 115 99 -14 Maalaea NA 0 -- Kihei & Maui Meadows 117 92 -21 Wailea Makena 119 134 13 Launiupoko 154 175 14 Lahaina 127 163 28 Kaanapali 170 155 -9 Napili/Kahana/Honokowai 91 84 -8 Kapalua 159 216 36 Homes of Sales (West Maui) 8/8/22-5/8/23 8/8/23-5/8/24 Change <$1,000,000 12 4 -67 $1,000,001-2,000,000 35 24 -31 $2,000,001-3,000,000 9 12 33 $3,000,001-4,000,000 8 6 -25 $4,000,001-5,000,000 1 6 500 $5,000,001-6,000,000 5 2 -60 $6,000,001-7,000,000 1 1 0 $7,000,001-8,000,000 3 0 -100 $8,000,001-9,000,000 3 0 -100 $9,000,001-10,000,000 1 0 -100 $10,000,001+ 1 0 -100 of Sales (South Maui) 8/8/22-5/8/23 8/8/23-5/8/24 Change <$1,000,000 32 16 -50 $1,000,001-2,000,000 56 56 0 $2,000,001-3,000,000 12 21 75 $3,000,001-4,000,000 6 6 0 $4,000,001-5,000,000 1 3 200 $5,000,001-6,000,000 3 0 -100 $6,000,001-7,000,000 1 3 200 $7,000,001-8,000,000 1 0 -100 $8,000,001-9,000,000 0 0 -- $9,000,001-10,000,000 1 3 200 $10,000,001+ 4 3 -25 Note: This information is taken from the Maui MLS as of 5/10/24. While care is taken to compile this information, it is not guaranteed and subject to change and some information may be entered at a later date. Any interested party should do their own due diligence. These are small statistical samples and can swing wildly by a low or high sale. If you have questions, please contact Courtney.

Maui Real Estate Spotlight: Alaeloa 44

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Fri, 22 Mar 2024 12:18:00 -1000

Introducing Alaeloa 44 Alaeloa is a hidden gem nestled along the picturesque coastline of Napili. This tranquil and idyllic enclave is home to just 42 residences situated on 13 beautifully landscaped oceanfront acres. Alaeloa 44 is a beautifully renovated two bedroom residence with vaulted ceilings and a spacious lanai with views of the ocean and the neighboring island of Molokai. Nestled in a mango grove, the property has the charm and feel of Old Hawaii. Stunning Views Stacking glass doors create a seamless living experience between the living room and lanai, with a focus on the view of the Napili coastline and Molokai. The kitchen is a dream beautifully remodeled to create a large kitchen island with seating for four, the kitchen features new appliances including a wine fridge Dining Indoors or Outdoors, whether you prefer having your meals inside or out, both areas open to the view A room with a view The oversized primary bedroom suite features large sliding doors that stack, to allow indoor-outdoor living with a focus on the ocean view. Both bathrooms have been beautifully renovated The spacious guest suite is large enough for two beds. Vaulted ceilings and large windows make the room light and airy. Where is Alaeloa? Located on the western coast of Maui, Alaeloa surrounds a pristine bay with stunning views of the Pacific Ocean and neighboring islands. This intimate and secluded bay provides a private haven to relax, soak up the sun, and listen to the soothing sound of waves gently lapping against the shore. The calm waters are perfect for swimming, snorkeling, paddleboarding, kayaking and, in the winter, when the swells come in, surfing at the north end of the Bay. Inland of the oceanfront pool is an owner's pavilion, surrounded by a mango grove. Alaeloa's prime location in Napili makes it an excellent base for exploring Maui. Nearby Napili Bay is one of Maui's most loved beaches. Known for its crescent-shaped beach, it is anchored by the popular Sea House and Gazebo Restaurants. Further North is the Kapalua Resort, which is home to the Bay and Plantation Golf Courses, the Kapalua Tennis Gardens, five beaches, hiking and walking trails, and The Montage Kapalua Bay and Ritz-Carlton Resorts. Alaeloa is a leasehold property. Read More about Leasehold Ownership Snapshot: The Alaeloa Real Estate Market Status Community Unit List Price Sold Price SP/LP Close Date Beds Baths Liv-SF DOM $/Sq. Ft. MLS LT ACT Alaeloa 38 $1,450,000 3 2 1,276 24 $1,136 401326 Leasehold ACT Alaeloa 41 $1,475,000 2 2 1,347 388 $1,095 398241 Leasehold ACT Alaeloa 44 $1,999,000 2 2 1,128 11 $1,772 401477 Leasehold ACT Alaeloa 26 $3,500,000 2 2.5 1,276 234 $2,743 399488 Leasehold ACT Alaeloa 28 $3,790,000 3 3 1,528 234 $2,480 399487 Leasehold ACT Alaeloa 9 $4,276,000 4 4 4,000 65 $1,069 400894 Leasehold SLD Alaeloa 27 $3,195,000 $3,195,000 100 1/26/22 3 2.5 1,528 25 $2,091 394216 Leasehold SLD Alaeloa 3 $1,275,000 $1,325,000 104 1/27/22 2 2 1,128 164 $1,175 392670 Leasehold SLD Alaeloa 23 $2,900,000 $2,900,000 100 2/15/22 3 2 1,276 37 $2,273 394780 Leasehold SLD Alaeloa 30 $2,985,000 $2,965,000 99 2/15/22 3 2 1,400 29 $2,118 394383 Leasehold SLD Alaeloa 15 $2,100,000 $1,935,000 92 2/28/22 2 2 1,410 53 $1,372 394270 Leasehold SLD Alaeloa 42 $1,795,000 $1,800,000 100 3/30/22 2 2 1,400 33 $1,286 394884 Leasehold SLD Alaeloa 29 $2,800,000 $2,800,000 100 4/21/22 2 2 1,368 51 $2,047 395532 Leasehold SLD Alaeloa 40 $1,495,000 $1,350,000 90 6/13/22 2 3 1,352 105 $999 394924 Leasehold SLD Alaeloa 37 $1,600,000 $1,600,000 100 1/25/23 2 2 1,276 41 $1,254 397965 Leasehold SLD Alaeloa 40 $1,599,000 $1,550,000 97 4/14/23 3 3 1,352 122 $1,146 397607 Leasehold SLD Alaeloa 45 $1,650,000 $1,400,000 85 6/30/23 2 2 1,276 129 $1,097 398187 Leasehold MLS data taken as of the date of this post and is subject to change. View all condos for sale in Alaeloa

Once in a Blue Moon: A Rare Offering at Napili Kai

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Sat, 02 Dec 2023 13:13:00 -1000

Once in a Blue Moon: Introducing Napili Kai | Puna 211 The Napili Kai has been one of Maui's most loved resorts since its inception in the 1960's. Comprised of three separate condominiums (Puna Point, Puna Point II and Napili Lani), these residences are highly desirable and seldom come to market. Napili Kai is known for its low-key charm and incredible location on the beautiful bay at Napili. This property was listed and received an accepted offer in just eight days. How have Napili Bay Condo Sales been? Market Update and Sales Overview for 2018-Present for condominium properties located on the coast. Hale Napili Condos for Sale Hale Napili Q3 2023 2022 2021 2020 2019 2018 Sales 0 2 1 0 1 0 Volume 0 $1,250,000 $394,000 0 $335,000 0 Low SP NA $390,000 $394,000 NA $335,000 NA High SP NA $860,000 $394,000 NA $335,000 NA Median SP NA $625,000 $394,000 NA $335,000 NA Average SP NA $625,000 $394,000 NA $335,000 NA Average SP/Sq. Ft NA $1,400 $934 NA $794 NA Average DOM NA 87 313 NA 67 NA Average SP/LP NA 93 100 NA 103 NA Honokeana Cove Condos for Sale Honokeana Cove Q3 2023 2022 2021 2020 2019 2018 Sales 2 0 1 1 0 1 Volume $2,105,000 0 $840,000 $840,000 0 $790,000 Low SP $1,030,000 NA $840,000 $840,000 NA $790,000 High SP $1,075,000 NA $840,000 $840,000 NA $790,000 Median SP $1,052,500 NA $840,000 $840,000 NA $790,000 Average SP $1,052,500 NA $840,000 $840,000 NA $790,000 Average SP/Sq. Ft $2,036 NA $1,625 $1,059 NA $1,528 Average DOM 61 NA 25 606 NA 497 Average SP/LP 107 NA 100 96 NA 99 Napili Bay Condos for Sale Napili Bay Q3 2023 2022 2021 2020 2019 2018 Sales 1 4 2 1 2 1 Volume $885,000 $2,424,000 $1,086,247 $685,000 $1,125,000 $608,000 Low SP $885,000 $499,000 $416,652 $685,000 $440,000 $608,000 High SP $885,000 $720,000 $695,000 $685,000 $685,000 $608,000 Median SP $885,000 $602,500 $543,124 $685,000 $562,500 $608,000 Average SP $885,000 $606,000 $543,124 $685,000 $562,500 $608,000 Average SP/Sq. Ft $2,418 $1,656 $1,484 $1,872 $1,537 $1,661 Average DOM 53 75 248 0 79 74 Average SP/LP 96 101 95 100 99 88 Napili Kai Condos for Sale (Puna Point I, Puna Point II, & Napili Lani) Napili Kai Q3 2023 2022 2021 2020 2019 2018 Sales 0 0 1 0 0 2 Volume 0 0 $1,640,000 0 0 $2,665,000 Low SP NA NA $1,640,000 NA NA $1,325,000 High SP NA NA $1,640,000 NA NA $1,340,000 Median SP NA NA $1,640,000 NA NA $1,332,500 Average SP NA NA $1,640,000 NA NA $1,332,500 Average SP/Sq. Ft NA NA $2,419 NA NA $1,965 Average DOM NA NA 50 NA NA 150 Average SP/LP NA NA 100 NA NA 95 Napili Point Condos for Sale Napili Point Q3 2023 2022 2021* 2020* 2019* 2018* Sales 5 8 16 5 4 5 Volume $6,415,000 $9,816,000 $14,369,000 $3,383,574 $2,505,000 $3,537,000 Low SP $950,000 $880,000 $585,000 $540,000 $485,000 $470,000 High SP $1,790,000 $1,550,000 $1,375,000 $800,000 $850,000 $995,000 Median SP $1,040,000 $1,997,500 $857,500 $700,000 $585,000 $689,000 Average SP $1,283,000 $1,227,000 $898,063 $676,715 $626,250 $707,400 Average SP/Sq. Ft $1,651 $1,454 $1,169 $833 $797 $806 Average DOM 93 71 138 102 120 155 Average SP/LP 99 98 96 94 95 94 * Leasehold Sales occurred in this year Napili Shores Condos for Sale Napili Shores Q3 2023 2022 2021 2020 2019 2018 Sales 1 10 19 5 13 8 Volume $899,000 $6,934,379 $10,266,500 $2,712,000 $6,433,234 $3,769,000 Low SP $899,000 $510,000 $389,000 $395,000 $345,000 $335,000 High SP $899,000 $948,000 $725,000 $695,000 $645,000 $600,000 Median SP $899,000 $700,000 $535,000 $545,000 $508,000 $460,000 Average SP $899,000 $693,438 $540,342 $542,400 $494,864 $471,125 Average SP/Sq. Ft $1,493 $1,296 $1,107 $1,025 $982 $930 Average DOM 77 88 93 166 127 $245 Average SP/LP 100 99 99 96 98 97 Napili Sunset Condos for Sale Napili Sunset Q3 2023 2022 2021 2020 2019 2018 Sales 0 4 5 4 0 1 Volume NA $1,560,000 $2,942,500 $2,375,000 NA $290,334 Low SP NA $265,000 $252,500 $265,000 NA $290,334 High SP NA $725,000 $860,000 $900,000 NA $290,334 Median SP NA $285,000 $700,000 $605,000 NA $290,334 Average SP NA $390,000 $588,500 $593,750 NA $290,334 Average SP/Sq. Ft NA $842 $1,052 $978 NA $712 Average DOM NA 272 223 64 NA 203 Average SP/LP NA 101 97 97 NA 94 Napili Surf & Napili Puamala Condos for Sale Napili Puamala Q3 2023 2022 2021 2020 2019 2018 Sales 0 1 3 1 1 0 Volume NA $460,000 $1,149,950 $300,000 $390,000 NA Low SP NA $460,000 $357,000 $300,000 $390,000 NA High SP NA $460,000 $407,950 $300,000 $390,000 NA Median SP NA $460,000 $385,000 $300,000 $390,000 NA Average SP NA $460,000 $383,317 $300,000 $390,000 NA Average SP/Sq. Ft NA $1,150 $958 $750 $975 NA Average DOM NA 40 220 439 136 NA Average SP/LP NA 84 99 100 87 NA Napili Surf Q3 2023 2022 2021 2020 2019 2018 Sales 1 0 5 1 0 1 Volume $931,200 NA $3,093,900 $648,000 NA $310,000 Low SP $931,200 NA $530,000 $648,000 NA $310,000 High SP $931,200 NA $750,000 $648,000 NA $310,000 Median SP $931,200 NA $619,900 $648,000 NA $310,000 Average SP $931,200 NA $618,780 $648,000 NA $310,000 Average SP/Sq. Ft $1,634 NA $1,229 $1,119 NA $758 Average DOM 59 NA 116 111 NA $21 Average SP/LP 98 NA 98 100 NA 100

Introducing Alaeloa 38

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Mon, 24 Jul 2023 13:41:00 -1000

Introducing Alaeloa 38 Alaeloa is a hidden gem nestled along the picturesque coastline of Napili. This tranquil and idyllic enclave is home to just 42 residences situated on 13 beautifully landscaped oceanfront acres. Alaeloa 38 is a free-standing three-bedroom cottage with vaulted ceilings and a spacious covered lanai with views of the ocean and Molokai. Nestled in a mango grove, the property has the charm and feel of Old Hawaii. Located on the western coast of Maui, Alaeloa surrounds a pristine bay with stunning views of the Pacific Ocean and neighboring islands. This intimate and secluded bay provides a private haven to relax, soak up the sun, and listen to the soothing sound of waves gently lapping against the shore. The calm waters are perfect for swimming, snorkeling, paddleboarding, kayaking and, in the winter, when the swells come in, surfing at the north end of the Bay. Alaeloa's prime location in Napili makes it an excellent base for exploring Maui. Nearby Napili Bay is one of Maui's most loved beaches. Known for its crescent-shaped beach, it is anchored by the popular Sea House and Gazebo Restaurants. Further North is the Kapalua Resort, which is home to the Bay and Plantation Golf Courses, the Kapalua Tennis Gardens, five beaches, hiking and walking trails, and The Montage Kapalua Bay and Ritz-Carlton Resorts. Alaeloa is a leasehold property. Read More about Leasehold Ownership Snapshot: The Alaeloa Real Estate Market Status Unit List Sold Date Beds Baths Sq. Ft. DOM $/SQFT MLS Tenure ACT 38 $1,450,000 3 2 1,276 0 $1,136 399432 Leasehold ACT 41 $1,550,000 2 2 1,347 146 $1,151 398241 Leasehold SLD 27 $3,195,000 $3,195,000 1/26/22 3 2.5 1,528 25 $2,091 394216 Leasehold SLD 3 $1,275,000 $1,325,000 1/27/22 2 2 1,128 164 $1,175 392670 Leasehold SLD 23 $2,900,000 $2,900,000 2/15/22 3 2 1,276 37 $2,273 394780 Leasehold SLD 30 $2,985,000 $2,965,000 2/15/22 3 2 1,400 29 $2,118 394383 Leasehold SLD 15 $2,100,000 $1,935,000 2/28/22 2 2 1,410 53 $1,372 394270 Leasehold SLD 42 $1,795,000 $1,800,000 3/30/22 2 2 1,400 33 $1,286 394884 Leasehold SLD 29 $2,800,000 $2,800,000 4/21/22 2 2 1,368 51 $2,047 395532 Leasehold SLD 40 $1,495,000 $1,350,000 6/13/22 2 3 1,352 105 $999 394924 Leasehold SLD 37 $1,600,000 $1,600,000 1/25/23 2 2 1,276 41 $1,254 397965 Leasehold SLD 40 $1,599,000 $1,550,000 4/14/23 3 3 1,352 122 $1,146 397607 Leasehold SLD 45 $1,650,000 $1,400,000 6/30/23 2 2 1,276 129 $1,097 398187 Leasehold Average Sales Price Average Sales Price/Square Foot MLS data taken as of the date of this post and is subject to change. View all condos for sale in Alaeloa

Alaeloa 30: a serene oceanfront escape in Napili, Maui

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Mon, 17 Jan 2022 14:32:00 -1000

New to Market: Alaeloa 30, Napili, Maui Alaeloa is one of Maui's hidden gems. Behind the gates, off the Lower Honoapiilani Road, this small community is nestled along the Napili coastline. With just 42 residences, a mix of free-standing cottages and duplexes, on 13 acres, this oceanfront enclave is reminiscent of the Maui of my childhood...the cottages are a nod to the Plantation Style of architecture, and the seaside pool is surrounded by a mango grove. Owners have the ability to store kayaks and paddleboards, and the small bay is often home to turtles. When I met the owners of Alaeloa 30 and saw it for the first time, my eye was immediately drawn to the view. The large lanai offers a vantage point that stretches down the coastline to Kapalua, with surf breaks like Little Makaha and Hole in the Head firing in the distance. Of course, being January, what caught my attention was the whales, which were breaching just a short distance from the lanai. The owners of Alaeloa 30 have thoughtfully designed the interior, creating a warm inviting space, with floor-to-ceiling windows that bring the dramatic ocean views into focus. The left side of an oceanfront duplex cottage, the lanai is sheltered from the prevailing tradewinds, providing a calm place for dining, reading, or taking in the spectacular sunsets. Tiled floors and vaulted ceilings, create a calming, open backdrop for the living spaces. Nestled along the coast, Alaeloa 30 (second building from left, lanai on the right) is situated directly on the water--the sound of the ocean creates a peaceful backdrop for these charming oceanfront cottages. The lanai from Alaeloa 30 takes in sweeping views of the West Maui coastline down to the Montage Kapalua Bay. For those that love to cook, the Alaeloa is one of the few condominium complexes that will allow personal BBQs on the lanais. The living room opens to the beautiful ocean view, and the sheltered lanai, which provides a cool and serene retreat in the afternoons. The lighting was upgraded, with dimmers to allow you to adjust the light throughout the home. The primary bedroom suite features an incredible oceanfront sitting area along with custom built-in cabinetry. Spend time relaxing, reading or just watching the whales go by from the gracious primary bedroom suite. The ensuite features soaring ceilings and a spacious walkin shower. A chef's kitchen, the room is open to the living area, with plenty of room for entertaining. Guests have a private bedroom with an adjacent bathroom with a walk-in shower. The flex room features a new sofabed, allowing it to be used for overflow guests or a media room. Alaeloa is a pet-friendly community, a rarity in West Maui, and this single-level residence features a carport as well. Vacation rentals are presently allowed under Maui Ordinance 4369, and the current AOAO rules restrict rentals to one rental per 30 day period. The Floor Plan is for illustrative purposes only. Rendering is taken from Matteport and interested parties should do their own independent verification of the floor plan. This beautiful residence is offered furnished at $2,985,000 Leasehold. Read More about Leasehold Ownership Take a Virtual Walkthrough For more information on this property and the market at Alaeloa, contact Courtney M Brown. This property is co-listed with Rob Shelton, R(B) of Island Sotheby's International Realty. The Market at Alaeloa As of the date of this this post, 30 is the only residence actively listed for sale. There are three Alaeloa units pending sale: Status Community Residence List Price Beds Baths Sq. Ft. DOM LP/Sq. Ft. MLS Tenure Pending Alaeloa 3* $1,275,000 2 2 1,128 154 $1,130 392670 Leasehold Pending Alaeloa 15 $1,900,000 2 2 1,410 11 $1,348 394270 Leasehold Pending Alaeloa 27 $3,195,000 3 2.5 1,528 16 $2,091 394216 Leasehold With so few units, there are usually just a handful of sales each year at Alaeloa and some years there have been no sales. 2021 brought with it a frenzy of activity to Maui's real estate market, and Alaeloa was no exception. Sales ranged from 97 to 102 of list price. Properties selling for over list price is a trend we are seeing more of in 2022. Status Community Residence List Price Sold Price Close Date Beds Baths Sq. Ft. DOM SP/Sq. Ft. SP/LP MLS Tenure SLD Alaeloa 30 $2,100,000 $2,150,000 2/16/21 2 2 1,400 50 $1,536 102 389787 Leasehold SLD Alaeloa 29 $1,980,000 $1,930,000 4/1/21 2 2 1,368 38 $1,411 97 390478 Leasehold SLD Alaeloa 44* $1,175,000 $1,175,000 7/2/21 2 2 1,128 45 $1,042 100 392203 Leasehold SLD Alaeloa 23 $2,750,000 $2,750,000 7/9/21 3 2 1,276 53 $2,155 100 391530 Leasehold SLD Alaeloa 6* $1,200,000 $1,200,000 7/30/21 2 2 1,430 301 $839 100 389337 Leasehold SLD Alaeloa 9 $3,500,000 $3,500,000 10/15/21 4 4 4,000 162 $875 100 391392 Leasehold *these units are one half of a duplex A Historical Perspective: 2016 to 2021 ALAELOA 2021 2020 2019 2018 2017 2016 Sales Volume $12,705,000 $3,625,000 0 $3,225,000 $4,885,000 $5,397,799 Number of Sales 6 2 0 2 3 6 Low Sales Price $1,175,000 $1,225,000 NA $875,000 $690,000 $610,299 Average Sales Price $2,117,500 $1,812,500 NA $1,612,500 $1,628,333 $899,633 High Sales Price $3,500,000 $2,400,000 NA $2,350,000 $2,195,000 $1,875,000 Average SP/Sq. Ft. $1,310 $1,108 NA $1,264 1044 $648 Average DOM 108 39.5 NA 48 163 113 Average SP/LP 100 93 NA 95 94 93 View Alaeloa Condos for Sale

Alaeloa: Market Update November 2021

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Fri, 19 Nov 2021 15:42:00 -1000

Alaeloa: Napili, Maui, Market Update Alaeloa is truly one of my favorite properties and one of Maui's hidden gems...an enclave of just 42 single and duplex residences on 13 acres, this private, gated community is situated on a private oceanfront cove in Napili. Through a large mango grove there is direct access to a crescent beach and the surf break at Little Makaha. Overlooking the bay, there is a recreation area for owners including a large heated saline pool, a Pavilion with kitchen, bathrooms and showers, and kayak storage. Alaeloa Real Estate Market Overview for 2021 Current Listings*: 1 PendingPrice Range: $1,295,000 LeaseholdSales YTD: 6Sales Range: $1,175,000 to $3,500,000 LeaseholdSales Volume: $12,705,000Average Sales Price: $2,117,500 Leasehold VIEW ALAELOA SALES Status Unit List Price Sold Price Close Date Beds Baths Liv-SF DOM $/Sq. Ft. MLS Tenure PENDING 3 $1,275,000 2 2 1,128 95 $1,130 392670 Leasehold SLD 30 $2,100,000 $2,150,000 2/16/21 2 2 1,400 50 $1,536 389787 Leasehold SLD 29 $1,980,000 $1,930,000 4/1/21 2 2 1,368 38 $1,411 390478 Leasehold SLD 44 $1,175,000 $1,175,000 7/2/21 2 2 1,128 45 $1,042 392203 Leasehold SLD 23 $2,750,000 $2,750,000 7/9/21 3 2 1,276 53 $2,155 391530 Leasehold SLD 6 $1,200,000 $1,200,000 7/30/21 2 2 1,430 301 $839 389337 Leasehold SLD 9 $3,500,000 $3,500,000 10/15/21 4 4 4,000 162 $875 391392 Leasehold Sales in 2021 have picked up dramatically at Alaeloa over 2020, as they did with most all of the markets on Maui. However, it should be noted that with such a limited number of units, the low sales in 2020 and 2019 may be indicative of supply vs. demand. Alaeloa saw quite a bit of turnover in 2016, and then modest turnover (approximately 5 of the community) in 2017, 2018, and 2020. As Alaeloa offers both oceanfront and ocean view condominium residences, as well single units and duplexes, there is a broad variation in values. This year, the high oceanfront sale was Alaeloa 23, which closed at $2,750,000. Alaeloa 9 is a record high sale, however, it is unusual in that the property has its own gated entrance and had a considerably larger floor plan than we typically see. Alaeloa offers the feeling of a private home, with condominiumized grounds, which is attractive to buyers seeking the privacy of a home and the ease of maintenance of a condominium. How does 2021 compare to prior years? ALAELOA 2021 2020 2019 2018 2017 2016 Sales Volume $12,705,000 $3,625,000 0 $3,225,000 $4,885,000 $5,397,799 Number of Sales 6 2 0 2 3 6 Low Sales Price $1,175,000 $1,225,000 NA $875,000 $690,000 $610,299 Average Sales Price $2,117,500 $1,812,500 NA $1,612,500 $1,628,333 $899,633 High Sales Price $3,500,000 $2,400,000 NA $2,350,000 $2,195,000 $1,875,000 Average SP/Sq. Ft. $1,310 $1,108 NA $1,264 1044 $648 Average DOM 108 39.5 NA 48 163 113 What is the Leasehold Agreement at Alaeloa? A leasehold interest is created when the owner of a property enters into an agreement to lease the property for a specified period of time. As the purchaser of a leasehold property, you are acquiring the right to occupy and use the leased property for a specified period of time stated in the lease agreement. The Alaeloa leasehold estate was created in 1965 and runs to December 31, 2059. Ground leases are determined every ten years by the appraised value of the property as if it were unencumbered and there were no improvements on the property. The Alaeloa lease stipulates that ground rents are determined by the agreed-upon appraised value times a specified interest rate or the then prevailing rate of similar properties similarly located. Ground leases will be established from 2020 through 2024, 2025 through 2034, 2035 through 2044, and 2045 through 2059. Most leases contain a surrender clause that states that the land and improvements revert back to the landowner at the expiration of the lease and there is no guarantee that a leasehold property will not revert unless agreed upon and advertised as Leasehold-Fee Available. However, some Lessors are negotiating with Lessees to extend the leases and in some cases we are seeing leasehold properties being converted to fee simple ownership, meaning in a condominium you own the unit as well as a percentage interest in the fee (land) and its improvements. We recommend purchasers of leasehold property seek legal counsel to review the ground lease agreements and leasehold documents. Read More about Purchasing Leasehold Property in Hawaii Are short term rentals allowed at Alaeloa? As of the date of this post, short term rentals are allowed per the CC&Rs and the County of Maui's ordinance 4369. Alaeloa has a longstanding rental policy with a minimum of a 30 day rental (or no more than one rental per 30 day period). Read more *All data above is taken from the MLS at the time of this post. Alaeloa is a leasehold property. ALAELOA CONDOS FOR SALE

Introducing Napili Point C-39

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Fri, 16 Apr 2021 16:11:00 -1000

The Napili Point, an oceanfront enclave in Napili, Maui Why we love Napili Point Situated on a sleepy little cove in Napili, the Napili Point is a popular vacation destination. Honokeana Cove is just South of Napili Bay, and is known for its crystal clear waters. Each afternoon, you can spot turtles in the Bay, which has views out toward the Pailolo Chanel. A walking path connects Napili Point to Napili Bay, one of Maui's most iconic beaches, and home to the Sea House Restaurant and the Gazebo, a popular breakfast spot. Developed in two phases in 1977 and 1978, there are 71 1B/1B units and 44 2B/2B units at Napili Point situated on 5.31 acres. There are two swimming pools as well as BBQ areas and picnic tables for guests. The Market at Napili Point When reviewing the market at Napili Point, it's important to understand that Phase II converted from leasehold to fee simple several years ago. The fee simple interest in Napili Point Phase I was offered to owners for purchase in late 2020. As such, you'll note that there are both fee simple and leasehold units available. Current Market:Active Listings: 5There are 4 one bedroom listings ranging from $759,000 to $995,000. There is 1 two bedroom listing at $1,200,000.Pending Sales: 4There 2 one bedroom units and 2 two bedroom units pending sale. Sales (2020): 5Sales (2021): 3When reviewing these comps, it's important to note whether a unit is fee simple or leasehold. For example, C-43 is a fee simple unit pending at $1,250,000. C-2 is a leasehold unit pending at $720,000 with the fee simple interest available to purchase for another $260,000. B-23 closed at $540,000 leasehold, with the fee simple interest available at $208,000 per the listing. Status Building Name Unit List Price Sold Price Close Date Beds Baths Liv-SF DOM Price Per SQFT LT MLS ACT Napili Point II A24 $759,000 1 1 603 17 $1,259 Fee Simple 390932 ACT Napili Point I B16 $895,000 1 1 720 576 $1,243 Fee Simple 384265 ACT Napili Point I B-21 $975,000 1 1 720 132 $1,354 Fee Simple 389526 ACT Napili Point I B-18 $995,000 1 1 720 123 $1,382 Fee Simple 389624 ACT Napili Point II C-39 $1,200,000 2 2 995 0 $1,206 Fee Simple 391153 PNDS Napili Point I B-28 $899,000 1 1 720 77 $1,249 Fee Simple 390156 PNDS Napili Point II C43 $1,250,000 2 2 985 24 $1,269 Fee Simple 390844 PNDNS Napili Point I C-2 $720,000 2 2 958 366 $752 Leasehold 386602 PNDNS Napili Point I B-13 $975,000 1 1 720 20 $1,354 Fee Simple 390903 SLD Napili Point II C43 $850,000 $768,574 1/23/20 2 2 955 149 $805 Fee Simple 384037 SLD Napili Point II B-34 $750,000 $700,000 1/31/20 1 1 718 81 $975 Fee Simple 384950 SLD Napili Point I C-6 $800,000 $800,000 7/23/20 2 2 958 24 $835 Leasehold 387880 SLD Napili Point II B-23 $566,000 $540,000 9/23/20 1 1 720 127 $750 Leasehold 387075 SLD Napili Point II B-40 $625,000 $575,000 12/10/20 1 1 718 129 $801 Fee Simple 387984 SLD Napili Point I C-24 $1,525,000 $1,375,000 2/18/21 2 2 958 43 $1,435 Fee Simple 389856 SLD Napili Point II A-5 $649,000 $585,000 3/9/21 1 1 603 414 $970 Fee Simple 385794 SLD Napili Point I B2 $750,000 $750,000 3/31/21 1 1 720 37 $1,042 Fee Simple 390949 Napili Point C-39 Napili Point C-39 enjoys a premier location, perfectly situated to take in Maui’s spectacular year-round sunsets and views of Molokai framed by palm trees. A spacious lanai offers dining for four, and two lounge chairs. The owner has made many updates and upgrades to C-39, including a split air conditioning system with returns in each bedroom and the living room. Additional updates include a new stacked washer and dryer, Bosch dishwasher, a stainless-steel refrigerator with ice maker and filtered water system, and an electric sunshade. This residence is offered fully furnished. Furnishings from Mind’s Eye create the feeling of casual island elegance in this beautiful oceanfront retreat. This is a fee simple residence. Click Here to Take a Virtual Walkthrough For more information on this property, contact Courtney Brown Napili Point Condos for Sale

Leasehold vs. Fee Simple Ownership: FAQs

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Thu, 18 Jan 2018 13:34:00 -1000

Frequently Asked Questions: What is the difference between Leasehold and Fee Simple Ownership in Hawaii Alaeloa: a rare gem, oceanfront and ocean view cottages in Napili, Maui Why is there leasehold property? The History of Leasehold Property in West Maui: With the development of the Kaanapali Resort in 1961 and later the Kapalua Resort in 1978, Maui became a vacation destination. As tourism flourished and became the mainstay of our economy, local landowners partnered with developers to build Leasehold condominiums on family-owned properties or on former agricultural land. In West Maui, many local landowners saw this as a way to retain ownership of their land and derive income from the lease rents. Leases were typically set for 99 years, with renegotiations after a set period of time, and then every 10 years until expiration. In Kapalua, the Ironwoods, Golf Villas, Bay Villas and Ridge Villas all started as leasehold properties and converted to Fee Simple ownership. In Kaanapali, the Kaanapali Alii, Whaler, and Kaanapali Royal started as Leasehold and the fee was offered for sale, though not everyone elected to purchase it at the time of the offering--at these condominium properties, you'll find both Fee Simple and Leasehold condominiums for sale. The Maui Eldorado remains Leasehold. Napili also has its share of leasehold development, though, like Kapalua, most all have converted to fee simple. Currently, at Napili Point Phase I condominiums are Leasehold and Phase II condominiums are Fee Simple. What does Leasehold and Fee Simple Ownership mean? Hawaii is one of a handful of states in America that has both Fee Simple and Leasehold ownership. Our MLS notes whether a property is being offered in Fee Simple (FS), Leasehold (LH), or Leasehold-FA (Fee Simple interest available for separate purchase). Fee simple ownership, which is what is typically offered in the mainland US, is ownership of the land and all improvements. In the case of a condominium property, Fee Simple ownership is the ownership of the condominium unit and ownership of a percentage interest of the common elements and limited common elements. A Leasehold interest is outlined in a Master Lease which outlines the length and terms of the lease between the land owner (the Lessor) and the buyer of the property (Lessee), who acquires an interest in the property with the right to occupy and use the leased property for a specified period of time. The Lessee does not own the land, and pays rent for the land per the terms of the master lease. At the end of the lease, there is typically a surrender clause, whereby ownership of any improvements on the land revert back to the Lessor. Prior to the expiration of the master lease, it is possible, but not guaranteed, that a Lessor and Lessee may renegotiate and extend the lease agreement. If the Lessor chooses to sell the Fee Simple interest, the Leasehold owner (or Association of Apartment Owners) is offered the first opportunity to buy it. What are common definitions* owning a leasehold property? When purchasing a leasehold property, a Leasehold Disclosure is required which provides the buyer the opportunity to review and approve the Leasehold Documents, including the Master Lease and any amendments. Definitions follow: Leasehold Property: A Property held under the terms of a Lease agreement. The holder of a Leasehold Interest, Lessee, usually pays the owner of the Leased Fee Interest, Lessor, a stated amount of Lease rent over a specified Lease term in consideration for the right to use and occupy the Property. Lease: The written agreement between a Fee Simple owner, Lessor, giving possession of the land or another person, Lessee, for a definite period of time in return for the payment of rent. Lease Term: length of the lease. Fixed Period: leases rents are set for a period of time. Renegotiation Dates: the date on which the terms of the Lease are renegotiated and changed. In most Leases the Lease rent is not fixed for the full term of the Lease; instead, at certain fixed times stated in the Lease, called Renegotiation Date(s), Lessor and Lessee agree on a new Lease rent. The Lease may contain a formula for setting the new Lease rent and any increases. Expiration Date: date on which the Lease ends and Lessee is obligated to return the land to Lessor unless there are other stipulations in the Lease. There is no obligation for Lessor to negotiate a new Lease with Lessee after the Expiration of the Lease. Surrender Clause: Provision(s) in the Lease which mandate(s) that AT THE END OF THE LEASE, the Lessee has to surrender the Property and the land back to the Lessor. Some provisions in the Surrender Clause include the stipulation as to who receives any improvements and what conditions apply. The conditions spelled out in the Surrender Clause of the Lease, provide if the Lessor keeps the improvements or if Lessee is obligated to remove the improvements or face Lessor’s costs for doing so, or if Lessee has the right to remove the improvements in a certain timely manner. Hawaii law may limit or even change Lessor’s rights under the Lease. Leasehold Example: Alaeloa Alaeloa is a highly desirable condominium community located in Napili. The Alaeloa Leasehold estate was created in 1965 and originally was set to expire in 2024, with ground lease rents determined every ten years by the appraised value of the property as if it were unencumbered and there were no improvements. The ground rents are determined by the agreed upon appraised value times a specified interest rate or the then prevailing rate of similar properties that are similarly located. In 2010, the AOAO and the Fee Owners reached an agreement, whereby the lease was extended to December 31, 2059. Yearly lease rents were established through 2019 and renegotiations in 2020, 2025, 2035, and 2045. Considerations when evaluating Leasehold vs. Fee Simple ownership There are both pros and cons involved in Leasehold ownership. A Leasehold property may be more affordable than a Fee Simple Property of a similar size/location. It may also allow you to own in a very unique location (like Alaeloa). When there is less than 35 years left on the lease, most lenders will not approve a 30 year conventional mortgage, meaning that buyers may need to either pay cash or finance with a 15 year mortgage). With 30 years or less remaining on the lease, the property will not qualify for a 1031 tax-deferred exchange. Lease rents renegotiate, so an owner of a leasehold property does need to be aware that their monthly lease rents could increase with each renegotiation. Lease rents are separate from condominium maintenance fees, which typically cover maintenance of the common element and the reserve funds for repairs to the common element. Property taxes are the responsibility of the Lessee The Lessor is under no obligation to renegotiate or extend the lease or sell the Fee Simple Interest. Who should I consult regarding the implications of owning a leasehold property? This article is an overview of some of the differences between types of ownership and not intended as legal or tax advice. When purchasing either a leasehold or fee simple property, it is advised to consult with your CPA, Financial Advisors, and Legal Professionals to determine what implications there are for you personally. Resources Guide to Hawaii's Residential Leasehold Condominiums, Cooperative Housing Corporations, and Planned Urban Developments *Definitions taken from the Hawaii Association of Realtor's Standard Forms, Residential Leasehold Disclosure

Maui Real Estate Market Update | Through November, 2016

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Mon, 26 Dec 2016 14:42:00 -1000

Maui Real Estate Market Update Maui Real Estate Sales: Homes, Condominiums and Land Through November 2016 The November Maui County Real Estate Market Update is now available for your review. The report details sales activity through November, 2016 as compared with that of the prior year. Maui's Real Estate Market: Active Listings There is a slight increase in active listings, which is typical of this time of year as many Sellers in resort areas list condominium and residential properties when tourism levels (which bring prospective buyers) increase. Active Listings Average List Price Average Days on Market All* 1,614 $1,625,081 220 Residential 484 $2,600,662 147 Condominium 822 $1,005,294 140 Land 308 $1,746,133 547 Maui's Real Estate Market: Sales through November 2016 Sales by Property Type: Volume, Average SP (Sales Price) and Median SPNovember 2016 vs. 2015 No. of Sales Change Volume ($) Change Average SP Change Median SP Change All* 2,246 +4 $1,739,268,160 +4 $774,385 +1 $535,000 +5 Residential 945 -2 $918,467,893 +8 $971,924 +10 $635,000 +9 Condo 1,169 +8 $728,386,961 +5 $623,086 -3 $415,000 +1 Land 132 +6 $92,413,306 -27 $700,101 -31 $469,750 -4 Across the Island of Maui, the majority of sales are condominiums (52) and homes (42), with vacant land transacting the least (6). Island wide, the Maui Real Estate Market saw the following when comparing this year over last by property type: Sales by Area: Volume and Average SPNovember 2016 vs. 2015 Areas* No. of Sales Change Volume ($) Change Average SP ($) Change South Maui Districts Wailea/Makena 119 -14 $221,947,400 -30 $1,865,104 -18 Maui Meadows 25 +14 $29,781,550 +17 $1,191,262 +3 Maalaea 22 -4 $8,385,800 +13 $381,172 +19 Kihei 616 +7 $331,046,333 +9 $537,412 +2 West Maui Districts Honokohau 0 0 Kapalua 50 0 $117,504,384 +10 $2,350,087 +10 Napili/Kahana/Honokowai 255 +31 $133,389,739 +38 $523,097 +5 Kaanapali 172 +16 $198,844,711 +6 $1,156,073 -9 Lahaina 152 -1 $140,535,289 +46 $924,574 +47 Olowalu 5 0 $8,544,000 +63 $1,708,800 +63 Upcountry Kula/Ulupalakua 73 -15 $73,075,675 -6 $1,001,036 +11 Pukalani 75 +12 $44,116,957 -4 $588,226 -14 Makawao/Olinda 71 +31 $45,722,586 +22 $643,980 -7 North Shore Keanae 0 0 Spreckelsville/Paia/Kuau 35 +17 $58,114,500 +119 $1,660,414 +88 Haiku 81 -18 $73,185,749 -16 $903,527 +2 East Maui Nahiku 1 0 $265,000 -28 $265,000 -28 Hana 13 +8 $9,928,000 +19 $763,692 +10 Kipahulu 0 0 Kaupo 1 0 $1,300,000 +178 $1,300,000 +178 Central Maui Kahakuloa 6 +500 $3,115,500 +726 $519,250 +38 Wailuku 314 +4 $156,675,671 +12 $498,976 +8 Kahului 160 -22 $83,789,316 -14 $523,683 +10 It should be noted in some areas, where just a few sales occur each year, the sales data can vary dramatically with one large sale or with fewer sales. High dollar properties (for example, oceanfront or large acreages) can also swing the statistics. Please contact me with any questions about the Maui real estate market and properties for sale. To search Maui Real Estate listings, visit LuxuryRealEstateMaui.com. You'll find offerings including Maui Oceanfront Homes for Sale, as well as of condominiums, homes and land in the resort areas of West and South Maui and real estate islandwide.Buying or Selling Maui Real Estate? West Maui Condos: Kapalua Condos for Sale, Napili Condos for Sale, Kaanapali Condos for Sale, Lahaina Condos for SaleHomes: Kapalua Homes for Sale, Kaanapali Homes for Sale, Lahaina Homes for Sale, Launiupoko Homes for SaleLand: Kapalua Land for Sale, Kaanapali Land for Sale, Lahaina Land for Sale, Launiupoko Land for Sale South Maui Condos: Wailea Condos for Sale, Makena Condos for SaleHomes: Wailea Homes for Sale, Makena Homes for SaleLand: Wailea Land for Sale, Makena Land for Sale North Shore:Condos: North Shore Maui Condos for SaleHomes: North Shore Maui Homes for SaleLand: North Shore Maui Land for Sale Other areas of interest: Upcountry, East Maui, Central Maui, and Lanai *Information is for just the island of Maui and does not include data from Molokai or Lanai. The sales information compiled in these reports and in the above charts is taken from the Realtor's Association of Maui. It is deemed reliable, but is not guaranteed. It should be noted that just condominium, single family home sales and vacant land sales recorded in the MLS are included in this data. Private transactions not in MLS are not accounted for in the data sample. Mahalo to Fidelity National Title for providing the November 2016 Maui Real Estate Market Infographic.

Alaeloa: Short Term Rental Update

cb@luxuryrealestatemaui.com (Courtney M. Brown) — Fri, 09 Dec 2016 16:01:00 -1000

Alaeloa: Short Term Rental Update Alaeloa is one of Maui's best kept secrets. This secluded, gated community of just 42 residences is nestled along West Maui's shore complete with a mango grove and oceanfront pool. Built in 1964, this charming enclave of cottages and duplexes in a residential community, has been called the "Pebble Beach of the Pacific" and has been a much loved vacation destination over the years. Maui County defines anything under 180 days as a short term or a transient vacation rental, which is typically not permitted in Residential Districts. Enter the recent question of vacation rentals at Alaeloa: Maui County Code allows for TVR's in residentially zoned planned developments consisting solely of duplexes or multi-family dwelling units that had had transient vacation rental use on or before April 20, 1981. While Alaeloa was built in 1964, there was some question by the Maui County Zoning Enforcement Department as to whether Alaeloa was grandfathered in to allow Transient Vacation Rentals (TVR's). The Alaeloa Board of directors sought to address the question as to whether short term or vacation rentals were permitted with the county. The result was the adoption of Maui Ordinance 4369 per a letter issued by the Board of Directors this past week: "We are pleased to report that as a result of a new Maui Ordinance 4369, transient vacation rentals ("TVR") which are in compliance with Alaleloa's longstanding CCRs are no recognized as being officially permitted by Maui County in Alaeloa." It should be noted that Alaeloa has a longstanding rental policy with a minimum of a 30 day rental (or no more than one rental per 30 day period), which is unchanged by the new ordinance. According to the county site, as of this post, Ordinance 4369 has yet to be codified. The ability to rent is subject to county and state laws and is subject to change.