Prices for Homes Are Up & Condos Are Down
Maui County’s median sales price for single-family homes last month reached a historic high of $837,500, the second time this year that the median price surpassed the $800,000 threshold, a real estate report said.
The median sales price for homes in August skyrocketed 19.6 percent compared with the same month in 2018, according to a Realtors Association of Maui report released Tuesday. The price set a record for RAM tracking, which dates back to 1993.
The median sales price for condos last month dipped slightly to $496,950, a 0.6 percent decrease from the same month last year. Condos spiked in June to $522,000, the highest mark in a decade. The historic high for condos is $805,000 set in January 2009.
What is HARPTA Withholding?
It's important for prospective buyers and sellers, who do not reside in Hawaii, to understand the Hawaii Real Property Tax Act (HARPTA) Withholding. The HARPTA withholding requires the buyer who purchases real property from a non-resident of Hawaii to withhold 7.25% of the amount realized and remit to the Department of Taxation within 20 days of closing unless an exemption applies.
To better understand this withholding, this is simply what transpired in the past that created this withholding. Second home buyers/investors from the mainland purchased their dream property in Hawaii and when they sold it and made a gain of their sale, they went back to their implemented this tax act back in the early 1990's to collect the taxes on the gain of relinquished properties.
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Kua'aina Mauka Workforce Housing Application Process Opens
The developer of Kua'aina Mauka announces that they are opening up their application process for residential workforce housing, September 21, 2019 with an application deadline of October 19,2019. The listing broker for Kua'aina Mauka is offering 7 fee simple residential workforce housing units consisting of 2-bedroom and 3-bedroom, single-family units located in Pukalani. Two of the seven units will be initially marketed to the "below-moderate income" residents, four to "moderate income" residents and one unit to "above-moderate income" residents.
Applicants with a complete and accepted application will be placed on a wait list. Three wait lists will be generated according to income groups and three separate lotteries will take place on October 27,2019, starting at 12:00pm.
- Wait List A 80%-100% AMI
- Wait List B 101%-120% AMI
- Wait List C 121%-140% AMI
For more information, just shoot me an email, I'm happy to help.
The Real Work Begins
In 2004, when affordable housing developer Mike Atherton first bought 2,000 acres in Waikapu that included the Maui Tropical Plantation, he envisioned an entire community of homes and services that would bring back the Waikapu town of old.
Now, after years of planning, applying and appearing before commissions and boards, the project got the green light Friday, September 20, 2019, which also had three bills approved that were related to community plan and zoning changes that will pave the way for the Waikapu Country Town.
The Waikapu Country Town project calls for 1,433 single-family, multifamily and rural units, as well as 146 ohana units; 200,000 square feet of commercial space; 82 acres of parks and open space; 8 miles of sidewalks, paths and trails; a 12-acre elementary school; and 910-acre agricultural preserve.
A timeline for a build-out of the entire project is hard to pin down, based on the potential for recessions and other economic factors. The single-family homes would be available to residents earning in the below-moderate to above-moderate income brackets (according to the county's guidelines as of 2019, that would include those earning above $67,040 and below $117,320). Homes would range in price from $392,400 to $610,400.
Multifamily workforce housing units would be available to rent for those earning in the very low to moderate brackets ($41,900 to $100,560 in 2019.) Rent per month would range from $764 up to $1,834.
About 80% of the project's market-priced housing is expected to be sold at prices deemed affordable to Maui County residents earning between 100 to 140% of the county's median income ($83,800 to $117,320 per the 2019 income guidelines)
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Traavasa Hana Hotel sold to West Hollywood Company
It was announced on Friday, September 27, 2019 that the Travaasa Hana resort was purchased by West Hollywood's Mani Brother Real Estate Group.
The 72-acre oceanfront resort includes 75 private bungalows, pools, hot tubs and spa.
"As we get to know the community of Hana and the team at the hotel, we will continue to offer the authentic, upscale Hawaiian experience that Travaasa is known for. The dedicated service visitors have enjoyed for years will remain untouched as we work to further enhance this destination resort."
The property features two full-service food and beverage destinations, The Preserve Kitchen and Bar, an open-air restaurant overlooking Hana Bay and Kauiki Hill, and Hana Ranch Restaurant.
"Remaining a vital part of the Hana community is of the utmost importance to us. We will refresh the historic property, while maintaining its original spirit."
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