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The Maui Real Estate Blog

Maui Real Estate Market Gaining Momentum—No Signs of Stopping!

The Current State of the Maui Market

With consistent production across all sectors of the Maui economy (led by record years in the tourism industry), the housing market has greatly benefited. For all intents and purposes, I can say confidently that our island will stay on a productive growth trend.  Home and condo prices are closest to the peak numbers that we experienced before the devastating Great Recession of 2008.

According to the National Association of Home Builders Fall 2013 Construction Forecast, the housing rebound was in double-digits for home prices over the past year, driven by low inventories and a steady decline in unemployment. The NAHB forecasts a total of 924,000 housing starts in 2013, up 18 percent from 783,000 in 2012.

NAHB chief economist David Crowe believes, “We expect to see price increases moderate in the next few years as we see additional inventory on the market and investors back away as the bargains disappear.”

Maui’s recovery is officially in full swing. For awhile, developers were hesitant to start new projects because of the bleack economic outlook. However with the current projections, developers have no excuse to not get their projects rolling. With the recent stability of the economy, developers have finally announced a few great projects that are billed to be good values.

New Developments on the Horizon

Central Maui—-Maui Business Park

It’s only fitting that Alexander & Baldwin, one of Hawaii’s most historic and influential companies, take the lead in Maui’s new, forward-thinking business approach. A&B are set to offer 65 fee simple lots which are approximately 1/2 acre or larger. The business park is categorized as M-1 (light industrial) zoning which allows warehousing, distribution, light manufacturing, retail, and office use.

Maui Business Park is situated close to the island’s 2 biggest transport hubs, the Kahului Harbor and Kahului Airport, with immediate and easy access to all parts of the island. The business park will be divided into two separate counterparts: the North Project (29 lots) and the South Project (36 lots). Construction of the infrastructure has been completed with all improvements in place.

West Maui—Kahoma Village

This project is slated for construction on roughly 22 acres of land bordering Honoapiʻilani Highway to the east of the site, and Front Street to the west.  It is also located next to the calm waters Kahoma Stream and the Lahaina Cannery Mall to the north.

Upon completion, there will be 203 new units, which will include 102 affordable multifamily units. The single-family units will boast 3- and 4-bedroom floor plans, in comparison to the multifamily units which will have 2 to 3 bedroom floor plans.

South Maui—The Shops at Wailea Expansion

The Shops at Wailea are ready to improve their already impressive resume of retailers, and (excitingly!) are poised to develop the area’s first supermarket. The closest large market is within a 10 mintue drive to Kihei, meaning Wailea has never been spoiled enough to have a nearby supermarket. Island Country Market is the face behind  the proposal, with high hopes of growing their brand here on Maui (they have two other locations on Oahu).

The architecture and ambiance of the new structure will be engineered to replicate that of the already existing stores. The results should be seamless, as the design of the two buildings are planned to complement each other. Island Country Market will be the sole tenant occupying this space (approximately 16,000 square feet), and they will offer a variety of choices; among other things, gourmet foods, wines, and cheeses. There will also be a ultra modern and chic sushi bar/bistro, with covered outdoor dining.

Contact a Maui Real Estate Specialist

Unit 87-3, Ho’olei’s finest unit, listed for $3,395,000

Whether it is relocating to Maui, buying your first home, investing in real estate, or upgrading your overall well being, you could not find a better lifestyle than Maui. This island is more than just a beautiful destination, it’s home to incredible people and some of the world’s most renowned real estate. People come for the sun, but stay for the lifestyle. For more current information on Maui Real Estate, please contact me for a private showing.

Mahalo,

Anthony Sayles R(S)
808-280-6532
Email: Anthony@DanoSayles.com

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