By Jo Dorner
At this point in time, it should be pretty clear to everyone that Maui is struggling with tourism. We were one of the hardest hit islands so far this year. Real estate keeps chugging along, but with sales of new units slowing down in Wailea, Kaanapali and Kapalua. Of Kapalua condos we have had only 15 sales for the year to date out of the 85 listed, and there is nothing in escrow there at this time.
Bottom? Who can predict it? We will only know once it is passed. Prices are at $599,000 for a one bedroom Golf Villa which is lower than we have seen in some time. Bay Villas has a low of $899,000 and Ridge Villas have a unit at $785,000. Interest rates, although higher for a second home or investor, are still in the 6% range. The new projects at Kaanapali are coming right along in the last phase of the Westin Time Share and the second tower of the Honua Kai project. Units are available in the first and second buildings in Honua Kai. Royal Lahaina Villas are still a viable oceanfront project and will end up with a mix of some type of fractional interest as well as wholly owned units. We have been told 6 whole units have been reserved in this project.
The LPGA was a big hit with the lady golfers and they all seemed to enjoy themselves very much. Kapalua’s Morgan Pressel won the LPGA tournament for a check of 225,000 which was very nice for her and Kapalua. We certainly need more people to come and take part in this tournament as it is a beautiful course with all of the best Kapalua views, from the Golf Villas to the Ritz Hotel, the Ironwoods, and the Ridge Villas. My Broker, Pat Sullivan, and his team came in 3rd on the Pro Am which was exciting for us at Sullivan Properties.
Maui weather has been very good for fall and we welcome the people that the Hawaii SuperFerry brings to the island. Everyone that has taken it says it is a long trip to Oahu and although it can sometimes be a bit rocky, it's a great way to get a good perspective of the islands. Happy Halloween and a Great Thanksgiving!
Joline L. Dorner, R (S)
Who's Who in Hawaii Real Estate
Top 100 Realtors 2008
Sullivan Properties, Inc.
10 Hoohui Rd. Suite 110
Lahaina, HI 96761
By Jo Dorner
At this point in time, it should be pretty clear to everyone that Maui is struggling with tourism. We were one of the hardest hit islands so far this year. Real estate keeps chugging along, but with sales of new units slowing down in Wailea, Kaanapali and Kapalua.… Continue Reading