Building 57, also referred to as the "J" building is in demand at the moment. Villa 57-6 closed for $2,340,000 on May 5th, 2010 and Villa 57-1 closed for $2,500,000 on April 16, 2010.

Dano Sayles has Villa 57-4 in the "J" building actively listed for $2,725,000.

If you would like an in-depth analysis of Ho'olei sales, please email me or call 808-870-4899.

I belive this sale signals a positive turn around in the Ho'olei market in specific as well as the greater Wailea Real Estate market.

The lowest sale recorded in the last two years for a third-row villa in Ho'olei occurred in September of 2009 when villa 69-1 closed for $1,999,999. In just 7 months the sales values for third-row villas has recovered by 25%.

If you would like an in-depth analysis of Ho'olei sales, please email me or call 808-870-4899.

"Maui County welcomed 174,027 visitors in February, a gain of more than 7 percent compared with the same month last year. Every other county showed an erosion in the already weak traffic count, although small ones.

Maui island did even better with visitors who chose to stop at just one island, with those visits up 12.4 percent. Maui island's increase in visitors in February comes on the heels of a 2.4 percent increase in January. February marks the second consecutive month of positive growth in visitor numbers since December 2005." - Harry Eagar, Maui News article printed 03/31/2010

This information is certainly great news for Maui's Tourism industry but there are some additional statistics, unreported by the Maui News, that represent fantastic news for vacation rental condo owners: visitors statewide are choosing condo accommodations by a growing percentage! February 2010 visitors planning to stay in Hotels grew only 2.1% while visitors planning to stay in condos dramatically increased by 5%, compared to February 2009.

Occupancy is especially high for vacation condos in Wailea, the master-planned community that was recently selected as America's best place for a second home by Forbes Barron's Magazine.

A shining example of visitor statistics comes from Ho'olei, Wailea's newest community with 120 Villas located across from the Grand Wailea Resort and Spa. Ho'olei at Grand Wailea, which manages the vacation rentals of Ho'olei Villas, reports that March 2010 occupancy is up 238% from last year! March statistics complete the first quarter of 2010 with occupancy up 242% compared to the first quarter of 2009! This trend shows that a new luxury product in a resurging market may have greater profit potential.

Analysts are reporting signs of a turnaround in the price slump for Maui Real Estate, according to an article in the March 10 issue of Maui News.

Ho'olei, the preeminent community in Wailea, was prominently featured as a positive sign of the up-turn in the resort market...

"The Ho‘olei condominium project in Wailea came on line after the resort real estate peaked in the second quarter of 2007. Now, it appears prices may have bottomed out, according to Honolulu real estate analyst Ricky Cassiday."
- Harry Eagar, Staff writer for Maui News

Below are some highlights from the article written by Harry Eager...

Prices peaked in the second quarter of 2007 at $1.5 million and fell steeply to $1 million by the middle of 2009. Since then, they have stabilized.

And as prices have stabilized, transactions have soared, from about 125 per quarter to about 200 in the last quarter of last year.

Another sign that the market may be getting ready to turn is the appearance of bargain hunters. Whether you characterize them as thrifty shoppers, bottom feeders or vultures, Cassiday said he sees people with money looking around for deals.

Here is my Ho'olei Market report with perspective on notable sales:

On September 17 2009, Ho'olei 69-1 (I1) closed for $1,999,999.00, representing the lowest sale for third row condos at Ho'olei to date. In my opinion, this closing was literally representative of the bottom of the market in the neighborhood. In a period of just 6 months, the real estate market at Ho'olei has arguably recovered by roughly 20%, which is a very positive for the market in the greater Wailea/Makena region as a whole.

On Saturday March 6th 2010, Anthony and I listed 57-1 (J1), a developer Hibiscus villa in the third tier at Ho'olei. Within a period of several hours we received a purchase contract on the home, which was accepted by the developers shortly thereafter. After J1 closes in April, the sale will represent the highest closing at Ho'olei since September 2008.

I am so excited to share this great news with you. Things seem to be headed back in the right direction!

"One of the first master-planned resort communities in the nation, it's a balanced blend of understated gated communities, luxury resort hotels, three excellent golf courses, a tennis center and, of course, several crescent sandy beaches. Wailea has 500 single-family homes, and their views are stunning: lush, verdant hills, brilliantly blue ocean and, after the steamy sun showers, rainbows over the horizon." Full article

With such positive national media attention on Wailea, interest is surging for Ho'olei at Wailea. There are only 4 developer villas left which include membership to Grand Wailea's Kulana Club (with dues pre-paid for one year) which includes access to Grand Wailea Pools, Spa Grand whirlpool spa and steam and more!

I invite you to contact me for all the benefits of Ho'olei ownership.

My good friend and client, Guy Turcotte, just let me in on a great piece of information before he left home to Canada this past weekend. 

Starting December 5, 2009, Air Canada will be offering non stop flights between Calgary and Maui three times a week!  Calgary-Maui flights will operate on Saturdays (beginning Dec. 5) and Mondays and Fridays (beginning Dec. 21). Maui to Calgary flights depart Maui at 7:55 p.m. (Hawaii time), arriving in Calgary at 5:15 a.m. (Alberta time). Calgary to Maui flights depart Calgary at 2:20 p.m. (Alberta time), arriving on Maui at 6:35 p.m. (Hawaii time). The price is expected to be $281 one-way, and will save travelers roughly 2.5 hrs compared to other routes.  The flights are also timed to accomodate convenient connections to cities throughout Alberta and eastern Canada.  The aircraft will be the roomy Boeing 767-300ER.  So, this winter Albertans will be able to quickly escape the cold for some warm Hawaiian sun, and Hawaiians will enjoy easy access to some of the best ski resorts in the Canadian Rockies!

All three floor-plans at Ho'olei, Hibiscus, Maile, and Plumeria, are now open for viewing.  These models are located on the second level in the "P" building, unit numbers 31-1, 31-2, and 31-3.  Please feel free to contact us or stop by our office to set up an appointment and schedule a walk-through for these magnificent units.  The sales office is open 7 days a week from 9am-4pm.

Hope everyone enjoys the rest of their day and work week!

• Up to 70% Loan-to-Value, with a maximum loan amount of $1.5 million.
• Special pricing applies---subject to availability of funds.
• Only available for developer-owned units in Ho`olei.
• This is a direct program---no mortgage brokers will be allowed.
• United States residency is not required.
• No points.
• 5/1 and 3/1 arms available with 30-year terms.
• Competitive Interest Rates available upon request.

Disclaimers:

- Loans to individuals only, no LLCs will be accepted.

- Applies to direct developer purchases in Ho'olei only.

- Rates and terms may vary and are subject to change without notice.

- Maximum loan amounts may exceed $1.5 million, subject to sole discretion of the Bank.

- Offer may be canceled or modified at anytime.

- Cannot be combined with other promotions or special rates (including Priority Banking).

- Other restrictions may apply.

If you need more information or have any pressing questions, please feel free to contact us or Lorrie Onaga of First Hawaiian Bank at #(808) 873-2266.

In case you missed this post in the newsletter, I thought I'd post it again here because it's such a valuable piece of information.

Home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009.

Under new rules introduced recently by the Department of Housing and Urban Development, qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent.

Please contact us today for more details on this once-in-a-lifetime program.

Hope to see you there!

Fourth of July on Maui is one of the most exciting times to be on the island.  Along with the countless private parties and barbecues, there are many public activites for tourists and locals alike.  I did a little searching and came across a great list of things to do:

Lahaina 4th of July Concert in the Park
The Maui Community Band will perform a pre-fireworks concert on the oceanfront lawn of the Lahaina Public Library on Saturday, July 4, 2009 from 5:30 p.m. to 9:00 p.m. The concert will feature a medley of songs recorded in the past by Israel Kamakawiwoole.  Make sure to make it as this is one of the better free concerts of the entire year!

Lahaina 4th of July Fireworks
The Rotary Club of Lahaina Sunrise is sponsoring a fireworks display that will begin firing at 8:00 p.m. from a barge moored in Lahaina Harbor.

Westin Maui 4th of July "Flower Works" Orchid Drop
The Westin Maui Resort and Spa on Kaanapali Beach in West Maui is hosting a 4th of July celebration on Saturday, July 4, 2009 that will feature an 11:00 a.m. orchid drop, during which 50,000 fresh orchids will be dropped from a helicopter and showered down onto the swimming pool deck of the hotel. The celebration will also feature lei making sessions, and prizes for those who find five roses that were dropped along with the orchids.  This is going to be the tenth year, and certainly the best yet!

Whaler's Village 4th of July Celebration
Whaler's Village at Kaanapali usually hosts a celebration on the 4th of July featuring free activities for kids in the shopping center's center courtyard. For more information call 808-661-4567.

Polipoli 15K Trail Romp
This 4th of July running event organized by the Maui running club known as the Valley Isle Road Runners is especially difficult because of the numerous difficult uphill sections and mile-high elevation, offering much less oxygen than any sea-level race. The parking area is at about 6400 feet and the highest point on the trail is about 7200 feet!

Makawao Paniolo Parade
Every year, on 4th of July Weekend there is a Hawaiian cowboy theme parade in the streets of Makawao in upcountry Maui. The parade is the opening event of the annual 4th of July Makawao Rodeo.

Makawao Rodeo
The Makawao Rodeo and Independence Day celebration takes place in upcountry Maui every year over the 4th of July weekend. The event is held at the Oskie Rice Arena on Olinda Road in Makawao and it includes bareback bronco riding, barrel racing, calf roping, live music, country and western dancing, and food booths. There is also a Paniolo Parade before the rodeo that runs up Baldwin Avenue and Makawao Avenue to the Eddie Tam Memorial Complex. The Makawao Rodeo has been held for more then 50 years.

On top of those wonderful events--if you are more of the nautical type--some of Maui's best cruises offer great times and of course stunning views of the fireworks from the sea.

Pacific Whale Foundation 4th of July Cruises
The Pacific Whale Foundation offers 4th of July cocktail cruises on double-decker catamarans every year, with departures out of both Lahaina Harbor and Maalaea Harbor. The cruise price usually includes a 3 hour cruise, heavy appetizers, three cocktails for each adult, and a great view of the Lahaina Harbor fireworks show.

Pride of Maui 4th of July Cruise
Every 4th of July the 65-foot "Pride of Maui" cruise ship offers a special "Fireworks Over the Pacific" dinner cruise out of Maalaea Harbor in South Central Maui. The cruise check-in time is usually about 6:00 p.m. and it usually returns to the harbor about 9:45 p.m., but call 808-242-0955 or 877-867-7433 to confirm.

Spirit of Lahaina 4th of July Cruise
Every 4th of July the 65-foot "Spirit of Lahaina" cruise ship offers a special Independence Day cocktails and heavy appetizers cruise out of Lahaina Harbor in West Maui. The cruise check-in time is usually about 6:00 p.m. and it usually returns to the harbor about 8:30 p.m. Call 808-662-4477 or 866-623-0458 for more information.

A special thanks to Kathie Fry of hawaiiforvisitors.com for gathering all the information in one place.

It is already halfway through the year, so I wanted to provide a summary of the action so far.  If you had any doubts as to who is leading the charge in South Maui, just look at the numbers.  This year, there have been nine original sales at Ho'olei, while the five biggest surrounding competitors (Wailea Beach Villas, Papali Wailea, Wailea Point, Polo Beach Club and Makena Surf) have closed four all together; furthermore, the sales of these condos at Ho'olei reached approximately $18 million in total sales volume.  Additionally, of the 20 active listings within this distinguished community, we represent 12 of them.  Finally, there are currently 9 pending sales of luxury condos in the Wailea/Makena area, and our sales team is representing three of them, roughly 33% of the total market share!  So, if you want to see what it feels like to live in style and luxury, in the heart of Maui's most prestigious resort town, please do not hesitate to contact me through this site, my cell phone at 808-870-4899, or toll free at 888-237-5928.  Also, additional information can be found on my other blog at the Ho'olei website.

Hope you enjoy the rest of your week!