If you follow me on Twitter, you may have seen me tweet a couple of days ago about the mayor proposing changes on property tax rates. If you have been listening to Maui county elected officials, this is not a big surprise. The county depends on property tax revenue for a significant portion of its budget. When the real estate market was booming, the county adjusted rates downward in a number of property classifications. This helped partially offset big increases in assessed values. Now that the market has turned, assessed values have been shrinking rapidly leading to dwindling revenues. In turn, rates are being slated to increase to help offset the lower assessments. The Maui News had an article on Tuesday outlining the mayor’s proposed changes in property tax rates and other county fees to help raise revenues. Here is an excerpt showing the mayor’s new tax rates.
The amounts are per $1,000 of net taxable assessed valuation:
* Time share: $14; no change.
* Improved residential: $5.80; plus 95 cents.
* Apartment: $5; plus 45 cents.
* Commercial: $6; plus 25 cents.
* Industrial: $6.50; no change.
* Agricultural: $5; plus 50 cents.
* Conservation: $5; plus 25 cents.
* Hotel & Resort: $8.75; plus 55 cents.
* Unimproved residential: $7.25; plus $1.90.
* Homeowner: $2.50; plus 50 cents.
* Commercial Residential: $6.25; new tax category.
These rates will be subject to deliberation by the county council over the next couple of months. We may see some changes before they are finalized in early May. The new rates will go into effect at the start of the next fiscal year on July 1. We will post the official rates when they have been approved by county council and the mayor.
I received some great new photos today of our new listing in the desirable Kuau area of Maui’s North Shore. This 5 bedroom/3.5 bath condomium home is beautifully maintained and right across the street from the access to beautiful Mama’s Beach and the world famous Mama’s Fish House Restaurant. You are also just a quick drive or bike ride to Paia Town or Hookipa. This beautiful, well maintained home will make a great primary or part time residence.
Here are some great photos that help capture the stunning vistas from the roof top deck.
Views towards the ocean and surf breaks from the roof top deck of this great Kuau Home
Haleakala views from the rooftop deck on a sparkling Maui winter day
Looking towards the ocean at twilight
The lights go on Upcountry as twilight falls on a cloudy Haleakala
Looking at the exterior of the Kuau Home as daylight fades
Take a virtual tour to get an even better feel of this wonderful property. This great home is offered for $1,495,000. Contact us today to arrange a showing of for additional information.
We have been in the process of bringing our listings back on line as part of the opening of the new brokerage. Most are coming back at the same list price. However, the house and cottage we have listed in Kihei had a nice little price reduction. This great property is located in the desirable Hale Kilohana neighborhood . This great opportunity features a 2 bed/ 2 bath 1,225 square foot main house and a 500 square foot 1 bed/ 1 bath cottage. Take a casual stroll to Keawakapu or the Kamaole Beach Parks. Enjoy spectacular sunsets from the lanai or watch the sun rise over Haleakala. Host friends, family or tutu in the detached cottage. The home has been loved by the original owner for 25 years. Both homes feature vaulted ceilings for an open, airy feel. The house and cottage need some TLC and updating, but the bones appear to be good and the location is excellent.
This opportunity offers sunsets, quality location, post and pier construction for easy changes and 2 dwellings at a market driven price. This is not a short sale or a REO so there should be no delays or red tape. This home is now offered at $629,000. Contact us for additional information. Click here for additional photos.
The Green Banana Cafe in Paia is hosting a Fun Run tomorrow morning Saturday March 13th to benefit Women Helping Women. There are 5K and 10K runs following a mostly flat course from Green Banana towards Kahului airport. If you are feeling last minute inspiration, you can register starting at 6:00 AM. Day of race fees are $35 for adults and $30 for youth under 18 for the 10K course. The 5 K course is $30 for adults and $25 for youth under 18. The Run starts at 8:00 AM. Awards will be given to the top three male and female finishers. Have some fun, get some exercise and support a great local non-profit and its efforts to curb domestic violence.
The Maui Real Estate Team has a brand new listing to report in beautiful Kuau on Maui’s North Shore. This property is just one lot away from the ocean and a 2 minute walk to the beach. The 5 bed, 3.5 bath gated condomium home is beautiful, private, unique, impeccably maintained and almost new. This compound offers many of the benefits of oceanfront living without the challenges. Enjoy fabulous views of the ocean; walk across the private lane to swim, surf, wind or kite-surf; stroll to Mama’s Fish House for a bite; or take a quick drive or bike ride to Paia Town or Hookipa.
This home offers a lot more to love than just its great location. Like to cook/entertain? The open and spacious kitchen features a Viking range, Jenn-Aire stainless steel appliances, beautiful cherry wood floors and cabinets. There are multiple outdoor lanais and a roof top observation deck from which you can enjoy 360 degree views. With low maintenance landscaping, plenty of storage for your water toys, an outdoor shower and a flexible floor-plan, this property will make an ideal full or part time residence. This home is offered at $1,495,000. Contact us today for additional information or to arrange a showing. Click here for additional photos. Click here for more photos and a link to a virtual tour.
The Maui Luxury Home and Condominium market has been on a bit of a roller coaster ride over the last couple of years. This segment of our market was among the most resilient during the tail end of the real estate boom. During 2007 and the first quarter of 2008, luxury homes and condominiums were still fetching premium prices and seeing stronger sales volume. This was happening while almost all other segments of the market were seeing slumping sales volume or flat to depreciating prices. As the year progressed in 2008, the high end market started to change. Sales volume slowed rapidly. By the peak of the financial crisis in the fall of 2008, the pace of sales slowed to a trickle. Sales remained limited throughout much of 2009. While there were some very high end transactions, most of the properties that were moving were selling at a pretty substantial discount from the peak. The Maui luxury market was not immune to price adjustments.
As we are approaching the close of the first quarter of 2010, will we start to see some recoveries in sales volume? Is this market showing new life? The quantitative data suggests we aren’t quite there yet. We have the same number of home closes over $2,000,000 for the year at this time this year as we did at this time last year. That being said, there are some suggestions that there may be some additional improvements forthcoming. Barron’s just ran an article on improvements in the second home market. Maui was first on the list of ten communities identified as the best places to buy second homes in the country. The article spoke of increases in activity among a number of high end enclaves. There are reasons for this increase in activity. While 2008 was a year of tremendous wealth destruction among some of the nation’s most affluent, 2009 proved to be a lot more prosperous. More millionaires and multi-millionaires means more potential luxury home buyers.
Last but not least, more than a few eyebrows were raised across the island when a Makena Beachfront Home listed for $27,000,000 recently went under contract. If this property closes remotely closes at a price remotely close to its list price, that would set a new high water mark for single family homes. We will continue to keep an eye on the Maui Luxury market. Contact us if you have questions about or need assistance looking for luxury properties on Maui.
