REAL ESTATE A SUPPLEMENT OF THE MAUI NEWS | FRIDAY, MARCH 27, 2015
Maui Lani Village Center On the path to becoming a thriving commercial hub
Learn what’s being done to address affordable housing
Lenders: Young adults who want to buy must plan ahead
Maui design and construction firm wins ‘Best of Houzz’ award
REAL ESTATE GUIDE | MARCH 2015
The Maui Housing Crisis: We need to start building homes our LOCAL FAMILIES can afford COMMENTARY By DAVID DELEON Realtors Association of Maui Government Affairs Director
helter is a basic human necessity, but finding an affordable place to live has become an increasing challenge for a growing portion of Maui’s population. This problem grows out of a lot of factors, including that people from around the world want to live here and are willing and able to pay prices that ordinary Maui residents cannot. It also grows out of the fact that we have a limited land mass and
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have passed a maze of laws to protect it from being overdeveloped. Those restrictions, however, have DeLeon contributed to our community’s inability to keep up with the local demand of housing and have caused the cost of the housing that is built to be among the most expensive in the world. That’s a problem, because just about everything else you need to live here — food, electricity, transportation — is also very expensive and the wages average Hawaii residents earn in our service-based economy are not beginning to
Photo courtesy Spencer Development
Some of the first homes are now being built in Waikapu Gardens Phase II, an affordable housing project by Spencer Development. The company, without even advertising the project, saw 800 families sign up for the 56 homes being built. The company hopes to start moving the first families into the subdivision in late May or early June.
keep up with the cost of living. The gap between the average cost of a two-bedroom apartment and the average wage has tripled in the last decade. In 2005, the
average rent for a two-bedroom apartment in Honolulu was $1,087. By 2013, the average had jumped to $1,833. And not much is being built to fill that
gap. That results in families doubling and tripling up, and in some
See AFFORDABLE on Page 4
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REAL ESTATE GUIDE | MARCH 2015 Businesses right AT HOME in Maui Lani
The office buildings in Professional Row, also seen in the main cover image, are ideal for businesses looking for turnkey options and flexible zoning.
Village Center Fee simple, flexible options attracting more companies By CHELSEA DUNCAN Special Sections Editor
ocal businesses looking to expand or take ownership of their office locations, as well as national retailers, have found an answer in the Maui Lani Village Center. The commercial centerpiece of the expansive Maui Lani development in Central Maui has attracted an array of buyers over the past several years that have built locations and opened for business, from Walgreens and Oceanic Time Warner Cable, to Marmac Ace Hardware and 76 Gas. Sever-
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al distributors, contractors, private medical practices and financial service businesses have also planted roots in the village center. “With the synergy of increased housing starts in Maui Lani and great central location and design guidelines, Maui Lani Village Center has been an attractive alternative for our growing business climate,� said Grant Howe, managing partner at Commercial Properties of Maui, the exclusive listing broker for the village center. The overall Maui Lani development, a 1,012-acre master-planned community, has been steadily growing since the first subdivisions were built in the mid-1990s. With more than $750 million invested in the project to date, the development now
Photos courtesy Commercial Properties of Maui
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AFFORDABLE Continued from Page 2 cases families camping on the beach, in backyards or in the bushes. Welcome to the Maui Housing Crisis, circa 2015. This crisis needs a date attached to it because housing crises are a reoccurring Maui phenomenon. There was also a housing crisis in 2002-06. And in the late 1980s. In fact, Maui has been short on housing since the plantation days ended and the workers camps were torn down. What distinguishes this particular housing crisis from the earlier ones is its severity and that it is a statewide phenomenon. A conference called by Honolulu Mayor Kirk Caldwell and the Land Use Research Foundation of Hawaii in Honolulu last December pointed this out.
As the Honolulu mayor put it, “If we don’t get a handle on this problem, our children won’t be able to afford to live here.” The most sobering moment in the conference came when Honolulu real estate market specialist Ricky Cassiday broke the problem down by the numbers. Essentially, Cassiday said, we don’t make enough as a community to be able to pay for the current cost of ordinary shelter in Hawaii. Those of us who earn 140 percent of the area median income (AMI) can find housing we can afford. But “average guy” families — the bus drivers, waitresses, retail workers — earning 80 percent AMI (about $50,000 a year for two) or less are in trouble. And as housing values increase, so do rental rates. Because new homes are not
being built, demand for rentals is overwhelming the supply. What is the demand? Cassiday put the numbers needed statewide at 87,000 rentals and 146,000 workforce homes. The Maui Island Plan says we need an additional 30,000 homes built on this island alone in the next 15 years. It is driven by out-of-state demand for second homes and vacation homes. On Oahu, it is driven by a large military presence. And then there are the folks who just live and work here. The problem is that new homes and low-cost rentals are not being built. That increases pressure on the existing homes and rentals, forcing up prices on both. It is called supply and demand. “The current housing market will only work for
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REAL ESTATE GUIDE | MARCH 2015
rich people,” Cassiday told the conference. “The problem can’t be fixed, but it can be managed.” The extremities of the problem can be seen in the extremities of the solutions being proposed. Two months ago, the state Housing Authority seriously proposed building a multi-story complex of small apartments using shipping containers. Why? Because it would be quick and cheap. The project’s target population would be Oahu’s homeless, who are lining the city’s streets and river channels with tents and make-shift shelters. And as the crisis worsens and the number of homeless increases, an extreme proposal to build an apartment structure out of shipping containers starts to make sense. Maui County has had
mixed success with its efforts to address its ongoing housing problem. During the last “crisis” in 2002-06, the county adopted a Workforce Housing Ordinance, created a community land trust for affordable housing and set up a County Affordable Housing Fund. The Na Hale O Maui Community Land Trust is based on a successful Vermont model. Na Hale was created by a coalition of Realtors, nonprofit housing advocates, developers, environmentalists and ordinary community members. The concept was a response to the issue of “affordable” homes, which often enjoy subsidies or exceptions from requirements to keep them cheap, but only really retain below-regular market values for their first generation of buyers. When those
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buyers sell, they usually sell at market prices. Na Hale is aimed at keeping those homes affordable forever because the land the homes are built on is actually leased to the families. Na Hale holds the title to the land and can control the re-sale of the property so that the home will remain affordable. The economy tanked just as Na Hale O Maui was formed, so instead of focusing on the affordable part of workforce housing projects, Na Hale refocused on foreclosures. Using federal and county funding, it acquired foreclosed homes, fixed them up and brought their prices down to an affordable $300,000 range, then sold them to prequalified local working families. Na Hale now has more than 30 of these homes on its inventory. Last year, the county’s voters renewed the County Affordable Housing Fund for another six years. The fund comes from setting aside 2 percent of the county’s real property tax income to fund affordable housing efforts. It has been used in Na Hale’s foreclosure recovery efforts and by other nonprofits and by the county itself to build affordable homes. In 2004-06, there was also a major community effort to create a Workforce Housing Ordinance. The concept, called inclusionary housing, has been used around the country. A developer of a market-priced housing project would be required to include in the project a percentage of the homes with pre-determined prices that working families could afford, basically subsidized by the sale of the market-priced homes. See AFFORDABLE on Page 6
REAL ESTATE GUIDE | MARCH 2015
Hunting for a home: Make the most out of your open house visits By ALEX VEIGA The Associated Press
The annual spring homebuying season is in full swing. More homes are hitting the market and that means would-be buyers can expect to see a pickup in open houses, when real estate agents allow prospective buyers to tour a home, usually within days after it’s been listed for sale. Open houses offer more than just the opportunity to get a closer look at a property, so being prepared is key. “Look at open houses as a fact-finding mission,” said Mia Simon, an agent with the real estate brokerage Redfin in Palo Alto, Calif. Here are five tips to get the most out of your open house visit: DO YOUR HOMEWORK Unless you’ve stumbled upon an open house while on a drive, take time to research the home you’re going to visit online. Before you set foot in the house, rule out any potential deal-breakers. Do you have concerns about the schools
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that serve the area? Is the garage too small for your needs? Is the neighborhood not walkable enough for you? Home listings on websites like Zillow.com, Realtor.com and Trulia.com offer lots of details on homes and neighborhood information that can help you determine whether it’s worth it to go to an open house. BRING PROPER TOOLS Be sure to carry a tape measure, a notebook and a camera. You’ll need these, especially if you plan on hitting several open houses in Doing some research in advance and being preone weekend, because you pared with the proper tools to examine a home while See OPEN HOUSE attending an open house can make the home-hunting on Page 15 process more efficient.
The Maui market is active, and likely to be hot for a while, but you can still take steps to see that your house is one of those that sells fast. Here are a few hints. 1. Price the house right, meaning at the lower end of the range of its realistic value. Buyers may bid your price up, but if you want it to move fast a decently low price is the right starting point. 2. Have your house market-ready—repairs done, looking good, trash off the property—for at least two weeks before you begin showing it—it’s a deadline! This will give you a chance to become comfortable with whatever changes you need to make. 3. Be as flexible as you possibly can with showings. Yes, it can be uncomfortable to have spur-of-the-moment showings. On the other hand, a potential buyer who just can’t wait to see your house may be very motivated to make an offer and a purchase. 4. Be ready for offers. You’ve decided to sell, but think things through before they become pressing questions. What price would you actually accept? What conditions can you not accept? 5. Don’t refuse to drop your price. In a market as active as Maui’s, if your real estate professional can’t bring you an offer on your schedule, the answer may be a lower price. If you’re not in a hurry, you may want to moderate some of these suggestions, but even for the most Maui-time sale schedule, the first four of these five tips are still useful. —Realtors Association of Maui
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conditions, but the council missed them altogether. The bottom had already started falling out of the national economy and there would be few proposals for any new housing starts in the coming years, let alone projects with the capacity to meet a 50 percent inclusionary housing requirement. The measure was ultimately credited with the sales of just three affordable homes in eight years. Because Realtors, housing advocates and developers kept pointing to the 50 percent requirement as a reason why no new homes were being proposed in Maui County, the County Council late last year amended the ordinance, reducing the requirement back to 25 percent for ordi-
AFFORDABLE Continued from Page 4 The community proponents of this workforce housing concept proposed a 20 to 25 percent workforce requirement, which is about the national average. But the Maui County Council thought the buyers of market-priced homes could bear more than that and upped the requirement to 50 percent, which is off the scale nationally. The logic of this was, if you required twice as much, the result will be twice the number of affordable homes. It did not work out that way. The measure’s timing could not have been worse. It was approved in late 2006, over the mayor’s veto. Mayor Alan Arakawa could read the economic
nary projects and 20 percent if the developer would work with Na Hale to make sure the workforce subsidized homes remain affordable. At the time, the same coalition pointed out that fixing the ordinance was just a necessary first step. What has to happen now is to find ways to make Maui an attractive location for developers to build homes our local residents can afford. The urgency for that comes from the Maui Island Plan, which predicts Maui will need an additional 30,000 homes in the next 15 years. That’s a lot when you are starting from next to zero. The Realtors Association of Maui has been an active, contributing participant in the county’s housing strug-
REAL ESTATE GUIDE | MARCH 2015
gle over the last decade, mainly because housing is what it does. Its members were active participants in the community effort that became the Workforce Housing Ordinance and contributed to its recent reform. Realtors also led the way with the development of Na Hale O Maui, which also serves as a nonprofit real estate brokerage. So it was natural for RAM to continue in this leadership role, tackling the current Maui housing crisis as its top priority for 2015, focusing its efforts on coming up with solutions to core housing issues. RAM plans to meet with as many industry leaders as possible over the next six months and get their perspective on what needs to happen. First up this month was Doug
Spencer, the second-generation head of a familyowned development company that is responsible for building 1,100 homes for average folks. When people complain that no one is building affordable homes, there is always an exception made for the Spencer family. “It’s what we do,” he said modestly. And it is something that Spencer has thought a lot about. For instance, he offers an interesting analysis of what is meant by “affordable housing.” Spencer divides the topic into three different categories: homeless, renters and homebuyers. Homeless is broken further down into two groups: “truly homeless,” those who are incapable of correcting their situation, and “poten-
tial renters,” who will correct their situation as soon as they can. The renters are often folks who have potential to buy but in the current market can’t, and folks who will always rent because they do not earn enough to buy. And then there are the buyers who actually have the means to buy a home if they can find something in their price range. The current problem, according to Spencer’s analysis, is there are too many buyers occupying rentals because there is nothing available for them to buy. Housing market specialists like Honolulu’s Cassiday agree: Rental prices track home prices. When homes
See AFFORDABLE on Page 10
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Notable design Maui firm wins top honor from Houzz website rchitectural Design & Construction Inc. has been awarded “Best Of Houzz” for Design by Houzz, the leading online platform for home remodeling and design. The 15-year-old residential design-build firm based in Wailuku was chosen by the more than 25 million monthly users that comprise the Houzz community from among more than 500,000 active homebuilding, remodeling and design industry professionals. The Best Of Houzz award is given in two categories, including Design and Customer Satisfaction. The Design award is given to those companies whose work was the most popular among users on Houzz, known as “Houzzers.” The Customer Satisfaction award honors were determined by a variety of factors, including the number and quality of client reviews a professional received in 2014. The winners receive a “Best Of Houzz 2015” badge on their profiles, helping Houzz users around the world to learn more about the business’s popularity and satisfaction rating among their peers in the Houzz community. “We’re thrilled to receive this award as recognition for the high-value services and exceptional residential designs delivered by our team,” said Clayton Nishikawa, president of ADC Inc. “ADC’s philosophy incorporates a strong team approach with ex-
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them to engage the right people and products for their project. “We’re delighted to recognize Architectural Design & Construction Inc. among our “Best Of” professionals as judged by our community of homeowners and design
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Condominium & Resort Directory
West Maui LEINANI APARTMENTS C2
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NANI KAI HALE F6
15 Wailana Place, Kihei
2381 S. Kihei Road, Kihei
61 N. Kihei Road, Kihei
300 Haouli St., Maalaea Village
73 N. Kihei Road, Kihei
AUHANA HALE H7
KAMAOLE BEACH ROYALE H7
KIHEI KAI NANI I7
MAKENA BEACH & GOLF RESORT J6 NONA LANI COTTAGES G6
90 Auhana Road, Kihei
2385 S. Kihei Road, Kihei
2495 S. Kihei Road, Kihei
5400 Makena Alanui, Kihei
455 S. Kihei Road, Kihei
AWIHI TOWNHOUSE H6
KAMAOLE NALU I7
KIHEI MANOR H7
MAKENA SURF J6
ONE KOUNOU PLACE H7
2141 Awihi Place, Kihei
2450 S. Kihei Road., Kihei
2136 Konou Place, Kihei
96 Makena Rd., Kihei
2152 Kounou Place, Kihei
BAY VISTA APARTMENTS H7
KAMAOLE ONE H7
KIHEI PARKSHORES H6
MALUHIA AT WAILEA I7
OUTRIGGER MARRIOTT I7
2140 Awihi Place, Kihei
2230 S. Kihei Road, Kihei
2037 S. Kihei Road, Kihei
3400 Wailea Alanui, Kihei
3700 Wailea Alanui Drive, Kihei
HOTEL WAILEA I7
KAMAOLE PARK H7
KIHEI REGENCY H7
MANA KAI MAUI I7
PACIFIC SHORES APARTMENTS H7
555 Kaukahi, Kihei
Keonekai Street, Kihei
2441 S. Kihei Road, Kihei
2960 S. Kihei Road, Kihei
2219 S. Kihei Road, Kihei
FOUR SEASONS WAILEA J7
KAMAOLE SANDS I7
KIHEI RESORT H7
MAUI BANYANS I7
THE PALMS AT WAILEA I7
3900 Wailea Alanui Dr., Kihei
2695 S. Kihei Road., Kihei
777 S. Kihei Roads, Kihei
2575 S. Kihei Road, Kihei
3150 Wailea Alanui, Wailea
GRAND CHAMPION GOLF & TENNIS VILLAS I7
KAMOA VIEWS H7
KIHEI SANDS F6
MAUI BEACHFRONT RESORT H6
POLO BEACH CLUB J6
2124 Awihi Place, Kihei
115 N. Kihei Road, Kihei
1312 Uluniu Road, Kihei
20 Makena Road, Kihei
KIHEI SHORES I6
MAUI COAST HOTEL H7
PUNAHOA BEACH I7
2747 S. Kihei Road, Kihei
2259 S. Kihei Road, Kihei
2142 Iliili Road, Kihei
KIHEI SURFSIDE I7
MAUI COURT I7
ANDAZ MAUI AT WAILEA I7
2936 S. Kihei Road, Kihei
2747 S. Kihei Road, Kihei
3550 Wailea Alanui Drive, Kihei
KIHEI VIEW H7
MAUI GARDENS H6
ROYAL MAUIAN I7
Keonekai Street, Kihei
1450 S. Kihei Road, Kihei
2430 S. Kihei Road, Kihei
KIHEI VILLA H7
MAUI HILL I7
ROYAL MENEHUNE H6
2135 S. Kihei Road, Kihei
2881 S. Kihei Road, Kihei
2061 S. Kihei Road, Kihei
KIHEI VILLAGES F7
MAUI ISANA RESORT G6
SLEEPY HOLLOW H6
140 Uwapo Road, Kihei
515 S. Kihei Road, Kihei
1667 S. Kihei Road, Kihei
KIMO KE APARTMENTS I7
MAUI KAMAOLE I7
SHORES OF MAUI H6
10 Walaka Street, Kihei
2777 S. Kihei Road, Kihei
2075 S. Kihei Road, Kihei
KOA KAI APARTMENTS H7
MAUI LU RESORT G6
SUGAR BEACH RESORT F6
99 Walaka Street, Kihei
575 S. Kihei Road, Kihei
145 N. Kihei Road, Kihei
KOA LAGOON G6
MAUI OCEANFRONT HOTEL I7
VILLAGE BY THE SEA G6
800 S. Kihei Road, Kihei
2980 S. Kihei Road, Kihei
4327 S. Kihei Road., Kihei
KOA RESORT H7
MAUI PALISADES H7
WAILANA SANDS G6
811 S. Kihei Road, Kihei
Kilohana Street, Kihei
25 Wailana Place, Kihei
LAULOA G5
MAUI PARKSHORE I7
WAILEA EKAHI I7
100 Hauoli St./Maalaea Village
2653 S. Kihei Road, Kihei
3300 Alanui Drive, Kihei
LEILANI KAI H6
MAUI SCHOONER RESORT H6
WAILEA EKOLU VILLAGE J7
1226 Uluniu, Kihei
980 S. Kihei Road, Kihei
10 Wailea Ekolu Place, Kihei
LEINAALA H6
MAUI SUNSET H6
WAILEA ELUA VILLAGE I7
998 S. Kihei Road, Kihei
1032 S. Kihei Road, Kihei
600 Alanui Drive, Kihei
LIHI KAI COTTAGES I7
MAUI VIEW APARTMENTS H7
WAILEA GOLF VISTAS I7
2121 Iliili Street, Kihei
76 Walaka, Kihei
Above the Blue Course, Wailea
LUANA KAI H6
MAUI VISTA H7
WAILEA POINT J7
940 S. Kihei Road, Kihei
2191 S. Kihei Road, Kihei
4000 Wailea Alanui, Kihei
MAALAEA BANYANS G5
MENEHUNE SHORES G6
WAIOHULI BEACH HALE H6
190 Hauoli St./Maalaea Village
760 S. Kihei Road, Kihei
49 Lipoa Street, Kihei
MAALAEA KAI G5
MILOWAI G5
WAIPUILAN H6
70 Hauoli St./Maalaea Village
50 Hauoli St./Maalaea Village
1002 S. Kihei Road, Kihei
MAALAEA MERMAID G5
NA HALE KAI G6
20 Hauoli St./Maalaea Village
34 Wailana Place, Kihei
MAALAEA SURF RESORT F6
NA HALE O MAKENA J6
12 S. Kihei Road, Kihei
4955 Makena Road, Kihei
MAALAEA YACHT MARINA G5
NA HOLOKA I G6
30 Haouli St., Maalaea Village
34 Wailana Place, Kihei
Above Wailea Alanui Dr., Wailea KANA'I A NALU G5 GRAND WAILEA RESORT J7 250 Hauoli St./Maalaea Village 3850 Wailea Alanui Dr., Wailea KANOE RESORT H7 HALE HUI KAI I7 2050 Kanoe Street, Kihei 2994 S. Kihei Road, Kihei KANOELANI APARTMENTS H7 HALE ILI ILI J7 2065 Kanoe Street, Kihei 2172 Iliili Road, Kihei KAPULANI KAI H6 HALE KAI O'KIHEI H6 73 Kapu Place, Kihei 1310 Uluniu Road, Kihei KAU HALE MAKAI H6 HALE KAMAOLE I7 930-938 S. Kihei Road, Kihei 2737 S. Kihei Road, Kihei KE ALII OCEAN VILLAS H7 HALE MAHIALANI H7 28 Hauwahine Lane, Kihei 21 Kaiau Place, Kihei FAIRMONT KEALANI J6 HALE PAU HANA I7 4100 Wailea Alanui Drive, Kihei 2480 S. Kihei Road, Kihei KEALIA F6 HALEAKALA GARDENS H7 191 N. Kihei Road, Kihei 15 Kulanihakoi, Kihei KEAWEKAPU I7 HALEAKALA SHORES I7 2895 S. Kihei Road, Kihei 2619 S. Kihei Road, Kihei KEONEKAI VILLAGES H7 HO‘OLEI AT GRAND WAILEA J7 160 Keonekai Road, Kihei 146 Ho‘olei Circle, Wailea KIAWE TERRACE G6 HONO KAI G5 851 S. Kihei Road, Kihei 280 Hauoli St./Maalaea Village KIHEI AKAHI I7 ISLAND SANDS G5 2531 S. Kihei Road, Kihei 150 Hauoli St./Maalaea Village KIHEI ALII KAI I7 ISLAND SURF H6 2387 S. Kihei Road, Kihei 1993 S. Kihei Road, Kihei KIHEI BAY SURF G7 KAI MAKANI BEACH VILLAS G6 715 S. Kihei Road, Kihei Kai Makani Loop, Kihei KIHEI BAY VILLAS G7 KAI MALU AT WAILEA J6 775 S. Kihei Road, Kihei 3550 Wailea Alanui Drive, Kihei KIHEI BEACH RESORT G6 KALAMA GARDENS H7 36 S. Kihei Road, Kihei 36 Walaka Street, Kihei KIHEI COVE I7 KAIAMA TERRACE H7 2181 Iliili Road, Kihei 35 Walaka Street, Kihei KIHEI GARDEN ESTATES H6 KALAMA TOWNHOUSE H7 1299 Uluniu Road, Kihei 46 Walaka Street, Kihei KIHEI HOLIDAY G6 KALAMA VILLA H7 483 S. Kihei Road, Kihei 2144 Konou Place, Kihei
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Wailea
Makena
How To Use This Map The condominiums & hotels in West Maui and South Maui are listed here in alphabetical order according to region. A grid letter and number coordinate is listed with each property for map location. Be advised that street addresses are not necessarily the correct mailing address. (Example: Addresses in the Maalaea area are served by Rural Route Delivery from the Wailuku Post Office.)
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AFFORDABLE Continued from Page 6 get more expensive, so do rentals. Homes usually get expensive because of a lack of supply (back to the law of supply and demand). Spencer’s answer to the housing crisis is simple: Build more homes for sale as quickly as you can. When you give buyers something to buy, they will move out of the rentals, reducing the pressure on the availability and cost of rentals. This runs counter to what you usually hear at housing conferences these days: There is not enough rentals, so we need to focus on building more rentals. To some degree, that’s true because we have not been building any. But Spencer argues that the key is there are too many would-be
buyers occupying rentals because there is nothing to buy. Once there are homes they can buy, the rental market will correct itself. For the sake of the nondevelopers, Spencer offers a developer’s perspective of what goes into the cost of a home: land cost, governmental impact fees, permit fees, closing costs, loan costs, loan payments, bonding fees, consultants, engineering, architectural costs, site work, utilities, legal fees, property taxes, insurance, archeological site monitoring, soils engineering, surveyors, house construction, marketing, sales commissions and contingency. Spencer said that only three of those items have any real flexibility, where you can save money: land cost, government fees and
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permit fees. Land cost is a major cost item. Impact fees (for parks, traffic, schools, water, etc.) can add anywhere from $25,000 to $50,000 to the cost of each home (and there are always new great ideas for new fees, currently storm run-off control assessments). Permitting fees (grubbing and grading, site work, building permits, driveway, wastewater, fire, electrical, plumbing) add another $5,000 to $7,000 to home costs. Just by dropping the fees, the government can significantly drop the cost of homes, Spencer points out. If you can get the land for free (as in government land) or if it is cheap because it is zoned for farming, then you can significantly reduce your costs. Spencer Development has successfully used a state affordable housing program that goes by its statutory number, 201 H, which allows developers of projects that are 50 percent “affordable” to build on any land, regardless of its zoning, as long as the county permits it. The 201 H program gives the County Council just 45 days to say yes or no. Politicians generally hate having a time limit like that, but most of the time, they will say yes. Without 201 H, it can take up to 10 years to work through the state’s deep, six-layer land-
REAL ESTATE GUIDE | MARCH 2015
use approval process. The 201 H process remains an excellent tool for building homes that working families can afford. Like the Hawaii Housing Authority leaders who are pursuing turning shipping containers into homes, Spencer also thinks way outside of the box. One of his ideas is to create a process where the county acquires land, prepares the engineering and design, obtains the necessary permits, and when it is ready to build, puts the project out to bid to developers. He guarantees a line of developers will bid on those projects. Another thought would be to allow developers to include ohana rentals in new projects. This would increase the availability of rentals and give the new owners extra income while avoiding getting the government tangled up in the rental business.
The affordable housing funds used for these projects should be seen as a revolving fund, Spencer said, and there should be a mechanism for recapturing those funds so they can be reused for other affordable projects. The way the county does it now, those funds are usually sunk into a project and cannot be recovered and reused, he pointed out. Ultimately, Spencer would like there to be a county affordable housing agency or housing czar, someone who can make quick decisions, overrule bureaucratic logjams and keep projects moving. “The building permit process would be streamlined, where the builder could submit and receive a building permit for a house within a matter of a couple of days instead of the three to six months it takes now. Time is money to a developer, whether in terms of the
cost of money, employees and/or overhead,” he said. A practical idea from a developer who knows how to build affordable homes. Unfortunately, it is the same point that Maui builders have been making for the past 30 years, so far to little avail. RAM is just starting to ramp up its housing development education process. Some other ideas that have been raised: pre-fabricated homes, mobile homes, “tiny homes” like those you can build from shipping containers, and up-zoning older, existing residential neighborhoods to allow apartments to be built. These are just “out-of-thebox” concepts at this point, meant to get the creative juices flowing. RAM is going to keep talking to the folks in the housing industry, like Spencer, looking for answers and hopefully, along the way, helping our community build the political will necessary to do what it takes to build housing our residents can afford.
■ David DeLeon, the government affairs director of the Realtors Association of Maui, is a former Maui News reporter and served as an executive assistant to Mayors Linda Lingle and Alan Arakawa. He can be reached at gad@ramaui. com.
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REAL ESTATE GUIDE | MARCH 2015
Mortgage Impossible? Homeownership on Maui can seem like a lofty goal for young adults, but with CAREFUL PLANNING, lenders say the dream is possible By CHELSEA DUNCAN, Special Sections Editor
tudies show that more and more young adults are entering the housing market around the U.S., taking that big step into homeownership despite the many challenges a years-long recession has left in its wake. Those 34 and younger represented the largest share, 32 percent, of recent buyers, according to the 2015 National Association of Realtors Home Buyer and Seller Generational Trends study. The survey results highlight the untapped demand for homeownership that exists among young adults, said Lawrence Yun, NAR chief economist, in a press release. “Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite them witnessing the housing downturn and subsequent slow recovery in the early years of their adulthood,” Yun said. Yun believes that the share of millennial purchases would be higher if not for the numerous obstacles that have slowed their journey to homeownership. Those obstacles include underemployment, subpar wage growth, rising rents and student debt, all of which make it difficult to save for a down payment. On Maui, those challenges loom even larger, with the addition of the high costs of housing and living in Hawaii and a limited supply of homes, said Layne Oishi, special projects officer with Wailuku Federal Credit Union. Young adults must also factor in the need to save for retirement and, if they have children, begin saving for a college education. “It is not easy for first-time homebuyers, particularly young adults, to purchase a home,” he said. According to the Realtors Association of Maui, the median price of a home on Maui was $558,625 in February, a figure that may seem unrealistic to many. But lenders on Maui agree there are ways to make the dream come true.
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income will be needed to qualify for the appropriate loan. He said those steps should be taken right away, even if prospective buyers aren’t sure when they’ll be purchasing a home. GET TO KNOW YOUR CREDIT SCORE Eric Miyajima, vice president and residential loan manager at American Savings Bank in Kahului, said many young adults struggle with learning how to build and improve credit. “Paying off credit cards every month will help keep credit scores higher, and consulting with an experienced loan officer as to how to keep credit on a high level is another step in the direction of buying a home with the best opportunity to get the best interest rate,” he said. Higuchi said that ideally, all borrowers signing on to a loan would have an average credit score over 740. It can
Young adults face many challenges to homeownership, particularly on Maui, but lenders say there are steps to make the goal more realistic.
take time to build credit to that level, which is why it’s important to start early, he said. Oishi said down payments and good credit work hand in hand and are two of the most important aspects of qualifying for a mortgage. Even if you have enough for a down payment, if you have bad credit, you may not qualify for the loan you need. “We have a program where you can get a loan for as little as a 3 percent down payment, no mortgage insurance or closing costs at a relatively low interest rate,” Oishi said. See MORTGAGE on the next page
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GET ADVICE EARLY Properties available from the mid Lenders recommend starting the process toward homeownership as soon as possible, meeting with experi$300,000s and above. Luxury enced loan officers who can offer guidance. properties as well as homes in town. Thomas G. Delmore Brian K. Delmore Kimberly Delmore “It’s never too early to learn about what it takes to get a Principal Broker Realtor Salesperson R(B), ABR, CRS cell 283-2438 cell 212-7707 cell 298-6655 loan to purchase your first home,” Oishi said. “It’s not easy, Linda Kay Okamoto R(B) tom@delmore.net brian@delmore.net kim@delmore.net so the earlier, the better.” Wes Higuchi, chief lending officer at Maui County www.delmore.net Okamoto Realty LLC Federal Credit Union, recommends meeting with a real estate agent to discuss price ranges for the types of homes 730 Lana‘i Ave. #114, Lana‘i City, HI 96763 you’re interested in. Then, he said, a lender can provide an Office 808 565-7519 • Cell 808 559-0200 estimate on how much will be needed for a down payment, 1877 Wili Pa Lp #2, Wailuku www.HomesOnLanai.com 242-1467 how much monthly mortgage costs will be and how much A Supplement of THE MAUI NEWS – Friday, March 27, 2015 – Page T11
REAL ESTATE GUIDE | MARCH 2015
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“But you need to have a credit score of at least 680, and the higher your credit score, the lower the rate will be.” SAVE FOR A DOWN PAYMENT The amount required for a down payment can vary by lender, your qualifications and the type of loan you are trying to get. But saving what will undoubtedly amount to thousands of dollars can be difficult. “I think what I’ve seen is that one of the biggest challenges for young adults is saving enough for a down payment,” said Yvonne Konia, vice president of the mortgage loan center at HawaiiUSA Federal Credit Union. With the high cost of rent, car payments, credit card payments and student loan debt, it can be difficult to find any extra money to put into a savings account, lenders say. Konia said young adults have several options, though, such as obtaining a monetary gift
from family members. One first-time homebuyer program available at HawaiiUSA, for example, requires a minimum down payment of as little as 3 percent that may consist of gift funds. There are also federal loan programs that require minimal down payments, while other programs can assist with closing costs or take into account low incomes. Konia said if potential first-time homebuyers don’t have enough for a down payment, they should take action in the meantime and make sure their credit score is in good condition. She recommends a minimum of 640. “If not, now would be a good time to start improving it by making payments on time, not taking on too much debt and living within their means,” she said. CONSIDER JOB HISTORY, INCOME Showing lenders that you can maintain a steady income will help with the qualification process. Higuchi said those tak-
ing out a loan ideally will have at least two years’ history at the same employer or in the same type of employment. Lenders will also look at whether potential buyers have sufficient income to pay for current debts and mortgage payments, along with any associated costs such as property taxes, property insurance and homeowner association fees, Higuchi said. Miyajima said employment is a challenge on an island the size of Maui due to a lack of opportunities. Being born and raised here, he gets excited when new developments and businesses pop up, giving young adults a reason to return to Maui if they’ve gone away for college. “I see so many of our kids that go away and never come home because of lack of opportunities,” he said. “Growth and change is always good, as it will help first-time homebuyers get higher entry-level jobs, which will enable these young families an opportunity to buy.”
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MORTGAGE Continued from Page 11
VILLAGE CENTER Continued from Page 3 encompasses more than half a dozen neighborhoods, including approximately 1,300 homes, and an array of recreational amenities, services and community facilities, from the Dunes at Maui Lani Golf Course to two public schools. Along with the growing village center, work has begun on a regional park and plans are in place for a Central Maui sports complex. Another 700 new residences are planned over the next five years, with a total of 3,700 homes expected upon completion of the project. The village center, which offers fee simple properties with flexible zoning, encompasses Professional Row and Commercial Row, along with finished lots for business owners interested in custom building their facilities. Phase 1 of Professional Row has sold out, Howe said, and construction has begun on Phase 2 with already brisk sales. He said the sales pace indicates a pentup demand for “bite-size” lots, between about 2,800 to 5,000 square feet, and are fee simple, where businesses can own versus lease. “There’s not a lot of that available on the market,” he said. The architecturally designed professional office
buildings in the village center are ideal for businesses looking for turnkey options and flexible zoning, and include landscaping, space planning services and ample on-site parking. Commercial Row, where businesses such as Paradise Beverages and Kula Produce are located, offers warehouse space. Howe said businesses that have moved to the development have been satisfied with the results. “We have received a lot of positive feedback,” he said. “Especially from the Professional Row buyers that were able to have the developers help them with a seamless construction process while they were busy running their businesses, and avoiding having to coordinate the arduous permitting and construction coordination required to build in today’s environment.” Craig Kinoshita, CEO of Wailuku Federal Credit Union, cited the village center’s central location and expectations of becoming a thriving commercial hub as some of the reasons the business decided to relocate from its North Market Street location in Wailuku. An increase in parking stalls was also a draw, and the new office location features nearly twice the square footage of the previous location. The business made the move in July.
REAL ESTATE GUIDE | MARCH 2015 Looking to buy means looking closely
Photo courtesy Commercial Properties of Maui
Wailuku Federal Credit Union relocated to the Maui Lani Village Center in July. “It was sad to leave the Happy Valley area because we were there so long and many of our members lived in that area and walked to our credit union,” Kinoshita said. “However, to think ahead and survive, we knew we had to grow in membership, space and staff to be able to serve current and future members, and ensure sustainability.” Howe said businesses have appreciated being able to own their own space, rather than be subjected to rent increases and high common area maintenance charges, which allows them to save money and reinvest in their businesses. The Small Business Administration’s 504 loan pro-
gram, which allows qualified businesses to purchase a unit with as little as 10 percent down, has also helped make the move possible for many businesses. An overall improving business climate on Maui has also helped nudge businesses to take the next step to growth. “A lower interest rate climate, improved visitor hotel occupancy and overall improved economy have been a driving impetus for owners seeking to take advantage of positioning and securing their respective businesses for their future,” Howe said. ■ Chelsea Duncan can be reached at cduncan@ mauinews.com.
Even the home that is “perfect” for you is probably not flawless, and some physical problems can be expensive. When considering a purchase, watch for these possible problems. Water leaks. Look for stains on ceilings and near the baseboards. In many places, it would be said that you should look especially in basements or attics. On Maui, that advice may be of little use, but the upper reaches of top-floor walls and the crawl spaces below plumbing are island equivalents. Shifting foundations. Look for large cracks along the home’s foundation. This applies as much in the islands as anywhere, and evidence of shifting can be found even in local pole construction. Drainage. Look for standing water, either around the foundation of the home or in the yard. If it’s a dry area, the evidence may be many months old but still visible. Termites. Even if there will be an inspection, look for weakened or grooved wood, especially near ground level. Worn roofs. You’ve already been warned to look for leaks, but there’s more to it. Look for broken or missing copings and buckled shingles, too. If the roof looks doubtful, check still more carefully. Inadequate wiring. Look for antiquated fuse boxes or a profusion of extension cords, indicating insufficient outlets. Also notice any outlets without a place to plug in the (third) grounding prong found on modern cords. Plumbing problems. Very low water pressure and banging in pipes can be troublesome to correct. Noticing the problems before the sale is final can be useful in negotiating the details of the sale. Not noticing can be make you one of those people who says, “If I’d known then what I know now.” — Realtors Association of Maui
Carolann Guy Senior Loan Officer
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A Supplement of THE MAUI NEWS – Friday, March 27, 2015 – Page T13
REAL ESTATE GUIDE | MARCH 2015
5
IF YOU’RE FEELING CRAMPED, YOU MAY WANT TO CONSIDER A MOVE
SIGNS IT’S TIME FOR AN UPGRADE
our home is your castle, your own little piece of the American dream. But lately, your little corner of the world has been feeling cramped and you find yourself eyeing those larger homes. Is it time to pull up stakes and move on from your starter home?
Y
GROWING FAMILY If you’ve added to your family in recent years, you may have more bodies than bedrooms. A two-bedroom home may have been a great idea when it was just you and your spouse, but with two kids, you’re start-
ing to have turf wars over the play area.
OVERFLOWING WITH STUFF From an overflowing toy chest to closets packed so tightly with shoes and coats you risk an avalanche every time you open the door, your home just doesn’t have the space to keep all your things. You may have even had to move some things off-site, spending money to rent storage space to keep that antique dresser your grandmother left you or the set of state spoons you carefully collected during your college years. NO REST FOR THE WEARY You’d love to spend an afternoon soaking in the tub, but before the warmth of the water can take you away, there’s a banging on the door of the only bathroom in the house and a chorus of “hurry up” invading your quiet time. And the man cave you dreamed of? Those visions of a big-screen television were shattered by the realization you needed somewhere for the kids to sleep. NO ROOM FOR EXTRAS When you first moved in, the two-car gar-
age doubled as your woodworking shop. Now, the equipment has been sent to storage to make room for the family’s second car. You’d love to take up organic gardening, but your tiny yard barely has room for a grill and a lawn chair. You’d love to host your friends visiting from out of state, but there is hardly room for their luggage, much less them.
CHANGES IN CAREER You may have opted for a starter home when you first entered the market because you had a smaller income. Now, thanks to changes in careers or promotions at work, you can afford a home with greater square footage and room for your growing family that will provide the space you need for many years of happy memories. Home prices across the country are starting to rise. Contact your mortgage advisor today to see what you can qualify for to take advantage of the opportunity to give your family the most space at the best price now. — Carolann Guy, senior loan officer at Mason-McDuffie Mortgage Corp. in Kihei
Tips for a smoother transition Maybe your family has grown, shrunk or you’re just looking to get out of your current home. Now it’s time to buy a new house, but you’ve already got a mortgage. If you are one of the lucky few, you’ve been able to pay off your current home, but most people won’t fall into that category. If you sell your current home, you’ll have to either move twice or buy some-
thing under pressure. If you buy before you sell, you’ll be under pressure to sell your home, potentially getting less than it is worth. What’s a homeowner to do? If you are in a buyer’s market, you’ll have a lot of homes to choose from at reasonable prices, but you might have trouble
See MOVING UP on the next page
Homes, Lives, Dreams.
*APY = Annual Percentage Yield. The dividend rate and annual percentage yield may change monthly as determined by the Credit Union’s Board of Directors. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the upcoming dividend period. ** Account holders must meet all Malama Rewards Checking requirements. See http://mauicountyfcu.org/ images/download/malama-rewards-0115.pdf for more details.
• Property Management • Residential Sales • First-time Home Buyers • Short Sale and Foreclosures • New Developments Rae S. Yoshida, R
Eric K. Yoshida, R
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A Supplement of THE MAUI NEWS – Friday, March 27, 2015 – Page T14
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REAL ESTATE GUIDE | MARCH 2015 MOVING UP Continued from Page 14 selling your home. In this kind of down market for sellers, many people are willing to set the date for the closing significantly in the future to be assured that they have a sale. You can even make the home sale contingent on the sale of your own home. That way, you’ll have a very short overlap between the purchase and the sale. Not all sellers will be willing to make this arrangement, though. In any case, you’ll want to buy low and sell high, and the best way to do this is to pay attention to the markets you’ll be in. If it’s a seller’s market with high prices and low inventory, it’s best to sell your home and take advantage of the time you’ll get for that high price looking for a new home. You might end up owning two houses at once, not something anyone looks forward to. In order to get the financing to own two homes at once, you may have to pull some strings. Some people will have family or friends willing to loan them the money for a brief period of time. To protect all parties, this should be a formal arrangement with a competitive interest rate and legally binding paperwork to ensure the money is repaid. If this isn’t possible, many lenders will
offer bridge loans for that brief period. These often have higher interest rates than mortgage loans, so they make the most sense for those who are moving into smaller or less expensive homes. In either case, you’ll want to have your home prepped and your financing in order. Real estate agents will be eager to work for someone looking to trade homes, and you might have a good relationship with the person who helped you buy your first home. You might also investigate having a professional home stager come through to help you dress up your home. Take the time and invest in a home inspection so that you’ll know what major issues you’ll need to address in your current home. The last thing you want is a bad home inspection on your current home holding up your sale and move to a new home. You can also get all of your financing in order with your mortgage lender or broker. A home is like a giant ship on the water, and steering two of them at once can be very difficult. If you are switching out your old home for a new one, be sure to be aware of the real estate market and choose a real estate agent with experience trading homes.
OPEN HOUSE Continued from Page 5 will likely want to follow up with the sales agent later on specific questions. The tape measure will come in handy to gauge space for beds and other big furniture pieces. STOP, LOOK AND LISTEN Rather than settling for a quick walkthrough, consider spending some time at the house, really getting a feel for what it would be like to live there. Staying 20-30 minutes or longer makes it more likely you’ll spot something that you might otherwise miss, like a recurring noise. Don’t think twice about opening closet doors, peering underneath a corner section of carpet, inside cabinets or behind paintings, which sometimes may be covering up damage or flaws in the house. You’ll also want to check bathroom surfaces for mold. “It’s OK to open closets because you need to see if your clothes are going to fit,” said JoAnne Poole, associate broker at Berkshire Hathaway Homesale Realty in Baltimore. “If the refrigerator is going to come with the property, you need to open it and make sure it meets your expectations.” Also walk around the house and then around the block. Check
Rather than settling for a quick walkthrough, consider spending some time at the house, really getting a feel for what it would be like to live there.
out the condition of nearby homes. Are they in disrepair or has the landscaping run amok? If you’re in the market for a condominium, make sure you view any common areas, such as a pool or club house, as well as extra storage. And don’t forget the parking area. Is it tandem parking? ENGAGE IN CHIT CHAT Open houses tend to draw neighbors and maybe even the seller. Chatting up the other people in the open house to determine if they live in the neighborhood can pay off, as you could glean more information about what the neighborhood is like and whether anyone else on the block may be looking to sell. Should you encounter the seller at the open house, introduce yourself. That could help down the road, should you put a bid on the house, said Redfin’s Simon. One way is to look around the house for books, framed photos and other personal items that could provide insight into the sellers and perhaps a way to bond over a mutual interest or hobby.
Lei Floor&
CRASH THE BROKERS’ TOUR Often, an agent hired to sell a home will offer buyers’ agents an opportunity to visit the property ahead of the initial open house. This so-called brokers’ tour typically happens midweek, during business hours. But if you can make it, it’s a good way to get a look at the home ahead of other prospective buyers, giving you extra time to consider making an offer before the broader open house. A newly listed home will have an open house within days of hitting the market, especially in markets where there’s a lot of competition for few properties. But in areas where there may be more homes available than buyers, an agent could list the home but hold off on the open house for a few weeks. In such cases, there’s no need to wait for the official open house. Instead, have your agent reach out to the listing agent and set up a private viewing of the home.
“From cottages to condos, our home is our castle.”
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“You’re looking for shared experiences, so if you see a bunch of Cal Berkeley gear and you went to Stanford, maybe you don’t want to submit a cover letter with you in a Stanford hat,” said Simon. “Something that little can put you over the edge in a competitive situation.”
for making home ownership a reality for Maui’s families.
The Real Estate Store Maui Mall 70 E. Kaahumanu Ave. A6 Kahului, HI 96732-2113 Attitude is a little thing that makes a BIG DIFFERENCE!!!! STACEY T. SLY Realtor R(S)
808.280.7591 808.871.8807 ssly@slypropertiesofmaui.com www.slypropertiesofmaui.com I Take the Stress out of Buying & Selling
Councilmember Mike Victorino Wailuku • Waikapu • Waiehu • Waihee Paid for by the Friends to Elect Michael P .Victorino, P. O. Box 3085,Wailuku, Hawaii, 96793 • 242-6006
A Supplement of THE MAUI NEWS – Friday, March 27, 2015 – Page T15
Growing Business Expands to Maui Lani Village Center Daniel Dennis of Allstate Insurance opens new location in Professional Row
A turnkey solution and eliminating rent payments were among the reasons Allstate relocated its agency to Professional Row.
Allstate’s Daniel Dennis (second from left) and his staff opened their new Maui Lani Village Center offices in February.
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808-244-2200
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