A SUPPLEMENT OF THE MAUI NEWS I FRIDAY, APRIL 28, 2017
REAL ESTATE
Watch the sunsets from this Makena Road dream home • Leave the stress of home buying and selling to the professionals
• Is rent control the answer to Maui’s high rents? A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T1
• Can a TIG resolve Maui’s lack of affordable housing?
REAL ESTATE GUIDE I APRIL 2017 U.S. home prices rose at the Millennial home buyers far more fastest pace in nearly 3 years traditional than previously believed By CHRISTOPHER S. RUGABER The Associated Press
lows. Those two trends “could put a dent in homebuyer demand and overall price growth,” said Svenja Gudell, chief economist at real estate data provider Zillow. “Those changes won’t necessarily be unwelcome, especially in some rapidly growing coastal markets in which buyers, sellers and renters could all use a breather.” The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The February figures are the latest available. Home builders are ramping up construction to meet the healthy demand, which may provide buyers some relief. Ground breakings on new homes rose 8.1 percent in the first three months of this year compared with 2016. And the supply of new homes available for sale in February climbed to a seven-year high of 266,000.
hen it comes to home W buying, millennials are much more traditional than
previously believed, according to a recent survey of ome prices rose 2,050 Americans aged 18 to steadily upward in 34 conducted by CentSai, the February as more homefinancial wellness communibuyers chased fewer availty. able properties, a trend that buyers in the spring home Three-quarters of responmany analysts say may not buying season. dents said that they would use be sustainable. Many homeowners have a local real estate agent inThe Standard & Poor’s benefited from the sharp stead of an online agent, reCoreLogic Case-Shiller na- price gains of recent years, ports CentSai. Almost threetional home price index, re- but those increases have alquarters said they would leased recently, increased so made it harder for them choose a local lender. This is 5.8 percent in February, the to “trade up” to a bigger in stark contrast to recent data most in 32 months. Such house, discouraging them showing approximately 69 strong price gains and from selling. Others have percent of all home buyers slightly higher mortgage very low mortgage rates would apply for a mortgage rates may eventually cool and may be reluctant to sell online.* off demand. if doing so would force Online mortgage lending But for now, sales of them to take on higher borand brokerage services are new and existing homes are rowing costs. expected to transform home robust. Last month, sales of The cities with the buying, but millennials surexisting homes reached biggest annual price gains in veyed by CentSai said that — their highest level in a February were Seattle; Portcontrary to popular belief — decade. The strong de- land, Oregon; and Dallas. they prefer local providers mand, however, hasn’t enStill, some relief may be due to existing relationships ticed more Americans to on the horizon, though it’s and local knowledge. sell their homes. The num- not clear when. Average “We were surprised to ber of houses for sale has rents are leveling off, which learn that online providers are dropped to its lowest level could keep many people in not yet as big a disruptor in in nearly 20 years, which apartments and dampen dethis sector as we first thought, makes finding an available mand for homes. despite purported cost savhome the toughest chalMortgage rates are also ings,” said Doria Lavagnino, lenge awaiting potential up from last year’s record CentSai co-founder and president. “We found that millenMain cover image: nials place a high value on the This home located at 7555 Makena Rd. in Makena is being represented by Bob Cel- personal touch and knowlla of Coldwell Banker Island Properties. For more information, call 875-7075, email edge of a local agent. Buying Bob@BobCella.com or visit www.bobcella.com. a home for the first time is
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daunting, and working with a local agent — particularly an agent referred by a parent or friend — could provide peace of mind.” Likewise, the survey reveals that online real estate agents seem less popular with millennials than expected, despite advertising cheaper overall service via mobile apps. That said, the vast majority of millennials surveyed said they would use an online site or mobile app to research neighborhoods and home prices and to identify houses that they might buy. The survey respondents cited various reasons for going local, including personal touch and handholding, longstanding relationships, local knowledge, and amount of hassle. More than half of the millennials surveyed by CentSai plan to purchase a house in the next two years. Of the 44 percent who said that they did not plan to buy a house in the next two years, more than two-thirds said that they are not buying because they cannot afford to do so. Only 12 percent said they preferred the freedom of renting, and 10 percent cited student loan debt as a reason not to buy in the next two years. CentSai also released a special in-depth real estate
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section featuring everything millennials need to know about home buying, from mortgages and homeowners insurance to DIY home repair. Centsai’s mission is to make learning personal finance skills approachable and fun for young Americans through every stage of life. CentSai provides financial wellness education through its two platforms: CentSai, which serves millennials (those born between 1980 and 2000), and CentSai Adulting, which is for teens. Both platforms spread invaluable personal finance information through storytelling in blogs and videos, as well as expert commentary, Q&As, podcasts and more. This survey was conducted using randomized participants between ages 18 and 34 who live in the United States. No particular state or region was targeted over others. The survey was formulated to ask participants if they would use an online lender or agent over a local one, and what amount of commission they would be comfortable paying. Based on the answer to the question, “Do you plan on purchasing a house in the near future (0-2) years?” we filtered the participants to other questions. *Fannie Mae’s 2015 National Housing Survey found that 70 percent of recent homebuyers would like to obtain a mortgage quote online, and that 69 percent would like to complete a mortgage application online. ■ This column was provided to The Associated Press by the financial website CentSai.
REAL ESTATE GUIDE I APRIL 2017
Take the stress out of buying or selling a property Let the Realtors at Coldwell Banker Island Properties deal with the humbug By CATHERINE KENAR Special Sections Editor
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uying a home, it has often been said, is one of the most stressful things a person can be involved in. Only the death of a loved one is a worse experience. Perhaps if the person who came up with that saying had gone to Coldwell Banker Island Properties, they never would have made that statement. Thanks to the professionals that work at Maui’s five CBIP offices (two in Wailea, one in Kahana, Kahului and Paia), the experience of buying or selling a home has been made immeasurably less stressful. General manager and broker-in-charge, Robert Lightbourn, has been in the real estate business since 1984. He earned his broker’s license in 1987, and he has been with CBIP for about eight years. In between, he owned his own franchise for about 12 years, worked for a few different realty companies, and has been through the up and down cycle of Maui real estate three or four times. “I like Coldwell Banker, that’s why I’m here,” said Lightbourn. “I like the name. I like the tools. I like their
Robert Lightbourn, General Manager and BrokerIn-Charge of Coldwell Banker Island Properties. philosophy of doing things. “Part of the reason I’m here is because I think professionalism and ethics is very important in our business. This company agrees with my personal philosophies. The agents I work with, I hold to that standard.” According to Lightbourn, CBIP puts a lot of emphasis on training its Realtors. One of his focuses as general manager is creating a sense of service to their clients and finding those agents who are service oriented.
“Really, these days, buyers and sellers can get all sorts of information off the internet,” Lightbourn noted. “It used to be we had our MLS [Multiple Listing Service] books, and the MLS books were our “secret thing” and nobody had access to it but us. But now clients, potential buyers and sellers, can find out all sorts of information. But they don’t necessarily know what to do with it. “The role of the real estate agent shifts, it always shifts. It’s always a little bit differ-
ent based on what the technology is and what the wants and needs of the clients are as the market shifts and what’s going on with the marketplace.” That’s where a good Realtor comes in. The agent will provide insight into all the information available for the client. Yes, the prospective buyer can find out what the property looks like, how much the seller is asking, and what features the house has. But the internet information cannot tell the buyer what the neighborhood is like, what’s really going on in the neighborhood, and where businesses and services are located in relation to the property; all those seemingly little bits that add up to big value to the client. CBIP does this by sharing information within its offices and between its agents. The agents themselves are the best source of information for each other. If one just completed a transaction in a neighborhood, they tell the other agents in their office about things they learned. Lightbourn proudly pointed out CBIP’s Realtors are involved in a lot of outside activities — in fact they are encouraged to be actively in-
volved in their communities. The more they know about the communities they work in, the better agent they are and the more help they are to prospective buyers and sellers. As Lightbourn explained, “Real estate is not an easy job, it’s not. But it is a flexible job. We work a lot of strange hours, but if we need to be at a meeting someplace, find out what is going on in the community, go sit on a school board somewhere, or go watch the county council do something, we can usually work it in to our schedules. That helps us stay more informed about what we’re doing.” That type of civic involvement is cultivated by all agents at CBIP, after all, the clients look to them for feedback about a prospective purchase or sale. The Realtors at CBIP are expected to guide their clients through the process and give them useful information. That is the importance of a good Realtor. “There are some people who say, ‘Well, the role of the traditional real estate agent is probably going to fade out,’ ” said Lightbourn. “I don’t think it will. It will change. It always will
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A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T3
change, but having someone who can guide you through a transaction is going to be always necessary. “One of the things that got me into real estate was I used to grow flowers, and I ended up buying a piece of property without a real estate agent, … I was a flower grower, and it did not turn out well.” Lightbourn equates buying or selling your own property with that of being a day trader. Someone can invest in the stock market themselves, but that involves a lot of thought and effort, and most people just aren’t interested nor do they have the time. Then, because they don’t put in the amount of time and effort necessary to really learn the process, they usually end up getting burned a few times before learning everything that is necessary. The Realtor’s job is to take care of the transaction for their clients. If you’ve ever purchased or sold a house, remember all the documents that needed signing during the purchase and at closing, and the surveys that had to be scheduled, not to mention all the inspections that were
See STRESS FREE on Page T4
REAL ESTATE GUIDE I APRIL 2017 Stress free Continued from Page T3
needed — and gosh forbid you forgot to get some vital approval, thereby forcing the closing to be rescheduled. “Most of our job is to take care of it for you,” said Lightbourn. “You live your life. We take care of that messy, emotional trying experience. “Any kind of moving is an emotional experience, but throw the purchase or sale of a house into it, and it can be very taxing. Our job is to coordinate the whole thing. Take as many of the bumps out of it as we can. And we need to anticipate what the bumps are. Keep the client informed. Get [the client] through it so [they’re] in one piece when the whole thing is over. ‘Ei-
ther you help me solve my problem or help me get my dream.’ That is really what we do.” Basically, a real estate agent’s job is to listen to what the client wants. “Sometimes people are thinking of the next question instead of listening to the answer they get. Listen carefully so you find what they want. That’s the big job skill. What do you need? What’s the time frame? How can I help? Make notes and go find it.” When asked what does he do if a client is not being realistic or able to be satisfied, Lightbourn pointed out that, currently, inventory is tight. Clients cannot always find exactly what they want. This is where a good agent helps to narrow down the ‘wants’ to the ‘what are the most important
features’ and then they get that for the client. “Some people like to look at a million properties,” observed Lightbourn, “but, personally, I feel my job is the fewer properties I show you, the more I get it, so I don’t waste your time.” Oftentimes, it’s a matter of having the patience to wait for what a customer wants. Much depends on whether they need to move right now, or do they have a little time to wait. It is up to the agent to explain the marketplace. With the currently tight inventory, properties that are priced well and in good condition sell quickly. This is not the time to test the waters. Five years ago a buyer could underbid and work their way towards a middle
ground, but not today. If an agent finds what a client is looking for, they may have to move quickly. According to Lightbourn, it’s not a buyers’ market right now; but it’s not really a sellers’ market, either, which is surprising considering the low inventory. It is, however, a fairly fast moving market for good product. “Especially with an offisland buyer that’s coming from a different marketplace, they’re thinking, ‘Let’s offer down here, let’s see what they’ll take,’ and I’m telling them it’s a good price and in good shape. If you want to test the market you’re probably going to lose this property,” explained Lightbourn. Everybody knows at least five Realtors on Maui. It’s
word of mouth, sphere of influence and repeat business that brings people to CBIP. The company has a positive reputation. Most people are familiar with the name. There is a certain expectation that goes along with the name. CBIP agents do their best to live up to their reputation. “Maui is a pretty international place,” pointed out Lightbourn. “We have buyers and sellers from everywhere. Coldwell Banker offers us a lot of services and tools to help us do a good job. “We’re all over the world, and in a market like this, that’s very good. We have a lot of Canadian buyers that come into town; we have 300 offices in Canada. We have 200 offices in China. From a marketing stand-
point, we have an advantage.” While CBIP only deals with Maui, if someone needs to move off-island or is interested in buying off-island, the professionals at CBIP will refer them to a Coldwell Banker office in the region they are interested in. Realtors are basically problem solvers. The agents who work for Lightbourn share his philosophy of providing the best service possible. They take pride in making the process of buying or selling a home as painless and stress-free as possible. The fact that the majority of their clients are repeat business and referrals from pleased customers is a testament to their success as a real estate company.
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REAL ESTATE GUIDE I APRIL 2017
The high cost of rent control in Maui County Everyone has an opinion about the causes and how to fix the problem By LAWRENCE CARNICELLI Realtors Association of Maui Government Affairs Director
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t’s not news that Maui County is in the midst of a housing crisis. Today, the median price for a singlefamily home on Maui is $769,000 and rents are rising accordingly. It seems like everyone has an opinion as to why this is happening — and what needs to be done to fix it. In an effort to help renters find affordable housing, state and county lawmakers have proposed rent control measures that would limit the amount of rent charged and impose a limit on rent increases. These efforts are clearly well-intentioned; however, they fail to recognize what many economists have determined about rent control: It reduces the quantity and quality of available housing. The condemnation of rent control is nearly unanimous among American economists. Over the years, econo-
mists on both the left and the right have disagreed with the contention that rent control, also called rent regulation, creates a fairer housing market. In fact, in a recent survey of members of the American Economic Association, 93 percent agreed that a rent ceiling reduces the quality and quantity of available housing. To put a finer point on it, in 2000, Nobel Prize-winning economist Paul Krugman wrote in the New York Times that rent control is “among the best-understood issues in all of economics, and — among economists, anyway — one of the least controversial.” Despite economists’ criticism of rent control, some local lawmakers continue to pursue it as a possible solution to our extreme market conditions. But the case against rent regulation rests on its adverse social and economic consequences (and some are more obvious than others).
(rather than expanding) the County is already plagued landlords should bear the housing supply. with a housing shortage and burden of providing subsican ill afford to stymie new dized housing to the poor and It reduces the quality of construction further. middle class is an unresolved available housing social dilemma. There are Researchers found that 63 It forces the removal of some who question why that long-term tenants percent of the benefit to conAnother challenging as- “uniquely public burden” sumers of lowered rents was is borne solely by rental offset by the loss of available pect of some rent regula- housing providers. Instead, tions is that landlords may housing because of deteriorathey propose that society tion and other disinvestment be tempted to force the reshould rely on broader, more moval of long-term tenants forms. Similar studies of equitable means of subsidizrent-controlled markets in order to bump up the rent ing housing for the poor. for a new tenant. Sometimes found significant differences it’s easy for a landlord to in the housing quality and The rich and connected amount spent on mainte- find a valid reason to justify an eviction, but some may Lawrence Carnicelli will reap more benefits nance and repair between Although most rent conrent-controlled and market- turn a trivial offense into a The following is a list of rate units. This theory has just cause for the eviction. trol proponents justify regufrequently cited arguments been supported by empirical lations as an anti-poverty It is an unfair burden against rent control. evidence showing that a See RENT CONTROL on landlords landlord’s discounted revThe question of whether on Page T8 It reduces the quantity of enue received over a tenancy available housing gives them little incentive to Most economists assert maintain the unit. that setting a price ceiling on housing will invariably reIt curtails new duce the housing supply in a construction Broker RB-16836 market. With maximum When you think about it, Helping folks on Maui for over 32 years! prices set, there is little incen- every renter has an investor tive to fix up and rent spaces as a landlord. Rent regulain a home or build a new tions force these investors to rental property. Several stud- move their investment capi(808) 575-5300(O) (808) 280-4445(C) ies suggest that if a commu- tal out of the rental market Maui HI Realty (808) 572-7926(H) (808) 575-5300(F) P.O. Box 54 nity adopts strict rent control, and into other profitable marEmail me at: brf@maui.net Makawao, HI it sends the market a false kets, leading to a drop in resi96768 Visit website: MauiHIRealty.com message, ultimately reducing dential construction. Maui
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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
1
2
3
4
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.)
5
6
7
In Today’s Real Estate Market There’s No Substitute For Experience Joseph Hogin, Broker RB-19018 Jodi Hogin, Broker RB-19011 Direct: 808-870-2775 Next Home Pacific Properties BuyaHomeOnMaui.com
Steve Hogin, Principal Broker RB-12320 Rosie Poree-Hogin, R(S) RS-24773 Direct: 808-879-1511 Next Home Pacific Properties nexthomepacificproperties.com
Serving the Islands for over 30 Years 1279 S. Kihei Rd., #119, Azeka Mauka, Kihei, HI 96753 A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T7
REAL ESTATE GUIDE I APRIL 2017 Rent Control Continued from Page T5
strategy, evidence indicates that higher income households may actually be the primary beneficiaries. Research suggests that tenants living in rent-controlled units tend to have higher median incomes than tenants who rent market-rate apartments, possibly because wealthier individuals are in a better position to locate and secure rent-stabilized apartments. For example, one study focused on rent control concluded that the beneficiaries of rent regulations in two communities were “predominately white, well-educated, young, professionally employed and affluent” and that rent control had substantially increased the disposable income of those tenants — while worsening the situations for low-income families.
rent is restricted, landlords look at other factors — such as income and credit history — to choose tenants. These factors tend to bias a landlord’s selection against lowincome families, especially single-parent households. These unstated requirements effectively push out most low-income applicants. In fairness to landlords, though, it is in their best interest to be more selective than marketrate landlords as they screen potential tenants.
It reduces tenant mobility Tenant mobility is substantially hindered if renters are reluctant to part with their rent control subsidies; a recent study found that rent control tripled the expected duration of a tenancy. It is an unfair burden on the elderly Tenants may stay in a rent-controlled property longer than what would otherwise make sense. For example, elderly tenants, who might be better off in other living situations, such as assisted living, stay put because they do not want to lose their subsidy.
The poor are at a substantial disadvantage Many of the economic and social costs of rent control disproportionately affect the poor, especially the decrease in the quality and maintenance of existing rental housing and the reIt creates a loss of duced access to new housing. The middle class can upward mobility more easily move out when Rent control may discourthe housing quality declines, age families from upgrading, but the poor are less likely to even when they have legitibe able to make a move. If mate reasons to do so. Ten-
Sales & Property Management Solutions
ants who would otherwise move to larger homes opt not to because they do not want to lose their subsidy. This loss of mobility is especially costly to families.
It reduces property tax revenues Rent control reduces both the actual and relative market value of rent-controlled rental property. As the taxable assessed value of a rental property declines, the resulting property tax income also declines. A study of rent control in New York City in the late 1980s estimated that the loss in taxable assessed property values attributable to rent control was approximately $4 billion, costing the city around $370 million in property tax revenues each year. It generates significant administrative costs The costs of administering rent control can be substantial, as it often requires elaborate bureaucratic systems. Typically, a local governmental unit registers the property, collects detailed information on the rental property and establishes complicated systems to set rents and hear complaints and appeals. Moreover, the necessary processes cost more than money — they also consume the time of consumers and municipal authorities.
Over the past few decades, rent control has lost political favor across the country; many argue that it is as damaging to renters as it is to rental property owners. According to the National Multifamily Housing Council, a trade association that represents apartment owners, managers, developers, lenders and service providers, “Rent control is an ineffective and often counterproductive housing policy that is no longer open to serious question.” The Council also noted consecutive studies that documented the “profound economic and social consequences of government intervention in the nation’s housing markets.” A number of states and local jurisdictions have banned or constrained rent control, and although the timeframe is unknown, the long-term trend in New York City has been described as moving toward zero rent-controlled apartments. In fact, due to the many failures of rent control, there are some who believe that these regulations will no longer be a part the housing policy discussion — and rent control proposals will soon face widespread opposition. Rent control supporters, while acknowledging economists’ arguments against rent regulation, assert that it is a necessity and a “lifeline” in high-rent markets. Most
tenant advocacy groups (and tenants lucky enough to locate rent-regulated housing) praise these programs as lifesavers, citing protection from excessive rent increases, reduced tenant displacement and reduced vacancies. Matthew Losak, executive director of the Montgomery County Renters Alliance, a nonprofit that protects renters’ rights in Montgomery County, Maryland, believes that rent control is crucial, especially for seniors, low-income families and residents whose salaries do not keep pace with rising rents. Although rent control continues to have a considerable number of high profile and highly educated critics, wellintentioned politicians and desperate tenants here in
any homeowners have lofty goals for their homes. Such plans may include extensive renovations or M even additions. Many home improvement projects do not
Don’t overbuild when renovating
add as much value as homeowners may think they do. In fact, some homeowners “overbuild” for their neighborhoods. To avoid overbuilding, homeowners can ask themselves several questions before beginning a renovation project. ■ Will my house be the largest house in the neighborhood? Larger homes tend to have a lower price per square foot. ■ Will the house blend with others in the area? If your house will stick out it will detract from its own value. ■ Have I examined the cost vs. value of the project? Many home improvement resources analyze the cost of a project versus the overall value of that project with regard to property value. It’s important to know which projects provide the best return on investment.
SALES & PROPERTY MANAGEMENT
Leslene K. Lopez, PB ABR, SFR | RB-21780
Patrick Ihu, R(B) Principal Broker, RB-19245 patrickihu@msn.com 808-280-0344
Edward A. Codelia, R(S)
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Hawaii still see these regulations as the only remedy. Therefore, rent regulations will continue to be a hot topic as long as the supply of affordable housing fails to meet rising demands. That’s why the Realtors Association of Maui and its members will continue to focus on long-term solutions and alternatives that will benefit the entire community, including addressing the housing supply through smart growth and increasing renter’s assistance. ■ Lawrence Carnicelli serves as the government affairs director for the Realtors Association of Maui. To learn more about the Realtors Association of Maui, visit www.ramaui.com or call 873-8585.
808.873.8971 Office 808.870.1984 Cell www.ponorealestate.com leslene@ponorealestate.com 355 Hukilike St., #206 Kahului, HI 96732
A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T8
REAL ESTATE GUIDE I APRIL 2017
Affordable Housing and the TIG on Maui Can a little noticed Temporary Investigative Group increase the supply of affordable housing? By TOM BLACKBURNRODRIGUEZ For The Maui News
L
awrence Carnicelli, the Government Affairs Director for the Realtors Association of Maui believes there is no simple answer to creating affordable housing in Maui County. “There is not one simple answer and one simple solution. It’s a complex web of many different things and we like to pull at one little string and think that’s going to solve the problem. But, in fact, when you pull that little string over here it affects another thing in a different place. It’s a complex web that we need to look at in totality in order to get a resolution to the building of affordable housing,” he said. Carnicelli sums up the many facets of the struggle to build affordable housing, including single family, multifamily and rentals. The desire to gain a better view of what was needed and what could be changed to speed the building of affordable housing was the major impetus behind a council committee that came on fast and then ran into the November elections and the council’s budget season.
TOM BLACKBURN-RODRIGUEZ photos
Lawrence Carnicelli is the Government Affairs Director for the RAM. He participated in the TIG and believes that the housing crisis is “ … a complex web of many different things and we like to pull at one little string and think that’s going to solve the problem.”
The committee was called a Temporary Investigative Group, or TIG, and it was the brainchild of then Planning Committee Chair Don Couch who appointed committee members Gladys Baisa and Elle Cochran to the TIG. According to Couch, the Planning Committee received a communication from Will Spence, Maui’s Planning Director, that listed out possible ways to assist in the building of affordable housing. The committee responded by creating the TIG to explore Planning Department suggestions and to meet with stakeholders in the affordable housing, nonprofit and builder communities. Couch asked Cochran to chair the TIG. The members of the TIG
Elle Cochran supported the creation of the TIG and agreed to chair it because, “of the emergency and almost critical nature of our lack of inventory of housing and in particular affordable housing.”
held an organizational meeting on August 1, 2016. The TIG decided to meet with County personnel and various stakeholders from the community. Three meetings were scheduled: The first on August 8, 2016 was for representatives from the Departments of Planning, Public Works, Water Supply, and Environmental Management; the second on August 8, 2016 was for representatives from the Departments of Planning, Housing and Human Concerns, Parks and Recreation, and Finance; and the third on August 10, 2016 was with a cross-sec-
tion of housing advocates from nonprofit groups, private developers and builders, a RAM representative, loan officers, landowners, and an architect. The TIG dissolved on November 30, 2016. Cochran holds the West Maui residency council seat and chairs the Infrastructure and Environmental Management Committee of the council. She supported the creation of the TIG and agreed to chair it because, “of the emergency and almost critical nature of our lack of inventory of housing See AFFORDABLE on Page T10
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A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T9
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REAL ESTATE GUIDE I APRIL 2017 Affordable Continued from Page T9
and in particular affordable housing.” Cochran did not want a report that would sit on the shelf and gather dust. Her goal was to seek reasonable solutions based on community suggestions that reached across many elements. She pointed out that “one of the top obstacles and challenges for developers identified was in reference to off-site infrastructure, the cost of that and the sheer enormity of that cost which has to trickle down to the buyers of properties and homes thereby making it not so affordable in the end.” “So we wanted to take that portion out of the equation and figure out how we (the county) can help address it,” FOR SALE
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said Cochran. “Can we figure out a way to offset that cost to the developer, which would thereby create more affordable prices for the homes?” Cochran suggested that perhaps this cost could be addressed with a fund for off-site infrastructure that might be a part of the affordable housing fund. Ultimately, legislation to put this recommendation into effect was not addressed by Cochran’s committee at this time and instead a decision was made to advocate for additional TOM BLACKBURN-RODRIGUEZ photo money for infrastructure Cassandra Abdul heads Na Hale O Maui, the community land trust whose through the regular county mission is the creation of affordable housing that remains affordable in perpetubudget process. ity. Asked if she would participate in a similar TIG effort in the future Abdul The TIG issued its report replied, “Absolutely, I think that anything that has the potential to increase housto the Planning Committee ing and affordable housing in Maui County is something that we want to be a on October 6, 2016, a little part of.” more than 4-weeks before an election that would reshape eration of the TIG’s recom- their agendas and defined re- boundary, identify which sponsibilities. parcels are appropriate for the council and slow consid- mendations. The following five items comprehensive rezoning by Legislation is needed the Council. Comprehensive were ranked as most importo amend the Compre- rezoning by the Council tant, in order of highest to lowest priority, for immedi- hensive Zoning Ordinance to would give immediate legal ate consideration by the allow accessory or afford- weight to the choices and Planning Committee. Addi- able accessory dwellings on policies made in the Maui Istional items were listed be- smaller lots. land Plan, and the communi901 LOWER MAIN ST., yond the five priorities with ty plans, regarding land deWAILUKU C o m p r e h e n s i v e velopment. the recommendation that Apartment Zoned Vacant Lot 25,648 sf. $399,000 (FS) rezoning by the Counthey be forwarded to other Expediting the building council committees who cil. For those areas identified plan review process by would act on the recommen- in the Maui Island Plan as dations within the scope of within the urban growth developing a catalog of pre-
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A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T10
approved plans. Allow building designs that have already been approved and given a design registration number to be kept in a catalog of pre-approved plans for use by the public. Interested parties can use a pre-approved design on their approved lot, saving the time and money that comes with the design and approval process. Explore zoning and permitting issues relating to the establishment of “tiny house” communities and tiny houses on existing lots. Tiny homes are being used successfully in many communities on the mainland to provide for needed housing. Some tiny homes are smaller homes (less than 400 square feet) that are built from conventional materials in the conventional manner. These homes are permitted under the county building code, but are treated as any other home for zoning purposes.
4.
Identify underdeveloped properties with multifamily and industrial designations that could be
5.
See AFFORDABLE on next page
REAL ESTATE GUIDE I APRIL 2017 Affordable
The Temporary Investigative Group or TIG was the brainchild of then Planning Committee Chair Don Couch who appointed committee members Gladys Baisa and Elle Cochran to the TIG.
Continued from Page T10 targeted for redevelopment as multifamily housing. Ask the Department of Planning to identify properties that are underdeveloped and to query owners about their reasons for not building. The current Council’s Planning Committee, chaired by Stacey Crivello, has taken up the recommendations of the TIG and they have been deferred for action until after the Maui County budget is adopted. What will happen to the TIG recommendations? Among those who participated there is a hope for positive action that is unfortunately colored by a history of unfulfilled expectations and doubt the county government has the capacity to act.
TOM BLACKBURNRODRIGUEZ photo
Perhaps this hope for action was best expressed by Na Hale O Maui’s Executive Director Cassandra Abdul, who heads the only community land trust in the state of Hawaii and whose mission is the creation of affordable housing that remains afford-
able in perpetuity. Would Na Hale O Maui participate in a TIG or similar effort again I asked? “Absolutely,” Abdul replied. “I think that anything that has the potential to increase housing and affordable housing in Maui County is
something that we want to be a part of.” The full TIG Report can be found at https://maui county.legistar.com/ View.ashx?M=F&ID=4714 827&GUID=C130C0F6E696-469B-AC7E1F772F1313B7.
Benefits of installing backyard koi ponds oi ponds can make for K beautiful additions to landscaped backyards or
home gardens. While many people are drawn to koi ponds because of their aesthetic appeal, there are many additional reasons for homeowners to consider installing koi ponds in their backyards. Ponds and water gardens can transform yards rather quickly. Ponds can add appeal to otherwise mundane yards and provide eye-catching, relaxing spots to sit and enjoy the scenery. Koi ponds have recently fallen into a favor with
homeowners in North America, but these popular water features date back several centuries to Asia. Centuries ago, Chinese rice farmers began keeping carp in their rice paddies, and that practice eventually caught on in Japan. The fish started to breed and form slight color variations. Koi, often referred to as “Nishikigoi,” are actually descendants of the common carp. Koi can become a lowmaintenance family pet. These fish tend to grow accustomed to having people
See KOI POND on Page T12
Embrace the simple moments.
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Kamalani Model B Starting at $387,000 3-bedrooms, 2-baths Ask about our limited time offer!
www.kamalaniliving.com DISCLAIMER: The views, angles, colors, landscaping, and renderings on this plan are for illustration only. The developer disclaims any warranty or promise about the location, views, colors, size, height, layout, specifications, landscaping, and finishes of any improvement to be constructed or installed. The models in this site plan are not to scale and the developer makes no representations, and expressly disclaims that the plan is accurately to scale or proportion. The developer reserves the right to substitute materials, appliances, and other items with materials, appliances and other items of substantially equal quality and utility. The developer is not building any unit to the precise specifications or design shown on this model. The specific features may vary. The landscaping and other areas that are shown in this site plan, and the absence of the neighboring properties are for illustrative purposes only. They do not reflect how the actual project landscaping, amenities, or surrounding areas will look. The area, location, and configuration of the units and all other improvements may change from that shown on this model during construction pursuant to approved construction drawings.
Visit us at: KW Island Living RB-21851 , 285 W. Kaahumanu Ave., Suite 201, Kahului, HI 96732 Exclusive Project Broker: KW Island Living Call us at: 808-856-4045
A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T11
REAL ESTATE GUIDE I APRIL 2017 Average mortgage rate drops to 5-month low Koi Pond
he average U.S. mortT gage rate fell below a key threshold of 4 percent
this week, its lowest level in five months. Mortgage buyer Freddie Mac said Thursday that the average interest rate on 30year fixed-rate home loans declined to 3.97 percent this week from 4.08 percent last week. The 30-year rate stood at 3.59 percent a year ago and averaged 3.65 percent in
2016, the lowest level in records dating to 1971. Lower rates make it easier for homebuyers to afford their monthly mortgage payments. The rate on 15-year mortgages declined to 3.23 percent from 3.34 percent last week. And Fed policymakers have signaled more hikes are likely to come this year as long as the economy keeps growing.
Mortgage rates, however, more closely track the yield on the 10-year Treasury note, rather than the Fed's decisions. Yet as investors have downgraded their expectations for tax cuts and infrastructure spending, the yield on the 10-year has fallen. That has led mortgage rates lower as well. — The Associated Press
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Continued from Page T11 around, and will often interact with visitors at the surface of the water. It’s not unusual to have koi beg for food or take food from a person’s hand. They also may tolerate some light handling. Another benefit of koi ponds is that they create a miniature ecosystem within the yard. When stocked with aquatic plants and other fish that can help keep mosquito larvae and other parasites at bay, they can sustain themselves quite nicely. Ponds also can attract birds and beneficial insects, such as butterflies and dragonflies. . Koi ponds also provide
Koi ponds add to the aesthetics of a home as well as provide relaxing benefits to the owner. some psychological benefits. The sound of the water can be soothing and relaxing. Sitting by the pond may help alleviate stress, as unwinding next to a pond and watching the fish swim by can help individuals decompress. Homeowners who have koi ponds may also benefit
socially from these eyecatching additions to their landscapes. Homeowners may connect with others who share their passion for koi and water features. This opens up the opportunity to share the landscape and pond with others, building new friends and relationships in the process.
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A Supplement of THE MAUI NEWS – Friday, April 28, 2017 – Page T12
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