Maui Real Estate

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A SUPPLEMENT OF THE MAUI NEWS | FRIDAY, JULY 25, 2014

LOO DI NS UR AN CE AN DY OU RH OM E’S VAL UE

LANAI SEATING GALLERY CELEBRATES 25 YEARS ON MAUI WITH GREAT DEALS REALTORS TALK NEW AND OLD MARKETING STRATEGIES FOR A RECOVERING ECONOMY

The Maui News | REAL ESTATE GUIDE | July 2014

U.S. home sales increase 2.6 percent in June

AP file photo

Sales of existing homes in the U.S. rose in June

WASHINGTON (AP) — Sales of previously owned homes rose for a third straight month in June, pushing activity to the highest level in eight months and providing evidence that housing is regaining lost momentum.

The National Association of Realtors said Tuesday that

sales of existing homes increased 2.6 percent to a seasonally adjusted annual rate of 5.04 million homes. It marked the first time that sales have been above the 5 million-mark since October.

Even with the three months of increases, however, sales were still 2.3 per-

cent below the sales rate in June of last year.

Sales peaked in July last year and then lost momentum as mortgage rates rose from extremely low levels.

Sales were further hurt by an unusually severe winter.

After peaking at 5.38 million units last July, sales had

been falling as mortgage rates climbed from historic lows after then-Fed Chairman Ben Bernanke indicated in June that the central bank could begin trimming its monthly bond purchases later in the year.

See HOME SALES on Page 5

JULY 2014 REAL ESTATE GUIDE 331 Ho‘okahi St., Suite 202 Wailuku, HI 96793

TABLE OF CONTENTS Families struggle for homeownership . . . . 3

808.244.7142

“A Commitment to Excellence”

Flood insurance and home values . . . . . 4

Property Management Services • Real Estate Sales

Agents talk marketing during recovery . . . 11

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The Maui News | REAL ESTATE GUIDE | July 2014

QUEST FOR THE RIGHT PRICE

Affordable housing an elusive goal Maui officials and advocates worry young working families losing hope

BY TOM BLACKBURNRODRIGUEZ For The Maui News

Stacy Crivello is the chairwoman of the Maui County Council’s Committee on Housing, Human Services and Transportation. She is serving her first term on the council and running unopposed for a second term representing Molokai. Crivello’s committee has been holding hearings on amendments to the Residential Workforce Housing Policy.

The hearings have produced information that has led Crivello to conclude that the present housing policy is not working — it has produced only three affordable homes since its passage in 2007 — and that more dialogue is needed between those who want to change the law and those who want to keep it fairly intact. She expects to schedule additional

hearings in August and September.

Meanwhile, affordable housing for Maui’s working families remains an elusive goal. What is driving Crivello and other policymakers and housing advocates is the feeling that Maui’s young families may be losing hope that they can ever own a home of their own.

“What I hear people say is, ‘Where else can we go?

What is there for us?’” Crivello said, as she spoke of how children live with “their elders, their parents, or grandparents; the kids all have to move in with us because that is who we are, that is our culture. She also pointed out that “… It’s not all jobless people that are homeless. It’s working people.”

A July 10, 2014, report by the Hawaii Department of Business, Economic Development and Tourism

MAHALO

Photos by Tom Blackburn-Rodriguez

Above: Councilwoman Stacy Crivello, chairwoman of the council’s Committee on Housing, Human Concerns and Transportation, has council oversight on affordable housing and is working to amend the county’s current affordable housing legislation. On the cover: John Andersen, executive director of Na Hale O Maui, the affordable housing land trust, puts the final touches on the “For Sale” sign for another Na Hale O Maui affordable home.

(DBEDT) on “Hawaii’s Home Ownership, Real Estate, and the Economy,” said that in 2010 Hawaii had a home ownership rate of 57.7 percent compared to 66.2 percent nationwide.

The Hawaii housing cost

burden is more severe among younger householders, with 50 percent of those in the 2534 age group paying more than 30 percent of their household income for housing and nearly a quarter of those in that same age group

paying more than 50 percent of their household income on the cost of housing. The same report shows that the number of adults living independently has been declining every year since 1970. No one denies there is a problem

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but what is the answer?

John Andersen is the executive director of Na Hale O Maui, a nonprofit housing land trust that puts families in quality housing they can afford. Most of his homes sell as permanent renewable leaseholds in the low-to-mid $300,000’s in neighborhoods where the typical selling price is in the low-to-mid $500,000’s.

Currently NHOM has 25 families in homes and four more are on the way.

Andersen sees a need to change the current residential workforce housing law in order to move the building of affordable housing forward. According to Andersen, he supports a “revised Residential Workforce Housing Policy that includes realistic requirements and incentives for developers to build affordable housing.

Including an incentive for development of long-term

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The Maui News | REAL ESTATE GUIDE | July 2014

A BROKEN SYSTEM

Flood insurance policy failing buyers

By DAVE DELEON Realtors Association of Maui Government Affairs Director

ll kinds of variables affect A the cost and availability of housing. Most of the time, the

various components of property ownership and sales work just fine, almost automatic. But every now and then, the wheels will fall off one of those components and seriously impact the housing market. Recently,

the problem child for housing has been flood insurance.

Congress created the National Flood Insurance Program (NFIP) in 1968, not long after America’s first billion-dollar storm, Hurri-

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ties in the flood plain is required to have flood insurance and the only flood insurance most homeowners can afford is through the federally run program (NFIP). There are currently about 5 million properties insured through the program nationally. So the cost of NFIP-provided insurance can seriously affect these properties.

The insurance program has to be reauthorized every with the price and availabili- five years, but after Katrina ty of housing? Every feder- Congress got increasingly ally backed mortgage — and most mortgages are fedSee FLOOD erally backed — for properon Page 8

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cane Betty, clobbered Louisiana and commercial insurers quit writing policies for flood-prone areas of the country. Since then, despite a lot of grumbling about abuses, the program has basically worked and paid its bills via premiums. Then in 2005, Hurricanes Katrina, Wilma, and Rita leveled the Gulf Coast and Florida and suddenly the program was $17 billion (that’s billion with a B) in the red. Then Sandy hit in 2012 and NFIP’s debt to the National Treasurer rose to $24 billion.

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The Maui News | REAL ESTATE GUIDE | July 2014

affordable housing.”

Andersen, like others, also sees the lack of infrastructure as holding back the development of affordable housing.

“The cost of privately produced infrastructure is very high and it makes development of affordable housing extremely difficult, and it inhibits the development of any residential projects. The only entities that can afford this burden are the large landowners that own the land free and clear. A developer who has to purchase developable land is out of

luck,” he said.

Kellie Pali-Cruz is the president of Creative Financial. Her business originates home mortgage loans. In addition to running her successful business, she is the mother of four children. She was born and raised on Maui.

Pali-Cruz sees the crisis in affordable housing through the eyes of her clients.

She is supportive of more flexibility in the housing rules as a means to get more affordable housing built.

“Rules are used to protect all parties involved, however in this case it seems they are hindering the processes and

HOME SALES Continued from Page 2 The Fed did start reducing the bond purchases in December but mortgage rates have actually retreated as financial markets realized the Fed intended a gradual reduction of the long-interest rate support it has been

providing the economy.

Rates on 30-year mortgages stood at 4.12 percent last week.

The median price of a home sold in June was $223,300, up 4.3 percent from a year ago.

For June, sales were up in every region of the country.

AFFORDABLE Continued from Page 3

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— John Andersen, Na Hale O Maui executive director holding everyone hostage. A developer should have the right to build affordable housing and market value homes, which allows them to still be profitable within reason, and homebuyers should not have certain home benefits withheld from them because they needed assistance,” she said.

Reducing the percentage requirements in the Residential Workforce Housing law,

reducing the occupancy time requirement, eliminating resale restrictions or lessening the restriction and providing incentives to builders are all solutions suggested by Ilsa Mitchell Jencks, a Realtor with Hawaii Life Real Estate Brokers. According to Mitchell Jencks, there is also a shortage of affordable rental housing on Maui.

For Sharen Sylva, the principal broker at Kapalua

Realty Co. Inc., one solution is to “speed up the process for rezoning agricultural lands that are not productive for farming and speed up permitting process.”

Like Pali-Cruz, Sylva thinks that “… a homeowner should have the option of selling their home for a profit in order to move up to a larger home to accommodate their growing family, thus making that home available for another family.”

Perhaps Bob Hansen, broker in charge at the Hansen Ohana and a founding member of NHOM, summed it up when he

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pointed to the difficulty of regulating to create affordable housing.

“That is a dichotomy,” he said, “as the county affordable housing requirement is too draconian, which means that developers will not build anything. Paul Brewbaker estimates that 850 new homes will be needed each year and only 350 permits will be issued at current estimates.”

Hansen urges policymakers to “… remove or severely reduce the requirement for an affordable housing component of developments. We need more housing, period.”

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1

2

3

4

5

A B ALAELOA B2

West Maui

C a Kaan pali

HOYOCHI NIKKO C2

LEINANI APARTMENTS C2

NOHONANI C2

20 Alaeloa #8

3901 L. Honoapiilani Rd.

3750 L. Honoapiilani Rd.

3723 L. Honoapiilani Rd.

ASTON KAANAPALI SHORES C2

HYATT REGENCY MAUI D2

LOKELANI C2

OPUKEA D2

3445 L. Honoapiilani Hwy.

Nohea Kai Drive at Kaanapali

3833 L. Honoapiilani Rd.

1001 Keawe St.

ASTON MAUI ISLANDER E2

INTERNATIONAL COLONY CLUB C2 MAHANA C2

PAKI MAUI C2

660 Wainee Street

2750 Kalapu Drive

110 Kaanapali Shores Pl.

3615 L. Honoapiilani Rd.

ASTON SANDS OF KAHANA C2

KAANAPALI ALII D1

MAHINA SURF C2

PAPAKEA BEACH RESORT C2

4299 L. Honoapiilani Hwy.

50 Nohea Kai Dr. at Kaanapali

4057 L. Honoapiilani Rd.

3543 L. Honoapiilani Rd.

CHANNEL HOUSE E2

KAANAPALI BEACH HOTEL D1

MAHINAHINA BEACH C2

PIKAKE C2

1010 Front Street

2525 Kaanapali Parkway

4007 L. Honoapiilani Rd.

3701 L. Honoapiilani Rd.

COCONUT INN B3

KAANAPALI PLANTATION C2

MAKANI SANDS C2

PIONEER INN HOTEL E2

181 Hui Road F

150 Puukolii Road

3765 L. Honoapiilani Rd.

EMBASSY VACATION RESORTS C2

KAANAPALI ROYALE D2

THE MAUIAN B2

658 Wharf St., at Lahaina Harbor

104 Kaanapali Shores Pl.

2560 Kekaa Drive

5441 L. Honoapiilani Rd.

PLANTATION INN E2

THE GARDENS AT WEST MAUI B3

KAHANA BEACH RESORT C2

MAUI BREAKERS C2

174 Lahainaluna Road

369 L. Honoapiilani Hwy.

4221 L. Honoapiilani Rd.

3702 L. Honoapiilani Rd.

POHAILANI MAUI C2

HALE MAHINA C2

KAHANA FALLS B2

4435 L. Honoapiilani Rd.

3875 L. Honoapiilani Hwy.

4260 L. Honoapiilani Rd.

HALE MAUI HOTEL C2

KAHANA GATEWAY APTS B2

MAUI ELDORADO D2 2661 Kekaa Dr. at Kaanapali MAUI ISLANDER E2

3711 L. Honoapiilani Hwy.

4465 Honoapiilani Hwy.

y.

Pkw

D

30

Front St.

POLYNESIAN SHORES C2

660 Wainee Street

PUAMANA E2

KAHANA MANOR B2

MAUI KAANAPALI VILLAS C2

34 Puailima Place

4310 L. Honoapiilani Rd.

2805 Honoapiilani Hwy.

PUNA POINT B2

HALE ONO LOA C2

KAHANA OUTRIGGER B2

MAUI KAI C2

5900 L. Honoapiilani Rd.

3823 L. Honoapiilani Rd.

4521 L. Honoapiilani Rd.

106 Kaanapali Shores Place

PUUNOA BEACH ESTATES D2

HALE ROYALE C2

KAHANA REEF B2

MAUI MARRIOTT HOTEL D2

45 Kai Pali Place

3788 L. Honoapiilani Rd.

4471 L. Honoapiilani Rd.

Nohea Kai Drive at Kaanapali

RITZ CARLTON KAPALUA A3

HOLOLANI C2

KAHANA SUNSET B2

SUNSET TERRACE C2

One Ritz Carlton Drive

4401 L. Honoapiilani Rd.

4909 L. Honoapiilani Rd.

3626 L. Honoapiilani Rd.

ROYAL HALE C2

HONO KOA C2

KAHANA VILLAS B2

MAUI SANDS C2

2780 Kekaa Drive at Kaanapali

3801 L. Honoapiilani Rd.

4242 L. Honoapiilani Rd.

3559 L. Honoapiilani Rd.

ROYAL KAHANA C2

HONOKEANA COVE B2

KALEIALOHA C2

NAPILI BAY HOTEL B2

4365 L. Honoapiilani Rd.

5255 L. Honoapiilani Rd.

3785 L. Honoapiilani Rd.

33 Hui Road

ROYAL LAHAINA RESORT C2

HONOKOWAI EAST C2

KAPALUA BAY VILLAS A3

NAPILI GARDENS B2

2780 Kekaa Drive at Kaanapali

3660 L. Honoapiilani Rd.

500 Bay Drive, Kapalua

5432 L. Honoapiilani Rd.

SHERATON MAUI C2

KAPALUA GOLF VILLAS B3

NAPILI KAI BEACH RESORT B2

3666 L. Honoapiilani Rd.

100 Kapalua Drive

5900 L. Honoapiilani Rd.

THE COCONUT GROVE A3

HONOKOWAI SUNRISE C2

KAPALUA RIDGE VILLAS B3

NAPILI LANI B2

On Kapalua Drive

3676 L. Honoapiilani Rd.

100 Ridge Drive

5900 L. Honoapiilani Rd.

THE RITZ-CARLTON RESIDENCES A3

HONUA KAI RESORT & SPA C2

KULAKANE C2

NAPILI PUAMALA B2

1234 Kapalua Bay Drive

130 Kai Malina Parkway

3741 L. Honoapiilani Rd.

50 Napili Place

THE SPINNAKER E2

KULEANA I & II C2

NAPILI POINT B2

760 Wainee Street

3959 L. Honoapiilani Rd.

5295 L. Honoapiilani Rd.

LAHAINA INN E2

NAPILI RIDGE B3

THE WESTIN KAANAPALI OCEAN RESORT VILLAS C2

127 Lahainaluna Road

120 Hui Road F

6 Kai Ala Drive

LAHAINA RESIDENTIAL E2

NAPILI SHORES B2

VALLEY ISLE RESORT C2

1034 Front Street

5315 L. Honoapiilani Rd.

4327 L. Honoapiilani Rd.

LAHAINA ROADS E2

NAPILI SURF B2

WESTIN MAUI D2

1403 Front Street

50 Napili Place

2365 Kaanapali Parkway

NAPILI SUNSET B2

THE WHALER D1

E

HONOKOWAI PALMS C2

2605 Kaanapali Parkway

Lahaina 30

46 Hui Road

Condominium & Resort Directory Wailuku

3975 L. Honoapiilani Rd.

65 Hui Drive

Kaanapali HALE NAPILI B2

7

2014

Kapalua 30

6

Kahului 36 37 37

380

2481 Kaanapali Parkway

NAPILI VILLAGE HOTEL B2 48 Hui Road F

F

LAHAINA SHORES E2 475 Front Street

350 31

NOELANI C2 4095 L. Honoapiilani Rd.

Maalaea

Kihei G 31

A Supplement of THE MAUI NEWS – Friday, July 25, 2014 – Page T6

NAPILI VILLAGE HOTEL B2 48 Hui Road F

F

LAHAINA SHORES E2 475 Front Street

350 31

NOELANI C2 4095 L. Honoapiilani Rd.

Maalaea

Kihei G 31

MAUI H

Map Detail

I

South Maui

J K L

ALOHA PUALANI G6

KAMAOLE BEACH CLUB H7

KIHEI KAI RESORT F6

MAKANI A KAI G5

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

Above Wailea Alanui Dr., Wailea

KANA'I A NALU G5

KIHEI SHORES I6

MAUI COAST HOTEL H7

PUNAHOA BEACH I7

GRAND WAILEA RESORT J7

250 Hauoli St./Maalaea Village

2747 S. Kihei Road, Kihei

2259 S. Kihei Road, Kihei

2142 Iliili Road, Kihei

3850 Wailea Alanui Dr., Wailea

KANOE RESORT H7

KIHEI SURFSIDE I7

MAUI COURT I7

ANDAZ MAUI AT WAILEA I7

HALE HUI KAI I7

2050 Kanoe Street, Kihei

2936 S. Kihei Road, Kihei

2747 S. Kihei Road, Kihei

3550 Wailea Alanui Drive, Kihei

2994 S. Kihei Road, Kihei

KANOELANI APARTMENTS H7

KIHEI VIEW H7

MAUI GARDENS H6

ROYAL MAUIAN I7

HALE ILI ILI J7

2065 Kanoe Street, Kihei

Keonekai Street, Kihei

1450 S. Kihei Road, Kihei

2430 S. Kihei Road, Kihei

2172 Iliili Road, Kihei

KAPULANI KAI H6

KIHEI VILLA H7

MAUI HILL I7

ROYAL MENEHUNE H6

HALE KAI O'KIHEI H6

73 Kapu Place, Kihei

2135 S. Kihei Road, Kihei

2881 S. Kihei Road, Kihei

2061 S. Kihei Road, Kihei

1310 Uluniu Road, Kihei

KAU HALE MAKAI H6

KIHEI VILLAGES F7

MAUI ISANA RESORT G6

SLEEPY HOLLOW H6

HALE KAMAOLE I7

930-938 S. Kihei Road, Kihei

140 Uwapo Road, Kihei

515 S. Kihei Road, Kihei

1667 S. Kihei Road, Kihei

2737 S. Kihei Road, Kihei

KE ALII OCEAN VILLAS H7

KIMO KE APARTMENTS I7

MAUI KAMAOLE I7

SHORES OF MAUI H6

HALE MAHIALANI H7

28 Hauwahine Lane, Kihei

10 Walaka Street, Kihei

2777 S. Kihei Road, Kihei

2075 S. Kihei Road, Kihei

21 Kaiau Place, Kihei

FAIRMONT KEALANI J6

KOA KAI APARTMENTS H7

MAUI LU RESORT G6

SUGAR BEACH RESORT F6

HALE PAU HANA I7

4100 Wailea Alanui Drive, Kihei

99 Walaka Street, Kihei

575 S. Kihei Road, Kihei

145 N. Kihei Road, Kihei

2480 S. Kihei Road, Kihei

KEALIA F6

KOA LAGOON G6

MAUI OCEANFRONT HOTEL I7

VILLAGE BY THE SEA G6

HALEAKALA GARDENS H7

191 N. Kihei Road, Kihei

800 S. Kihei Road, Kihei

2980 S. Kihei Road, Kihei

4327 S. Kihei Road., Kihei

15 Kulanihakoi, Kihei

KEAWEKAPU I7

KOA RESORT H7

MAUI PALISADES H7

WAILANA SANDS G6

HALEAKALA SHORES I7

2895 S. Kihei Road, Kihei

811 S. Kihei Road, Kihei

Kilohana Street, Kihei

25 Wailana Place, Kihei

2619 S. Kihei Road, Kihei

KEONEKAI VILLAGES H7

LAULOA G5

MAUI PARKSHORE I7

WAILEA EKAHI I7

HO‘OLEI AT GRAND WAILEA J7

160 Keonekai Road, Kihei

100 Hauoli St./Maalaea Village

2653 S. Kihei Road, Kihei

3300 Alanui Drive, Kihei

146 Ho‘olei Circle, Wailea

KIAWE TERRACE G6

LEILANI KAI H6

MAUI SCHOONER RESORT H6

WAILEA EKOLU VILLAGE J7

HONO KAI G5

851 S. Kihei Road, Kihei

1226 Uluniu, Kihei

980 S. Kihei Road, Kihei

10 Wailea Ekolu Place, Kihei

280 Hauoli St./Maalaea Village

KIHEI AKAHI I7

LEINAALA H6

MAUI SUNSET H6

WAILEA ELUA VILLAGE I7

ISLAND SANDS G5

2531 S. Kihei Road, Kihei

998 S. Kihei Road, Kihei

1032 S. Kihei Road, Kihei

600 Alanui Drive, Kihei

150 Hauoli St./Maalaea Village

KIHEI ALII KAI I7

LIHI KAI COTTAGES I7

MAUI VIEW APARTMENTS H7

WAILEA GOLF VISTAS I7

ISLAND SURF H6

2387 S. Kihei Road, Kihei

2121 Iliili Street, Kihei

76 Walaka, Kihei

Above the Blue Course, Wailea

1993 S. Kihei Road, Kihei

KIHEI BAY SURF G7

LUANA KAI H6

MAUI VISTA H7

WAILEA POINT J7

KAI MAKANI BEACH VILLAS G6

715 S. Kihei Road, Kihei

940 S. Kihei Road, Kihei

2191 S. Kihei Road, Kihei

4000 Wailea Alanui, Kihei

Kai Makani Loop, Kihei

KIHEI BAY VILLAS G7

MAALAEA BANYANS G5

MENEHUNE SHORES G6

WAIOHULI BEACH HALE H6

KAI MALU AT WAILEA J6

775 S. Kihei Road, Kihei

190 Hauoli St./Maalaea Village

760 S. Kihei Road, Kihei

49 Lipoa Street, Kihei

3550 Wailea Alanui Drive, Kihei

KIHEI BEACH RESORT G6

MAALAEA KAI G5

MILOWAI G5

WAIPUILAN H6

KALAMA GARDENS H7

36 S. Kihei Road, Kihei

70 Hauoli St./Maalaea Village

50 Hauoli St./Maalaea Village

1002 S. Kihei Road, Kihei

36 Walaka Street, Kihei

KIHEI COVE I7

MAALAEA MERMAID G5

NA HALE KAI G6

KAIAMA TERRACE H7

2181 Iliili Road, Kihei

20 Hauoli St./Maalaea Village

34 Wailana Place, Kihei

35 Walaka Street, Kihei

KIHEI GARDEN ESTATES H6

MAALAEA SURF RESORT F6

NA HALE O MAKENA J6

KALAMA TOWNHOUSE H7

1299 Uluniu Road, Kihei

12 S. Kihei Road, Kihei

4955 Makena Road, Kihei

46 Walaka Street, Kihei

KIHEI HOLIDAY G6

MAALAEA YACHT MARINA G5

NA HOLOKA I G6

KALAMA VILLA H7

483 S. Kihei Road, Kihei

30 Haouli St., Maalaea Village

34 Wailana Place, Kihei

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.)

2144 Konou Place, Kihei

1

2

3

4

5

6

7

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A Supplement of THE MAUI NEWS – Friday, July 25, 2014 – Page T7

The Maui News | REAL ESTATE GUIDE | July 2014 FLOOD Continued from Page 4 reluctant to renew the program for a long period, instead allowing it a couple of months at a time and then finally letting it lapse altogether a couple of times. That affected as many as 1,300 real estate deals a day across the country, according to the National Association of Realtors (NAR), delaying some and causing others to fail.

This caused a massive lobbying campaign, led by the Realtors, to get the program firmly reauthorized again.

And Congress did that in the summer of 2012.

Even in the Land of Unintended Consequences that is Washington, D.C., the 2012 reform of the National Flood Insurance Program known as Biggert-Waters Act (or

BW-12) turned out to be a whopper.

At the time of its passage, BW-12 seemed like a stroke of rationality hitting our otherwise absolutely dysfunctional Congress. Led by the Realtors, a massive coalition got the otherwise bitterly divided Congress to pass the BW-12 reform. The vote in the House of Representative was 406-22 in the same summer of the titanic Presidential Campaign. As it turns out, flood issues are color neutral. Flooding affects both Red and Blue states alike and even in the libertarian-led House, there was unity on the need to reauthorize the flood program. However, the libertarian wing demanded and got stringent reforms: The program was going to have to

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now being quoted $40,000.

The maximum coverage offered by the program is just $250,000.

BW-12 applied to the date it passed and all new homes sold since then the flood insurance propay for itself. gram, had estimated that the would fall under its authoriThe Realtors, Congress ty. But no one alerted Realand everyone else associated increase in premiums tors and other specialists caused by BW-12’s costwith the reform effort about that provision for danced together around the based approach would be months after its passage, affordable, it quickly bevictory pole. The law tied creating an after-the-fact efcame apparent that the inthe program to its actual fect. Six months after they cost. Most subsidies would surance underwriters thought otherwise. Property bought the property, owners go away. It was the fix that everyone in Washington was owners in flood prone areas were finding out that they of Hawaii, Louisiana, New would not be able to afford hoping for.

York, New Jersey and Flori- the flood insurance tied to it But before the euphoria da started flooding congres- and that the high insurance over the bill’s passage had rates would make the propeven subsided, ominous re- sional offices with complaints about insurance rates erty unsaleable to anyone ports of massive rate injumping as high as 10 fold needing a mortgage. creases started to roll into BW-12 also took away Washington. While the Fed- in some cases. Where an owner had previously been the seller’s ability to assign eral Emergency Managepaying $4000 a year in his insurance to the buyer. ment Administration (FEflood insurance, they were MA), the agency that runs The buyer would be required

As it turns out, flood issues are color neutral.Flooding affects both Red and Blue states alike ...

”

to pay new, probably very expensive, BW-12-rated insurance.

While the real estate market appreciated having an ongoing insurance program that did not sputter every couple of months, the new actuarial approach was putting flood insurance beyond reach for most families and making some properties all but unsaleable. And Realtors around the country quickly found themselves getting an education into the minutia of this complex program: PreFIRM vs. FIRM (types of flood-able properties), the nuances of the federal flood mapping, elevation certificates, Letters of Map Revisions (LOMRs), etc. in order

See FLOOD on the next page

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A Supplement of THE MAUI NEWS – Friday, July 25, 2014 – Page T8

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The Maui News | REAL ESTATE GUIDE | July 2014 FLOOD Continued from Page 8 to figure out where any particular property fits into the whole puzzle.

BW-12 by itself was a complicated piece of legislation that was sure to have a major impact on flood-prone communities. The situation is further complicated by the fact that FEMA is conducting a re-mapping program that placed communities, neighborhoods, and apparently about half the state of Texas, that had never been flooded in the past, into the official flood zones, making them subject to BW-12 as well. Call it a double whammy. This overlap makes it hard to say where the responsibility for skyrocketing flood insurance rates lies: Was it because of BW-12,

Re-Priced

the new flood maps, or both?

Meanwhile, FEMA officials are expected back on Maui this summer to take another look at the mapping for a portion of central Kihei, focusing on the Keokea Gulch and Waimahaihai neighborhood.

There is also a serious debate going on whether FEMA will recognize the flood-controlling effect of the U.S. Corps of Engineers-built Iao Stream Levee where it crosses Lower Wailuku along Eha Street.

FEMA points to the failure of a number of levee systems across the country as the reason it wants to disregard levees as legitimate flood-control methods. If that happens, much of Lower Main would find itself in the flood plain and be forced

to buy flood insurance for mortgaged-properties. FEMA is applying the same approach to levees nationwide, and Maui County and communities across the country are fighting that change in federal policy.

This issue is deadlocked at the moment.

Whatever the reason, certain properties had been subjected to massive increases in the flood insurance rates and otherwise affordable homes stood to be abandoned by their current owners. Politicians hate being responsible for kicking families out of their homes, so Congress came back in the end of last year and, showing the same unity of purpose it had with BW-12, passed a reform of the reform, basically a rollback of

BW-12.

Rep. Maxime Waters of California, one of the authors of BW-12, apologized for the mess the measure had caused and helped lead its rollback. This time she teamed up with Michael Grimm of New York, which caused the new legislation to have the comical name of the Grimm-Waters Act. Some of the key provisions of Grimm-Waters are: ≤ A return to subsidized rates for the property category known as Pre-FIRM. (Homes that existed before the federal flood mapping and mitigation effort. On Maui, that’s pre-1980.) ≤ Premium refunds for some Pre-FIRM properties that had been clobbered by large premium increases caused by BW-12. This re-

fund will probably only apply to a primary residence. ≤ Creates a new, affordable premium payment plan. ≤ Limits future rate increases for any class of property to a maximum of 15 percent, and for any individual policy to a maximum of 18 percent. ≤ And, a key provision would allow the assignment of existing insurance policies from the seller to the buyer at earlier, subsidized rates.

The problem with Grimm-Waters is it does not deal with that pesky $24 billion debt. Here’s how Time Magazine put it: “Ultimately, the notion that insurance rates should reflect real risk proved less compelling than the notion that the squeaky wheel should get the grease. This

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A Supplement of THE MAUI NEWS – Friday, July 25, 2014 – Page T9

story is a reminder than it’s easier for politicians to attack government subsidies in the abstract than to take them away in real life. Given the inability of Congress to stand behind its bipartisan reforms to a program just about everyone agreed was broken, it’s hard to imagine our leaders ever making progress on much tougher tax and entitlement reforms.”

That argument stands as long as you agree that the insurance premiums of homeowners should be able to pay for the type of horrific damage done by storms like Sandy and Katrina. The National Flood Insurance Program actually worked until these super storms took down major parts of the

See FLOOD on the next page

The Maui News | REAL ESTATE GUIDE | July 2014

667-7748

those losses while maintaining an affordable insurance program. Some argue that,

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FLOOD holders has proven to be Continued from Page 9 simply too small of an country. Five million policy- insurance pool to cover

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given these circumstances, what FEMA is trying to do with its re-mapping program is to widen the scope of who must pay for flood insurance. That would give FEMA a wider pool to spread the cost across.

One way of looking at FEMA’s problem is: If it was selling cancer insurance to only people who were likely to get cancer, eventually the insurance will become too expensive for average folks or the insurance fund will go broke. In the National Flood Insurance Program case, only proper-

ties likely to flood are required to get insurance (if there is a mortgage attached to them). So the feds have the following choices: They can add to the risk pool, by adding properties less likely to flood; require higher payments from those in the narrower, existing risk pool (see BW-12); or the fund will go broke.

There is another option.

The country needs to recognize that situations like Sandy and Katrina are serious national problems and that the nation needs to stand behind those affected com-

munities and help them stand up again. As the Biggert-Waters Act showed, requiring a narrow pool of property owners to pick up that tab clearly won’t work.

■ Dave DeLeon has held the title of Realtors Association of Maui government affairs director for seven years. DeLeon, a former Maui News reporter, also served as executive assistant in the administrations of Linda Lingle and Alan Arakawa. He can be reached at gad@ ramaui.com.

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A Supplement of THE MAUI NEWS – Friday, July 25, 2014 – Page T10

The Maui News | REAL ESTATE GUIDE | July 2014

Marketing in a Recovering Economy

Real estate agents stick to what they know works

BY TOM BLACKBURNRODRIGUEZ For The Maui News

You know the song, so hum along with me as we sing the lyrics to “Everything Old is New Again.” That could be the tune that many Realtors are singing as they market their clients’ properties and turn to many tried and true methods of getting a home or condo in front of buyers and

other Realtors who may have a client that is looking to buy.

According to the June sales report by the Realtors Association of Maui for home sales year-to-date, residential unit sales were 454 homes sold, with an average sold price of $962,620, median price of $575,000 and a total dollar volume sold of $437,029,609. Year-to-date condo unit sales were 656

units sold, with an average sold price of $641,164 and median price of $422,750.

Total condo dollar volume sold reached $420,603,811.

What are Realtors doing to meet this demand and the price sensitivity of buyers as a result of the slow claw back from the great recession?

Wendy Peterson is a Realtor (S) with Island Sotheby’s International Realty located in

Makawao, and she believes in the power of relationships.

“Relationships and relationship building are truly important, and maintaining those relationships was definitely one of the stabilizers for me during the slower years in real estate. Good relationships always weather a storm and shine even brighter in good times!” Peterson said, when asked how she

had maintained her clients and made new ones as she emerged from the recession.

Along those lines, Peterson also applies her relationship thinking to how she markets her properties.

“I take each home, each property and pull out the beautiful strengths from each through photographs and descriptions. Each home or property has a story! A lot of

times, when I’m showing a house, people ask me, ‘Is this your house?’ I guess I treat my listings as if they were my own home. When helping buyers locate their next home, I take into account their way of life and their activities, and I really pay attention to what is comfort-

See MARKETING on last page of section

Store offers deals to mark 25 years Lanai Seating Gallery celebrates The Lanai Seating Gallery is celebrating 25 years of serving Maui with fine-quality outdoor furniture by offering discounts on certain items.

Owner and longtime resident Frank Wicker is offering a 25 percent discount throughout July on “anything in stock,” with some items discounted up to 60 percent off, such as 6foot beach umbrellas selling for $8.

The store located at 312 Alamaha St. in Kahului caters to residential, condos and resorts and hotels. The store is known for having the largest in-stock inventory on the island, from chairs and tables to lounges and umbrellas, and can also ship to other islands.

Representing some of the top manufacturers in the industry, such as Tropitone and Ebel, the store also specializes in custom orders to satisfy each customer’s preferences.

Wicker also highlights his fine art photography throughout his store, for customers looking for that extra touch of decor. The images are captured by Wicker during his travLanai Seating Gallery is located at 312 Alamaha St. els.

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The Maui News | REAL ESTATE GUIDE | July 2014 MARKETING Continued from Page 11

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able and feels like ‘Home’ to them. ‘Home Sweet Home.’

It’s not something you can really describe, but only feel.

When you know it’s right, it’s right, and that’s an exciting moment!”

Ali Martin is a Realtor (S) with West Maui Land Co. in Kahului. Asked what marketing techniques or strategies she is using in the current recovering market, Martin focused on high-quality direct marketing.

“I hire a professional photographer and videographer and design a custom brochure and website. I send out brochure-like postcards that sell both the house and a lifestyle. Just as important, I make sure my listings have an online presence with a custom website that’s advertised on sites like Jetset Magazine and The New York Times,” she said.

“Real estate is a weird industry,” says Mark Harbison, RB, CIPS, ABR with Coldwell Banker Island Properties in The Shops at Wailea, “Read Twitter, LinkedIn, Inman News and you will see countless articles citing statistics on buyers’ preference for Internet search, video, social media.

But top producers are still succeeding largely on the basis of conventional direct mail marketing, so-called

farming. I believe that Internet marketing is the future of our industry, but increasingly I think the present is postcards and other forms of direct mail, advertising in consumer-oriented real estate magazines, and referrals from colleagues and existing customers. Top producers do everything — successful e-marketers are also marketing websites and social media sites using the conventional techniques mentioned above.”

How important is it to keep marketing during a slow period? According to Realtor Laurie Lowson, ABR, CRB, CRS, ePro, of Lowson & Associates in Lahaina, and broker in charge, it is very important to keep marketing going even in a slow market.

As the market has slowly begun to recover, and with home sales still lagging when compared to 2013, Lowson, who reduced highquality print advertising during the recession, now is using a full complement of marketing tools to meet the needs of the current market.

“I hold open houses to meet buyers and potential sellers who may actually be considering purchasing Maui real estate. Post card mail outs, to remind Mainland owners that I am on Maui working hard to sell listed properties. Professional photographs of my listings to make sure that the first im-

pression is the best possible impression. Print ads in real estate publications. Internet services: ListHub, Trulia and Zillow. Many people receive notifications of properties as they come on the Multiple Listing Service,” Lowson said.

One unique marketing technique being used by Realtor Broker Debbie Arakaki, of Elite Pacific Properties LLC, involves music and fundraising for community projects.

“We have been doing a series of ‘Great Music in Great Homes’ events. These encompass showcasing at least one of our listings and combining it with a great local restaurant or chef, a talented group of Maui musicians and trying to help raise money or awareness for a good cause.

We recently did one in Olowalu that helped the Maui Culinary School and another that benefited the Maui Food Bank. It is a great way to give back to the community and at the same time promote our fabulous homes,” Arakaki said.

Arakaki likes the brokers open houses that are a great way to show the outstanding features of a unique property or area to a large group of Maui residents and Realtors.

But, she has one final piece of marketing advice that is tried and true, “Signage has always been a great way to let people know what you have listed.”

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Mortgage buyer Freddie Mac said July 17 that the nationwide average rate for a 30-year loan rose to 4.15 percent from 4.12 percent

last week. The average for the 15-year mortgage increased to 3.24 percent from 3.22 percent.

Mortgage rates are slightly lower than they were at the same time last year, having fallen recently after climbing last summer. That’s when the Federal Reserve began talking about reducing the

A Supplement of THE MAUI NEWS – Friday, July 25, 2014 – Page T12

monthly bond purchases it has been using to keep longterm interest rates low.

Rates have fallen modestly this year as Fed officials have signaled strongly that while they are trimming the bond purchases, they are in no rush to start boosting a key short-term rate the Fed controls.