Maui Real Estate

A SUPPLEMENT OF THE MAUI NEWS | FRIDAY, OCTOBER 23, 2015

Wailea

Dreams Wailea Realty presents three new developments

+ Meet RAM’s Realtor Broker of the Year ++ Continuing the push for affordable housing

REAL ESTATE GUIDE | OCTOBER 2015

New rules to know Mortgage disclosure requirements changed

By ALEX VEIGA The Associated Press

losing on a home can be exciting but also stressful for buyers, particularly those who are relying on financing. New rules aim to make sure buyers at least have a better understanding of the financial obligations they are signing up for when they take on a home loan.

New “Know Before You Owe” rules, which took effect Oct. 3, require lenders to provide borrowers with clearly laid-out details on their loan and what it will

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cost them in an initial estimate and, closer to closing, a final summary. Borrowers also will have a minimum of three business days to review their final loan terms and fees before the transaction closes.

“It’s going to be easier to compare loan offers, and when you close it’s going to be easier to check to see if you’re getting the loan that you were promised,” said Holden Lewis, a mortgage analyst at Bankrate.com.

The new rules, put in place by the Consumer Financial Protection Bureau, also open the door to potential delays should factors

such as a borrower’s credit score change near the closing date, forcing lenders to restart the loan disclosure process.

These tips will help you steer clear of problems: UNDERSTAND THE CHANGES

Instead of the “Truth In Lending” document and the “Good Faith Disclosure” previously required, borrowers will now receive a “Loan Estimate” and “Closing Disclosure.”

Lenders must give the Loan Estimate to consumers within three business days after they apply. The form

The Consumer Financial Protection Bureau has enacted new “Know Before You Owe” rules to help protect homebuyers relying on financing. lays out the details such as interest rate, loan term and other features.

The Closing Disclosure, which lenders must provide to borrowers at least three

days before the transaction closes, includes closing costs, monthly payment and other details.

Lenders also must give borrowers at least seven

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“The reason for that is to make sure the consumer isn’t hit with surprise last-minute changes they didn’t expect and suddenly be caught at the closing table with information they weren’t prepared for,” said David Stevens, president and CEO of the Mortgage Bankers Association.

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A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T2

REAL ESTATE GUIDE | OCTOBER 2015

Dreaming of Wailea?

Wailea Realty can make your vision of resort living a reality

Photos courtesy Wailea Realty

On the Cover: An artist’s rendering shows plans for the Keala o Wailea development. Photos clockwise from above: Wailea Realty’s office at The Shops at Wailea provides clients and their properties maximum exposure in the company’s luxury property showroom; the lots at Wailea Golf Estates II will feature amazing views of the ocean, as will the homes at The Ridge at Wailea.

s the original real estate company for the newly planned Wailea Resort back in 1972, it’s only natural that Wailea Realty should be serving as the exclusive representative of the three latest developments in the stunning community.

Most of the new developments in the resort were initially sold by Wailea Realty, and the latest luxury condos and homes set to be constructed in the area are no exception.

Wailea Realty’s principal broker and co-owner, Brad MacArthur, whose family purchased the company in 1997, attributes its ability to successfully bring new projects to market and retain clients in the general brokerage resale en-

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“Our path of taking care of our clients and ensuring their real estate goals are in line with the market are paramount,” he said. “It is important to provide measurable, accurate, timely data so we may advise our clients accordingly.”

The company, which has sold more than $1.5 billion of property in Wailea Resort, has its main office conveniently located in The Shops at Wailea, providing clients and their properties maximum exposure in the company’s luxury property showroom.

See WAILEA on Page 14

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A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T3

REAL ESTATE GUIDE | OCTOBER 2015

Affordable housing needed to aid homeless COMMENTARY

By DAVID DELEON Realtors Association of Maui Government Affairs Director

aui’s affordable housing crisis does not appear to be as bad as Honolulu’s. But for the folks needing housing, it is bad nonetheless.

The current “best guesstimate” of the number of homeless people living here is about 2,000. They are not as visible as their Honolulu compatriots, perhaps because we have more undeveloped open space to disappear into, but they are here nonetheless.

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Kellie Pali-Cruz

There is a much bigger population crammed onto family properties or into make-shift tenements, and even more who are paying over half of their paychecks just to keep a roof over their heads.

Realtors tell us that this housing cycle has reached the point that when an ordinary working-class house comes on the market, bidding wars frequently break out. A Makawao house ambitiously priced at $495,000 drew 10 offers in two days, with the lowest offer being full price. Such stories reflect supply and demand.

Maui has not kept up with demand by building new homes, so we are short on

supply.

That means prices will continue to increase.

The numbers have been DeLeon bleak. Both state and county projections say that we should be building about 1,400 residential units a year, just to keep up with natural population growth. In the last five years, Maui’s residential housing building permits have averaged under 300. Meanwhile, our resident population continues to grow at a 5 percent clip, to 163,019 (as of September), increasing demand on the existing housing.

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The good news is that Maui has started to come to grips with this situation and there are positive signs on the housing front. The biggest barrier to housing development, ironically, was a County Workforce Housing Ordinance that was passed in 2006 to address the lack of affordable housing. The basic assumption underlining this law was that developers would do whatever it takes to get permission to build on Maui. So, if the County Council required that 50 percent of a project’s homes fits into an incomedetermined affordability range, then developers would comply. By and large, housing developers are not

philanthropists. They need to make a living, so when they factored in that 50 percent requirement, most simply quit trying to build on Maui.

Last December, after a community-based campaign that pointed out to the Maui County Council that the 50 percent requirement had been a dismal failure, that “50 percent of zero is zero,” the council reduced the affordability requirement to 25 percent. Almost immediately the residential building permit numbers shot up to more than 500 dwelling units in the first quarter alone.

See AFFORDABLE on Page 6

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A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T4

All about timing: Is renting the right move? home is a big investA ment, and when it comes time to move, sell-

ing may seem like the most logical solution.

However, it isn’t always that simple. If you’re relocating temporarily or the market is down, renting might be the better option.

There are pros and cons to selling and renting, and you must think through your decision carefully.

Selling depends upon the answers to several questions. Do you like your home? Would you like to return to it someday? Would it serve your needs in the future? Are houses selling in the area?

If not, can you afford to wait to see if your home will sell? Can you carry the costs of two homes for a few months? No? Could you if you had a renter?

Renting also depends upon the answers to several questions. Are property values going up in the area, making it worth your while to keep the house? Is there a demand for rental property in the area? If so, are you ready to be a landlord and be responsible for more than one home? Do you have the time to locate good tenants and keep the rental property in working condition? If not, can you afford to hire a company to do it for you? There are management companies that will oversee everything on a rental property, from finding potential See RENT OR SELL on Page 12

A true team player Maui’s Kenneth Hayo named RAM Realtor Broker of the Year for 2015

By CHELSEA DUNCAN Special Sections Editor

or Maui Realtor and broker Kenneth “Ken” Hayo, working in real estate and coaching soccer seem often to go hand in hand.

The Kula resident has been doing both for decades, developing a commitment to community involvement and a drive for guiding others to success, from new agents to young players.

That’s something his fellow Realtors Association of Maui members recognized recently as they bestowed on Hayo the organization’s highest honor, Realtor Broker of the Year.

While introducing Hayo as the award recipient at RAM’s Installation Luncheon last month, Realtor Sarah Sorenson noted that the honoree has earned a reputation for high standards

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Kenneth Hayo Maui Real Estate Advisors and strong integrity, qualities she said “often become contagious” with the agents Hayo has trained over the years.

“Whether on the field or on the job, our Realtor Broker of the Year is known for his coaching and mentoring skills,” she told the crowd at King Kamehameha Golf Club on Sept. 4.

Sorenson also noted Hayo’s dedication to RAM. Hayo has served on RAM’s Bylaws Task Force, the Grievance Committee, the Board of Directors, the Professional Standards and Arbitration Committee, the Membership Committee and as regional director for South Maui. He continues to serve as a member of the Board of Directors.

Hayo first moved to Maui in 1981 after graduating from Indiana University, having spent two previous summers on the island. He met his wife, Desiree, in 1982 and married in 1984.

The two moved temporarily to New York while Hayo pursued a career in professional soccer. From there, a snowy stint in Colorado led the couple to return to Maui in early 1986 and settle in Kula, where they raised their

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REAL ESTATE GUIDE | OCTOBER 2015

Affordable Continued from Page 4

Correcting the Workforce Housing barrier was an essential first step to getting our affordable housing production up, but community advocates recognized that there is a lot more to do.

There needs to be a more comprehensive approach to promoting the level of housing development to meet the community’s level of demand.

At the beginning of the year, the Realtors Association of Maui’s Government Affairs Committee took on

the task of trying to identify the barriers to housing development. RAM put out a fairly open-ended survey to builders, developers, planners, Realtors, economists and government officials.

The committee also met with a variety of people in the business, looking for informed responses to the question of why we were not building enough homes and what could be done about it.

RAM hoped that it would find a commonality in the answers that could lead to a one-shot “silver bullet” legislative answer. That did not happen. Instead, it received a

wide spectrum of wellthought-out responses that dealt with a variety of issues, each of which appeared to be a significant barrier in their own right.

Some of the responses that resonated with the Realtors include: • Government is in the way. It takes too long — up to 10 years — to obtain land use entitlements.

• We need to add density, and possibly allowing the redevelopment of existing, older neighborhoods, by increasing zoning from residential to apartment.

• Maui is littered with al-

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er puts it this way. There are three major components to building housing: 1) land, 2) government entitlements, 3) construction. Government only controls one of those elements: the land use approvals that allow development to happen. So that’s the one lever it can apply to affect the cost of housing.

Traditionally, land use control has been used in Hawaii to slow the rate of growth, protecting the limited land mass. And that’s what happened, despite the fact that Hawaii residents have been living with a chronic lack of housing inventory, which has resulted in some of the highest housing costs in the nation.

Hawaii was the first state to establish statewide zoning, overseen by a state Land Use Commission that is supposed to focus on the relatively simple question of whether a property should be in its agricultural, rural, urban or conservation districts.

GOVERNMENT IS IN THE WAY Instead, in a classic example Economist Paul Brewbak- of mission creep, the com-

ready approved affordable housing projects that have never gotten off the ground.

But no one is trying to find out why that is and what it will take to get at least some of them going.

• Lack of adequate water supply and other infrastructure.

• Lack of government focus on the problem. There is no one in or around Maui County government whose sole job is to make housing development happen. So problems are not being fixed and opportunities are not being seized.

• Not in my backyard (NIMBYism). How to deal with community resistance to change and how to accommodate legitimate concerns about traffic, drainage and other impacts that come with increased development without choking off the housing development necessary to accommodate a growing population.

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A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T6

mission has increasingly been doing in-depth reviews of individual projects. That is in spite of the fact that the county governments also do in-depth project-by-project reviews. This has resulted in redundancy, and in some cases, conflicts between the two levels of government.

And it has led to more restrictions on housing supply.

Even systems meant to promote affordable housing development often break down at the state level because the focus at the state level is on protecting the rights of neighboring property owners and other parties opposed to development rather than the right of Hawaii residents to have shelter they can afford.

In a study released in May of the state land use system, the state Office of Planning did not indicate any realization that the state system played a role in our housing dilemma. That concept is simply not on their radar.

See AFFORDABLE on the next page

REAL ESTATE GUIDE | OCTOBER 2015

period by decades.

That’s one way governContinued from Page 6 ment could get out of the But County Council Plan- way. ning Chairman Don Couch gets it. The county’s Maui INCREASING DENSITY Island Plan identifies urban For decades, individual growth boundaries where property owners in some of new housing and other urban Maui’s older neighborhoods growth would happen in the have been effectively innext 20 years. Under the creasing density by building state system, each one of massive homes that — judgthose projects would have to ing from the number of cars go before the state Land Use and trucks parked outside Commission individually. every night — are occupied That would take decades to by a lot of people. While accomplish. Couch argues some of these tenements that the commission should may be outside of the letter review the rationale the of the law, no one in governcounty used to designate ment is going to bother them those lands for urbanization because the housing they are and make a decision on the supplying is irreplaceable.

These buildings increase total proposal, instead of going one project at a time. the density in their neighborThat would expedite hous- hood. But to achieve that, ing development by reduc- they have to build a structure ing the governmental review that pretends to be a single-

Affordable

family residence. The Realtors and others think the time has come to recognize the need that these individual residences are fulfilling.

RAM is arguing that the county should allow owners in neighborhoods like the earlier increments of Kahului — where the housing stalk needs to be refurbished or replaced anyway and where the lots are large — to redevelop their properties with duplexes, quadplexes and walk-up apartments.

County Council Land Use Chairman Bob Carroll has proposed changing the zoning code to reduce the threshold allowing additional dwelling units (ohanas) to 5,000-square-foot properties. The existing code requires that a property be at least 7,500 square feet before an ohana is allowed. In case you think that’s too small, the City & County of Honolulu just approved a measure that would allow Additional Dwelling Units on properties as small as 3,500 square feet.

Now that’s adding density. And it adds it without a big investment from government.

but that no one is really in charge of making that happen.

When you talk to the members of the County Council about our lack of housing construction, most will point out that the council has approved a number of projects over the years, but only a few of those approvals actually resulted in housing projects. The Maui Island

The point is, this type of redevelopment is happening anyway, because there is massive demand for lowercost rentals. So why not permit it and control it so there is enough parking and density is spread across the whole HOUSING CZAR The RAM research shows community instead of being concentrated on certain that all of our leaders want to see more housing developed properties?

Plan states that the total number of unbuilt but entitled housing units is 18,744. We wouldn’t have a housing shortage if most of those homes were built. But few have been.

Some of the council members routinely accuse those developers of playing games. But when you probe, See AFFORDABLE on Page 10

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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

30

46 Hui Road

Wailuku

3975 L. Honoapiilani Rd.

2605 Kaanapali Parkway

Lahaina

7

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

MAUI H

A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T8

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

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

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REAL ESTATE GUIDE | OCTOBER 2015

Affordable Continued from Page 7

you quickly find out that no one in the county government actually knows why those projects were not built.

No one has knocked on these developers’ doors and asked them the question: Is there some way to get those projects moving?

RAM spoke to the representative of one of these projects and he explained that the high cost of necessary infrastructure, com-

bined with a unique 50 percent affordable housing requirement makes the project, as it is currently configured, a loser for the developer. If the affordable housing component — a one-time agreement negotiated independently from the Workforce Housing Ordinance — could be lowered, then there would be a possibility of making the numbers work, he suggested. No one knows if the county would be willing to make such a deal, but there is no way of finding out un-

Sea Sport 26

trying to provide shelter for those in need is the resistance to change generated in the surrounding community.

This happened a couple of months ago when a nonprofit in West Maui applied for a permit to allow for eight tent campsites on a large agricultural property to accommodate a mix of visitors and “transitional” homeless.

“Transitional” is descriptive of those homeless folks who are willing and able to get off the streets and beaches and back into regular shelter, if given the opportunity.

A representative of the West Maui Homeless Shelter testified that her facility had a 150-person-long waiting list and that 60 of that number were children living without acceptable shelter at the time the proposal was heard by the Maui Planning Commission.

The resistance to the proposal was intense and came from residents of the surrounding “agricultural” community. Some agreed that the project had merit, but just not in their backyard.

NOT IN MY BACKYARD Their resistance triggered an A big problem for those initial rejection by the comless a discussion is initiated.

There is no one at the county in charge of making those connections. The county does have a department that deals with housing, but more than half of its portfolio also deals with social welfare issues — no one specifically assigned the task of getting housing built.

Likewise the Planning Department deals with land use approvals and long-range plans, but not actually seeing that housing projects are built. The Public Works Department makes sure the infrastructure is there when the homes are built, but it does not actually build homes.

RAM’s analysis suggests that someone needs to have the responsibility to see that projects are conceived, problems are resolved and our community actually starts meeting that 1,400dwelling-unit-a-year demand for homes. And ideally, that person should be allowed to approach the problem like an entrepreneur, instead of as a bureaucrat.

mission, two for and four against. (The matter stayed on the table because three commission members were absent, so another vote on the proposal is possible.)

Ironically, some in the opposition complained that the nonprofit should be building affordable homes instead of tent camps. It’s ironic because the nonprofit is funded through West Maui Land, a development company that had twice previously been turned down for affordable housing projects in the same location, in large part because of neighbor opposition.

And the same developer is fighting to keep another 68unit affordable housing project proceeding nearby despite having a neighbor force the project into Circuit Court. And after losing in court, the neighbor appealed the decision to the state’s Intermediate Court of Appeals.

So far, in such cases, the government has taken no sides in those fights, as if this is just another case of community resistance to typical development.

RAM feels that needs to change if we are going to

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A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T10

successfully overcome our housing shortfall. Especially, at the state Land Use Commission level. The commission has an actual policy that the community should have every opportunity to resist development, without making any distinction for affordable housing projects.

That distinction needs to be made, as a matter of policy: You can fight a housing project, but you are going to need a really compelling case to win.

We are beginning to see that type of policy shift happening at the county level.

In a recent case involving a 186-affordable rental project called Kenolio Apartments in Kihei, the neighbors complained that the project was being proposed without agreeing to finish a segment of Kihei’s longstalled North-South Collector Road.

The neighbors are correct to argue that this is the way infrastructure gets built in Maui County: A developer would have to put in such improvements as the price of See AFFORDABLE on the next page

REAL ESTATE GUIDE | OCTOBER 2015

Affordable Continued from Page 10

getting the approvals to proceed. But the Kenolio project is not ordinary. It is a 186unit affordable rental, being built for residents with 60 percent of Area Median Income: hotel maids, bus drivers, shop clerks. Before this project, no one was building to serve this population, despite it being the most vulnerable, most likely to end up homeless. And the County Council has made it clear that they want to see it succeed, granting unanimous approval last week.

Building and operating a 186-unit affordable rental with strong rent caps is not easy and that was reflected in the concessions the Kenolio developer asked for: highervalue tax credits, deferrals on impact fees and no requirements for off-site infrastructure improvements like the completion of the NorthSouth Collector Road.

The council said they got

it. The Kenolio Apartments project would be the first of its kind to be built on Maui in recent memory. Maui needs a bunch more like it. So the council indicated that they were willing to do what it takes to approve this project.

“We need affordable rentals,” said Council Member Mike Victorino.

Either the county makes it happen the way the developer requested, or it finds some other way, but these projects have to be approved and built, he said. The other members of the council’s Land Use Committee agreed, showing the beginnings of a pro-housing policy at least on the county level.

■ 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 The Maui News file photo Alan Arakawa. He can be reached at gad@ramaui. The Maui County Council’s Land Use Committee walks through a field that is proposed to be developed to build the Kenolio Apartments last month. com.

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REAL ESTATE GUIDE | OCTOBER 2015 Rent or sell

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Each state has its own networking group. The islands are a bit challenged geographically, therefore, we have groups on each island under the Hawaii State CRS Chapter.

Maui Realtors are very involved with their community and in giving back. Each agent has his or her own charity of choice, if not more than one. The Maui CRS group

holds a Chapter with a Heart Event every July 4 week, and we feed the homeless at the transitional shelter. We bring extra special treats for the keiki as well.

Our local group not Foxxe only brings education to Maui, we meet and brainstorm to further assist agents in an ever-changing marketplace, to stay on the cutting edge. CRS is also a networking group. If one of my clients is moving off-island, I can have confidence knowing I am referring that person to a CRS agent in another locale.

That Realtor will be experienced and educated, one of the top in his or her marketplace. I know they will be in the best hands. With experts on every island, it is extremely helpful for buyers choosing between islands for their purchase.

— Joanne Foxxe of Kapalua Realty is the Maui CRS director

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Continued from Page 4 tenants and running background checks to caring for the property and making routine repairs.

Whether you manage the rental property or hire someone to do it for you, make sure the costs won’t outweigh the gain. Make a list of all of the expenses, including mortgage payments, insurance payments, property taxes, improvements and repairs.

Compare it against what you plan to charge for rent. Will you at the very least break even? If not, you might want to consider selling.

Rent or sell, you will have to get a comparative market analysis done of the home.

This will show you where your home stands in comparison to others in the neighborhood and what you would have to do to get it ready to sell or rent. Keep in mind that the costs of preparing a home to sell almost always run more than the costs of preparing a home to rent, as most renters will look at the home as a temporary residence and demand less.

If your home is in need of substantial updates, you might want to consider renting it. You can work on it a little at a time and sell it when you’re ready, providing you have good tenants in the meantime. Just because you love the home and treat it with care doesn’t mean your tenants will. Again, most tenants will see your home as a temporary residence and will do only what is necessary to maintain it.

Do your homework. Talk to people, agents and landlords included, and find out what they think about selling versus renting. Take a look at your finances and see what you can realistically afford to do. Consider the pros and the cons, and make the right choice for you.

REAL ESTATE GUIDE | OCTOBER 2015 cluded work with the Adopt-a-Highway program, training of Hayo Continued from Page 5 youth soccer coaches on Maui and serving as a youth baseHouse flipping interest

rising, remains challenge ouse flipping was once all the rage until the real estate market crash. Now that the market is improving, interest in the endeavor is increasing again. Before you make the flip, consider these questions.

H

DO YOU HAVE THE MONEY?

It takes a lot of money to purchase a property, remodel it and sell it. Sure, low-interest financing is still available, but will you qualify for it, especially if you have your own mortgage and bills to pay? Even if you do, keep in mind that you will still have to pay interest on the loan, along with taxes, insurance and utilities, until you sell the house. On top of that, you will have to pay for supplies and services to renovate the house, and the estimates may not match the actual costs. You never know what you are going to run into when you start knocking down walls and pulling up flooring and fixtures.

DO YOU HAVE THE TIME?

From beginning to end, the process to flip a home See FLIPPING on the next page

son and daughter and still reside.

After earning his real estate license in 1988, Hayo worked for Century 21 Royal Maui Properties, a company he went on to buy several years later. In 2003, he merged his company with Century 21 All Islands and served as principal broker and part owner until three years ago, when he helped start a new company and became principal broker at Maui Real Estate Advisors LLC with fellow broker Robert “Robbie” Dein in Wailea.

Hayo began participating with RAM early in his career to ensure he would be on the leading edge of real estate. Over the years, he became dedicated to giving back to the industry that has supported him, much in the way he began coaching youth soccer to give back to the sport he loves so much.

Hayo has been coaching high school soccer going on 26 years on Maui, having started out at Maui High School for 10 years, and then the past 16 coaching at King Kekaulike, starting when his daughter, Celeste, was a sophomore there.

He and Desiree now sponsor the Celeste Hayo Memorial Scholarship — distributed through Hawaii Community Foundation every year to qualifying students — in honor of their daughter, who passed away eight years ago.

Over the years, Hayo’s community service has also in-

ball coach.

“You kind of give back where you can,” he said. “I think that’s important. I think when you live somewhere, you need to be involved in that community and participate so that ... you feel like there’s a sense of community in your life.”

Marion Haller, RAM’s 2015 president, said Hayo dedicates himself to his work and his community and is a valued member of the association.

“He is instrumental in bringing history and balance to the organization,” she said. “He is an outstanding and very wellrespected Realtor and highly thought of by all who have been agents in the offices he has run.”

Throughout his career in real estate, Hayo said, he has watched the industry shift into a more relationship-driven business. As customers have gained easier access to information through the Internet, they often expect more involvement from their agents to guide them through the increasingly complicated homebuying and home-selling experience.

Many agents are no longer simply salespeople, he said, but can often become long-lasting, trusted advisers.

“I think it’s much better now on that level,” Hayo said, “because it’s nice that it’s driven by the people, not so much the sales. And it just makes the experience that much more rewarding for everybody involved.”

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Cell: 808 280-2204 License #ABC 30648 darryl@bankspacific.com

Flipping

REAL ESTATE GUIDE | OCTOBER 2015 and Wailea Golf Estates II a good price? Can you pinpoint the reno- Wailea ensures its place as the pre-

vations that will get you the most bang for your buck? Replacing the trim throughout could take months. Do you have the time a historic home, for example, may not add to spare? Do you have the time to find the as much value as retaining the original right property and put together the right woodwork. team of professionals to ensure every job is DO YOU HAVE THE PATIENCE? done right and up to code? Do you have Renovation rarely goes smoothly, even the time to shop for supplies, meet with on newer homes. Do you have the patience contractors and inspectors, and stage the to endure all of the issues that will crop up, home to sell? like rotten floorboards and bad wiring? Do

Continued from Page 13

DO YOU HAVE THE SKILLS?

Again, it takes skills to renovate a house.

Can you deal with all of the electrical, plumbing and carpentry issues that will come up? If not, can you find the right people with the right skills? Keep in mind that every person you have to hire on will make a dent in your profit.

DO YOU HAVE THE KNOWLEDGE?

You may be planning to sell the home, but it is still an investment nonetheless, and you need to know how to get a good price initially and where to invest for a better price later. Do you know how to negotiate

you have the patience to rework the budget to compensate for the issues that come up?

Flipping is not something to jump into.

It will not make you rich quick, and depending upon how you fare, it may never make you rich. If done right, it will supplement your income. The key is to learn all that you can, talk to as many people as possible and take your time working through the first few houses. Keep your day job and use flipping to supplement your income until you get a real feel for it and make more than enough money to support yourself and your family.

Financing your next project is easy...

Continued from Page 3

“I see Wailea Realty as the traditional company that has learned how to adapt to the market environment and the way real estate is sold today, utilizing all of the new marketing tools at our disposal,” said broker and co-owner Tom Tezak, “from the Internet to video and social media, and willing to embrace what the future has in store for us.”

While serving as leaders in Wailea real estate over the years, the company has also encouraged its agents to give their time to various organizations within the community, providing support when possible for those agents who have vested their own energy into a project. Organizations such as Hospice, Maui Food Bank, Basketball Maui kids summer camp and the Nick Vujicic children’s ministry are some areas that Wailea Realty agents have championed the company into supporting.

Wailea Realty’s growth as a company has allowed it to expand throughout the island, making it “Maui’s luxury real estate leader.” But the three latest Wailea developments, including Keala o Wailea, The Ridge at Wailea

mier real estate company in the area.

The latest developments include: Keala o Wailea will feature 70 luxury two- and three-bedroom condominiums situated on a bluff overlooking the Wailea Blue Golf Course. The project, with price points starting at $779,900, is a joint venture from A & B Properties and Armstrong Development.

This will be one of the rare condominium complexes that can offer an ocean view from every single unit. The interior of each unit will feature exceptional finishes throughout and high-end appliances, and condos will come with either a carport or garage. Owners will be able to enjoy a pool, fitness center and golf package included within a gated community.

Another amenity is the proximity to the Wailea Gateway Center, which features restaurants and boutique shopping. A short walk down the road brings you to The Shops at Wailea. Wailea Realty reports that sales have been brisk, with more than 60 percent of Phase 1 and 2 already sold. For more information, visit www.Kealao

Wailea.com.

Wailea Golf Estates II will feature 16 expansive lots offered with options to purchase a lot, a house or a completed lot and home package.

This development will be an extension of Wailea Golf Estates and one of the premier gated communities with amazing views of the ocean, Haleakala and the golf course. The homes will be finished with exceptional quality and unique architecture featuring several builders and architects to add to the unique and diverse environment. The future owners of this development will also benefit from its location to beautiful beaches, local restaurants and shopping.

For more information, visit www.wailearealty.com.

The Ridge at Wailea sits at the highest elevations within the Wailea Resort.

The area’s largest home sites provide exceptional ocean and outer-island views.

Eight premium half-acre lots remain with views stretching from Makena to Maalaea.

Home construction is underway, but opportunity abounds for those wishing to create their Hawaiian legacy retreat. For more information, visit www.TheRidge Wailea.com.

VW QG 0RUWJDJHV s +RPH (TXLW\ /LQH RI &UHGLW )LUVW 7LPH +RPHEX\HU s $QG 0RUH $SSO\ WRGD\ DW RXU .DKXOXL DQG .LKHL EUDQFKHV Roger Pleski R(S) RS 64819 808.344.0180 Tom Tezak R(B) RB 21167 808.280.2055

Life ma ers.

Federally insured by NCUA

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Wailea Realty Corp. | Shops at Wailea 3750 Wailea Alanui, Suite B16, Wailea, HI 96753 808.879.1991 | WaileaRealty.com

A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T14

This is not an offering or solicitation in any jurisdiction in which legal prerequisites for such an offering or solicitation have not been met or where they would otherwise be prohibited by law. The computer renderings and photographs shown are for illustrated purposes only and are not intended as a warranty or representation by the Developer. Buildings and other improvements depicted are proposed, not completed. Obtain and read the Developer’s Public Report required by the laws of the State of Hawaii. Prospective purchasers should carefully review the project’s Sales Contract and Receipt for important terms, conditions, limitations and disclaimers applicable to the sale of units in the project.

REAL ESTATE GUIDE | OCTOBER 2015

Disclosure Continued from Page 2 AVOID CAUSING DELAYS

Making changes to loan terms after the closing countdown has begun could require lenders to draw up new disclosure documents and reset the loan review periods before closing.

That could cause delays of

from 10 days to two weeks, depending on how quickly the lender can process the new loan estimate, said Stevens.

What kind of loan changes would require new disclosures? Switching from a fixed-rate to an adjustablerate mortgage or an interestonly loan, for one. Or, a significant rise in interest rates — more than one-eighth of

a percent for a fixed-rate loan or one-quarter of a percent for adjustable-rate loans.

Reduce the likelihood of delays further by avoiding these actions: applying for credit, closing out a credit card or going on a creditspending spree before sealing the deal on a home.

Those moves could change the homebuyer’s credit score

from what it was at the time of the initial mortgage application, potentially knocking them into a higher interest rate.

their rate a week or two beyond their expected closing date. That can provide a time cushion in the event there’s a delay.

ASK FOR A LONGER RATE LOCK

RETHINK THE ‘FINAL WALKTHROUGH’

Lenders will typically freeze your interest rate for 30 or 60 days, if not longer.

Borrowers should consider asking their lender to lock in

Given that the new disclosure rules prohibit changes to the loan terms three days before closing, homebuyers should consider doing their

final walkthrough of the property several days before they receive their closing disclosure.

Walkthroughs typically took place on the day before or the actual day of closing.

But scheduling the walkthrough earlier will give borrowers time to address potential repairs or problems that haven’t been completed by the seller.

Cathy Pellazar REALTOR (S)- RS #13566

Wesley J. Barut Principal Broker

1325 S. Kihei Road, Suite 221 Kihei, Maui, HI 96753 website: www.mauitropicalrealty.com email: mauitrop@aol.com

Business: (808) 891-0785 Fax: (808) 891-0788

Cell: (808) 276-2666 FAX: (808) 442-9000 Email: islandmauiproperties808@gmail.com Wailea Office 100 Wailea Ike Drive, Suite #6 Wailea, Hawaii 96753

Cell: (808) 870-5821

Delivered seven days a week! Subscribe today!

Call to subscribe 242-6363 A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T15

More in Store at Maui Lani Master-planned community thriving with new homes, businesses and amenities

Coming soon: Kula Produce recently broke ground on its new Maui Lani Village Center facility, scheduled for completion in 2016.

With hundreds of new homes, businesses and an expansive regional park well under way, the Maui Lani community has been practically humming with activity and anticipation. Here’s a look at the newest places to live, work and play in this master-planned Central Maui community.

New Homes The Traditions at Maui Lani has completely sold out, and the nearby Parkways at Maui Lani has been enjoying strong sales, with approximately one-third of its residential inventory sold.

Coming next is an exciting new neighborhood of 350 to 400 homes conveniently located near the Maui Lani Village Center, the Church of Jesus Christ of Latter-day Saints and Pomaikai Elementary.

The neighborhood will be built by Gentry Homes, a locally owned builder known for its extensive experience in master-planned projects, including Waipio Gentry and Ewa by Gentry, and widely recognized for its commitment to sustainable living.

Established in 1968, Gentry has received multiple DZDUGV IRU LWV JUHHQ EXLOGLQJ SUDFWLFHV DQG ZDV WKH ¿UVW Oahu residential developer to receive the prestigious (QHUJ\ 6WDU FHUWL¿FDWLRQ IURP WKH 8 6 (3$ Gentry’s new project at Maui Lani will encompass both single- and multi-family residences LQ D UDQJH RI SULFHV ZLWK WKH ¿UVW KRPHV H[SHFWHG LQ

$ERXW SHUFHQW RI WKH KRPHV DUH SODQQHG WR fall within the affordable housing price range, and all will incorporate green building features than can help homeowners reduce their energy costs.

In all, approximately 650 new homes will be added to the Maui Lani community over the next several years, bringing the number of homes in Maui Lani to more than 2,000.

New Businesses The Maui Lani Village Center has emerged as a new commercial hub for Central Maui, with approximately 400,000 square feet of commercial space completed or currently in progress. The SURMHFWœV ÀH[LEOH PL[HG XVH ]RQLQJ KDV HQDEOHG a wide range of businesses to take advantage of the site’s strategic location at the core of Maui’s population center, easy access on regional roadways, and proximity to key facilities including ports and medical facilities.

Within the Maui Lani Village Center are two specialized neighborhoods designed for different customer needs: Professional Row and Commercial Row. Professional Row was created with small businesses in mind, and offers a number of attractive features including fee-simple architecturally GHVLJQHG RIÂżFH EXLOGLQJV RQ VLWH SDUNLQJ DQG

WXUQNH\ VROXWLRQV $ YDULHW\ RI FRPSDQLHV LQFOXGLQJ ÂżQDQFLDO H[SHUWV DQG D QXPEHU RI KHDOWK care professionals, have already opened their doors there. To date, Professional Row Phase I has sold out, and only two units remain available in Phase 2.

Commercial Row was designed for companies interesting in owning brand-new commercial warehouse facilities, approximately 5,000 square feet in size. With Phase 1 partly sold out, construction in Commercial Row has already begun, and Phase 2 units are expected to become available in early 2016.

Coming soon to the Maui Lani Village Center are optometrist Dr. Linda Nguyen, the Maui Lani Veterinary Hospital, the Maui Veterans Center, (QYLVLRQ (QWHUWDLQPHQWœV FRUSRUDWH RI¿FHV DQG Kula Produce’s new state-of-the-art facility.

New Regional Park Maui Lani’s development is guided a vision: to be a vibrant community that supports an active family lifestyle and where living, working and playing become one.

In keeping with that vision, approximately 27 acres were set aside for a large regional park suitable for family picnics, sports games and other outdoor activities. Located near Pomaikai Elementary, the park is currently under construction and expected to be completed by Spring 2016.

8OWLPDWHO\ 0DXL /DQL LV SODQQHG WR SURYLGH D total of 3,700 homes within the community, along with over 1 million square feet of commercial space IRU VWRUHV RIÂżFHV VHUYLFHV DQG RWKHU EXVLQHVVHV The thriving community already contributes approximately $10 million in property taxes to Maui County. “Maui Lani was developed through careful planning and a clear vision, and as a result, it’s blossomed into a vibrant and integrated community that provides not only homes but places to work and shop and play, as well as new roads, medical services, schools and more,â€? said Grant Howe, CCIM R B, Commercial Properties of Maui. “It really has become the new core of Central Maui.â€? „ For general information about Maui Lani, visit

www.MauiLani.com. For information about the Maui Lani Village Center, contact Grant Howe, CCIM R B, or Ben Walin, CCIM R B, Commercial Properties of Maui.

808-244-2200

A D V E R T I S E M E N T A Supplement of THE MAUI NEWS – Friday, October 23, 2015 – Page T16

www.mauilanivillagecenter.com