Maui Real Estate

REAL ESTATE A SUPPLEMENT OF THE MAUI NEWS | FRIDAY, JULY 29, 2016

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Maui’s dream homes, resources and more inside...

A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T1

REAL ESTATE GUIDE | JULY 2016

Still-low mortgage rates ushering new refi wave

By ALEX VEIGA and JOSH BOAK The Associated Press

he last time Mark McCollam refinanced the loan on his three-bedroom house in Los Angeles, he figured mortgage rates would only head higher from there. He was wrong. Not that he’s complaining.

The aerospace engineer recently refinanced again, lowering his mortgage rate by 1 percentage point to 3.5 percent. That’s about $300 a month he plans to put toward school and other costs for his two young kids, and into savings.

“It just gives us a little bit of a cushion,” said McCollam, 43. “Once we knew we

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could get the 3.5, that was our green light.”

Mortgage interest rates have remained low for so long, lenders and borrowers alike have been expecting rates would only creep higher. Instead, they’ve tested record lows. Since Britain’s vote last month to exit the European Union rattled financial markets, average long-term mortgage rates have dipped tantalizingly close to their all-time low of 3.31 percent set in November 2012.

That’s prompting a flurry of purchases and refinancings as consumers like McCollam rush to take advantage. Mortgage borrowing has jumped to the highest level in three years, accord-

ing to quarterly data provided by the Mortgage Bankers Association. Refinancing applications have posted big increases this month.

Ultra-low rates can mean big savings, but there’s a catch: First, you have to qualify. Bad credit and insufficient home equity remain hurdles to refinancing. The dip in rates may not be worthwhile for homeowners whose mortgage rates are already low. And for would-be buyers, low rates don’t overcome the struggle to come up with a down payment.

NEAR NEW LOWS Long-term mortgage rates have been running below the two-decade average of 6 percent since 2009. Since

last fall, they’ve averaged below 4 percent.

The so-called Brexit vote on June 23 added to investors’ anxieties about a possible worldwide recession and stubbornly low inflation. They typically respond by buying more U.S. bonds, a traditional safe haven. Higher bond prices mean lower bond yields.

That’s good news for borrowers, because mortgage rates tend to follow the trajectory of the yield on 10year U.S. Treasury bonds.

The yield was 1.56 percent on July 20, up from the record low of 1.32 percent reached on July 6, according to Tradeweb.

The average rate on a 30year, fixed mortgage was

Long-term mortgage rates have been running below the two-decade average of 6 percent since 2009.

Since last fall, they’ve averaged below 4 percent.

3.45 percent this week, ac- thought rates would be highcording to mortgage giant er than they are now,” said Freddie Mac. A year ago, it Erin Lantz, vice president for was 4.09 percent.

See REFINANCE “Experts across the board on Page 4

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A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T2

REAL ESTATE GUIDE | JULY 2016

Growing a legacy Shore to Shore Realty focuses on service, honesty

By CHELSEA DUNCAN For The Maui News

W

ith a multitude of glowing reviews from satisfied customers on their website, it’s no wonder that Al Imamura and Van Waki have managed to grow Shore to Shore Realty Inc. into one of Maui’s major players in the local real estate property management and sales market.

The company had been established in 1980 by Realtor and schoolteacher Nobu Agena, who started with residential property management and slowly built the company’s reputation for honesty and top-notch service. When Agena died in an automobile accident in 2000, Imamura and Waki saw a chance to grow Agena’s legacy. They purchased the business from Agena’s family with the promise to continue providing prompt and personalized service with integrity.

“In the beginning, it was a bit shaky, as he nor I had

Al Imamura Principal Broker

Van Waki Broker in Charge

owned a business before,” Imamura recalled of the two Maui-raised men.

Imamura worked in banking for 10 years prior to joining a Maui real estate firm.

He first met his future business partner when Waki purchased an apartment building Imamura had listed in 1994. Waki was working for The Maui News, and also as a part-time Realtor. But Waki craved more of the real estate world, and suggested the two purchase Shore to Shore, Imamura recalled.

“Here we are 16 years later, and I can say we have no regrets and have the utmost

respect for each other,” Imamura said.

When the two started out, the business was located in a 300-square-foot office next to a barber’s shop and a McDonald’s. The client list reached about 225 owners then, and the two business partners employed one office worker. Since those early days, the business has moved twice as it has grown and now occupies a 2,700square-foot building in Wailuku Industrial Park.

The company’s rental

Century 21 All Islands introduces new name

arking its presence as a top-ranking force in the world market, Century 21 All Islands has announced that it will now be known as CENTURY 21 All Islands Fine Homes & Estates.

“We are honored that the CENTURY 21 System asked us to be the protege of this new brand,” said James Wright, president and CEO of the company.

The opportunity was presented to Wright based on the company’s success and rankings globally. The business is a Top 20 global ranking company in the CENTURY 21 System — ranked No. 16 out of approximately 6,800 offices worldwide and presently ranked third in the state with more than 1,192

M

units closed year to date.

CENTURY 21 All Islands Fine Homes & Estates offices and agents are recipients of multiple awards, including the prestigious CENTURION, Double CENTURION and Grand CENTURION awards.

CENTURY 21 All Islands Fine Homes & Estates offers market power with 10 offices statewide, a vast global presence and a referral network of the iconic brand.

“We help customers buy and sell properties all over the world. The new brand identifies with the upscale market, but providing the ultimate real estate experience at all price points will always remain the same” said Holly Crouse, broker in charge at

the Kahului branch.

The company’s Kahului branch also recently relocated to the former Bank of Hawaii building in Maui Marketplace on Dairy Road.

The space accommodates the company’s growth and the varying needs of real estate clients in the Kahului area and around the island.

“We’re excited to have this space and to be able to better serve our affiliated sales associates and the customers and clients they serve each and every day,” said Wright. “This is a sign of our commitment to continued growth in this market.”

For more information, visit www.kahului.hawaii moves.com or call 8770025.

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This information has been obtained from sources believed to be reliable, but is not guaranteed. The information provided herein is not intended to solicit properties already listed for sale.

A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T3

REAL ESTATE GUIDE | JULY 2016 Refinance Continued from Page 2 mortgages at Zillow. “But the reality is rates didn’t rise meaningfully and now they’re back down.”

ALL ABOARD THE REFI TRAIN The prospect of a more affordable mortgage is prompting many borrowers to lock in lower rates.

“We’re seeing huge activity right now,” said Mat Ishbia, president and chief executive of United Wholesale Mortgage, a national lender.

Zillow’s online mortgage hub has also seen a surge in traffic.

“Even though it’s not that significant a drop in rates, that pretty small drop has driven a tremendous uptick in refinance activity,” Lantz said.

Mortgage originations totaled $510 billion in the April-June quarter, the highest since 2013 when rates were last near the current averages, according to the MBA. Slightly more than half of that went for loans to buy a home, the best performance since the middle of 2007. Refinance loans of $235 billion was the highest since the third quarter of 2013. Refinancing applications slipped 1 percent earlier

this month after spiking 11 percent and nearly 21 percent the previous two weeks.

The MBA now projects that the dollar amount of mortgage originations will climb nearly 7 percent this year from 2015.

LOCK IN NOW OR WAIT? Home loan rates are likely to remain low this summer, said Sean Becketti, Freddie Mac’s chief economist, but probably not much lower than they are now.

Most loan officers at New American Funding have told borrowers to take advantage of rates now, given that they are so close to the all-time

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low, said Jason Obradovich, executive vice president of capital markets at the Tustin, Calif.-based mortgage lender.

Eric Montas is itching to refinance, but not just yet.

The graphic designer from Sacramento, Calif., can shave $200 off his monthly home loan payments if he lowers the 4.25 percent rate he got when he bought his three-bedroom house six years ago to 3.75 percent.

That’s the quote he got from a lender in May. “Saving $200 a month would mean an additional mortgage payment a year, or a significant amount invested into savings compared to how much I’m able to save right now,” said Montas.

But with mortgage rates having fallen sharply since May, Montas is betting he can get an ever better deal if he holds out another month.

SO SHOULD YOU REFI? The current average rate amounts to a savings of about $76 a month on a $200,000, 30-year, fixedrate mortgage from a 4.09 percent loan two years ago.

That may not sound like much, but over the life of the loan, that’s $27,360 saved and about $27,379 in interest not paid to the lender.

The real beneficiaries may be homeowners whose credit score has improved or home value has increased in the last two years.

“Six months, a year ago, they might not have been eligible for refinancing,”

To avoid this, tally up how much you’re paying now in principal and interest and multiply it by the number of months left on your loan.

Then do the same calculation using the figures under the new loan.

As a general rule, “If you can shave half to three quarters of a percentage point off your rate then refinancing is something worth looking into,” said Greg McBride, chief financial analyst at Bankrate.

YOUR CREDIT To get the lowest interest rate, borrowers should have a clean credit report and a FICO credit score of 740 or higher. Scores below 680 will make it harder to qualify. Consumers are entitled to a free credit report every 12 months from each of the credit bureaus: Experian, SHOP AROUND TransUnion and Equifax.

Next, ensure that savings Request yours at www. on your principal and interannualcreditreport.com. est payment aren’t outweighed by the charges and ESTIMATE SAVINGS fees involved in obtaining a Calculate your monthly new mortgage. savings and how much Get quotes from several you’d save over the life of banks and ask that they put the loan if you refinance with their offers in writing, inan online tool like this one cluding an estimate for closfrom Bankrate: www.bank ing costs and any extras, like rate.com/calculators/mort loan points paid to lower the gages/refinance-calcula- interest rate even further. tor.aspx.

Lenders typically charge Don’t be fooled into fees for the mortgage brothinking that you’re getting a ker’s services, credit reports, better deal when it’s simply a home appraisal and title ina new loan with a longer surance. term. For example, a homeEstimate how long you owner with a $250,000 bal- will have to stay in the house ance on a 30-year mortgage to recoup those expenses issued four years ago with a with your monthly savings.

3.5 percent interest rate Divide the estimated costs would reduce the monthly by the projected annual inpayment by about $110.02. terest savings.

But the new loan resets the Lenders may allow you to clock to 30 years, meaning roll the refinancing fees into even at a lower rate the total your loan, sparing you upinterest paid would bump up front costs. However, this the overall costs over the life will increase how much you of the loan by about owe — and pay interest on $19,000.

— for the life of your loan.

tenants alike,” Imamura said. “I believe with that attiContinued from Page 3 tude, our rental inventory management staff has has grown to approximately grown to five employees.

500-plus.”

“We emphasize to our In addition to providing management staff . . . that property management for we continue to provide clients as far away as Israel NMLS #423168 prompt and personalized and Tahiti, Shore to Shore service to our owners and Realty provides representaA Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T4

Shore to Shore

Member FDIC asbhawaii.com

Lantz said.

Here are some factors that could determine whether you get the most out of today’s ultra-low mortgage rates:

tion for sellers and buyers for Maui real estate, which includes homes, condominiums and vacant land. The company’s current sales staff is 20 Realtors strong, Imamura said, with the team consisting of a range of professionals with various experience and backgrounds.

REAL ESTATE GUIDE | JULY 2016

Good and bad news from the affordable housing front ‘NIMBYs’ block needed housing while county gets ready to show leadership

COMMENTARY

By DAVID DELEON Realtors Association of Maui Government Affairs Director

ecent numbers say a lot of about Maui.

The latest census says the population has grown to about 160,000. That amounts to about a doubling of the population in 40 years.

A lot of that growth comes from our kids having kids.

And the number of homeless folks has grown as well.

Some of those new homeless are migrants fresh off the plane, but a lot of them are Maui residents who have lost their permanent shelter.

Another set of numbers suggests that the number of homeless folks will probably continue to increase because about 30 percent of the Maui population is paying 50 percent or greater of their income on rent. They are existing one car failure, one serious medical issue or one

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fight with the in-laws away from adding to that homeless number.

Given DeLeon this reality, one would think that any effort to build more homes would be welcomed. Well, think again. In a matter of a couple of weeks in May, three major housing projects were pulled by their developers, mainly due to community resistance. Spencer Development dropped its plans to build an affordable housing project in Maalaea, in large part because of the resistance it got from neighbors and in part because the location was not sanctioned by the Maui Island Plan. A large-scale project to resurrect Olowalu Town was terminated after about 10 years of planning efforts because of massive community opposition. And another affordable project in Launiupoko

was dropped by the developer because neighboring property owners were preparing to fight it. Rather than fight, the developer simply folded his cards and walked away from it.

The developer in that case, West Maui Land Co., will now probably turn that property into more high-end “agricultural” lots. You can’t blame them for giving up.

About a decade ago, the same company was twice defeated in an effort to build a significant affordable housing project at the entrance of Lahaina. When they then tried to set up a tent camp for the homeless on the same site, it was defeated by neighbors who said the developer should build affordable housing instead — apparently oblivious to the earlier two attempts to do just that. The same developer is now in the process of building a 70-lot 100 percent affordable project along Kahoma Stream in Lahaina, but only after outlasting 10 years of regulatory and court appeals by neighbors.

Asked about these trials, West Maui Land Co. partner

Peter Martin said at the time he was in the process of building two high-end spec homes.

“They will let me build these types of houses all day long, but not affordables,” Martin said.

So one can understand his decision to quit trying.

Spencer Development also folded its tent and is leaving. That’s a big hit for the cause of building affordable homes on Maui. Spencer — started by Jesse Spencer and succeeded by his sons Doug and Mark — was Maui’s main affordable housing developer. They build affordable working-class projects in Kihei and in Waikapu.

They did that by keeping their costs down and by pounding on any bureaucrat or politician who got in their way. The Maalaea project was Jesse’s idea. The land was cheap, but it was cheap because the county, through its Maui Island Plan, had not agreed to large-scale development on it. And the project was met by serious opposition from the coastal condominium residents a mile or so away.

Another affordable rental development in Kihei has also been thwarted by community resistance. The 250-unit project is on 13 acres zoned light industrial. Next to it is another 75-acre property that was originally planned for an outlet mall. That has since been scaled back and now is planned for a mixeduse, affordable rental housing, industrial, retail and office space project.

Those challenging the projects, including the environmental group Maui Tomorrow Foundation, do not support the housing projects, in part, because an earlier owner of the property had once represented that the entire 88 acres would be a light

industrial project. Maui County has a pyramid zoning system in which any type of land use that is less intense than the actual zoning is also allowed. So light industrial (think car repairs, paint shops, furniture building) also allows commercial and residential apartments. But the opponents of the project convinced the State Land Use Commission to rescind its approval for the project because it is not purely light industrial.

The opposition to the project appears to come from objections to the outlet malls and perhaps the high-end housing project (Honua‘ula) See AFFORDABLE on Page 10

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242-1467 A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T5

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2016 Kapalua 30

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Maalaea

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LAHAINA SHORES E2 475 Front Street

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NOELANI C2 4095 L. Honoapiilani Rd.

Maalaea

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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

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

2124 Awihi Place, Kihei Above Wailea Alanui Dr., Wailea KANA'I A NALU G5 GRAND WAILEA RESORT J7 250 Hauoli St./Maalaea Village 3850 Wailea Alanui Dr., Wailea KANOE RESORT H7 HALE HUI KAI I7 2050 Kanoe Street, Kihei 2994 S. Kihei Road, Kihei KANOELANI APARTMENTS H7 HALE ILI ILI J7 2065 Kanoe Street, Kihei 2172 Iliili Road, Kihei KAPULANI KAI H6 HALE KAI O'KIHEI H6 73 Kapu Place, Kihei 1310 Uluniu Road, Kihei KAU HALE MAKAI H6 HALE KAMAOLE I7 930-938 S. Kihei Road, Kihei 2737 S. Kihei Road, Kihei KE ALII OCEAN VILLAS H7 HALE MAHIALANI H7 28 Hauwahine Lane, Kihei 21 Kaiau Place, Kihei FAIRMONT KEALANI J6 HALE PAU HANA I7 4100 Wailea Alanui Drive, Kihei 2480 S. Kihei Road, Kihei KEALIA F6 HALEAKALA GARDENS H7 191 N. Kihei Road, Kihei 15 Kulanihakoi, Kihei KEAWEKAPU I7 HALEAKALA SHORES I7 2895 S. Kihei Road, Kihei 2619 S. Kihei Road, Kihei KEONEKAI VILLAGES H7 HO‘OLEI AT GRAND WAILEA J7 160 Keonekai Road, Kihei 146 Ho‘olei Circle, Wailea KIAWE TERRACE G6 HONO KAI G5 851 S. Kihei Road, Kihei 280 Hauoli St./Maalaea Village KIHEI AKAHI I7 ISLAND SANDS G5 2531 S. Kihei Road, Kihei 150 Hauoli St./Maalaea Village KIHEI ALII KAI I7 ISLAND SURF H6 2387 S. Kihei Road, Kihei 1993 S. Kihei Road, Kihei KIHEI BAY SURF G7 KAI MAKANI BEACH VILLAS G6 715 S. Kihei Road, Kihei Kai Makani Loop, Kihei KIHEI BAY VILLAS G7 KAI MALU AT WAILEA J6 775 S. Kihei Road, Kihei 3550 Wailea Alanui Drive, Kihei KIHEI BEACH RESORT G6 KALAMA GARDENS H7 36 S. Kihei Road, Kihei 36 Walaka Street, Kihei KIHEI COVE I7 KAIAMA TERRACE H7 2181 Iliili Road, Kihei 35 Walaka Street, Kihei KIHEI GARDEN ESTATES H6 KALAMA TOWNHOUSE H7 1299 Uluniu Road, Kihei 46 Walaka Street, Kihei KIHEI HOLIDAY G6 KALAMA VILLA H7 483 S. Kihei Road, Kihei 2144 Konou Place, Kihei

1

2

3

4

Wailea

Makena

How To Use This Map The condominiums & hotels in West Maui and South Maui are listed here in alphabetical order according to region. A grid letter and number coordinate is listed with each property for map location.

Be advised that street addresses are not necessarily the correct mailing address. (Example: Addresses in the Maalaea area are served by Rural Route Delivery from the Wailuku Post Office.)

5

6

7

In Today’s Real Estate Market There’s No Substitute For Experience Joseph Hogin, Broker RB-19018 Jodi Hogin, Broker RB-19011 Direct: 808-870-2775 Next Home Pacific Properties BuyaHomeOnMaui.com

Steve Hogin, Principal Broker RB-12320 Rosie Poree-Hogin, R(S) RS-24773 Direct: 808-879-1511 Next Home Pacific Properties nexthomepacificproperties.com

Serving the Islands for over 30 Years 1279 S. Kihei Rd., #119, Azeka Mauka, Kihei, HI 96753 A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T7

REAL ESTATE GUIDE | JULY 2016

Na Hale O Maui land trust celebrates first family’s purchase of a market-priced home

K

aulana Noa is a recruit with the Maui Police Department.

His wife, Vonne, also called “Hana” by her friends, helps people get medical insurance through the QUEST program at Kaiser Permanente.

They have four children, ages 11 years to 5 months, and seven years ago they dreamed big and embarked on an ambitious plan to move from renting, to owning at Hawaiian Homes, to owning a Na Hale O Maui house, and then moving to a market-priced home.

Today, they are the first NHOM family to live that dream by moving from a NHOM home to a market-

leased to the “homeowners” who developed equity in the home over time.

One goal of the Burlington Community Land Trust (now the Champlain Housing Trust) was to keep the cost of a CLT home to a level that allowed people to save money for a down payment in order to move up to a market-priced home at a later date. A 2009 study commissioned by the trust has shown that since it was founded, 67.4 percent of former CLT homeowners bought market-priced homes within six months of leaving the community land trust.

This upwards movement also opened up CLT homes for new participants.

Fast forward to 2006, when a group of housing ad-

Please contact Veteran Joe Pluta for all your Real Estate and Property Management needs.

Serving as a Hawaii Licensed Real Estate Broker for over 38 years – West Maui Expert!

vocates on Maui decided to replicate the Burlington model. With little more than the Vermont success story as their backdrop, the group was able to receive a $50,000 grant from the County of Maui with the support of then-Mayor Charmaine Tavares. Private funding was also raised, including $15,000 from the Realtors Association of Maui.

NHOM began looking for public/private homebuilding partnerships and was planning to build affordable land trust homes.

Their plan hit the 2008 recession. No one was lending, and NHOM could not locate any private partners who wanted to build. To meet this unforeseen crisis, NHOM changed its business plan and began to bring distressed abandoned homes out of foreclosure using funding they received from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization

Photos courtesy Na Hale O Maui

Kaulana and Vonne “Hana” Noa enjoy playing with their children in the backyard of their new home in Kahului.

Program to purchase these homes, rehabilitate them and provide them to CLT homeowners at a discounted price.

To date, NHOM has provided housing for 34 families.

With a planned 12-unit single-family home project in Lahaina, the building of the first NHOM home in Waikapu and the experience of working with CLT homeowners, NHOM expects to see more families like the Noa family be able to save for a down payment and move on to market-priced homes. Today, on Maui it is not uncommon to see people

Joseph D. Pluta, Realty, LLC Joseph D. Pluta (R) (PB)

REAL ESTATE SERVICES & VACATION RENTALS 181 Lahainaluna Rd. #I, Lahaina, HI 96761 808.283.4533 cell • 808.661.7990 ph 808.661.7992 fax

paying 50 percent or more of their monthly income for housing costs. At NHOM, that figure is no more than 35 percent.

For Hana and Kaulana, it was all about starting small and building up.

“Seven years ago, we could never have afforded this home,” said Kaulana.

They started small, renting a two-bedroom, one-bath Hawaiian Home Lands house from Hana’s uncle at $750 to $900 a month.

When he died, as his heirs See NA HALE on Page 10

667-7748

For The Maui News

priced home. This was a key goal of the community land trust since it began.

“This is where our kids will grow up,” said Kaulana.

“It feels good to know that.”

The community land trust movement began with what has been described as “a big idea in a small city.” That city was Burlington, Vt., and the year was 1984. A young Burlington City Council member made a motion to fund this new land trust organization with a $200,000 grant to get the group on its feet. He supported their idea of homes being made affordable through a long-term lease that removed the cost of land from the price of the home. The ownership of the land stayed with the trust, while the home itself was

www.MindsEyeInterior.com Lahaina

By TOM BLACKBURNRODRIGUEZ

F urn ish in g your h om e w ith style.

pluta@maui.net • mauidestination.com A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T8

REAL ESTATE GUIDE | JULY 2016

Upcountry Kualono development underway eveloper Hanohano LLC has announced that Kualono, a 49-lot residential project in Upcountry Maui, is now moving forward.

After being on hold pending an improvement in the local economy and housing market, Kualono is beginning its construction phase and is expected to make its limited 49 fee-simple lots available for buyer selection as early as September.

“The lot sizes will range from 18,000 to 34,000 square feet with incredible views of Maui’s coastlines and Haleakala,” said Maile Masada, broker in charge.

“Buyers who want to experience true Upcountry living but still have the convenience of getting into town quickly will find Kualono perfect.”

The new gated residential community will be located above Pukalani, near the five-trees junction of Old Haleakala Highway and Ku-

CRS community is like family

am proud to be part of the Certified Residential Specialist family. Having recently celebrated Independence Day and while reflecting on my wonderful real estate career, it dawned on me that CRS group has been a large family for me since 1986.

The people are just amazing. They are busy at their jobs, busy real estate professionals, busy giving back to the community and busy building relationships.

One of my dearest friends and mentors passed away in March. She became ill really quickly, and she handled it like a trooper. She never lost her sense of humor. She always took my phone calls.

We were good for each other’s souls.

My CRS family was present at her celebration of life. We have bonds that will always be strong.

When you work with a CRS

I

D

Photo courtesy Kualono

The planned Kualono project will offer Upcountry living and convenience la Highway. The entrance will be off of Old Haleakala Highway.

Asking price for the lots will range “between $270,000 and the high $300,000’s.” Owners are responsible for the design

Pyramid Insurance Centre, Ltd.

and construction of their own custom homes.

To provide more information on the development, financing options and lot selection process, a Kualono informational event is scheduled at 3 p.m. Aug. 28 at the

Hannibal Tavares Center in Pukalani.

Potential buyers can pick up registration packages at that time. The official lot selection is scheduled for Sept.

11, starting at 10 a.m. at Hannibal Tavares Center.

agent, we know other top agents in every area of the world, from Canada to Spain. We have a database in which we can refer to our clients who are moving out of the area.

Much of my business is built on referrals. Real estate is building relationships. Every sale I make and every professional with whom I work, it is all about the relationships. Mahalo, to all I have touched. Thank you for being in my life.

We don’t look at each transaction as a “deal.” We build relationships with our clients and the other agents to help them obtain what they want and exceed their expectations. Our buyers are coming from all over the country. When you have an agent that is plugged into a larger network, it benefits you as the seller.

— Joanne Foxxe, CRS, GRI, RSPS, Kapalua Realty

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Joanne Foxxe,

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(808) 385-2918

Realtor (S), CRS, GRL, RSPS

70 E. Kaahumanu Ave. A6 Kahului, HI 96732-2113 700 Office Road, Lahaina, HI 96761 jofoxxe@aol.com www.kapalua.com www.joannefoxxe.com

A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T9

REAL ESTATE GUIDE | JULY 2016 Na Hale Continued from Page 8 they were able to acquire the home. Their mortgage was $1,100 per month.

Three years later, they were introduced to NHOM by their lender at HomeStreet Bank and were eventually selected to purchase a NHOM home. Today, the same size home would rent for more than the mortgage payment on the CLT home of just over $1,000 a month. They stayed four years as they gained job promotions and saved up enough money, along with a share of the appreciation, to successfully purchase a three-bedroom marketpriced home with a mortgage payment of $3,000 a month.

Helping with the affordability of their NHOM home was the fact that the mortgage was less than 20 percent of the appraised value, so the family did not have to pay private mortgage insurance.

Sentiment, Reflected in Zoning Laws, Thwarts EqualiContinued from Page 5 ty,” by Conor Dougherty, that the 13-acre affordable July 3) said that the power of residential project is associ- NIMBY-driven laws is ated with. Never mind that blocking a normal, necessary nearly 500 units of much- growth pattern to such an exneeded affordable housing tent that even President Obahang in the balance. The ma has gotten involved in need for affordable housing trying to correct the antidid not seem to make any housing tide.

“A growing body of ecodifference in the West Maui nomic literature suggests opposition as well.

This type of “my neigh- that anti-growth sentiment, borhood first” mentality when multiplied across comes naturally. Social sci- countless unheralded local entists call it the “Territorial development battles, is a maImperative.” It implies that jor factor in creating a stagfolks will fight — or in the nant and less equal Amerimodern context, use the po- can economy,” the story litical and land-use regulato- said. Because the cost of ry processes — to stop any housing is so high in high plan that would impinge on employment areas, some “my territory.” The problem folks are choosing where to is those opposed to new live based on the cost of housing development have housing instead of where the become so successful that jobs are. “We’ve switched economists say they are con- from a world where everytributing to the nation’s body educated and uneduhousing storage and are neg- cated was moving from atively impacting the econo- poorer parts of the country to my. Local community oppo- the richer parts of the counsition is having an impact on try,” said Harvard economist Maui, where we are not be- Daniel Shoag, “to a world ginning to keep up with the where the higher-educated people move to San Francisdemand for new homes.

How much housing do we co and lower-educated peoneed? According to the ple move to Vegas.”

Part of the problem is that economists at the state Department of Business, Eco- anti-growth zoning laws nomic Development and have become more restricTourism, we need to build tive over time, blocking new 13,949 new dwellings by home development, which 2025, or about 1,400 a year. leads to increases in the cost We are actually building of housing. That has meant about 300 a year. That im- an economic boon to those plies that we are falling be- who bought before the rehind by about 1,100 units strictive measures were in place. But for latecomers — every year.

The acronym for develop- in particular the millennials, ment opponents of all stripes the cost of housing has beis NIMBY — Not In My come prohibitive in places Backyard Yard. NIMBY op- like Boulder, Colo., San position has been more like- Francisco, New York City ly to appear in more affluent and most of the Hawaiian Isparts of the island, like South lands.

When zoning laws get out and West Maui, but it can happen anywhere. It is a na- of hand, economists say — tional phenomenon. A recent and they have been saying article in the New York this about Hawaii’s land-use Times (“How Anti-Growth laws for decades — the A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T10

“That saved us $400 a month that could go into paying down bills and saving,” said Hana.

According to Kaulana, moving into the NHOM home was easy.

“They wanted you to succeed,” he said. “Getting in and getting out, you never felt stuck.”

Their family has grown and the house they now have is one they expect will last them for a long time.

Each time the Noa family has moved, they were helped by the equity built in the home they had lived in.

For example, the resale formula applied to their NHOM home provided shared equity when they sold that home back to NHOM. The CLT’s repurchase of the home helped the family to close escrow for their new home on time.

NHOM also agreed to have the family remain in the home, at below market rent, until they were ready to move into their new mar-

ket-rate home. NHOM plans to renovate the old home before selling it to another income-qualified family earning not more than 120 percent of the area median income, as determined by the County of Maui. That NHOM shared equity helped with the Noa family’s move up to a market-priced home.

“We wanted to help others as we moved to another home,” said Kaulana.

“When we moved out of Hawaiian Homes, we were able to help another family and whenever they see us, they always say how grateful they are for their home.

It’s the same thing with Na Hale O Maui. We are opening up the opportunity for another family to get a community land trust home just like we did. We like to think we are helping others.”

For more information about Na Hale O Maui, visit www.nahaleomaui.org, call 244-6110 or email info@nahaleomaui.org.

Affordable

damage to the economy and society can be profound. An anti-growth legal environment increases inequality by restricting the housing supply in places where demand is the greatest. Economic studies suggest that the lost opportunities for development in the United States could amount to $1.5 trillion (with a T). That suggests that in many places, local zoning authority reflects to a drawbridge mentality on the part of those who got there first.

Part of the problem with that mentality is that a good portion of the “latecomers” are our own children.

“You don’t want rules made entirely for people who have something, at the expense of people who don’t,” said Jason Furman, chairman of the White House Council of Economic Advisors, in the New York Times piece.

California Gov. Jerry Brown has responded to the NIMBY problem with a proposed law to speed up housing development by making it harder for cities to saddle developers with open-ended design, permit and environmental reviews. Massachusetts is looking to do the same thing. And the White House is proposing a $300 million grant program to help local governments simplify their land-use approval processes.

Another new response to this issue is a movement that goes by the acronym YIMBY — Yes, In My Backyard — a new pro-growth grass-roots movement. Prohousing YIMBYs just had their first international conference in Boulder. The participants were mostly city dwellers who are responding to being squeezed out of their desired environments See AFFORDABLE on the next page

REAL ESTATE GUIDE | JULY 2016 Affordable Continued from Page 10 by super high rents.

If NIMBYs tend to be older and conservative — in that they are trying to protect their environments from growth — the YIMBYs are urbanists who believe in the so-called smart-growth principles of adding density instead of spreading out across the landscape, and who are in favor of pro-transit, walkable, bike-able communities.

They are pushing for policies that speed up housing approvals, allow for infill development and add density.

They see the NIMBYs as people who just don’t want to share and just want to push newcomers elsewhere.

(And they can be creative, as in the acronym for the Bay Area Renters Federation — BARF.) Because they are not shy about taking a seat at the development approval table around the country, the YIMBYs are beginning to have an impact in their cities.

Their goal of a grass-roots push for growth is starting to take hold.

A major difference between these two sides of this equation is that NIMBYism is local, a negative reaction to someone else’s proposal to building something nearby. You never hear of NIMBYs holding a convention.

YIMBYism is a budding movement of the kind you would associate with anti-establishment or pro-Bernie Sanders sentiment. It’s that same type of energy focused on a pro-growth theme.

Most anti-growth folks would likely reject the NIMBY label. The YIMBYs are promoting that identity.

Go Maui Inc., headed up by former Maui Council Chairwoman Alice Lee, is pro-housing and could be described as YIMBY. It just has not taken up that

SHERRIE STINGER R(S)-74750

moniker yet. The group fre- glimmers of hope that our director’s proposals with an Office: 808 875-7000 quently finds itself going political leaders are starting eye toward making them StingerOnMaui@gmail.com head to head with Maui To- to figure out that government law. www.StingerOnMaui.com morrow and its associates. has to get out of the way.

Even our friends at Maui However, Go Maui doesn’t Both Gov. David Ige and Tomorrow spoke in favor of really have that millennial Mayor Alan Arakawa have the director’s proposal. feeling being ascribed to stated that government in In addition to Spence’s YIMBYism. Most of the Hawaii has become an im- proposals, the Realtors Asfolks associated with Go pediment to housing devel- sociation of Maui proposed Coldwell Banker Island Properties Maui already have their opment and needs to become that the county consider get100 Wailea Ike Drive, Ste. 6 • Wailea, HI 96753 housing. a facilitator. ting its housing efforts foRecently, the Maui Recently, the County cused by actually hiring a Young Democrats, a more Council Planning Commit- professional to facilitate the Chris Stinger millennial group, reportedly tee began a review of an 11- effort. RAM calls that perAgent expressed interest in promot- point list of suggestions by son a housing czar. The idea ing a moratorium on all new Planning Director William is to employ a professional high-end housing until Spence meant to simulate whose sole function would Pyramid Insurance Centre, Ltd. Maui’s affordable housing housing development. Many be to promote housing deneeds are met. That might of the suggestions sound like velopment by helping houssound like a reasonable idea they were taken out of the ing developers work their to the uninitiated, but it YIMBY playbook: add den- way through the county buMaui Office – Maui Market Place Off: 808 242-4789 makes the folks who have sity by allowing more units reaucracy and hopefully 270 Dairy Road, Unit 160 Fax: 808 244-0856 studied housing economics on residential lots; proactive- speed the process up. This Kahului, Hawaii 96732-2986 Res: 808 874-6069 cringe. ly locate properties that was originally Doug www.pyramidins.com chris.stinger@pyramidins.com Until recently, Maui could be redeveloped with Spencer’s idea.

County required all new more dwellings; figure out RAM also wants to rehousing to be at least 50 per- why existing entitled proj- mind the county that the cent affordable. That type of ects (and there are a lot of Maui’s community land • Selling Real Estate on Maui for formula is called inclusion- them) never got built; and re- trust, Na Hale O Maui, is a over 15 years! ary housing. It assumes that duce assessments on afford- major asset that should not • Dedicated to service & the costs of building the af- able projects. be underutilized. Na Hale is commitment with sincerity and integrity. fordable housing will be subIn addition, the depart- in a unique position to build sidized by the market side of ment is looking for ways to housing cheaper and is able If you are thinking of selling, please call me for a the project. Maui County’s allow for more multifamily to keep the housing afford‘meet and greet’ approach to inclusionary use of single-family resi- able forever because the unwith no obligation. zoning did not turn out that dences, for instance, by al- derlying land is leasehold — way: Developers decided the lowing more kitchen facili- Na Hale keeps the title.

Jenny Yukie Adams 50 percent requirement ties in a home.

So while we have a long CRS, RB #19599 made Maui unaffordable The Water Department al- way to go to persuade our & Associates, Inc. Cell 808 250-0349 and nothing was built for six so recently announced a pol- NIMBY neighbors to back years, adding to our housing icy change on water features off and allow housing to get deficit. The inclusionary that allows more water use built, at least there are good lity n ESTFREE formula was recently cor- from existing meters than signs that our political and Quang at ae IMA i l TES rected to a 25 percent af- previously allowed. The community planning leaders Tintffordab e!

A c i r fordable requirement and change allows a 25 percent have come to realize that if P the projects started being use increase, enough in some we are going to get anybuilt again. cases to permit a cottage to where on the housing front, The Young Democrats be built. This is really a big they are going to have to proposal is actually a 100 deal in the Upcountry district take active leadership. And percent affordable require- where there have been water that, in and of itself, is a mament. How is that going to hook-up restrictions in place jor step forward. work, when 50 percent was for a decade. When the dea dismal failure? The point partment announced the pol- ■ David DeLeon, the govis, you can pass all the laws icy, Water Director Dave ernment affairs director of you want, but you cannot Taylor said its purpose was the Realtors Association of Protect Against UV Rays force anyone to build any- to promote additional resi- Maui, is a former Maui News Don’t let harsh UV rays damage the interior of your home, thing. Investment will not dential development. reporter and served as an exbusiness or vehicle. Call Eclipse Tinting for quality window happen in an environment The Council’s Planning ecutive assistant to Mayors tinting, the best rates and quick turnaround times. where it does not make any Committee was preparing at Linda Lingle and Alan AUTOMOTIVE, RESIDENTIAL, COMMERCIAL 244-8700 • 1726 MILL STREET • WAILUKU, HI 96793 sense to invest. this writing to form a special Arakawa. He can be reached EclipseTintingMaui@gmail.com • www.EclipseWindowTintingMaui.com Recently, there have been group to study the planning at gad@ramaui.com.

A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T11 Direct: 808 283-8050

Marcus

King Kekaulike H.S.

To Kula 20

21

22

AY W

19

25

26

27

28

Lei‘ohu Cir

18

29

30

31

.

17 44

45

49

16

41

37

40

36

32 33

15

48

Lei‘ohu St

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7

6

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9

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38

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24

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Lilino

5

2

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10

To Pukalani

11

Nestle Into Upcountry On the slopes of Haleakala, overlooking Pukalani town and the Pacific, stretches of pastureland unfold through the cool morning mist. The air is brisk — the lifestyle, rural and relaxed. This is the new residential development of Kualono. Laid-back, rural living at its most picturesque.

For more information contact us at T 808-495-3876 | W kualonoliving.com | E info@kualonoliving.com The views, angles, photos, and renderings in this ad are for illustration only. The developer disclaims any warranty or promise about the information shown in this ad. The developer makes no representations, and expressly disclaims that any lot areas and configurations, locations and boundary lines shown on any map or rendering in this ad are accurately shown or to scale or proportion, or that all of the subdivided lots in any map are depicted. The map and renderings are preliminary and developer has not finalized development plans for or commenced construction of the subdivision improvements. As such, the map does not reflect the final plan for the subdivision. The lot sizes and configurations and the design, layout and locations of the roads, landscaping, and common area in the subdivision are subject to change.

A Supplement of THE MAUI NEWS – Friday, July 29, 2016 – Page T12