The Maui Minute

Best Buy! Wailea Home… Gated Community

Aloha Kathy — Sun, 19 Feb 2012 20:53:55 +0000

This is a beautiful 3 bedroom / 3 bath home with exotic African Mahogany kitchen cabinets, granite counter tops, wood flooring, travertine, custom showers, and Jacuzzi tubs. On the 2nd level, there are 2 spacious master suites, walk-in closet, and a lanai with ocean views. There is an open kitchen and living room downstairs that lead to a pool and spa. Vacant and easy to show. Property to be sold AS-IS. Days 1-7: Offers will not be reviewed. Days 8-12: Offers ONLY from NSP buyers, Municipalities, Non-profit organizations and Owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers.
Listing Courtesy of: Coldwell Banker Island Prop(S)

If the photo is not available, this listing is no longer on the market.

Kihei High School – Isn’t it time?

Aloha Kathy — Mon, 13 Feb 2012 19:06:56 +0000

Click image to download the EIS

I have a busy day ahead but at the prompting of a friend (thanks Laura) decided to make time to submit a testimonial to support moving forward with Kihei High School Plans. This is a review of the draft EIS (Environmental Impact Statement). I have not reviewed the entire 738 page Draft EIS but my review of issues seems like they are focusing on issues that impact any development such as water and the power lines. If developers can make it work to add more housing to Kihei, we must find ways to make it work for our students – our community’s future. I work with students, teachers and parents and I think our kids deserve a new school and a strong positive future. Please support us by submitting your own testimony and making our community stronger.

When: Valentine’s Day, Tuesday February 14, 2012 at 9:00 a.m.
What: In-Person Testimony or Internet Testimony
Where: 2 options:

A. In-person testimony on February 14th, 9:00 a.m. at the Maui Planning Commission conference room (Kalana Pakui historic Building, 150 South High Street, lower level in Planning Commission conference room). Carpooling available after the 8:30 Kamali’i drop-off time near the cafeteria.
B. Submit testimony online to: planning@mauicounty.gov no later than Monday, February 13th at 4:00 p.m.

Here is my testimonial:

I wish to express my support of the Kihei High School plans to move forward. This is an essential part of our community.

I do not have children of my own but as an active member of the South Maui School Gardens Project, I have opportunities to work with students, parents and teachers from all the South Maui schools. In Kihei, I know that the student population of Kihei Elementary and Lokelani Intermediate has increased nearly 30% in the last couple years. This is primarily the result of families moving in together with financial strains of our economy. As a real estate agent, I often talk with people who would love to move to Kihei but are concerned about the lack of a local high school. As a technology advocate, I see companies struggling to move employees into the Tech Business Park in Kihei because they can’t get people to move here due to the proximity and quality of our public schools.

We need to make the education of our young people IMPORTANT. Quality education without spending hours on a bus is critical to the future of our community. Kihei High School could be a center of hope instead of a required obligation; kids don’t look forward to being shipped off to central Maui. They want to be active and productive members of the community where they live.

Let’s make sure Kihei High School meets the needs of our students and of our community. Programs in basic living skills and sustainability need to be in the curriculum. I was so saddened when I heard that Lokelani’s Home Economics lab has been closed for years; the library has been closed. Kids we work with on garden projects see the connection to the ‘aina; they see the need for nutrition and sustainably farming our precious land resources. Many didn’t know what fresh vegetables were and thought that everything comes from the grocery store. They don’t understand the world economies that go into creating the food we eat – such an important part of our existence. High School is critical time to have students make these connections and decide what career path to choose.

I support taking the next step of approving the Kihei High School. It is the right thing to do the future of our community in ways that we can’t even imagine.

Mahalo. Kathy

Spacious Best Buy at Kapalua Golf Villas

Aloha Kathy — Wed, 08 Feb 2012 22:27:34 +0000

Click image for more property details.

Best priced two bedroom Golf Villas on market! Appreciate the privacy of this single level two bedroom, two bath condominium at the Kapalua Golf Villas. Great end unit location along the 10th fairway of Kapalua’s Bay Course. Living room, dining room and second bedroom all open to a large ground level lanai overlooking the 10th and 18th fairways. The Kapalua Golf Villas offer 4 swimming pools and BBQ areas for owners and guests to enjoy. Owners have recently installed a new dual zone A/C for comfort and efficiency. Also new is the in-unit washer and dryer, flat screen TV and all patio furniture. This wonderful community is located within the 22,000 acre Kapalua Resort, which features world class golf, tennis, walking and jogging trails, an Adventure Center, and award winning restaurants. Walking distance to incredible beaches. One seller holds an active CA real estate license.

If the photo is not available, this listing is no longer on the market.

Great Place To Volunteer – Training Feb 6,7

Aloha Kathy — Tue, 24 Jan 2012 23:01:01 +0000

I’ve been a volunteer with the Hawaiian Islands Humpback Whale National Marine Sanctuary for about 5 years now. It is fun, people are great and I love learning about whales, turtles, coral reefs, water quality and sharing with others!

<–If you are interested click on the image to see the brochure.

New Volunteers’ Training is being held February 6 and 7 from 6pm to 8pm.

Sanctuary Kihei Learning Center Conference Room
Hawaiian Islands Humpback Whale National Marine Sanctuary
726 S. Kihei Rd.
Kihei, HI

To register, call 808-879-2818 and ask for Ka`au or Nancy.

Beautiful time and wine at Garden Creek Vineyard

themauiminute — Mon, 16 Jan 2012 01:48:22 +0000

Kathy Becklin
kathybecklin.com
sent from my iPhone

Condo or House?

Aloha Kathy — Wed, 11 Jan 2012 05:58:03 +0000

One of the most popular questions that people ask when moving to Maui is: “Should I choose a condo or a house?” There is no clear answer except to look at the different options available and the related costs. Often after a first look, I’ll hear “I don’t want to pay the high maintenance fees for a condo” or “I’m on a fixed income so I don’t want maintenance fees that can continue to go up“. Well let’s look at the things that go in to the overall cost of owning and buying property on Maui. Please remember that each unit, condo complex or neighborhood is unique and you have to look at all the items to assess what’s the best financial and lifestyle fit for you. Whether you are buying a condo or home, there are associated costs that will continue to go up. In a home you have a little more control over when things are done, but the costs can be significant. Just as an example, I just paid about $8000 to paint my 2-story house! I’m hoping it will last a long time!

First let’s define the different types of condos:

Residential Condo — these often look just like a house but there is a condo association. The neighborhood may have nice amenities like gated entrance, pools, gyms, party rooms and front yard maintenance.
Condo-tels — Yes this is derived from 2 words – Condo and Hotel. These are condos where vacation rentals are permitted, there is a front desk and the majority of owners are using the property as a vacation rental.
Regular Condo — The rest of the condos are usually long-term tenant or or owner occupied. Some may allow vacation rentals but typically don’t have a front desk where people can check in.

Now let’s look at the costs associated with actually purchasing the property:

Sales price — this one is pretty straightforward but a huge portion of your investment. At the entry level, while you can find a nice “regular” condo for $150,000, most houses start at $350,000. Vacation rental condos start about $200,000 but don’t expect oceanfront or even a peek of view at that price.
Mortgage rate and terms — This is variable but typically you will pay more for any non-owner occupied property and definitely more for a condo-tel. Ask your favorite mortgage professional. Remember, that a good mortgage program can save you thousands or allow you to live in a much better house. It is as important as the sales price!
Down payment — There are still a lot of low percentage down opportunities for owner occupants buying property for their own use. For the best and lowest interest rates you can plan on putting 20% down to avoid paying PMI. Condo-tels usually require at least 35% down. Foreign nationals purchasing from U.S. banks will usually require a higher down payment.
At the time of purchase, any standard payments ( taxes, association fees, maintenance payments) are prorated based on the date of the sale. The exception to this is on an REO property where the new buyer may be required to pay maintenance payments in arrears (up to 12 months) to condo associations. Also note that your tax bracket for intended use may be different than the previous owner. You need to file information with the county and the change will take place in the following tax year. This can significantly increase or decrease your tax payments.

Finally, let’s look at maintenance costs. In each condo, maintenance fees will be different and the items covered will be different. During the purchase of a condo, you have the opportunity to review the “condo-docs” which will tell you much of this information. You can exit your contract if something is unsatisfactory. This list is intended to give you points to ask about and to compare when you’re looking at Maui properties.

Insurance — Condo associations will have insurance to cover damage to the exterior of the buildings and common areas as well as liability insurance. You are still responsible for ensuring the interior, its contents and liability. Condos with pools, elevators and additional amenities will have higher insurance rates. Just like a house, a condo in the flood plane (or tsunami zone) will have higher insurance premiums.
Water and Sewer — Condo associations usually cover the costs of water and sewer but check on residential condos. As a quick comparison a classic water bill for a home on a landscaped 7000 square-foot lot will average about $250 every two months. Obviously long showers or a swimming pool can increase that!
Landscaping — Some landscaping is usually covered by condo associations of all types. Those lush beautiful tropical views come at a price! Of course in a home you can do this maintenance yourself or hire a gardener for about $75 every two weeks. Don’t forget to budget for tree pruning which can be extensive in our tropical climates. If you have large trees in your yard budget for about $1000 a year.
Exterior maintenance is usually covered by condo associations although many don’t have enough reserves and may hit owners up for additional costs. Costly items include painting, re-roofing, elevator repair, road/parking area maintenance and swimming pool resurfacing so you want to check reserves for these items. These costs may also apply to your home and should be budgeted accordingly.
Pest Control is a critical part of Hawaii lifestyle and is something that nearly every condo association covers, usually on a quarterly basis. You can also get pest service at your home for about $70 monthly or $200 quarterly. This is something a homeowner can do themselves and save some money.
Front Desk and Security — Many condo associations and some homeowners associations have security patrol. Ask about the hours, services and policies. If it is a condo-tel or resort, ask and understand use of the vacation rental manager (usually a different organization than the condo association) and what cleaning and maintenance services they provide.
Garbage — Condo associations generally cover the pickup of garbage and provide central places for depositing. Garbage pickup at homes by the county costs $108 every six months.
Recycling Service — Many condos have some recycling capability but make sure to ask. Most homeowners still need to take their recyclable items to city recycling centers; a few homeowners associations cover pickup of recyclables.
Electricity — Some condo associations, especially the older buildings include electricity as part of the maintenance fee. Most have separately metered units. Each unit is different but electricity on a two bedroom, two bath condo will average $80-$200 a month. A single family home will typically run $200-$600 per month. The highest use occurs during the summer when everybody has their air conditioners going. Homes with solar hot water heaters or photovoltaic systems have significant electricity savings. Sellers are required to provide buyers with a copy of their electric bill showing the last 6 months of use. If a property has a detached ohana (cottage), ask if the unit is separately metered; if it is you can pass the cost on to tenants.
Cable/Internet/Telephone Service — Some condo associations will cover everything including having Wi-Fi service for guests. But this is one area that varies widely so be sure to ask. Homeowners need to decide what they need and what is available in the their area. Costs can vary from $50 a month to several hundred and the different services can add up fast!

In closing, let’s not just think about costs! Put yourself in your dream Maui home. Do you have a beloved furry friend? Only some condos will allow them? Do you want to be spending time landscaping, painting, killing bugs or do you need to have the flexibility to leave for a few months and know that everything will be taken care of? Are you getting older and experience pain every work day? I say this from experience; I’d rather be at the school garden than mowing my weeds. I’d rather be at the beach than worried about the swarm of ants in my kitchen! But on the other hand, I don’t want to run to group barbeque to grill my fish! It’s about designing the Maui lifestyle that is best for you! I often advise people to rent for awhile to understand what they want.

I’m sure I forgot something and I’m not a mortgage professional, insurance agent, accountant, property manager or lawyer. The estimates are just that and are likely to change. Buying property may take all of these! A great real estate agent is your best resource to help you sort through it all. Call Kathy or leave a comment below if you have any additional questions or think it’s time to take the next step to own a piece of Maui.

Have your own Cottage in Ka’anapali!

Aloha Kathy — Wed, 21 Dec 2011 20:01:26 +0000

72% of Assessed Value!

Bank-owned Condo (International Colony Club)| Listed for $299,900 |

This is a great opportunity to own a 2 bedroom/2 bath unit in Kaanapali for an affordable price. Needs some TLC. Unit is being sold ‘As Is’ with no warranties or guarantees implied or expressed by Seller or Listing Brokerage. The unit is eligible under Freddie Mac’s First Look Initiative. Maintenance Fees: $800

International Colony Club has 4 large cottages located in Ka’anapali on the golf course. It allows vacation rentals but many of the units are owner occupied. It’s easy to see and a great price for a fixer! It is fee-simple ownership.

Courtesy of Century 21 All Islands (W)
Contact Kathy for more information or showings

Are You Looking for HUD Homes?

Aloha Kathy — Thu, 08 Dec 2011 17:44:10 +0000

Click to go to the official HUD site.

I am often asked, “Where are the HUD Homes for Sale?” The simple answer is “Not in Maui.” A search today on the HUD site shows that in all of Hawaii, there is just 1 listing in Kauai. There are dozens of “HUD” sites that advertise homes in ALL 50 states. Caution: they are not run by HUD and they often are just a different (and not very good) search for all homes on the market.

When I’m asked about HUD homes, my first step is to clarify why people are looking for HUD homes. In many cases, people have heard that you can buy HUD homes for pennies on the dollar. Some want to fix them up and resell them at market prices. Some just want a good value home to live in. We often don’t understand how HUD acquires homes. According to HUD, “The homes that HUD sells come into HUD’s possession as a result of defaults on FHA (HUD) insured mortgages”. The reality is that HUD gets them when no one else wants them! You usually find HUD homes in areas where there are thousands of bank-owned properties. The people that do buy them often acquire “in bulk” which is part of why they get such great prices. The homes are not in liveable condition. The cost to “make a home to a livable” often exceeds the price paid for the house. So people need money, usually cash to buy a HUD home. Usually the property has already been listed as an REO (bank-owned property) and has not sold. If it has not been able to be sold, it is turned over to HUD to see if it can be used in one of their many programs.

Let’s get back to our beautiful island of Maui. Although we do have a lot of foreclosures (50% of sales last month were bank-owned or short sales), we have very few properties where the land value is so low that you could buy them for “pennies” on the dollar. Does that mean you shouldn’t look for deals? No! There are lots of good deals and even some opportunities for “flipping”.

There are many first time home buyers or first-Maui home buyers that are looking to find a home to live in Maui. Good deals abound! Get pre-approved before looking because good deals go fast! When you find the perfect home that works for you, you don’t want to find out that you can’t qualify or worse yet- that someone else gets it while you are waiting for approval. The average days on market for bank-owned properties is just 129 days. When you figure that that most properties have a 45-60 day close, that means market time is short. One property sold in just 23 days! The best deals often have over 20 showings within days are under contract within a week.

For people looking to flip property, the biggest challenge comes if you need financing. Financing is so tough recently that the property needs to meet minimum standards which in many cases will negate the opportunity to do work to flip it. Our market is still on slight decline so that becomes a risk that many don’t want to handle. If you want to look for flip opportunities, it is usually in mid or high-end properties that need basic cleanup, new paint and some landscaping. But even then, don’t look for HUGE returns and budget carefully.

How do you find great deals? The first thing to remember is that everyone is different and what one person thinks is a great deal is a non-starter for many. It is essential that you work with a great REALTOR who can set up search criteria for you and send results directly to you email. It doesn’t matter if you are “just looking”; don’t waste your time! Just call me at 808-344-0469 or send me a message. Check out my new site for searching properties and you can set up your own notifications! And subscribe to my newsletter where I share Best Buys as well as tips on how I determine that they are good buys!

Recent Sales 38% Distressed and 50% Cash…

Aloha Kathy — Wed, 07 Dec 2011 21:37:11 +0000

View All Areas Snapshots
View Full Trend Report
View Foreclosure Report

The numbers tell the story. While distressed properties (bank-owned and short sales) are only 18% of the total active and pending listings, over the last 6 months, they’ve constituted over 38% of the sales. They are defining the market and will continue to influence the market for, well I believe, many years. That said, we are seeing an increased number of sales in residential properties and stabilizing prices.

Cash sales are still big in the market as lending is difficult. Banks do have lots of money to lend but they are cautious about who they lend to. Interestingly enough, when looking across the price range, cash is predominate for sales under $100,000 and over $2.5 million. Throughout the middle ranges, it is a pretty consistent mix with just a slightly higher number of cash sales over $1.5 million.

Are Distressed Properties a Good Deal?

Each property is different. Sometimes bank-owned properties have not been lived in for years and there is a lot of work needed. Short Sales are often in better condition and sometimes even better than normal sales in the same price range. I recommend that buyers look all types of homes to find what is best for them. The chart below summarizes the average $/sq.ft. across the price groups ($100k each). In all cases except one, distressed properties were on average lower priced per square foot than normal properties. We do know that there is a much higher ability to negotiate less than list price when it is a normal sale. Bank-owned properties on average sell for 99% of the list price! That means that many sell for over list price. The average sale to list ratio is 96%; this has been steady since I’ve been in the business.

Insider Tip: If you have a home to sell, get it on the market at a competitive price now. Rumor is that there will be a large number of foreclosures come on the market after March. So I predict a strong sales through May (Jan-May is peak season for us) with market declines after that.

Maui Best Buys 12/7/2011

Aloha Kathy — Wed, 07 Dec 2011 18:58:59 +0000

Kaanapali Properties

Kahului Properties

Kapalua Properties

Kihei Properties

Maui Meadows Properties

Spreckelsville/Paia/Kuau Properties

Wailuku Properties