Monthly Archives: March 2012

Latest Addition to Delmore Realty Family

March 10th was an exciting day for the Delmore Realty family, as I gave birth to my daughter, Madison Hana, at the Maui Memorial Medical Center on that day. She is my first child and a first grandchild for my parents, the owners of Delmore Realty, and also the first grandchild on my husband’s side of the family. She is a special girl and we are so pleased and blessed to have her now be a part of our lives.

Will she be a future real estate agent? It’s certainly in the blood, but I like to think the sky is the limit and possibilities endless for whatever she wishes to do in her future. We will do our best to nurture her to a bright future.

What about her name? My husband loved the name Madison early on in my pregnancy. Given that my dad is originally from Wisconsin and Madison is the capital of that state, that was something special about the name. Hana? Of course, beautiful Hana, Maui – Madison ran the Hana Relay with me and my husband — while I was 13 weeks pregnant with her. Hana also means work or activity in Hawaiian…and she was definitely active in my womb and I expect she will be very active as she grows up. Hana also means #1 in Korean, and flower in Japanese, and she is of Korean and Japanese descent.

I would like to thank the great staff at the Maui Memorial Medical Center, the nurses and doctors at Kaiser Permanente, and also Nancy Irvine of Valley Isle Childbirth for making my pregnancy and birth experience a smooth one for my newly expanded family. We are fortunate to live on our beautiful island of Maui and I am looking forward to raising Madison surrounded by family, friends and all the best that Maui has to offer.

 

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Maui Real Estate Sales Statistics for February 2012

The February 2012 statistical report by the Realtors Association of Maui for real estate sales in the County of Maui showed strength in the single family home sales, with 77 homes sold in February 2012 at a median price of $535,000 (versus 59 homes sold at a median of $440,000 in February 2011).

For condominiums, the number of sales and also the median price in February 2012 dropped to 79 units sold and median price of $287,000, compared to February 1 year ago when 98 units sold for a median of $371,200.

Land median price in February 2012 was $333,924 with 12 units sold, an increase versus 7 units sold in January 2011. Four of the 12 properties sold were on the island of Molokai, so for the island of Maui, it was actually holding about steady with 8 units sold.

Some median prices of homes sold in several sample districts for February 2012 on the island are as follows:

  • Central (Kahului & Wailuku) $372,000 (23 homes sold)
  • Haiku $1,082,000 (6 homes sold)
  • Kapalua $2,880,000 (2 homes sold)
  • Kihei $448,000 (15 homes sold)
  • Kula/Ulupalakua/Kanaio $799,000 (3 homes sold)
  • Maui Meadows $600,000 (3 homes sold)
  • Wailea/Makena $910,000 (5 homes sold)

 Some median prices of condominiums sold in several sample districts for February 2012 on the island are as follows:

  • Central $110,500 (4 units sold)
  • Kaanapali $469,900 (9 units sold)
  • Kihei $235,000 (35 units sold)
  • Napili/Kahana/Honokowai $292,500 (18 units sold)
  • Wailea/Makena $660,000 (5 units sold)

 

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Properties On or Near Oceanfront Come with High Insurance Costs

One compoment of owning a home is paying for property insurance. Many people dream of owning a home in Hawaii that is on or near the oceanfront. There can be a lot of pleasure in owning such a property. However, one must also take into consideration the much higher cost of property insurance when such a home is in a high rate flood zone.

I recently asked Spencer Lau of Atlas Insurance Agency-Maui, located in Wailuku, for a quote on a modest home located near the ocean in Waiehu, Maui, a neighborhood within Wailuku, as someone had contacted me to find out more about this property. The home is located across the street from the ocean, and considered to be ina  high risk flood zone VE. The house, with less than 1500 s.f. of interior living area, would cost anywhere from $2,980 per year to $3,789 per year to insure, based on which deductible option a homeowner would choose (from a high of $5000 to a low of $1000 deductible). A similar house in a non high risk flood zone would only be approximately $365 for coverage…so it was around 10 times as high to be in this high risk flood zone, near the ocean.

Be aware that the federal government, FEMA (Federal Emergency Management Agency) sets the rates for flood insurance, and it is a big consideration when thinking of owning a property close to the ocean.

Here is a website, freeflood.net, that seems pretty accurate in allowing you to look up a property by address to determine which flood zone the property is in and if a lender is likely to require flood insurance.

This link to the county of Maui’s website also shows tsunami evacuation zones. This is not necessarily exactly the same as FEMA’s flood zones, but properties in one category or likely to also be in the other.

 

 

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