Monthly Archives: December 2012

Wailea Point – Market Update

Sunset at Wailea Point condo, Maui

Wailea Point condominium, Maui

Situated on 26 acres of prime oceanfront land between the Four Seasons Resort and the Fairmont Kea Lani resort in Wailea on Maui’s sunny south shore is the Wailea Point gated condominium complex. As of this blog date, there are 13 units listed for sale as Active in the MLS, with asking prices ranging from $1.575 million to $5.7 million. There are 130 units at this exclusive complex, which was built in 1986/87 and designed by architect firm Riecke, Sunnland, Higuchi, Kono. In 2012, 3 sales were closed at the complex, ranging in price from $2.325 million to $5.3 million (however, the sale for $5.3 million was actually for 2 units sold together as a jumbo-sized unit). We can be of assistance for those who wish to learn more about the fine community of Wailea Point.

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Understanding Maui’s Property Taxes

As a homeowner or prospective homeowner, it’s very important to understand how Maui’s property taxes work.

The County of Maui has a brochure called “Understanding Property Taxes” that is very helpful. This brochure outlines important dates, such as Dec 31 deadline for filing exemption cliams, the due dates for taxes, deadlines for filing tax apeals, important #s to call, how properties are assessed/apprasied and more.  There is also a website, www.mauipropertytax.com.

Every year the County Council decides on the tax rates. The tax year runs from July 1-June 30th. August 20th is when the 1st half year taxes are due. Feb 20th are when the 2nd half taxes are due. The latest tax rates as of this blog, for the 2012-2013 year are as follows:

Residential $5.75, Apartment $6.20, Commercial $6.90, Industrial $7.10, Agricultural $6.00, Conservation $6.20, Hotel & Resort $9.15, Time Share $15.50, Homeowner $2.75, Commercialized Residential $4.50.

There are a few opportunities for exemptions which can reduce your taxes. The most common is the homeowner exemption. See a link to our blog about the homeowner exemption at http://delmore.net/blog/2012/12/13/homeowner-exemption-application-due-by-dec-31-2012/.

There is a minimum rate of $250 for properties that meet the county’s criteria.

The County of Maui’s tax division can be reached at 270-7297 for further questions about property taxes.

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Homeowner Exemption Application Due by Dec 31, 2012

It’s that time of year again…homeowner exemption applications are due by the end of the year. If you have just bought a property in 2012 and are living in your home on Maui as a primary residence, or if you owned your primary residence and never knew about the homeowner exemption, then do complete the homeowner exemption application to start saving a lot of money. You will get taxed at the lowest rate and get the homeowner exemption. Here is the link to the application: http://www.mauicounty.gov/documents/3/38/138/Home_Exemption_2013%20PUBLIC_201206211720475843.pdf

Per the flyer “Understanding Property Taxes” by the County of Maui, the version dated 7/9/12, “…if you own and occupy your property as your principal residence on January 1, you will be eligible for a single exemption of $200,000. This amount will be deducted from your property assessment before your net taxable value is calculated.”

The Real Property Tax brochure continues, “For example, if you own a house and lot valued at $550,000 and are eligible for a single home exemption of $200,000, your net taxable value will be $350,000. This figure is divided by 1,000 then multiplied by the applicable tax rate, which is set by the County Council, to determine the taxes owed.”

In this example ablove, $350,000 divided by 1,000 is 350. 350 multiplied by the Homeowner rate ($2.75 for 2012-2013 tax year) = $962.50 is your tax owed.

Be aware that the 2012-2013 tax rates (set by the County Council) as well as the homeowner exemption was recently changed. The previous year, the homeowner exemption was $300,000.

If your property is valued low enough, and you qualify for a homeowner’s exemption, you will only owe the minimum tax of $250 to the County. What a deal! Maui owners should appreciate how low their taxes are relative to many other places in the country.

You only have to file the homeowner exemption application once for your property and the homeowner rate and exemption will apply until there is a change in status. At that time, the owner has the responsiblity to inform the County of any change or may be subject to a penalty. If you are a new owner of a property, you must file the application, even if the old owner had a homeowner exemption.

 

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November 2012 Maui Real Estate Sales Statistics

The statistical report as of November 2012 of the Maui Real Estate Sales Statistics by the Realtors Association of Maui is out, showing a residential median home sales price of $467,500 at 84 homes sold, down from October in price in volume, but up in both compared to November a year ago.

November’s report shows a median condo price of $390,945 with 96 units sold. This is up in price compared to the prior month, and steady in volume. Compared to November of a year ago when the median condo price was $265,000, the median price is significantly up. However, if you look at the year-to-date information, a better indicator, the condo median price is $353,900, which is up a healthy 14% compared to Y-T-D in the same period last year, when the median was $310,000.

Back in the residential home category, the year-to-date through November 2012 median is $465,000, a close reflection of November’s price, and is up 7% compared to Y-T-D in same period in 2011.

Land year-to-date median prices are at $350,000, 15% higher than same period last year.

As is typical November’s busiest district for single family home sales was the Central district of Kahului/Wailuku, where 28 homes sold at a median of $405,063. THis is about similar in price compared to 1 month ago, but is much higher than November 2011’s median Central home price of $348,000. Central’s current Y-T-D median home price is $372,000, 1% less than same Y-T-D period in 2011.

Kihei’s (2nd busiest district) current median home price is $549,500, up a lot from same month a year ago when the price was $371,500. It’s also up greatly from just one month earlier, when October’s median was $455,750.

In the condo market, Kihei was, as typical, the busiest distrcit, with 31 units sold at a median of $280,000, which is not much higher than the prior month or prior year. Strong sales in Napili, Wailea and Kaanapali helped push the median up for the month.

Inventory of properties remains low. However, November showed an uptick in the amount of inventory compared to the prior month. As of the Dec 8th, 2012, 648 homes were active/pending or contingent, which translates to 7.7 months of inventory, compared to 635 in the previous month. For Condos, 931 properties were active/pending/contingent (9.7 months of inventory) compared to 883 in the previous month.

 

 

 

 

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