Monthly Archives: April 2017

Wailea Fairway Villas T-202 Just Listed!

Delmore Realty is proud to represent this beautiful 2 bedroom/2 bathroom unit at Wailea Fairway Villas, unit T-202. It features all the best views one would expect in a Maui property, including views of outer islands, the stunning ocean & sunsets, as well as the Wailea Blue golf course, from  a large, private, covered lanai. The unit has new appliances in the kitchen, split air conditioning in the living room & master bedroom, ceiling fans. The complex has great amenities, including a pool overlooking the ocean, fitness room and bbq area. T-202 is listed at $689,000. MLS 373494. Easy to view. Contact co-listor Kimberly Delmore R(B) for a showing at 808-298-6655. Co-listed by Jeannie Kitagawa R(S).

Ocean view from lanai

Ocean view from lanai

Master bedroom with ocean view

Kitchen with new appliances

Kitchen with new appliances

Fully furnished unit with split a/c

Living room with ocean views, split a/c

Wonderful sunset views

Fantastic sunset, ocean & island views

Granite kitchen with new appliances

Lanai with ocean view

Fully furnished unit – Living room

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Just Sold! 1024 Hoomau St, Waiehu Terrace!

Living room with ocean view

1024 Hoomau St exterior – just sold!

Delmore Realty just closed as the seller’s brokerage on 1024 Hoomau St, Wailuku, in the Waiehu Terrace neighborhood. Kimberly Delmore R(B) was the seller’s agent. The 4 bedroom/3 bathroom home was located in the desirable upper end of the community and offered North Shore ocean views and Haleakala views. The home was well maintained by original owners and sold for $639,000. The buyer purchased using an FHA loan. Kimberly Delmore R(B) can be reached at 808-298-6655 (cell).

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Residential Sales Reports for March 2017 & Q1 from Title Guaranty

The March and 1st Quarter Stats are in. Reports courtesy of Title Guaranty.

Median Sales Price of a Single Family Home is up 26.1% over last year to $770,000!

As you will see below, South Maui lead the way with over $94 MIL in Sales in March and $249 Million for the quarter.  Followed by West Maui with $51 MIL in Sales in March and $94 Million for the quarter.

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MAUI COMMERCIAL LEASING: Round up 2016 – Office, Retail, Industrial

KIHEI DOWNTOWN Breaking ground soon in Kihei a new retail development anchored by a small hotel and a small movie theater.. Image courtesy Krausz  Companies, Inc.

From Maui News 4/7/17 by Brian Perry

Maui’s retail, office space vacancy rates climb in 2016

MAUI COMMERCIAL REAL ESTATE: Retail & office space markets have seen better days, pockets of distress in Central Maui & Kihei office markets according to Colliers International’s. Industrial space is tight.

2017 BRICKS & MORTAR RETAIL MAY BE BLEAK
The future of brick-and-mortar stores in Central Maui may be bleak this year as well with the recent closure of Savers thrift store on Dairy Road and the pending June 11 closure of Kmart, Maui’s first big-box store, near Kahului Airport.

STILL BUILDING MALLS ANYWAY
Meanwhile, Alexander & Baldwin is moving ahead with its 94,000-square-foot Ho’o-kele Shopping Center near Target — a development with a Safeway store anchor expected to put more pressure on an already soft market.

The Colliers report shows that Central Maui had an inventory of 1,429,243 square feet of retail and 206,314 square feet of available office space for lease in 2016, leaving it with a vacancy rate of 14.44 percent, a record high. And there was 90,052 square feet less occupied retail space in Central Maui in 2016 than the year before.

AVERAGE CENTRAL BASE RENTS $2.39-$3.67 per sf per month+CAM+tax
The average asking price for rent in Central Maui ranged from $2.39 to $3.67 per square foot.

“Most of the vacancies occurred at Queen Ka’ahumanu Center, Maui Marketplace, Maui Mall and Kahului Shopping Center,” the report says. “Sports Authority (at Maui Marketplace was formerly Borders Books) was the largest tenant to have vacated over the past year.

WEST MAUI STRONGER
While market softness was experienced in Central Maui, South Maui and West Maui posted occupancy gains of 33,714 square feet and 353 square feet, respectively.”

In West Maui, the retail space inventory was 887,853 square feet, with 89,988 square feet available, for a vacancy rate of 10.1 percent.

KIHEI STRONGEST MARKET FOR RETAIL
The strongest retail space market for owners in terms of vacancies was in South Maui where the inventory was 823,165 square feet and available space was 76,394 square feet, for a vacancy rate of 9.28 percent, the only region without a double-digit vacancy rate.

RETAIL VACANCY HIGHEST EVER
Overall, Maui’s retail vacancy rate last year was 11.87 percent (the highest level in 17 years), with 55,985 square feet less space occupied in 2016 than a year earlier.

However, the Colliers report says that a positive sign for Maui’s retail sector is an increased interest in retail development.

DOWNTOWN KIHEI – BREAKING GROUND SOON– movie house & small hotel, many small shops Paia Syle:

“Developers are optimistic that South Maui will continue to post strong retail demand as both Downtown Kihei and Wailea Village projects have begun their pre-leasing efforts for a combined total of 191,000 square feet of space,” the report says.

In July 2015, the Maui County Council approved land-use measures to clear the way for the $72 million Downtown Kihei project. Plans call for building restaurants, shops, medical offices, a movie theater and hotel on 27 acres bisected by Piikea Avenue and between the Piilani Village Shopping Center and the man-made wetlands mauka of Longs.

WAILEA VILLAGE CENTER – COMING
The 43,000-square-foot Wailea Village Center should be completed late this year or early next year, according to a representative from the project developer to the Maui Planning Commission last year. Located mauka of the Shops at Wailea, the shopping area already has a 20,000-square-foot retail center, but plans call for doubling the size of the complex on 6.6 acres near the intersection of Wailea Ike and Wailea Alanui drives.

The West Maui retail market may benefit from additional development, the Colliers report says.

It points out that there are plans underway for a mixed-use project that incorporates residential, hotel and retail components on the Ka’anapali Golf Course owned by the state Employees Retirement System. That project would include an 80,000-square-foot retail center along Honoapiilani Highway.

“With all the new development planned over the next few years, retailers seeking to expand or add locations will enjoy an increase in the number of options available to them,” the report says.

COMMERCIAL RENTS UP
Retail rental rates increased for all areas, with Central Maui seeing a 20.2 percent increase in 2016, compared with 2015. Rents were up 5.3 percent in West Maui, and they were up 0.3 percent in South Maui, according to the report.

“These gains are indicative of the variability of small retail inventory associated with each of these small submarkets,” it says. “A jump in rents in one shopping area can easily impact the rents for the entire trade area.”

EXIT LOWE’S, K-MART, SPORTS AUTHORITY, SAVERS LEAVE BIG HOLES
The report also says: “Maui’s retail horizon appears hazy as two large blocks of space will likely become available in the near term future in Central Maui. The pending closure of Kmart and the relocation of Lowe’s Home Improvement Center from the Maui Marketplace will add nearly 150,000 square feet of additional available space and boost Central Maui’s retail vacancy to 15.5 percent by year-end 2017. Maui’s vacancy rate could exceed 16 percent should these spaces remain vacant through 2017.”

Although visitors are spending more on goods and services, residents have been spending less, the Colliers report says.

“Unfortunately, this continues the downward trend that started in 2013,” the report says.

OFFICE SPACE SOFT
Meanwhile, soft market conditions persist for Maui’s office space. Overall, Maui has an inventory of 972,293 square feet of office space and 197,826 square feet of available space, leaving the sector with a vacancy rate of 20.35 percent in 2016. According to the Colliers report, Maui’s office market posted its seventh consecutive year of lost occupancy as the islandwide vacancy rate rose to its highest level in 15 years.

Wailuku had a vacancy rate of 15.78 percent, and Kahului had a rate of 8.43 percent.

The highest vacancy rate in submarkets was 31.08 percent in Kihei in 2016, a record high, the report says. There, the inventory office space amounted to 415,157 square feet with available space of 129,037 square feet. Boeing Co. left Premier Place as a tenant, leaving open 22,000 square feet of office space.

“Maui office submarkets are also prone to volatility as the small inventory size (less than 1 million square feet) makes them vulnerable to even small changes in demand,” the report says. “Vacancy rates for Kihei remained elevated above 31 percent as overbuilding during the past decade has kept this market from recovering. The Central Maui office markets of Kahului and Wailuku fared better than the Kihei market, as county government office and many of Maui’s principal businesses have fueled nominal office demand.”

The flip side of soft markets for the island’s retail and office segments was in the industrial market where there’s a “severe shortage” of available space.

INDUSTRIAL SPACE HAS LOW VACANCY RATE & HIGH DEMAND. SCARCE
Kahului had the lowest industrial vacancy rate at 1 percent, followed by West Maui at 1.19 percent, Wailuku at 2.35 percent and South Maui at 3.64 percent — good news for property owners, bad for those who rent or lease.

INDUSTRIAL ZONING IN DEMAND, SUPPLY LIMITED, DEMAND GROWING
Overall, Maui has an inventory of 5,905,858 square feet of industrial space of which 83,241 was available, leaving a vacancy rate of 1.41 percent.

Wholesalers occupy the most industrial space on the island, most of it located near Kahului Harbor, the report says.

Wholesale/distributor sales revenue for the fiscal year ending in June 2016 was down by 1 percent to $434.17 million, it said.

2016 COMMERCIAL ACTIVITY REVENUE DOWN TO $475M FROM $726M

Commercial real estate investment activity came to nearly $475 million in 2016, although that was a 34.6 percent nosedive from $726 million in 2015, Colliers reported. Prime resort and retail properties together made up $380 million in sales, or more than 80 percent of the dollar value for the year.

Offshore money amounted to $397.7 million, or 82.5 percent, of total investment in commercial real estate, the report says. The average transaction amount for offshore buyers was $55.93 million, or nearly 20 times larger than the average transaction size for local buyers, $2.97 million.

Last year’s most expensive purchase was $210 million in November for The Ritz Carlton, Kapalua, by a consortium including Trinity Investments, Ares Property Partners, SMW Hospitality and Wafra Investment Advisory Group. The West Maui property, previously owned by Woodbridge Capital and Colony Capital, includes 297 hotel rooms and 107 resort condominiums.

* Brian Perry can be reached at bperry@mauinews.com

See full story from Maui News April 7 2017 at

http://www.mauinews.com/news/local-news/2017/04/mauis-retail-office-space-vacancy-rates-climb-in-2016/

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Four DELMORES = Two Generations of Realtors on Maui

(L-R): Kimberly Delmore R(B); Young H. Delmore R(S); Thomas G. Delmore PB; Brian K. Delmore R(S)

Delmore Realty – Two generations serving Maui: Thomas G. Delmore (Tom), the Principal Broker for Delmore Realty, was first licensed in Hawaii in 1989 and opened Delmore Realty in 1992. The company is located at 1877 Wili Pa Loop #2 in the Millyard in Wailuku, where it has been based for last 25 years. Delmore Realty now has four family members, with more than 60 years combined real estate experience, and four additional licensees, for a total of eight active agents.

“We do a lot of business in Wailuku and Central Maui,” Delmore said. “Nobody has sold more  condos in Iao Parkside than we have. We are very well informed about all different kinds of Wailuku properties, both residential and commercial.  From time to time we also represent properties at higher price points.” High end sales have included a luxury oceanfront condo at Polo Beach in Makena, buyer and seller representation for multiple units at Kaanapali’s Honua Kai, one of the west side premier complexes, oceanfront property on the North Shore and luxury homes in Haiku, Launiupoko and Kula.

Delmore is a believer in the value of building relationships; “When you treat people right they come back to you,”” he said. “Real estate involves an understanding of fiduciary responsibility and a high degree of trust.”

Before coming to Hawaii, Delmore, a native of West Allis, Wisconsin (near Milwaukee), was a graduate of the University of Wisconsin at Whitewater where he received a degree in Business Administration. He served in the US Army for over four years, including tours in Thailand and South Korea, where he met his wife. Following the military he spent decades working as a federal employee for the Internal Revenue Service on the Mainland. “In those years,” he said, “I went to work in the dark and came home in the dark. The building I worked in was made of granite. I never saw the sun. When an opening was posted in the Treasury’s Honolulu office you can bet I jumped at it.” He was selected for the Hawaii assignment and went on to head the Maui IRS office and received many superior performance awards over the years.

Tom and his wife, Young, moved to Oahu in 1974 and then to Maui in 1978. The couple has three children, Kim, Brian and Kevin. Both Kim and Brian have followed their parents not only into real estate, but also into the family firm.

Always an early adopter in technology, Delmore has had a website for more than 20 years. He is well versed in all the bells and whistles of the internet age and provides tech support for his family and other agents in the company.

Tom is a longtime member of the Realtor’s Association of Maui (RAM) and has held many leadership posts in that organization including: Treasurer, Secretary, MLS chair, member of the budget committee and area representative.

For recreation Tom likes to walk. He still roots for the University of Wisconsin at Madison Badgers in basketball and football, and continues to follow the Green Bay Packers. In former years Tom was an active runner and completed many marathons. He was an officer in the Valley Isle Road Runners club. He was involved with his children in age group swimming for 15 years and served as president of the Aloha Aquatics swim team.

Kimberly Delmore R(B), ABR, CRS: Kim got her license in 2002 and was named Outstanding Newcomer in 2003. A licensed broker since 2005, Kim is an Accredited Buyer’s Representative (ABR) and Certified Residential Specialist (CRS). She is the 2017 Treasurer-Elect of the Realtors Association of Maui (RAM) and was the 2016 Central Regional Director for RAM. She is married to commercial real estate appraiser Shane Fukuda, and is the mother of two. Growing up on Maui, Kim attended H.P. Baldwin High School where she was a competitive swimmer and runner. She graduated from the University of San Francisco with a BA in communication. In addition to Maui, Kim has lived in and sold real estate on Oahu and in Hong Kong, and also worked in Silicon Valley for several years.

Young H. Delmore, R(S): Young is the wife of Tom, mother of Kim, Brian and Kevin, and doting grandmother to Madison, Austin and Ledge. Young met Tom while he was in the army stationed in her native country, South Korea. The couple married in Milwaukee in 1972. Young became a  licensed Realtor in 1999 and enjoys assisting Korean-speaking clients. She is active in her church, plays piano, sings in the choir, enjoys cooking and working out at 24-Hour Fitness.

Brian K. Delmore R(S):  The most recent member of the family to join the company is Brian Delmore, a San Jose State graduate with a degree in business. Brian has been a Realtor since 2012. Growing up on Maui, he graduated from H.P. Baldwin High School, where he was an outstanding competitive swimmer and captain of the swim team. Brian lived in the San Jose, CA area for a decade before returning to Hawaii. Brian’s sales have included beautiful properties in Wailuku Country Estates, Maluhia Country Ranches and Iao Parkside. In his time off, he enjoys fishing, disc-golf and water activities.

The Delmore family agents recommend these attractive current listings:

BRIAN DELMORE’s current listings include:  MLS 370779  Located in Paukukalo near the ocean this listing features an older single family home with a 2 bedroom, 1 bath house on over 55,00 sf land. The asking price is $549,000

MLS 371319   Maui Realty Suites in Wailuku. This is a stunning  2/2 condo on 5h floor of one of Wailuku’s tallest buildings. This is an  immaculately kept condo with over 1,300 sq ft of living space in the heart of town, in a secure building with gated parking garage. It has excellent ocean, Haleakala and West Maui Mountian views. Asking price is $595,000 for this bi,g beautiful centrally located unit.

MLS 370948  Looking for a single family home with a separate ohana unit? This property in Lower Waiehu area might be for you. It’s a three bedroom, 1 bath house and a brand new 2 bedroom 1 bath cottage on a 11,600 ft lot situated across street from ocean. The listing price is $649,000.

Reach Brian on his cell at cell (808) 212-7707 or contact him by email at brian@delmore.net

KIMBERLY DELMORE’s current listings include:  MLS 373494  Wailea Fairway Villas is a 949 sq ft end unit condo with 2 bedroom 2 baths and appealing ocean views. The listing price is $689,000. Co-listed with Jeannie Kitagawa R(S).

MLS 372253  Wailuku House & Cottage: This newly remodeled 3 bedroom 2 bath house with a 1 bedroom 1 bath ohana is in the North Vineyard St area of Wailuku. It features a huge deck and sweeping Iao Valley views along with a big lot. The inside contains many hi tech features. It is spacious, charming and a short walk to Wailuku. It is listed at $775,000.

To schedule showings call Kim at (808) 298-6655 or email her at kim@delmore.net

TOM DELMORE’s current listings include:  MLS 371381   Want to live in the country? Take a look at Maluhia Country Ranches in Kahakuloa. This single family house with 2 bedroom and 2 baths has privacy and beauty. It sits on a 3.5 acre site with a stream running through it. This home offers extraordinary ocean and mountain views, has PV and a large barn inlcuded in the condominium property regime parcel. Asking price is $950,000.

MLS 371754   One of the most spectacular listings to come his way in some time this Omaopio estate in Kula features a 5 bedroom, 5.5 bath dwelling on over five acres. A sweeping palm lined drive leads to the spacious 4,400 sf home with a five car garage and stunning bi-coastal views. Asking price is $2.95 million.

To schedule an appointment call Tom on his cell at (808) 283-2438 or email tom@delmore.net

Visit our web site or call us Toll Free: See all MLS listings, current and past blogs, and all upcoming open houses on Maui at our Delmore Realty website  www.delmore.net. The Delmore office phone is (808) 242-1467, or reach us Toll Free at (888)-335-6673.

Other agents Delmore Realty agents include Susan Halas (RB),  Jeannie Kitagawa (RS), Faith Thornton (RS) and Nelson Yoshina (RS).                                          (posted 4/2/17 sh)

 

 

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