The Maui News is reporting today that Maui Land and Pineapple and its partners have found funding to replace Lehman Brother's position as a lender for The Ritz-Carlton Residences, Kapalua Bay.  After news surfaced that Lehman Brothers had declared bankruptcy back in September, the partnership financed the construction of the project themselves.  Construction continued without substantial delays, and sales of both the whole ownership residences and the fractional residences continued.  During this time the partnership sought replacement financing, which is now subject to Bankruptcy Court confirmation (thought to be at the end of January).  While many other high end developments have suspended construction, the Residences are just a few short months away from completion, as is the neighbo... 01/13/2009

January 11, 2009, The Plantation Course, Kapalua, Maui: Jeff Ogilvy is the new 2009 Mercedes-Benz Championship winner.  However, after stellar play all week, it wasn't a breeze on Sunday: the 31-year old player started the day with a six-shot lead, only to find it whittled away to just one stroke after eight holes.  Ogilvy fought hard for the next 10 holes to maintain his lead over Anthony Kim, finishing in a six shot victory at 24 under. In his fifth PGA TOUR victory, the Australian golfer accepted the trophy along with a million dollar check and the keys to a new convertible Mercedes-Benz SL550.  With a huge grin, Ogilvy said that beginning the PGA season here in Kapalua was "the best way to start the year. The golf course is unbelievable." Ogilvy also thanked the tournament officials... 01/12/2009

Yesterday was a gorgeous day here in the Kapalua Resort, as the world's best golfers and some of our favorite celebrities spent the day on the Plantation Course.  I was fortunate enough to have a few hours in the afternoon to walk the course and take photos of the course and a few of the players, including Ernie Els, KJ Choi, and Kenny Perry.  Celebrities included John Elway, Josh Kelley, Luke Wilson, Kyle MacLaughlin, Michael Bolton, and John Hamm. I hope you'll enjoy the photos, and hope to see you at the tournament! The first tee at the Mercedes-Benz Championship Ernie Els at the Plantation Course Kenny Perry looks up the 18th green. The 18th Tee at the Kapalua Resort's Plantation Course, Maui, Hawaii--check out the Pineapples which have been farmed here since 1912. 01/08/2009

01/07/2009

Yesterday, Kapalua Realty had the honor of hosting a golf clinic with Daniel Chopra, the 2008 Mercedes-Benz Championship winner.  It was a pleasure to hear his tips and suggestions for the game, as he answered questions from the crowd of Kapalua Resort owners and visitors.   Several fans wore visors with wigs attached to emulate his famous hairstyle, and even asked the now brunette golfer if he plans to go back to his trademark blonde.  When asked what was going through his mind at the tee, he replied that it depended on how he was playing--if it he was playing great golf that day, the answer is nothing.  If it's been a tough day, he's evaluating every element of his game. In response to the audience's varied questions, he went on to show us how he assesses which clubs are needed, how h... 01/07/2009

This is the November report on home sales on Maui from the Maui Real Estate Advisor.  You can read the entire report on sales for homes, condos and land on Maui at MauiRealEstateAdvisor.tv. Maui home sales still slow The true picture shows sales even slower than the numbers indicate  Home sales continued their up and down trend in November.  There were only 64 sales, most in the central area of Kahului/Wailuku. 22 of those were in the "affordable" category.  If we pull out the affordables, the median price jumps from $475,000 to $609,000.  Still median single family home prices trended steadily down since August.  Area Sales The Central area of Kahului/Wailuku accounted for 60% of all sales last month.  Once you get away from the affordable sales in the central area, the rest of the sal... 12/27/2008

On January 7th, watch some of Hollywood's brightest stars and the golf world's most celebrated players compete in the 18 hole Mercedes-Benz Championship Pro-Am.  Celebrity players include Anthony Anderson of Law and Order, Jon Hamm of Mad Men, Patric Warburton and Oliver Hudson of Rules of Engagement, Kyle McLaughlin, Greg Kinnear, Kevin Dillon and Jerry Ferrera of Entourage fame, John Elway, and musicians Michael Bolton and Josh Kelly.  To qualify for the Mercedes-Benz Championship, which starts the season each year, players must win one of the previous year's 48 PGA tournaments. Played each year on the Kapalua Resort's famed Plantation Course, one of the most wonderful aspects of this tournament is being able to walk alongside your favorite players without the crowds.  The backdrop of... 12/24/2008

Mele Kalikimaka from Aloha Potts Realty Every year Lahaina turns into a winter wonderland under the world famous banyan tree.  Instead lighting a giant pine tree, Lahaina lights up the banyan tree in Banyan tree park.  This tree was planted in 1873 to mark the 50th anniversary of Christian missionary work in Lahaina.  Our banyan is supported by several major trunks and covers over 2/3's of an acre. Of course, even in Maui we dream of a white Christmas, so bring in snow.  It's quite a site to see the keiki, and some adults acting like kids, having a snow ball fight while wearing shorts and slippas (flip flops). After the tree lighting ceremony and snow ball fight we make our way to the Wharf Center across Front Street for Christmas Hula.  We would like to share it with you.   Aloha, Laha... 12/21/2008

A sign of the times. More people are dealing with cut backs and job loss. I would have to say to anyone visiting Hawaii the Ulalena show is the best theatrical and musical show on Maui. I get chicken skins from the music every time I see it. I go at least once a year sometimes I see the show 3 times in a year. Do your self a favor and see the show, do the actors and musicians a favor and support them the show is fantastic and we all need to keep working.   Help support the arts on Maui and visit Ulalena today!   Maui has seen the number of visitors to the island drop significantly in recent months. In 2009, the show schedule will be adjusted to counter the low visitor numbers. Effecive January 10, 2009 Ulalena will show four nights per week with a scheduled performances at 6:30pm on Sat... 12/21/2008

Tis the Season But is anybody buying anything? Since our last newsletter in October, things have changed significantly.  The election is, at long last, over.  We, of course, expected that.  What we didn't expect was the economic news and fallout.  It was stunning to say the least.  And would-be buyers are stunned and waiting. Maui real estate buyers are behaving just like our great green turtles when they sense a shark is in the area.  They hide under a rock, bring their head and limbs inside their shell and close their eyes until they sense the danger has passed. So it might seem counterintuitive (wow, a 6 syllable word) that we would be expecting a busy winter real estate season in Maui, but we are. There are 3 reasons why: interest rates, airlines and pent up demand. For weeks we've ... 12/19/2008

Maui tourism is downSo great deals aboundNow you don't have a reasonTo stay home this season So get thee to the netYou'll find a package I betAnd we will see you in Maui, LahainaI ask you, what could be finer? Happy Holidays from your Realtor in MauiLahaina Lee Potts 808-276-8776  Aloha Potts Realty 12/19/2008

  I took this photo this morning of the bleacher set up on the 18th hole for the 2009 Mercedes-Benz Championship.  Each year, the Kapalua Resort's Plantation Course is host to this event, which begins the PGA season. Nestled along the course, is the gated community of the Plantation Estates.  This neighborhood consists of two-plus acre homesites, with exceptional ocean and island views.  I've been fortunate to watch Tiger Woods go by, with the backdrop of Molokai and Lanai, while showing a home on the 18th fairway.  It was quite a sight! This year, the PGA welcomes back the field of 2008 tournament winners January 5-11, 2009.  The qualified field includes such well known golfers as Daniel Chopra (2008 Winner), Ernie Els, Phil Mickelson, Justin Leonard, Vijay Singh, and Davis Love III. ... 12/18/2008

This morning, our weekly broker's caravan was hosted by Maui Preparatory Academy.  It was a treat to begin the morning with a serenade by the Kindergarten class, who won third place in their age category in this year's prestigious Na Mele O Maui student singing competition. Maui Prep opened its doors in 2005, on approximately 15 acres of land in Napili donated by Maui Land and Pineapple Company, parent company of the Kapalua Resort.  The plantation-style campus is nestled among the pineapple fields, and has amazing ocean, island, and mountain views.  Napili is located about 15-20 minutes drive from Lahaina town, and about 5 minutes from the Kapalua Resort. The Mission of MPA is to provide a superior education program for West Maui Students, in a nurturing, safe and stimulating environme... 12/17/2008

      Champagne Tasting!!!!!!!!!!!December 20th, 2008Kapalua Adventures6:00 to 8:00 pm  This should be a casually elegant event, pairing Moet and Chandon, Gloria Ferrer, and Roederer Champagnes with exquisite appetizers and delectable deserts.  Their pupus are always spectacular, and this should be a very nice start to the holidays! Cost is $35/person, ages 21 and up.  To register: 808-665-4386.  The Kapalua Adventure Center is located at 2000 Village Road, in the Kapalua Resort.   12/16/2008

The first two weeks of December are often a slow time for the Maui real estate market, and in turn the Kapalua Resort market, as our tourism tends to dip during this part of the year before we begin our busy season around the holidays and the new year. However, activity in the Kapalua Resort has been on the rise over the past month, with a new escrow at The Ritz-Carlton Residences, Kapalua Bay.  2401, offered at $9,395,000, is one of only eight bay front floorplans, with over 4200 sq. ft. of interior living area, and spacious lanais totaling approximately 1150 sq. ft.  These four bedroom residences are the gem of the resort, and this particular residence, a penthouse, features panoramic ocean, island, and sunset views. In addition, 14V1 at the Golf Villas, listed at $715,000, went into ... 12/16/2008

aina nalu Sales Statistics October and November 2008 Oct/Nov 2008 Studio Upstairs 1 bed Upstairs  1 bed Downstairs 2bed/1 ba  Upstairs 2 bed/2 ba Upstairs  2bed/2 ba Downstairs For Sale 1 3 3 2 11 13 Sold 0 0 0 0 0 0  Asking Price High $249,950 $475,000 $465,000 $599,000 $625,000 $609,000  Asking Price Low $249,950 $360,000 $435,000 $489,000 $458,000 $390,000  Median Asking Price  $249,950  $360,000 $459,000 $544,000 $475,000 $514,000  Average Asking Price  $249,950 $398,333 $453,000 $544,000 $495,818 $510,765 Median Sold n/a  n/a  n/a n/a n/a  n/a  Average Sold  n/a  n/a  n/a n/a n/a  n/a  Median for Sale  $249,950 $417,500 $450,000 $544,000 $462,000 $514,000  Average for Sale  $249,950 $417,500 $450,000 $544,000 $495,500  $510,550 Even with 2 short sale listings priced well below orig... 12/11/2008

Steve Case has been elected to the Board of Directors of Maui Land and Pineapple Company.  Mr. Case, who has accumulated a 42% stake in Maui Land and Pineapple over the past decade, is the co-founder of AOL and was born here in Hawaii.  At the time of the appointment, Mr. Case said, "I am proud to be associated with a great Hawaii company with such a long and distinguished history on Maui.  MLP has begun to make the necessary moves to position itself for a resurgence, and I look forward to working with the board and management team to help the company capitalize on its potential." Maui Land and Pineapple Company is the parent company of the Kapalua Land Company, which operates the Kapalua Resort.   12/09/2008

The Ridge Villas are a small low-rise, low-density condominium community located in the Kapalua Resort.  There are just 161 one and two bedroom condominium residences located in 28 buildings on 21.5 acres.  The Ridge Villa views are outstanding and varied: you will find residences perched on a bluff overlooking the ocean or looking across the famed Bay Course.  Floorplans range from single levels to townhouse styles. Just across the street from the Ridge Villas is Oneloa Bay, one of the white sand beaches that stretch across the Kapalua Resort's coastline.  The Ridge Villas are at the heart of the resort, and within walking distance of the Ritz-Carlton Hotel, shops, restaurants, beaches, tennis and golf.  Current pricing ranges from $785,000 to $1,350,000 for a one bedroom floorplan; $1... 12/08/2008

The Coconut Grove at Kapalua Bay  is one of the Kapalua Resort's smallest communities.  Comprised of just 36 residences, this oceanfront neighborhood is also one of the Resort's most desirable locations.  From January to October of 2008, there were no properties available.  Within the past two months, four have been listed for sale at prices between $3,600,000 and $6,300,000.  In the past two weeks, two Coconut Grove residences have closed #32 for $4,700,000 (oceanfront plan 4) and #10 for $3,600,000 (oceanview plan 3).  Note: #10 was not actively listed for sale in the MLS.  While this is historically a fairly slow time of year for our market and we have started to feel the effects of the mainland economic situation, the market at the Coconut Grove has remained very strong. 12/04/2008

How much is property tax on Maui? This is the most common question that I receive from the people that are interested in investing on Maui. Unlike other states, the value of a property is assessed by Maui County appraisers every year, based on a sophisticated formula that takes into consideration the sales in the area during that period of time. Once the value is determined, a taxpayer is taxed a certain number of dollars for every thousand dollars of the assessed value, for that type of property. For instance, if you own a  resort condo, you will be taxed $8.20 for every thousand dollars of the assessed value. I.e. for a condo that is worth $1,000,000, property tax will be $8200/year. If you own a  second home, you are taxed $4.85 per $1,000 of the assessed value. If you reside on Maui... 12/01/2008