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New Construction in Wailea – Lai Loa at Wailea
As the rest of the world holds on pause to see what happens next, La’i Loa at Wailea, Wailea’s newest product has been introduced to South Maui. Although the current state of the market and has some concerned about uncertainties, this development has been long awaited and warmly welcomed by a captive audience. Bordered by Kai Malu at Wailea, the Wailea Blue Golf Course, a 13 acre natural reserve and Wailea Alanui Drive as shown on the map below.
Many of you have asked over the years to be kept apprised when something new comest to South Maui… 4 weeks from launch and they’re already 25% under contract.
Rendering of future Lai’loa Site bordering Wailea Alanui Drive.
The final 125-acres of residential living in Wailea was purchased by the developer, Ledcor from from A & B in early 2019. An upcoming 7 complex family of homes, Wailea Hills is on the last portion of what’s to be built in Wailea with walking paths, beach and restaurant access and a community vibe. It’ll take years before full completion, but we kick it off with Lai’loa at Wailea, 15 buildings with 75 units on 13 gorgeous acres of South Maui. The buildings in Lai Loa, located off Kai Malu Drive, and bordering Wailea Alanui Dr. will be oriented along the elevation to maximize the ocean views for the single-level two- and three-bedroom units and four-bedroom penthouses. Think big ocean, outer-island and golf course views – especially from the highly coveted Penthouse units, which are starting at $3.495m.
Future Wailea Hills Site Rendering
All views will face Northwest, with home prices starting at $1.5 million. and ranging into the upper $3m for larger footprint Penthouse units. I had the pleasure of attending a recent virtual tour. With the new ages of technology, they are able to depict excellent renderings of what’s to come. The best thing about these units are the size of the footprints. Larger than at Kai Malu or Keala o Wailea and really unlike anything else currently in Wailea. They also all have parking garages and ample storage for kayaks and stand-ups. All units will look straight out to the ocean, with the panoramic being the most substantial of them all.
Spacious floor plans
- 2 bedroom, 2 bath $1.495 1,374 inside + 312 sq.ft. covered lanai = 1,686 total sq. ft.
- 3 bedroom, 3 bath $2.050 1,743 inside + 424 sq.ft. covered lanai = 2,166 total sq. ft. Sits 40ft above the road
Penthouse
- 4 bedroom 3.5 bath $3.495m 2,587 inside + large 778 sq.ft. covered lanai = 3365 sq. ft. total Sits 55ft above road
All residences include designer custom finishes. There are no upgrades, they are all top notch. Sleek finishes include: disappearing glass sliders, wooden entry door w/ glass side light, LED lights in all rooms, plush carpets in the bedrooms. Grasscloth finishes, subway tile in the kitchen, double ovens, Hans Grohe appliances and toto toilets. To be explained as classic and sophisticated with a contemporary, modern and neutral color palette. Keeping it comfortable and practical… every unit has wide / deep lanais and a barbecue that vents to the outside.
Lailoa Penthouse view rendering
Lailoa living view rendering
Leila kitchen rendering
Seattle-based architecture firm Weinstein A+U brought the vision to paper and world-renowned, Honolulu-based Philpotts Interiors are leading the design team for the project. Ledcors portfolio also includes development of the Luana Garden Villas at the Honua Kai Resort & Spa near Kaanapali on the west side of Maui. If you’ve ever been to Honua Kai invest Maui, you’ve been introduced to the luxe product that these visionaries are known for. It’ll be fun to see the same realized on our side of town and we are excited to bring you this special opportunity.
Photos and layout plans courtesy of Wailea Hills, via their brochure
The amenity center sits against a 3-acre natural reserve parcel. A hot tub, infinity pool, gym, pool with expansive deck, and cascading lawns for bocce ball or sunset picnics. A well thought out plan promoting gathering and community and it has nothing impacting your view.
Photos and site plans courtesy of Wailea Hills, via their brochure. Listed by Polaris Pacific Properties.
Projections forthcoming for a larger-scale community center for the Wailea Hills project – 7 communities as a whole to enjoy. This will be near the upcoming Clubhouse which will be a big benefit.
This is the first project of 7 that will complete the Wailea Resort. It’s smart to consider “getting in” early. You saw what happened with initial investors at Keala o Wailea. Don’t WAIT. Virtual tours are available and reservations are being accepted now.
What’s required to reserve?
- 5% 1st deposit, due at contract signing
- Contract goes binding 30 days from acceptance.
- 10% 2nd deposit, due November 2020.
- 85% to be brought in at close via cash or loan.
Once 65% of the units are binding the developer will break ground with completion projected at the end of 2023, although that is not definitive.
The first phase has almost sold out and more are expected to release soon.
Check out this latest video from our Chief Economist Matthew Gardner on New Home Construction.
Curious about New Construction? It’s an even better opportunity in a place with limited supply.
Reach out… Let’s get your toes in the sand.
With aloha, Erica
Moving Your Pets to Hawaii
When relocating to Maui, all we can think of is warm days with our families and friends. Up until a short time ago, transporting our loving animals has been almost impossible. Seemingly torturous to hold them in a small cell for an extended period of time. To most owners – not worth the stress that in some horror cases is irrecoverable.
The times have changed… The days of locking up our furry friends in quarantine to bring them over to the islands is long gone! All the is necessary is the correct documentation and proper planning!
Start by signing UP! Contact Kelly, the direct release coordinator with Central Maui Animal Clinic at: kellydirectreleasemaui@gmail.com – 808-446-1521.
Kelly is amazing and will be your liaison in getting things prepared. She will help you do be sure you have the correct documentation, and is the first one to meet your furry dog or cat when they arrive on Maui. If your pet is with you on the cabin, Kelly is waiting on the jetway to receive you and your family. They’ll take them for a walk to stretch out as they wait for your family to deplane and/or arrive to the designated location.
Have the correct DOCUMENTATION! Have your photo ID and the state permit and health certificate ready and they’ll have you on your way quickly. There’s a pee pee spot at the airport and they’re animal lovers, so you can feel assured they’re in great hands.
The new requirement is 30 days of a minimum waiting period after a successful FAVN rabies antibodies test before arriving in Hawaii.
The Main Requirements of the Program:
1. The Fees for direct release are at $185.00 – $244 if you want them released in 5 days or less.
2. Be sure your furry friend has a MICROCHIP
3. Get in touch with Central Maui Animal Clinic to help you plan, then have the FAVN blood test done with the correct timing of your travel plans (30 days)
More information can be found via the State Website here
Check out the following Checklist for Import of Pets to Hawaii is below, or printable Checklist for Pets to Hawaii
Owners must submit the following documentation so it is received by the Animal Quarantine Station 30 days or more ahead of the planned date of arrival:
- Completed and signed Dog & Cat Import Form (AQS-279). (Does NOT have to be notarized.)
- Original rabies vaccine certificates for the 2 most recent vaccinations.
- Payment of $165 by cashier’s check or money order.
- Flight information (i.e. Airlines, flight number, date and time of arrival).
- Check “Neighbor Island Inspection Permit $165” on the program applying for section of the Dog and Cat Import Form AQS-279.
The team at Central Maui Animal Clinic have made some awesome moves for our island over the past decade. They’ve expanded their staff and business hours to accommodate 24 hour emergency help. They’ve also opened Lahaina and South Maui Locations. Rely on them to help you through the process, then reward them by giving them your on-island business.
Looking forward to seeing you and your families back on the island.
If you’re curious about Maui real estate, reach out! Let’s get your toes in the sand.
Aloha, Erica Haleakala text + call + email 808-281-4107
Understanding 1031 Tax Exchanges on Maui
ALOHA!
Selling Real estate in Hawaii has us immersed in a second home market ripe with investors looking to transfer their investment funds using the 1031 Tax Exchange program on Maui pretty often. It’s important to know the facts and have the resources on hand when you need answers you can trust, especially when looking to invest somewhere disconnected and far from home – like Hawaii.
Fidelity National Title gives a great explanation on a what 1031 Exchange actually is:
Section 1.1031, of the Internal Revenue Code of 1986, as amended, offers real estate investors one of the last great investment opportunities to build wealth and save taxes. By completing an exchange, the investor (Exchanger) can dispose of their investment property, use all of the equity to acquire a replacement investment property, defer the capital gain tax that would ordinarily be paid, and leverage all of their equity into their replacement property.
Whoa. Did you READ that right??? Yes, you sure did. And it’s got investors saving hand over fist in an incredibly HOT market on Maui. You sell your investment, and then roll the capital into another and save a ton on taxes.
… ON 2 CONDITIONS.
1.). Exchange must be for “like-kind” – ie. residential for residential, or commercial for commercial, etc…
2.). No cash or additional benefit may be acquired unless you pay capital gains taxes on it.
WHAT DOES IT TAKE?
The IRS demands that once your property is sold, it is placed with an intermediary entity called an ‘Accommodator’ who is in charge of holding the funds. The Exchanger then has 45 days from the date of close to identify 3 possible replacement properties.
… 3 FINAL REQUIREMENTS.
1.). Purchase must be of equal or greater value.
2.). All equity must be re-invested.
3.). Equal or greater debt. (with an exception that a reduction can be offset with additional cash, but a reduction in equity cannot be offset by increasing debt.
Once the 45 days have passed, the property identification list cannot be changed and everything must be logged and in writing with the accommodator to show that we are abiding by specific guidelines.
So the GENERAL 3 RULES
- The new purchase must be the same or greater value than the relinquished.
- Reinvest all of the exchange equity into the replacement property
- and obtain the same or greater debt on the replacement property as the one relinquished.
Both properties must be sold and acquired for income and/or investment purposes.
Here’s the full article from Fidelity National Title that explains these specifics.
More questions? Who can HELP?
Julie Bratton with OREXCO is the local expert and the person to call when considering a 1031 tax exchange on Maui. Old Republic Exchange has also created this awesome video to help with understanding the process of 1031 tax exchanges.
Here’s also a brochure to explain some of the particulars. ORE Brochure 2018
If you’re strongly considering, Julie is so easy to talk to and she can help with understanding all kinds of ways the exchange program works – including deferred, reverse and simultaneous. Her experience has proven a strong track record in guiding homeowners to successfully achieve their investment goals. Don’t be afraid to reach out!
Julie Bratton (formerly Tumbaga) – Hawaii Representative
877-591-1031 direct
jbratton@oldrepublicexchange.com
Maui provides an amazing landscape for the investor looking for a 2nd home that can generate some passive income through the short term rental market when you can not be here to enjoy. World-class beaches, dining, and shopping are all at your fingertips and the weather is fantastic year-round. As time goes by, you can spend more time here enjoying your investment. This is the ultimate retirement plan. Curious about an investment on Maui? Reach out, let’s get your toes in the sand.
With aloha, Erica Haleakala – 808-281- 4107
Wailea Realty Corp | Windermere Maui | The Shops at Wailea, Maui Hawaii.
Rare Retreat Investment Opportunity in Maui Real Estate
Pu’uhonua Estate – 300 Kepa Road, Kula, Hawaii
A Private Estate Compound on 16.47 private acres on the slopes of Haleakala in Upcountry Maui.
- 5,374 square feet, 5 bedrooms + 4.5 bathroom main house built in 1926
- 1,832 square feet, 2 bedrooms + 2 bathroom cottage built in the late 1970’s
- 500+ square feet, 1 bedroom + 1 bathroom cottage
- Garage with Studio apartment above
Recently Listed for $6,900,000
An elegant estate property tucked away at the end of a lane in Upcountry Maui where the climate is mild and the views are spectacular. The sweeping entry driveway is edged in glorious jacaranda trees with their vibrant purple blooms. Built in 1926, this grand estate is steeped in Maui history and has been the site of many wonderful island gatherings. The tranquil estate includes 16 acres of beautiful upcountry land, 8 of which are manicured and planted with gardens of protea, day lilies, azaleas, fruit bearing trees, exotic palms, a Japanese garden and rows of orchid greenhouses.
Walk along the tree lined paths from the 5,000+ sq.ft. main home as you step back into time with a paneled library, formal living and dining rooms, butlers’ pantry and grand staircase that leads up to the upper floors with period fireplace and chandelier. This is the ultimate restorationists dream…
Next stop is the 1 bedroom, 1 bath cottage, with a free standing garage building and studio apt above, then down the drive to the 1,832 sq. ft. 1970’s home with vaulted ceilings and wood floors at the bottom of the manicured lawn. Walk past the protea beds and lush Hawaiian gardens up to another house with the garage building at the edge of the entry with a 3 bedroom, 1 bath apartment located above.
This historic residence is going to require some modernization, but over 11,000 square feet of total living space in an ideal location presents an exceptional value. An ideal setting for a private Bed and Breakfast, or a Treatment / Rehabilitation Center.
Introducing You to Upcountry Maui
Locals know to escape the heat, head to the rolling hills and expansive pasture land of Kula, and the quaint communities beyond of Ulupalakua and Keokea. Kula means “open country”, and this loosely designated area that sits between 1000 feet to 8000 feet elevation, is known as the “breadbasket” of Maui. The “farm to table” phenomenon has catapulted many gardens and farms into creating some outstanding farm tours and tasting opportunities of their locally made products. Known for its tropical gardens, lavender, protea, sweet Maui onions, goat cheese, coffee, carnations and orchid for leis, cattle, and Kula is known for generations of old farms, cowboys, and artists.
Relaxed and slow-paced, the regions farming and ranching history and shear isolation, with no direct public road connecting it to South Maui, helps to maintain the quiet vibe we know and love as Kula. This is the perfect location for someone looking for privacy and elegance to recover in serenity. With amazing views of the ocean below and a cool breeze, this part of your Maui stay will be a welcome reprieve from the busy tourism hubs of Kihei and Wailea below.
We’ve seen celebrities like Oprah Winfrey, Clint Eastwood and Steven Tyler become a part of the Maui community – a quick flight to L.A. – but secluded from the fast-paced tinseltown.
Masaru “Pundy” Yokouchi and the History of the Storybook Estate
His influential role in politics, combined with luck and astuteness (not to mention TIMING…) in real estate investing and developing, coupled with a reputation for a particularly fair and generous way of treating others, Yokouchi was one of the most sought-after and best-connected people in Hawaii in the Democratic years.
Since as far back as the mid-1960’s, he was at the center around which power gravitated on Maui. Every major politician and businessman on the island stopped by his office, teed off with him on the links or shared aloha in the community. Officials and community leaders describe him as “incredible guy,” “generous and humble person,” “gracious gentleman,” “great man” and “Maui’s last hero.” He never graduated from college, missed fighting in the war and spent nearly two decades as a baker before he hit it big in real estate. We look around today and see a plethora of realtors, but back in Pundy’s day, the idea of getting rich buying and selling Maui land was novel.
In 1960, Pundy got his real estate license and opened Valley Isle Realty and within just seven years, the office members held some heavy positions in both community and politics. Things began happening for Pundy very fast; in 1970 Yokouchi began buying and selling large tracts of land making a lot of money – both on and off the record. By 1977, Pundy and his wife had expanded their portfolio and were living in this 16-acre spread in Kula, after selling their old, modest Wailuku house.
Maui looks the way it does today because of Masaru Yokouchi Lahaina Town, Ka`anapali and Makena all owe their development—and to a considerable extent, their controversy—to Yokouchi. To speak of him without acknowledging his role in these developments is to dishonor the man and his achievements.
The president of Valley Isle Realty, Kaanapali Kai Inc. and his own foundation, also is chairman of the Maui Arts & Cultural Center,” Masaru “Pundy” Yokouchi died at the age of 81. Articled fled the press full of details about Yokouchi’s standing as Maui’s greatest patron of the arts. He served for 12 years as chairman of the state Foundation on Culture and the Arts and raised $32 million to get the MACC built. His influence, generosity and fundraising were so prodigious that the MACC—which he chaired from its 1994 construction to his death—would never have been built without him.
These stories illustrate the variety and complexity of the world in which Pundy did business. He’s contributed to the make-up of Maui as a whole and a figure to be remembered.
Big Opportunities in Investing in Specialized Rehabilitation and Addiction Treatment Centers
Modern Rehabilitation Centers have been reinvented into to private experiences with individualized care to treat mental and substance abuse. Consider places like Cliffside Malibu, or Monarch Shores in Orange County, California. Consider a premier destination for alcohol rehab and drug addiction treatment and luxury rehabilitation on Maui. With the opiod crisis and mental health on top of mind, this climate and the need for expanded access and luxury care creates opportunity for investors. A private estate where people can come – privately – to get well.
Building Calm into Your Day by Harvard.edu
Maui is a wealthy beach community but it’s also a relaxing and serene hub for nature lovers, adventurers, and soul searchers. The magnificent landscape of mighty Mt. Haleakala crushed against the shoreline and the breathtaking Hawaiian sunsets are just some of many elements that make the natural beauty of Maui something one doesn’t easily forget. In a sense, Maui is the ideal location for luxury rehab centers.
The time to turn a blind eye to an ever-growing problem is diminishing
State governments aren’t paying to build more methadone clinics and there’s little money available in the non-profit sector for them either. Still, the number of programs has nearly doubled in the last 10 years, largely thanks to private investment, which is a positive development. A detox setting or a rehab program has a much wider stream of potential where revenue, can be covered by insurance, and people are willing to pay for it if they have the resources to pay for it to get better. The real questions are about occupancy rates, insurance reimbursement and unlimited potential as the future demand for detox and treatment is inevitable.
With big private equity money moving into the drug rehab space – they can afford to purchase larger facilities. Larger campus type rehab facilities with economies of scale; a kitchen and crew, a groundskeeper, an executive director, and etc. If the healthcare system is heading into single payer or “in network” then the out of network PPO policies (which are lucrative) will be harder to land. It’s predicted that the larger drug rehabs will have an easier time of transitioning to an in-network type of an environment because they will have the economies of scale. Take a look at this article from Modern Healthcare.com about the incline in investments in this sector just over the past year.
Specialized Treatments, on-site care and staff dedicated to the well-being of their clients with amenities that could include:
- Luxurious bed and bathroom accommodations
- The option for private rooms and private bathrooms
- Five-star, farm-to-table dining
- Holistic therapies such as yoga, massage, and acupuncture
- Sports such as tennis and basketball courts
- Art therapies such as writing, painting and reflecting
- Picturesque views and serene surroundings
- Top-notch service catering to all comforts
- Gyms, pools, and tropical gardens
A perfect palette to realize a long-term substantial investment. It’s going to take some cash to overhaul the space, but the owners are motivated and this is a one-of-a-kind legacy property in a dynamic location.
Give me a call and we can discuss how to make it yours.
A L O H A
