Discover the Unaffected Wonders of Maui: Travel & Real Estate Guide by Gray Marino
Discover the Unaffected Wonders of Maui: Travel & Real Estate Guide by Gray Marino A Personal Welcome to Maui, the Island of Resilience Aloha and thank you for visiting my blog! If this is your first time here, allow me to introduce myself. I'm Gray Marino, and I relocated to the breathtaking island of Maui in 2015 with just a suitcase and my cherished dive gear. Raised in Florida, I had always been enamored by Hawaii's allure. When the opportunity to make Maui my home presented itself, I didn't hesitate—and I haven’t looked back since. I feel an overwhelming sense of gratitude and love for this island and the close-knit community that defines it. Known as Mother Maui to many of us, this captivating place has a way of embracing everyone with its spirit of Aloha and a sense of 'Ohana. We are Maui Strong, a sentiment solidified as we came together after the recent heartbreaking fires. What could add even more to this community? Possibly you—a prospective visitor or even a new member of our island family. Maui Awaits Your Support You may think that delaying your trip to Maui is a sign of respect during trying times like these. While the intent is honorable, it's essential to remember that the island's livelihood largely depends on tourism. The absence of visitors impacts thousands of jobs connected to travel and hospitality sectors—people who need to support their families. Reasons to Choose Maui Now Setting aside the fire-affected Lahaina region, Maui remains a pulsating and versatile travel destination. In fact, there's never been a more pivotal time to venture beyond the well-trodden paths and explore other parts of the island. This blog aims to highlight an array of activities and experiences that contribute to local businesses and communities. Invest in Your Own Piece of Paradise If Maui's charm sweeps you off your feet (and it likely will), consider exploring real estate options on my website www.GrayMarino.com. Investing in Maui real estate not only secures you a piece of paradise but also indicates your long-term commitment to the local community. Concrete Ways You Can Make a Difference How can you help? Stick to your current travel plans or make new ones, focusing on parts of Maui that are welcoming visitors. Frequent local eateries, engage in island activities, shop local, and be generous with your tips. Your contributions directly benefit the local community, allowing them to uphold their way of life. Your visit, marked by kindness and generosity, will signify more than you can imagine. Your presence helps sustain the spirit of Aloha, so deeply ingrained in Maui’s culture. Let’s help the island recover and maintain the essence of what makes it so special. Ready to read the entire guide to visiting Maui after the fire? Visit my website for all the latest information. Together, we can contribute to Maui's resurgence.
Fee Simple vs. Leasehold in Maui: A Comprehensive Guide
Navigating the World of Real Estate Ownership Buying property typically means owning the land and its enhancements indefinitely, especially in most parts of the U.S. But in places like Maui, real estate can be a different ballgame. If you're eyeing real estate in Maui, it's paramount to discern precisely what your acquisition entails and its duration. So, let's dive into the contrasting worlds of fee simple and leasehold ownership. Fee Simple Ownership: A Closer Look Most are acquainted with fee simple ownership or freehold. With fee simple, you purchase the land and all its assets entirely, retaining ownership until you opt to sell. This property type can be bequeathed to successors, leased, or even granted for temporary use, all subject to local zoning laws and specific land-linked regulations. Leasehold Ownership: Understanding the Basics In stark contrast stands the leasehold ownership. Here, a fee simple owner bestows a leasehold agreement upon another party. Unlike regular leases, these might span 15, 30, or even more years. While the fee simple owner retains land rights, the leaseholder acquires the improvements atop the land. This means monthly rent payments and potentially purchasing said improvements, like through a mortgage. When the leasehold concludes, the property reverts to the fee simple owner. Why Opt for a Leasehold? Although leaseholds might seem limiting, they have their allure: Affordability: Often, the cost of leasehold properties is more pocket-friendly than fee simple ones. Possibility of Upgrading: Sometimes, the fee simple owner might offer to sell their rights, transitioning you to a fee simple owner. The Leasehold Downsides However, leaseholds come with cons. The main one is the eventual need to return the property to the fee simple owner, including all improvements due to the typical surrender clause. Moreover, as the lease term nears its end, selling becomes challenging, primarily due to financing hurdles for potential buyers. Taxes, Mortgages, and Ownership Types Ownership types can influence mortgage options and tax liabilities. For instance, many Maui lenders might cap your mortgage duration to less than the remaining leasehold period. As for taxes, while certain tax credits can be claimed irrespective of property type, only leaseholds of 30 years and beyond are seen as real estate by the IRS. Exploring Leasehold Properties in Maui Maui has a rich tapestry of leasehold properties, with prominent condo communities like Ma'alaea Yacht Marina in Ma'alaea, Ka'anapali Shores in Ka'anapali, and Kamaole Nalu in Kihei. The intricacies of fee simple and leasehold ownership in Maui require in-depth understanding. For any queries or property searches, I'm just a call or an email away. Remember, it's always wise to consult an experienced real estate attorney when considering leasehold properties. Interested in unraveling more about Maui's real estate scene? Visit www.GrayMarino.com for comprehensive property listings and insights.
Summer 2023 Maui Real Estate Trends
Summer Bliss on Maui: A Real Estate Perspective A Bustling Beach Season on Maui Summer's vibrant energy has embraced Maui, turning our tranquil beaches into lively hubs where families and tourists converge. While the packed parking lots and crowded sand might bring to mind a busy California beach on a July day, the crystal-clear waters and dancing palm trees affirm that Maui remains an unspoiled paradise. Interestingly, visitor numbers in May and June were lower, although spending in restaurants and local businesses was up, reflecting a dynamic yet shifting tourist landscape. As July rolls in with even more activity, the market also offers attractive deals on flights and accommodations. Weather Wonders The weather has been a consistent friend to us, maintaining around 85 degrees, with the trade winds gently caressing the island. Even Hurricane Calvin's passage only brought a light touch of rain and wind, leaving our paradise undisturbed. The Maui Real Estate Market: A Summer Analysis Summer is traditionally a time of warmth in the real estate market, but this year has been slightly different. Let's explore the key trends shaping the Maui real estate landscape: Sales Dynamics Home Sales: A national decrease of 20% from June 2022 to June 2023 contrasts sharply with Maui's higher decrease of 34% in closed home sales. From January to June, the number dropped from 568 to 374. Condo Sales: Even more pronounced is the decline in condo sales, dropping about 47% over the same period. These statistics, while seemingly alarming, are consistent with the low inventory story that has characterized the Maui market. High interest rates and quick-selling condos at certain price points depict a complex but resilient market landscape. Inventory Insights The inventory issue is central to understanding the Maui market: Homes: A small increase from 2.9 to 3.7 months of inventory might seem like progress, but the overall numbers still reflect a persistent shortage. Condos: Similarly, a doubling of condo inventory to 2.8 months might look positive, but with only 90 sales in June compared to 150 the previous year, the demand continues to outstrip supply. This illusion of growth in inventory, especially for vacation rentable condos, adds to the challenges of prospective buyers and underlines the importance of timing and expert guidance. Pending Sales and Selling Prices: Understanding the Trends National trends might point to declining median home sales prices, but Maui's reality is different: Steady Growth: With low inventory and high demand, especially from out-of-state buyers, the median home sales prices have remained stable, even showing a slight increase. Vacation Rentals: These properties are highly sought-after on Maui, often selling as soon as they are listed, and contribute to the ongoing robustness of the market. A Vibrant Real Estate Landscape Summer on Maui offers a fascinating blend of bustling beaches, beautiful weather, and a unique real estate environment shaped by inventory challenges, interest rates, and shifting buyer behavior. Whether you are a homeowner, investor, or a prospective buyer, understanding these dynamics can be key to making informed decisions. And as always, the allure of Maui remains irresistible, and our real estate market reflects that enduring appeal. Feel free to reach out with any questions about Maui or any real estate inquiries. I'm here to offer insights and expertise tailored to your needs. Gray Marino 808-745-7445 Real Broker, LLC. RS-86136
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