Highlighted News Stories for Early March 2023.

Investor Purchases of U.S. Homes Drop at Record Pace as Home Prices Fall

Investors purchased fewer homes due to higher mortgage rates and falling home prices. Last quarter, the number of homes purchased by investors fell by a record 45.8% YoY. Rising mortgage rates have dampened demand, making it more expensive to borrow money and cutting into real estate profits. However, these developments are good news for potential home buyers who can benefit from lower housing prices. Redfin economist Sheharyar Bokhari says it is unlikely that investors will return with the same vigor they had in 2021. While housing affordability has improved slightly, prospective buyers still grapple with high housing costs. Read more about the market changes.

State to Bill Owner for $460,000 Cost of Removing Grounded Yacht in Honolua Bay

The state has chosen a contractor to remove the grounded yacht in Honolua Bay and will bill the owner $460,000 for the salvage cost. The boat broke off its mooring and got stuck on the rocks and reef just outside the bay on Monday, and the owner cannot contract and pay for its removal. Before the boat can be removed from the bay, fuel, batteries, and other dangerous materials must be taken from the yacht first. The state will take legal action if necessary, and the department plans to work with the community to restore the coral and bay and prevent any recurrence. Learn more about Honolua Bay’s grounded yacht.

Ritz-Carlton Maui Announces Dates for 31st Annual Celebration of the Arts, Showcasing Hawaiian Culture and Tradition.

The Ritz-Carlton Maui, Kapalua, will host the 31st annual Celebration of the Arts from April 7-8, featuring over 60 top artisans, educators, cultural practitioners, speakers, and entertainers in honor of Hawaiian culture, tradition, and arts. Admission to the event is free, and the theme of this year is “He ahu ko’u kuleana … what is my responsibility?” which emphasizes the individual responsibility of Hawaiians to affect the future. The event will include musical performances, guided hikes, and native planting tours, and more. The Celebration of Island Tastes and the Carmen Hulu Lindsey Leo Ha’iha’i Falsetto Contest require tickets. Learn more about Celebration of the Arts by visiting: www.celebrationofthearts.org

Pohakea Watershed Plan Approved to Protect and Restore Ocean Water Quality in Maui

The Pohakea Watershed Plan has been approved by the state Department of Health’s Clean Water Branch, making projects in the watershed eligible for funding. The plan, which aims to protect and restore water quality in the area, was developed to address land-based pollution sources entering Maalaea Bay. The plan divides the watershed by land use types. It develops possible management strategies for each area, such as excavating basins to capture stormwater and stabilizing head cuts to decrease the slope and reduce streamflow. Costs and timelines will vary depending on the strategy used. View the final plan by going to: health.hawaii.gov/cwb/clean-water-branch-home-page/polluted-runoff-controlprogram/watershed-plans/

Note: Parts of this post were written using ChatGPT, with stories gathered from Maui News.

West Maui Market Update

We offer many educational resources so that you can stay up-to-date with Maui Real Estate. If you are considering buying or selling in Lahaina or Kaanapali, take a look at the following West Maui market report.