Betty Sakamoto: Aloha. Welcome to Betty’s Real Estate Corner, brought to you by Coldwell Banker Sakamoto Properties. Here we are again, Roy.
Roy Sakamoto: Roy and Betty Sakamoto.
BS: We got it going here. We’re not sure any day anymore what we’re going to talk about. But there are so many things, so many issues, so many questions that people have that will probably hit on something.
RS: Totally unscripted.
BS: Totally unscripted.
RS: Flying by the seat of our pants.
BS: Yes, there’s so much happening right now all across the island, including Kapalua. Roy has been involved with some houses that are going up and temporary housing that’s being built. They’re in the process, and it’s looking spectacular. These homes are being constructed for a specific purpose: they will be good for five years and will be available first to employees of the golf course who lost their homes—a substantial number of people. Initially, it seemed like it would accommodate most of them, but a few have already left the island or found other housing.
RS: Found other accommodations. We’re evaluating where to go if the employees are not going to take up all 50.
BS: It’s interesting. When I first saw them from the outside, they looked really small. But inside, there were three small bedrooms, each able to hold a queen-sized bed and a tiny dresser. You’d have to climb over the other person to get out. Oops, we just had a coffee spill. I knew one of these days we’d be done for a cup of coffee. But this isn’t too bad—that’s why we have napkins. Why would we come without napkins?
RS: Absolutely.
BS: Anyway, the place is really cute. At different times, we had five kids with us and lived in very small places. We could have lived there and done just fine—the kids would have had a ball.
RS: Absolutely.
BS: When they wake up in the morning, picture this: it’s Sunday morning, and you walk outside with a cup of coffee on a golf course. The whole golf course is a wooded area. You could scope it out with the kids and wander around. It would be the greatest place in the world to live. That might be an exaggeration, but when you’ve lost your home, everything seems horrible.
RS: Coming from circumstances where people are still staying in hotel rooms and condominiums, being forced to move every two weeks or ten days, this will be permanent housing—at least until they can rebuild or find other accommodations. If it takes longer than five years, the emergency proclamation can be extended. The intent is to have this housing available as long as there is a need for it. Once there is no longer a need, the idea is to donate this housing to the homeless.
BS: Which is really another amazing thing. Obviously, Maui needs homeless housing. It’s a difficult issue, and it’s not going away.
RS: Even pre-fire, we’ve had a huge housing crisis. Affordable housing has been talked about for years and years, but very little action has occurred. I know the developers of a ten-acre lot in Napili that they just bought recently are looking to Daiwa House, which is the manufacturer of the homes at Kapalua. They were reaching out to Daiwa House for 100 or 110 units of permanent housing. There will be a lot of maneuvering through the county processing department to get these modular homes approved for permanent housing with some modifications. The whole intent is to find or create more accessible, affordable housing.
BS: I’ve been here now for almost 50 years, and I’ve seen a lot over the years. There’s always been a housing issue. There’s always been homelessness. As we drive from the other side to Kahului, there are all these cars coming out of the bushes. I don’t know where they come from or if they’re rental cars—what is it? How could they all be there? At one time, that place was somewhat of a homeless encampment. It was really hard on people.
RS: There were encampments all over Maui.
BS: Yes, I know.
RS: It’s not only a West Maui issue. Affordable housing is a widespread concern. Some of these homeless people are probably dealing with mental health issues. Sadly, there are families involved in this crisis who are homeless. It’s very sad. For various reasons, they’ve lost their jobs and can’t find accommodations anywhere, so they’re living out of their cars.
BS: What you said a minute ago really highlights the battle. It’s not just homelessness; it’s houselessness. Some people are working, both parents holding jobs, with their kids in school. They’re doing everything they can, but they still can’t find a house.
Some people, due to everything going on right now, have lost their homes and are out on the streets again. Despite working all the time and having their kids in school, they’re struggling to make ends meet. We all need to be looking at solutions that will work for them—families, kids, and individuals who don’t have grandparents or great-grandparents here to support them. I grew up with grandparents and great-grandparents and cherish those family memories. It’s hard for those who didn’t grow up here, but they are here, working hard, and they deserve stability and a place to call home.
RS: Sure. Absolutely.
BS: They send their kids to school and college to make a better life. We need to help in whatever ways we can. We must ensure they have a place to lay their head down at night and not be afraid.
RS: For those displaced by the fire, whether permanently or temporarily, there’s an organization called MauiRecovers.org. The website has links to everything you need to know about recovering from the fire. There’s a temporary rental program you can click on. If you’re an owner of a property willing to rent to one of those displaced by the fire, there is a place for you to click on to add a temporary housing unit to this program. If you want to build a house, they can help by providing links to government agencies. It’s an interesting and great website: MauiRecovers.org.
BS: It’s recovers, plural.
RS: Yeah.
BS: That is an amazing website—MauiRecovers.org. It’s worth looking into, calling, and talking to people. I noticed on that same site that they’re moving out of the Lahaina Civic Center, where help has been available for a long time.
RS: Yeah. They’re still going to be available, but they’re located elsewhere.
BS: Right. There’s an address on that form.
RS: Yeah.
BS: Okay. And what’s that address?
RS: I don’t know. I don’t have the link to it right now.
BS: The Hyatt.
RS: Right.
BS: Oh, nice. That’s great. It sounds like they’re going to be at the Hyatt Regency Maui, Kaanapali. That’s also going to be a Kaiser, isn’t it?
RS: Kaiser, yeah.
BS: Yeah, I guess they’re already there. They’re opening up a pretty good facility that will help medically for people.
RS: Yeah. Anyway, there’s an organization called Hawai’i Community Lending, and they’ve identified an estimated 781 homeowners in Lahaina who collectively have about $225 million in first mortgages. They’re assisting these homeowners with three-year programs involving several banks and organizations, including First Hawaiian Bank, American Savings Bank, Bank of Hawaii, Central Pacific Bank, HomeStreet Bank, Hawai’i National Bank, Finance Factors, Holomua Collective, The Maui Strong Fund of the Hawai’i Community Foundation, and the Department of Hawaiian Homelands. This program aims to offer mortgage relief to affected homeowners.
Different programs will be available to those impacted. Many people have expressed concerns that even though they’ve lost their homes, the bank still expects them to keep up with payments. Hawai’i Community Lending is a great organization formed exclusively to help you. A friend of ours, Mike Peach, and his family, who had title guaranty, escrow, and title insurance, are involved too. Mike is the board chair of this initiative. For any of you displaced by the fire, if you’re facing pressure from banks, insurance companies, or lenders, this is a great resource—Hawai’i Community Lending.
BS: This is something that’s also happening right now. People have lost their homes but still have a mortgage. Obviously, their lender is entitled to get paid. However, most of these people are moving around almost day to day or every few weeks, which becomes very difficult for them. Even just the process of getting kids to a new school and changing their routines is challenging. Some kids who end up going to new schools might need uniforms or other supplies they didn’t have before. Everything is costing those who lost their homes more and more money.
RS: Yeah. There’s a lot of help out there. Just don’t be embarrassed. Please reach out to all these resources that are becoming available and have been available. If you have any questions, call me, Roy, at 808-870-7060 or Betty, at 808-870-7062. We’re not just realtors; we’re strong members of the community. As Lahaina recovers, we hope to play a big part in that process.
BS: It does help everybody. Roy grew up on Lahainaluna Road 463 and spent much of his life there. He went away to college, came back, and the rest is history. It’s all important because we’ve both experienced times when we didn’t have a lot of money, and that made a difference.
It’s always hard when someone asks if you need this or that. Often, you don’t want to admit that you need anything. In this case, people have lost their homes and everything they had. Every little thing they do now requires something new. The kids are back from school, and we have to remember that they are hurting too. When we encounter kids who lost their homes and seem happy, let’s remember they might think everything is fine because they believe their parents are okay.
Let’s remember that everyone is alive. Kids bring joy to all of us when we meet families. So, let’s be happy with the kids—smile, laugh, talk about animals, pet the dogs, find the cat. Whatever it is, let’s all strive to create a bit of happiness wherever we go.
RS: You’ll find the dogs.
BS: I’ll find the dog. Everybody makes fun of me because we don’t have a dog. We do have cats, probably because they found us first. So, we’ve had a lot of cats at different times. I love dogs, and I will pet any dog on the street that the owner will let me pet. I’m pathetic. It’s amusing. I hope it’s amusing to most people, but I love them all.
RS: Okay. Obviously, we’re not a real estate show, exclusively.
BS: Oh, that’s right.
RS: But this is Betty’s real estate corner.
BS: You know the place I told you about yesterday?
RS: Yeah.
BS: Elizabeth Quayle has it—she’s with Coldwell Banker along with us and has a new listing at Napilihau. It’s spectacular; I went and saw it yesterday. I don’t see the date it was built, but it’s old. It’s being sold “as is,” but it’s truly stunning.
It’s 960 square feet, and most people in West Maui know this area, Napilihau. It’s right on the ravine or gully, and it’s huge. It’s a great place where everyone hikes. You can see Kapalua and have a good ocean view. There’s plenty of parking on one side of the house, which is rare in some homes where parking is limited. This one could probably fit three cars easily. There are still a few questions we have about it, but it’s an amazing place. It’s the kind of place we could have lived when we were all young. I would have loved that at any time.
RS: Now, listed by Elizabeth with her office, Coldwell Banker and Kapalua. If you’re in the Kapalua area, come on by the office. We’re located at 700 Office Road, right next to Sansei and adjacent to the Pour House Restaurant. Come on by; we’re open seven days a week.
BS: Someone is always there to talk to you. We might be there, but for the most part, someone will be sitting at the front desk. They’re very knowledgeable about properties around the island and can give you different ideas, as well as direct you to a lender or others you might need to talk to.
Even if you can’t buy something right now, it’s a good time to connect with a lender and start the conversation — figure out where you stand and what steps you need to take. Finding that person to guide you could help you put together a plan to buy a house in 3 to 5 years. Markets change, and there’s likely to be more affordable housing available in the next couple of years. At least, that’s my hope.
RS: There should be.
BS: There should be.
RS: Absolutely.
BS: Because we need people to do everything. We need everybody.
RS: People are saying now that with interest rates at 7% for mortgages, it’s way too high. Look into those variable mortgage programs available that start around 6%. An adjustable mortgage set for 3 to 5 years might be the way to go because rates are likely to come down. Right now, you can tie yourself into a 6% or so loan, which is good.
The days of 2% or 3% mortgages that spoiled us a few years ago are a thing of the past and will likely become a rarity. If people are waiting around to see 3%-4% mortgages again, they might be waiting for a long time. So exploring adjustable-rate options could make more sense in the current market.
BS: It’s not going to happen.
RS: No.
BS: But remember, there were 18% mortgages and people bought properties.
RS: Absolutely.
BS: They did it. They bought something smaller and moved in. They watched the market closely, likely along with their realtor and lender. As things changed, they aimed to avoid paying points again. Despite this, they kept taking action. You watch it, you watch it, you watch it.
RS: Oh, absolutely.
BS: And it becomes affordable.
RS: It’s still a very active market here in Maui. There are over 300 properties in escrow right now. That’s a lot of properties! People are saying nobody’s buying—go talk to these 300-plus people who are in escrow right now and see that they are indeed buying.
More schools are being opened every day, and although inventory is down a bit, there’s still a good selection. A great resource is our website, SakamotoProperties.com. It gives you access to every listing in Maui. You can search by areas like Makawao, Kihei, Kahului, Lahaina, or Napili. Whatever you’re looking for, just visit SakamotoProperties.com.
BS: It’s a good website and pretty easy to navigate. I just looked at another property, Mahina Surf—only one bedroom, one bath. Again, it’s a lot of money, but the price has gone down. It was listed at $849,000 and is now listed at $785,000. It’s a great property and worth looking at. It would be suitable for short-term rentals, or you could live there for a long time. However, keep in mind that association fees are an additional cost and can make it more challenging financially.
RS: Work with a professional realtor. A realtor is familiar with the market area and current interest rates. At Coldwell Banker Island Properties in our Kapalua office, we have around 35 trained and experienced professionals who are ready to help you. Whatever your needs, call us:
Roy at 808-870-7060
Betty at 808-870-7062
Again, a great resource is SakamotoProperties.com.
BS: Going back to everything that Roy just said, it does make a difference. There are so many properties available all over the island. The agents you talk to might have connections with other agents Upcountry or in Wailea. If your agent can’t accompany you, they can provide a great referral.
The goal is to find an agent wherever you are, ideally one of our Coldwell Banker agents, who will work with you over the next couple of years. Even if you can’t buy something immediately, having someone to monitor the market with and add you to their mailing list will be beneficial. You can ask them about interest rates when they go down, as everyone is looking for their next transaction, and they’ll assist you.
RS: Yeah, we have resources like Makai Mortgage, an affiliated company. David Brown at Makai Mortgage can sit down with you and provide guidelines on financing and what the future might hold. Whether you’re buying your first home or a vacation home, David Brown at Makai Mortgage is a great resource. We’ve got the resources to help you.
BS: It is hard—there’s no question about it, right now. Finding one of these properties is challenging. The one I mentioned earlier is listed at just under $1,000,000, but it’s an amazing place located in Napilihau.
RS: It’s hard to find anything less than $1,000,000, whether you’re in Wailuku or almost anywhere else. However, a trained professional can help you. Come visit our office—we’ve got coffee and a huge map of the Kapalua-Napili area. It’s fun to look at different areas from a 30,000-foot view!
BS: Well, in one minute, we’ve got music playing again. Danny Couch will be back with “I Love Hawaii.” Let’s all remember that no matter how tough things get, everyone here can still say, “I love Hawaii.”
RS: Oh, absolutely.
BS: Sing the song loud and proud, I love Hawaii.
RS: Two things to take away from this show. MauiRecovers.org is a great website and a great resource. Please click on that. Every information you want is listed there. For all your real estate needs, SakamotoProperties.com.
BS: Will be around. We’ll have someone available always. And here we go. We’ve got Danny Couch coming back.
RS: We love Hawaii.
BS: We love Hawaii. Let’s all remember that, at least for today. We all love Hawaii.
RS: Aloha.
BS: Aloha.
