It has been a long time coming but the planning department has finally delivered the new Maui Island Plan regarding future Maui real estate development. Here are some key features:

• Increasing the density of existing urban areas (Wailuku, Kahului, Pulehua, Kihei)
• Expected island population of 150,000 by 2015
• Slower growth in non-resident housing
• An attempt to reduce "offshore" housing by locating new developments away from the ocean and outside resort areas
• No new sewer systems outside urban boundaries
• A cap on visitor accommodations

This of course begs the question, what will then be the impact on Maui real estate? It depends upon what real estate one is discussing.

• For urban areas and new towns, this means more condominiums and smaller building lots for residentiall homes and should help the affordability problems for residents
• For oceanfront real estate this means less new development which should enhance existing property values
• For Wailea real estate and Kapalua real estate, this should also enhance existing property values by limiting supply of new product
• For vacation rental properties this should also be good news as new accommodations become limited.

For additional details, contact us!