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What Is My Home Worth? Values in New Traditions, Maui Lani

It can be difficult to know when the right time to sell comes around. Frankly, no one has a crystal ball, so the next best thing is cold, hard stats. I have isolated New Traditions in Maui Lani to show a few different variables: square footage, beds, and baths.

What Is My Home Worth? Values in New Traditions, Maui Lani

What's My Home Really Worth?

It can be difficult to know when the right time to sell comes around. Frankly, no one has a crystal ball, so the next best thing is cold, hard stats. I have isolated New Traditions in Maui Lani to show a few different variables: square footage, beds, and baths.

Below you will find line graphs that are constantly updated (yes, you can come back to this blog a year from now and the stats will be updated) with the newest median sales price separated by each individual subcategory.

Square Footage

I used square footage because of its broad coverage. Although one model might be larger another might have an extra half bath and so forth. I split the graph into two lines to represent a variable of 1,500 sq.ft. and below and 1,501 sq.ft. and above. As expected, the larger homes bring a higher sales price. Year over year the difference is about 6%.

Bedrooms

I actually used square footage to separate the 3 bedrooms from the 4 bedrooms (my stats program would not let me isolate anything higher than 3 bedrooms.) That being said, the smallest 4 bedroom was 1,448 sq.ft. and the largest 3 bedroom was 1,402 sq.ft. So, I used a division of 1,430 sq.ft. and below and 1,431 sq.ft. and above to show the bedroom variable. The results are almost identical to the square footage graph above. Year over year has a 6% difference between 3 and 4 bedrooms.

 

Bathrooms

In New Traditions, there are 2, 2.5, 3, and 3.5 bath models. For simplicity, I used 2 and 3 bathrooms for my two variables. The difference between the 2 and 3 actually surprised me. 3 bedrooms brought an average 8.1% more than the 2 bathrooms.

 

Want Know What Your Home is Worth?

Each home, even within a small neighborhood such as New Traditions, varies drastically. Finishes, location, and timing all take part differentiating each home from one another. If you are looking to sell your home, give us a call or email and let our 46 years of real estate experience go to work for you (check out some of our recent success in Maui Lani). We can come review your home and give you an idea of what your home could bring on the market.

Tim Stice

808.268.8511

timastice@gmail.com

 

Changes Coming For Maui's Net Metering Solar Homes

Changes for net metering have been in the making for quite some time. With so many consumers taking advantage of photovoltaic benefits, it was only a matter of when, not if the program had to be reworked. In January 2015, HECO proposed a plan to the Public Utilities Commission that would handle the switch from what current net metering customers are abiding by, to a new, mutually beneficial system.

Current Program

Currently net metering customers are hooked up to the grid, feeding what electricity they do not use back onto the system. They are credited for what energy is supplied back to the energy company (38 cents per KWH), resulting in a lower monthly bill. Many conservative net metering customers are able to keep their bill at the $18 a month base fee. Some users that run a/c or other high-energy appliances tend to pay some sort of fee above the base rate.

Net metering photovoltaic array just installed on a home in Haiku:

IMG_0954 IMG_0952

Here are the homes currently available on Maui with installed PV.

Effects

With most net metering customers making their way down to the $18 a month mark, HECO is experiencing a light coin purse. The upkeep for “the grid” is now placed upon consumers that do not have photovoltaic. In turn, this also is an additional incentive to switch from grid power to photovoltaic.

New Program

Beginning as few as 60 days from the proposal date, the new Transitional Distributed Generation program could take flight. The TDG program will place some of the “upkeep” costs back on the new PV users. Existing net metering customers will carry the same agreement they have. Currently, non-photovoltaic consumers are fronting the cost of maintenance and declining dependence of power companies.

From the brief description on the HECO website, the new rate will be dependent upon customer purchased energy and fuel costs not on grid maintenance and administrative costs. Instead of the current 38 cents per KWH, new customers will only be granted 19 cents per KWH.

In short, HECO will now be crediting net metering customers at a lower rate. Instead of the retail rate, they are adjusting to account for grid maintenance and administrative fees. Now reaching that lovely $18 a month electric bill will take twice as long.

More Information

HECO is offering other services in this Transitional Distributed Generation program. Here is a link to additional information and an educational video, courtesy of HECO.

If photovoltaic energy is your goal, I suggest you either get it done prior to March 2015 or consider battery back up.