Checking the stats on Pending Sales, we find that REO’s (Bank Owned Listings) and Short Sales account for approximately 40% of all of new Escrows on Maui. Here is the breakdown.
There are currently 202 Pending Home Sales. Of these, 27 are over $1 Million. In this category, there are no REO’s and only 1 Short Sale. Under $1 Million, there are 42 REO’s and 40 Short Sales.
In the condo market, we see a similar situation. There are 154 Pending Sales of which 8 are over $1 Million with no Short Sales or REO’s. Under $1 Million, there are 13 REO’s and 48 Short Sales in Escrow.
There are still a large number of properties pending foreclosure, so we expect the market to continue to be dominated for at least the next 12 months by REO’s and Short Sales. Nonetheless, we feel that it is a excellent time to take advantage of distressed Sellers and low interest rates.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Congratulations to all of the Finishers in the 2009 Maui XTERRA Championships held this last Sunday in Wailea and Makena.
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- Oct
- 27
No Slowdown in Sales
The fall months is normally a transition period where sales fall off, but this year we are running well ahead of last year. In fact, there were as many new escrows for the first half of October 2009 as there were for the full month in 2008.
Given the recent strength of the Canadian dollar vs. the U.S. dollar, we expect to see this giving added impetus to the recent increase in sales. When the snow starts flying, things are going to really heat up on Maui.
Prices will not increase dramatically right away, but we do expect to see a general firming up in prices.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Only one home left at Hokulani Golf Villas with a $200K seller credit.
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As chosen by Conde Nast Traveler, Maui was named the Best Island in the World for the 12th straight year and the 15th time overall. Indeed, not only was Maui chosen as the best island but also the Top Travel Destination by voters at Conde Nast Travel. Obviously Maui offers a wealth of natural beauty including stunning beaches with pristine waters, volcanic peaks reaching to clear blue skies, and deeply cut valleys that caress windswept shorelines. These diverse landscapes in combination with the dynamic Maui communities which feature award winning restaurants, first-rate shopping, luxury accommodations, and world-class golf resorts surely constitute the main factors in selecting Maui as the world’s best island.
From an economic perspective, such recognition is certainly a boost for Maui residents. With the real estate market facing difficult times and jobs numbers in disarray, the award not only acknowledges the outstanding efforts of Maui’s visitor industry to offer nothing but the best to island guests but should also serve as an economic motivator to help preserve and sustain the island’s tourism sector. Of course, Maui is generally considered the perennial favorite for this award but winning for the 12th consecutive year was not considered a given. The Pacific Ocean is home to most of the world’s most naturally spectacular islands and competition for the World’s Best Island was considerable.
Similarly, for the first time, several Maui resorts held the top positions in the “Top Hawaii Resorts” category. In fact, four of the top five Hawaii resorts; the Four Seasons Resort Maui at Wailea (ranked 1st), the Four Seasons at Lana’i, the Lodge at Koele (ranked 3rd), Hotel Hana-Maui and Honua Spa (ranked 4th), and the Four Seasons at Lana’I, the Manele Bay (ranked 5th); were all located in the Maui region.
These awards position Maui as the premier world island destination. Not only is Maui the top island choice among the Pacific Islands but also stands head and shoulders above similar travel spots around the world.
Photo Credit: Chris Taleye
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- Oct
- 16
Kihei Real Estate
Although historically known for its dry, hot days, Kihei is a Maui community located southwest of Haleakala on the coast. The traditional Hawaiian name for the region highlights its more barren aspects but despite dusty days and less than 13 inches of annual rainfall, Kihei has much more to offer than one might expect. In the early 20th century, a small settlement of around 350 came to Kihei in order to establish a sugar plantation, an effort met with little success. No paved roads and little economic potential meant that Kihei remained relatively uninhabited until the 1960s when plumbing finally reached the community. Before then there were a few beach plots but generally speaking Kihei property was cheap and few ventured to the area. With water came developers and the chance to attract the tourist dollar. During the 1970s the development plan in Kihei was muddled at best and condominium units sprang up along with shopping centers and strip malls.
Despite the lack of planning, these shopping locations were the first draw to modern tourists. The opportunity to purchase inexpensive goods and find cheap accommodation brought the first flood of tourism to the community. At the moment, Kihei maintains its 70s appeal and with a collection of condos, rentals, timeshares, and small hotels, the community has become a thriving beach town. Still, aside from tourism, the region represents a great place to live. Because of the tourism draw, Kihei has developed an infrastructure that supports a diverse community. In addition, as the town is surrounded by beaches it is the ideal location for individuals looking for vacation or retirement homes. Shops, restaurants, schools, and other facilities make this a small but flourishing ocean-side community.
Indeed, the beaches are the central draw for tourists and residents alike. Several beaches stretch out from either side of the town and because of the quaintness of Kihei you’ll find that the beaches are much more sparsely populated than other Maui beaches. Take the Kalama Beach Park as an example of the natural beauty of Kihei. Well-maintained lawns shaded by palm trees and 36 acres of oceanfront land make Kalama Beach Park the community’s focal point. Musical festivals, craft fairs, and family events are regularly held in the park. As you can see, Kihei is a tight-knit community that is ideal for anybody who loves the ocean.
Real estate development in the region is also starting to boom. As a community with a bit to offer any appetite it’s no wonder home buyers and real estate investors alike are turning their attention to Kihei. Nature lovers are drawn to the beautiful parks, beaches, wildlife conservations, and premium diving opportunities. Shoppers will love the strip malls and shopping centers. Boating aficionados will enjoy fishing expeditions, snorkelling trips, and whale watching excursions. Indeed, anybody who loves sport and the outdoors will be happy to learn that Kihei offers world class golf, surf, fishing, and wildlife sightings. All together the activities, sunshine, and amenities in Kihei make it a great place to call home. Plus, as Kihei is still a relatively isolated community, home buyers will find some of the best deals in Maui.
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