- Feb
- 25
Multi-Generational Living
Multi-Generational living may be a new trend in real estate; however, here on Maui, this has been a very common theme for a long, long time.
There are two very important reasons for this. The first reason is economic. With the high cost of living here in the Islands, families often share living arrangements to save money.
The second reason is more cultural in nature. There are many families with Hawaiian and Asian descent in our population. They have a very strong cultural tradition for this type of living arrangement.
In fact, the term you often see used in Hawaii is “Ohana”. The term “Ohana” literally means family. It has come to mean any type of separate living arrangement either inside the home or a detached cottage. Typically these Ohanas have their own kitchens.
If you are looking for a home with an Ohana either for economic reasons or to share with another family member, please allow us to help you find the ideal property for your budget.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. We are very sad to report the loss of a dear friend and colleague, Betsy Jacobsen who died several days ago. Our heartfelt prayers are with her family. Happy trails Betsy.
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- Feb
- 22
Shadow Inventory
There has been a lot of talk about “Shadow Inventory” recently. This refers to properties with delinquent mortgage loans.
It is currently estimated that there are 7.7 million properties with delinquent mortgages, and that over half of these, approximately 5.5 million will end up being foreclosed on in the next two years.
According to a new study by John Burns Real Estate Consulting, the “Shadow Inventory” will not hurt the market because there is strong investor demand.
This has certainly been the case here on Maui, where well priced REO or short sale listings are receiving multiple offers.
An example of that was a 3 bedroom 2 bath 3 year old starter home in Wailuku where the price was reduced to $299,999. Within only a few days there were 14 offers, most of which were above the asking price.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Tired of the snow. Come warm up in beautiful, warm, sunny Maui. It’s a great day to be living in Paradise.
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Opportunities abound as more and more Sellers get realistic on their pricing.
With new REO’s hitting the market each week, Sellers are either dropping their prices or accepting offers well below asking. Some of these are on short sale listings, which are not guaranteed of closing; however, what do you have to lose.
With interest rates close to record low levels, now is the time to lock in a great deal before prices and interest rates both go up.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
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2009 is almost in the history books. It certainly has been a challenging year for many people, and especially those in real estate.
Fortunately, we were able to buck the trend again, and had another outstanding year with closed sales over $19 Million.
Although we are understandably proud of our accomplishments this year; we take even greater satisfaction in knowing that we helped many folks get some terrific deals as well as helping others sell their properties in challenging times.
We are looking forward to an even better year in 2010. If you are thinking of buying or selling, please let us know how we can best assist you in that process.
We want to wish everyone a very Happy, Healthy, and Prosperous New Year.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. At times we hear about owners who are extremely motivated even though the price may not seem to reflect it. Such is the case with two oceanfront homes at Maluhia #5 and Makena Place #1. Don’t be shy about making an offer on either of these properties.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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