Every so often we come across an amazing deal that we have to tell you more about. This property is located at 3029 Aina Lani Drive in Kulamanu. It is situated in a golf course community comprised of 57 custom homes in Upcountry, Maui.
Click on link to find out more details.
This is a 3 bedroom / 3 bath home located on the golf course. It has a fabulous gourmet kitchen with granite counter tops, huge island, and large walk-in pantry. There is a spacious master bedroom and a master bath with a large soaking tub and walk-in shower. You also have a oversized 2-car garage with a workshop. This is a superb quality construction in a great neighborhood.
The asking price is $775,000 which is below market considering the last sale in October was for a smaller house for $825,000. Let us know if you want to see it.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
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- Nov
- 02
Maui Sales Up 47% YTD
According to MLS Statistics, sales were up 47% for the first 9 months as compared with the previous year excluding sales at Honua Kai.
Actual dollar amount of sales was up somewhat less (38%), due to lower average selling price.
What I also find quite impressive is the increase in our market share. In 2009, the Coldwell Banker Shops at Wailea office accounted for 12.42% of all sales, and so far in 2010, we are up to 13.89%…and that’s just our one little office.
So, if you are still on the fence wondering whether or not it is good time to buy, we think the answer is yes. Don’t expect a quick jump in prices as there is still a large overhang of distressed properties that we need to work through, but the deals are out there as the evidence suggests.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Reminder that we will be doing a drawing for a 2 night stay at The Fairmont Kea Lani Hotel at the end of 2011. Each referral you give us gets your name entered once in to the drawing.
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According to the Mortgage Bankers’ Association economists existing-home sales, which are expected to be about 8 percent lower this year than last, are expected to grow by less than 2 percent next year before increasing by 16 percent in 2012.
New-home sales, which will probably drop 13 percent this year from last, are expected to bottom out in the third quarter of this year and grow by 20 percent in 2011 and 40 percent in 2012.
Mortgage rates are probably headed up, but may still be below 6 percent in two years, the forecast said. MBA economists expect fixed-rate mortgages to average about 4.4 percent in the fourth quarter of this year, increasing to 5.1 percent by the end of 2011 and reaching 5.7 percent in 2012.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. In discussion with a client this morning, he reminded us of Warren Buffet’s philosophy. He doesn’t try to buy at the bottom. He buys on the way down. Likewise, he isn’t greedy and sells on the way up. Here are more Buffet witticisms. How do we relate this to real estate? Well, we can’t say it is the bottom, but we do feel it is a good time to buy. He also said, “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”
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We wanted to remind you to please take advantage of some of the new and old features offered on our website.
If you view any particular listing on our site, there is a “View Comps” icon that will show you all of the comparable sales within the previous 6 months. Thus, you will know if a property that you are interested in is priced right.
Do you own a vacation rental(s) that you manage yourself or in conjunction with a property manager? If you would like us to help you promote it, just send us an email with a link to your website and we can add it to our list.
Additionally, we have detailed information such as site maps, floor plans, amenities, and CMA’s for almost every condo listed in the MLS. When doing a condo search, simply click on the “View Property Details” icon for additional information.
Lastly, you can set-up your own Auto-Notification, by first entering the parameters for your search, hit submit button, and then click on “Save Search” icon. You will be prompted for your name and e-mail address. After that, whenever there is a new listing matching your specified criteria, you will receive an e-mail notification with details about the new listing.
We are constantly trying to improve our website, so please let us know if you have any suggestions. We appreciate your continued support and loyalty.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. A few weeks back we announced that everyone who gives us a referral would be entered in to a drawing for 2 night stay at the fabulous Fairmont Kea Lani Hotel in Wailea. We look forward to your referrals. All referrals received prior to December 31, 2011 will be eligible, and yes, you name will be entered once for each referral. Referrals are the lifeblood of any business, so we truly appreciate your support.
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According to Fannie Mae, there are 75 Fannie Mae bank owned properties in the pipeline on Maui. Currently, there are a total of 35 active listings in the MLS. Click here for full list.
Interestingly, there is special financing that you are eligible to receive when acquiring a Fannie Mae home. There is HomePath Mortgage Financing where you can put as little as 3% down (besides your own savings, it can also be a gift, grant, or loan from a non-profit organization), available to both owner occupants and investors, no mortgage insurance, no appraisal fees and low competitive interest rates.
There is also the HomePath Mortgage Renovation Mortgage Financing that allows you to fund both your purchase and light renovation. Email us if you have any questions and would like a lender recommendation on Maui that specializes in this type of financing.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. We featured the Tuscan Villa this week because it must be sold to satisfy Estate Taxes. So even though the previous owner had over $8 Million in hard costs in to this property, don’t be afraid to make an offer.
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Today’s economy has also taken a toll on Realtors®. In 2000, there were 1.6 million licensees, and by 2008, licensees reached its peak at 2.5 million. For the last 3 years, many have left our industry for other jobs. Read more.
Maui is no different. We have approximately 1400 licensed Realtors® today. Given that almost half the Realtors® on Maui have not made a single sale this year, we suspect the numbers will be dropping further next year.
Despite the challenges, we are on track for one of our best years since 2005 with 35 closed sales and 14 more in the pipeline so far this year.
We attribute a great deal of our success to referrals from other Realtors®, past clients, and friends. Thank you so much!
To show our appreciation, anyone who gives us a referral from now until the end of 2011, will be placed in a drawing regardless of whether or not the person buys or sells anything.
We will have monthly prize giveaways and a grand prize drawing at the end of 2011 for a 2 night stay in an ocean view suite at the Fairmont Kea Lani Hotel, a $1450 value.
This is our way of giving back to the economy and showing our appreciation to those who help us build our business.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
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Here are five smart reasons to buy a home now.
1. Low Mortgage Rates
2. Houses are in move-in condition
3. Terrific houses are coming on the market
4. Appraisal regulations are finally aligned with market realities
5. Plenty of programs
So, if you are looking for a home, please allow us the opportunity to work with you to find the perfect property to match your needs and budget.
As a reminder, you can search all MLS listings from our website. After you have selected your criteria, and done a search, hit Save Search. Then, whenever there is a new listing matching those criteria, you will be automatically notified.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Ken will be on vacation for 4 weeks beginning August 6th. Follow his exploits on Facebook, or check out his progress during the National Scrabble Championships. He is entered in the Intermediate Division.
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- Jul
- 28
Maui Foreclosure Sales
According to Realty Trac, 31% of all sales in the first quarter nationally were from Foreclosures. Read more.
The good news for Maui is that we are well below the National Average. In the first quarter, there were 87 REO sales out of a total of 509, which is equal to 17%. In the second quarter, there were 96 out total of 697 or 14%.
We suspect both the number and percentage of sales from REO’s to jump dramatically on Maui over the next 12 months.
This may be bad news for Sellers, but it is good news for those who are looking to buy. Please let us know if you would like to take advantage of the Buyer’s market.
When you add super low interest rates to the equation, it makes it an ideal time to purchase Maui real estate.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. We have created a Facebook Fan Page for “Maui Real Estate – The Smith Team”. We would love any comments or suggestions on how to improve either our Newsletter or our new Facebook page.
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According to noted economist, Paul Brewbaker, “If Maui real estate prices haven’t already hit bottom, they’re not going to get much lower.”
He further stated that it wasn’t worth looking for the last 5 dollars, and if you want a bargain, the time to act is now.
In addition, even if prices do drop further, the likelihood is that interest rates will more than offset any possible savings for those who are financing their purchases.
The uptick in housing prices in California, fortells an uptick here, as Maui closely follows the trends in California; although normally with a lag time. Read the full article.
Next week, we will put up a link to the video, so you can see for yourself the data which Mr. Brewbaker is using for his forecast.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Ho’onanea at Lahaina is a brand new D.R. Horton project with terrific pre-construction pricing. Here are three representative Listings.
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Have we hit bottom yet? That is one of the most frequently asked questions we get.
For the answer to this question, one should look at the statistics and see how they compare to past cycles. When you do that, we believe the data suggests signs that this current phase has indeed bottomed out.
For those of you have the time and interest, we highly recommend you listen to the Video presentations on the State of Real Estate 2010 by an esteemed panel of experts. Once you have done that, we would appreciate your feedback, and the conclusions you came to.
We don’t expect to see a quick recovery on Maui due to the large number of foreclosures that are still in the pipeline, but at least the light and the end of the tunnel has gotten much brighter.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. New Website Feature – We are very excited to announce that you can now pull up Comparable Sales information on our website. Once you do a search based on the criteria you selected, click on any one of the properties that came up and hit View Details. You will then see links in the Property Information Section (Just Above Remarks) as well as above the photos. The comps shown will be to all sales within the last 6 months reported in our MLS. Also, after being down for awhile, we again have the information from the Public Tax Records for all properties on our website. Click here for a sample.
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