Now that 2011 is upon us, we are able to develop a comprehensive picture of the 2010 Maui real estate market. While we still have a ways to go before the economic recession becomes a mere memory, 2010 gave rise to some encouraging trends and changes. Perhaps most notably, the sales volume of Maui single-family residences and condominiums rose substantially. In fact, there was an increase of nearly 31%, or more than $130 million, with respect to single-family home sales volume.
The sales volume figures from December 2010 show that there was an eagerness to complete transactions before the end of the year, resulting in the sale of 70 residential homes, 92 condominiums and 14 lots. As for December’s median sales prices, they exhibited a slight upward trend, with the median sales price of residential homes rising to $465,706 and that of Maui condominiums rising to $355,747. More detailed information on 2010 sales volume and median prices can be viewed here.
Aside from the specific numbers set out above, 2010 displayed other trends also worthy of note. Due to the end of the Homebuyer Tax Credit program, sales slowed down somewhat in the fall. Also, bank owned properties continued to have a significant presence on the market. Considering this market climate, it would be prudent for sellers who are not in a rush to sell to stay off the market for the time being. However, for highly motivated sellers, there are steps you can take and strategies you can employ to significantly increase your chances of a successful sale, even in the Maui market’s current conditions.
For example, ensuring that your property is in better condition than competing properties will provide you with an advantage. Solid marketing strategies and creative terms can also help with sales, as can pro-active strategies. These include having appraisals and inspections conducted in advance to reduce the likelihood of significant price reductions during negotiations due to the discovery of previously unknown facts or issues. However, the main factor when it comes to successful sales remains good, realistic pricing.
Despite the end of the Homebuyer Tax Credit program and the fact that interest rates may soon begin to increase bit by bit, first-time homebuyers can still take advantage of the Maui real estate market before recovery kicks into full gear. By attending workshops and by consulting with Maui’s real estate and financial professionals, potential homebuyers can tap into programs and opportunities that they would otherwise not even know existed. While the numbers from 2010 have displayed some encouraging trends, a knowledgeable, realistic approach and creative strategies are still required to find success on Maui’s current real estate market.
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- Feb
- 07
Honua Kai Condos
If you’re searching for the perfect vacation spot in Maui, look to the Smith Team and our large database of luxury condominiums and town homes. The Honua Kai Condos is one example of elegant Maui condos located in the heart of Kaanapali. Just a few minutes from the beach and with access to a variety of local amenities such as championship golf, water sports, whale watching and more, the Honua Kai Condos are the ideal location for your Maui getaway. With more than 700 total units with up to 4 bedrooms each, you can bring your whole family down to enjoy the unique combination of hotel resort living in private accommodation located on 40 acres of tropical Hawaiian landscape. Our new Honua Kai Condos page provides some detailed information.
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- Feb
- 01
Vintage at Kaanapali Condos
Whether you’re looking for vacation or long-term rental condos in Maui, the Smith Team is dedicated to helping you find the exact property to suit your every need. We have a large database of Maui condos including the Vintage at Kaanapali Condos. These high-end, impeccably designed detached-home condominiums are located on 17 acres of lush, tropical land within the Kaanapali Golf Estates. Indeed, golf enthusiasts will love walking out their front door and onto a championship golf course. But even visitors who prefer a more robust Maui experience will enjoy access to a wide range of amenities including designer shopping, fine dining, arts, entertainment, surf, and sand. Our new Vintage at Kaanapali Condos page provides some detailed information.
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The Maui International Colony Club Condos represent 44 detached cottages located on lush, tropical Maui land. These luxury condos provide uncompromised privacy among some of the most serene and beautiful surroundings you’ll find in Kaanapali. Visitors can enjoy many onsite facilities including 2 heated pools, impeccably maintained grounds and gardens, and convenient access to impressive beaches and championship golf. The Maui International Colony Club Condos are located just minutes from Kaanapali Beach where guests enjoy relaxing walks along the soft, sandy beaches that make Maui famous. Plus, nearby Whaler’s Village is the perfect spot to enjoy some shopping, local artistry, and fine dining. Our new Maui International Colony Club Condos page provides some detailed information.
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In our growing database of vacation condos in and around Maui, the Smith Team is excited to share the Masters at Kaanapali Hillside. These luxury condos were completed in 1991 and apart from their elegant design and picturesque locale the Masters at Kaanapali Hillside also offer guests the complete Maui experience. You’re just minutes from the beach as well as two championship golf courses. Each unit features uncompromised views of the stunning natural surroundings as well as many of the modern comforts of home including in-suite laundry, complete kitchens with top-of-the-line appliances, dishwasher, and garbage disposal. Indeed, the Masters at Kaanapali Hillside will be like your home-away-from-home only with access to more beautiful beaches! Our new Masters at Kaanapali Hillside Condos page provides some detailed information.
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- Jan
- 12
The Tipping Point
Last week we talked about the surge in Maui real estate sales volume during 2010. This week, we’d like to take a look at a few of the underlying factors that might have driven this surge. First and foremost, if you’ve visited Maui, then you know what a unique place it is.
Maui is a place where people want to live and retire. Maui, along with Hawaii County, has led population growth for Hawaii. Between April 2000 and July 2009, Maui’s population expanded by 13.3% from 128,094 residents to 145,157 residents.*
Maui is a place that draws visitors back again and again. Eventually some of these visitors choose to become owners of Maui Real Estate. Take a look at this table released by the Department of Business, Economic Development and Tourism.
Between January 2010 and November 2010, 6,358,844 visitors came to Hawaii (by air), and 1,904,904 (30%) of those visitors made their way to Maui.
A small (seemingly minute) percentage of those 1,904,904 visitors chose to buy Maui Real Estate. Although this percentage was small; the effect was felt in a large way (what Malcolm Gladwell termed “The Tipping Point.”)
We believe we’ll see the Maui Real Estate market continue to “tip” in 2011. We hope you’ll be one of the tippers.
Mahalo Nui Loa,
The Smith Team
P.S. If the whales and beautiful beaches aren’t enough to get you to Maui, then hopefully Elton John will. He’ll be performing at the Maui Arts and Cultural Center (MACC) on Saturday, February 25th, 2011. Tickets go on sale today for MACC members and January 15th for the general public.
*Taken from the census. Learn more.
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- Jan
- 10
Maui Eldorado Condos
The Maui Eldorado Condos are a large development of luxury suites available for long term or vacation rentals in the heart of Kaanapali. With unobstructed ocean views and easy access to some of the most beautiful beaches in Hawaii, guests will be transported to the laid-back lifestyle that has made the region famous. From world class golf, shopping, and dining to outdoor adventures including snorkelling and windsurfing, guests at the Maui Eldorado Condos will find no shortage of exciting activities. Plus, Whaler’s Village is just minutes away and offers a more quaint island experience along with a colorful nightlife! Our new Maui Eldorado Condos page provides some detailed information.
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- Jan
- 06
Maui Kai Condos
As one of Maui’s premier real estate teams, the Smith Team is dedicated to providing our clients with a full range of services including information about vacation rentals in the many condo developments in Maui. The Maui Kai Condos are one such development that provides luxurious accommodation with a beachfront location. Each of the units at the Maui Kai Condos is elegantly designed and features large, private patios as well as many comforts of home. With easy access to ocean activities including swimming, snorkelling, and windsurfing as well as access to several excellent local golf courses, the Maui Kai Condos are a great place to enjoy a Maui vacation. Our new Maui Kai Condos page provides some detailed information.
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- Jan
- 05
Happy New Year from Maui
Aloha and Happy New Year from Maui! Can you believe 2011 is already upon us?
As our team recently to a moment to reflect back on the past year, the unanimous sentiment was gratitude. Gratitude for friends and family. Gratitude for living on Maui. Gratitude for the best clients. And gratitude for the opportunities ahead.
One thing we witnessed this past year was a considerable increase in sales volume of both single family homes and condominiums on Maui. Between January 2009 and November 2009, single family home sales volume on Maui was slightly over $430 million. Between January 2010 and November 2010 (December statistics are still being compiled), single family home sales volume rose to just over $564 million. That’s significant. A 31% increase. You can see this change summarized here.
The sales volume of condominiums rose during this same period from $529 million to $686 million—a 30% increase. See statistics here.
Yes prices declined during this period, but even more significant, sales activity and resulting volume has been on the rise.
There are some excellent opportunities to get in the game and grab your own piece of Maui in 2011. We’d love to hear from you. Give us a call @ (808)572-0866, or send an email.
Mahalo Nui Loa,
The Smith Team
P.S. Be sure to check out the Hyundai Tournament of Champions which is being played this week on Maui. This is the season opening event for the PGA tour. It will be played at the world class Plantation Course at the Kapalua Resort. Watch the event on TV. Or if you are on Maui, head out to Kapalua to see it in person. This year admission is free. Learn more about the tournament here. And if you have a taste for Kapalua real estate, be sure to check out the two Kapalua properties featured in this week’s newsletter.
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- Jan
- 04
Kaanapali Mahana Condos
For many, Hawaii is their ultimate dream vacation spot and at the Smith Team, we’re dedicated to helping you find the perfect Maui condo to help make your dream a reality. For example, Kaanapali Mahana Condos are tastefully decorated condos just minutes from the coastline at Kaanapali Beach. Each unit offers amazing ocean views and standard amenities like in-suite laundry, cable TV, high speed internet access, and large, private lanais with unobstructed ocean views. You will quickly settle into a relaxing island routine as you enjoy days spent golfing at one of four nearby championship golf courses and evenings spent sipping cocktails as you watch the sun set over the ocean in your secluded Kaanapali Mahana Condo. Our new Kaanapali Mahana Condos page provides some detailed information.
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