Although prices have not started rising yet; we have seen a large increase in the number of sales here on Maui which parallels what is happening across the country. Read more.
This is also apparent by looking at the number of Active Listings. This week, there are 886 active listings of homes for sale on Maui. In March of this year, there were 1061 Active Listings, a drop of 17% in less than a year.
In addition, the number of Pending Sales has almost doubled. All in all, this is harbinger of good times ahead, in our opinion. We expect 2010 to continue this positive trend.
Our featured property this week, Hale O’ Ola, is one of the finest homes on Maui, and in one of the best locations. Check out their website, which has lots of great information including a link to some of the scenes that were shot for the reality TV show, America’s Next Top Model. It should be obvious why they selected this home as a backdrop for many of their scenes as well as to house the models while they were shooting on Maui.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Please ask us about Auto-Notification, so that you never miss out on the opportunity to purchase the property of your dreams.
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The economic downturn has had a considerable impact on real estate markets around the country, including Maui. But this doesn’t mean the news is all bad. Indeed the number of short sales and foreclosures in every sector of the market means that there is a large inventory for buyers as well as highly motivated sellers. Many people are somewhat surprised to learn that the market is starting to turn around again but with this combination of inventory and motivated sellers, buyers have been finding great deals around Maui. As buyers’ confidence is starting to return, there has been a significant increase in activity in the Maui real estate markets. For anybody who has been keeping a close eye on real estate in the area will know that there are some unbelievable opportunities to be had.
Meanwhile, president Barrack Obama has recently pushed through an extension to the first time home buyer tax credit which provides this credit to buyers through the end of April 2010. Moreover, homeowners of 5 years or more will also be able to apply for this credit making buying homes even more affordable. Similarly, Maui is offering first time home buyers access to grants and assistance in purchasing their first home, but since this program has limited funds, first time home buyers should apply as soon as possible. Nevertheless, with an increase in short sales and foreclosures as well as tax credits and grants for first time buyers, the market has never been so attractive.
Many of these opportunities are further supported by lowered interest rates. Maui home buyers are therefore being given a once-in-a-lifetime opportunity to purchase the home of their dreams. Realistically, sellers might not have the chance to wait for prices to increase again or for the market to re-stabilize and as there are many options currently available for home buyers, sellers do not have the luxury of holding out for a bidding war. Indeed, home buyers will not likely see such a favorable market for years to come. Low interest rates, grants and tax credits, and motivated buyers make the housing market more affordable than it has been in years. Still, with the inventory of homes available it won’t be long before prices begin creeping up again so buyers should act now.
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The market continues to improve with 91 new escrows opened in the previous 7 days. Digging in to those statistics a little deeper reveals some interesting facts.
New contracts for condos and homes are almost equally split at 45 and 41 respectively, while there were only 4 new vacant lot sales. Of those new escrows, 43 are Short Sales subject to Lender approval, 10 are REO’s, and the balance of 38 are the more conventional type.
When we look at what actually closed in the previous 7 days, we find a much different picture. Out of 31 closed transactions, 7 were short sales and only 1 was an REO.
What conclusions can we draw. I think the most important one is that the number of Short Sales is increasing; however, the percentage that are closing is still relatively low. In other words, if you make an offer on a Short Sale, patience is the name of the game.
Nonetheless, short sales should not be ignored or discounted just because they are more challenging. The banks are finally starting to understand that it is better to do a short sale than foreclose.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. The whales are back. Come and enjoy a beautiful vacation on Maui, and while you are at it, let us show you how far your dollar can go in today’s market.
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As expected and hoped for, the First Time Home Buyer Credit has been extended until April 1, 2010.
Although our temperament has been and still is cautiously optimistic; we are starting to see very positive signs in the Maui real estate market that are leading us to be more bullish about the future.
As a reminder, we have lots of great tools available to help you search the Maui MLS. You can customize your own search, and save it so that you are automatically notified of any new listings matching your criteria. Try it. We know you will like this feature.
Also, in addition to South Maui condos, most West Maui condos now have active links to site maps, virtual tours, comparable sales data, floor plans, etc. This is another great tool that we are happy to make available to all of our subscribers at no charge.
We appreciate your referrals, and look forward to helping you with your next real estate transaction on Maui.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Are you contemplating buying or selling property outside of Maui? Coldwell Banker is the leading real estate company in the world with the best resources in the industry. Please allow us to refer you to an experienced and knowledgeable professional to help you.
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With interest rates hovering around 5% with zero points, is it any wonder why sales have been improving month after month.
This week’s featured property was once the home of Princess Kapiolani, so it truly is fit for royalty. Of course, you don’t need royal blood, just a couple of million dollars, and this spectacular estate could be yours.
Are you planning a trip to Maui sometime soon? If so, we’d love to hear from you so we can prepare to help you find what you are looking for.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Many of you have shied away from Short Sales in the past, and rightly so. Things are improving for this asset class, so don’t be afraid to make offers. You might be pleasantly surprised.
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In another devastating blow to the Maui economy, Maui Land & Pineapple Co. (MLP) announced its decision to end production after 97 years of plantation-scale pineapple farming on the island. The trend of pulling out of pineapple farming in Maui is nothing new as major operations like those of Del Monte and Dole relocated operations in the 1980s due to high land and labour costs. MLP, a Kahului-based land, resort, and agricultural holding company, plans to terminate new planting immediately and will cease pineapple harvesting by the end of the year.
Nearly 300 employees are scheduled to be laid-off during this restructuring, news that wasn’t as shocking to staff as expected. Still, while many employees of MLP recognized signs that the company was in financial trouble, many did not expect to lose their jobs so quickly. However, since the company estimates $115 million in losses on its agricultural businesses since 2002, executives point out that they had little choice. They could not continue operations with such staggering losses and despite exhaustive efforts there seemed to be no financially viable options for continuing in the pineapple business.
MLP is engaged in a range of industries other than selling pineapples, including operating golf resorts, vacation rentals, and real estate development, and the current economic climate has hit them hard. A combination of a decline in visitors and slowing real estate markets has negatively impacted operations in such a way that MLP was struggling to climb out of the red. Quarter to quarter losses were sparked, at least in part, by dwindling demand for real estate and required MLP to scaled down their pineapple operations but opportunities to save this portion of their business holdings were extremely limited. Essentially, real estate investment by MLP severely impaired the company as the economy took a sharp dive and the Maui real estate market followed.
Unfortunately the end of MLP in Maui likely will significantly impact the real estate market further. With another 300 citizens forced out of work, rental and sales figures are bound to take another hit. This could therefore lead to even more foreclosures and vacant rental spaces. So while the national economy appears to be on the rise, Maui has faced yet another setback that feeds the vicious cycle of market decline.
Photo Credit: Homies In Heaven
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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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