| It is possible that the long bull market in Maui Real Estate may be over soon. Some areas of the California real estate market have already slowed down according to some of our sources. California has always proven to be a good leading indicator as to what will happen in Hawaii with a lag time between 6 to 12 months. Real estate, unlike the stock market, does not change directions and make big moves overnight. When the very strong market uptrend does come to an end, will it simply level off for a few years, slow down to a more reasonable growth level, or retreat backwards for a period of time? Wish we knew. In fact, we may be completely wrong. We might find that prices on Maui continue to move higher and higher. Prices are still well below comparable properties in the Bay area and other high end areas of California such as San Diego. Where would you rather live? From 1986 to 1991, prices increased by 100% or more. From 1991 to 1997, a significant portion of those gains were lost, and there were many foreclosures. In the last 7 years, we have seen an even greater appreciation in prices...in some cases by as much as 200%. Will we see a replay of that downturn? If it does happen, it is doubtful that it will be as severe given the underlying demand, lack of supply, low interest rates, and other factors. If you are thinking of selling, it may be a good time to take profits now. If you are contemplating buying, be sure that you are comfortable with your payments and that you could hold on during any downturn, should one occur. That is good advice in any market but especially so at this time. We remain very bullish and optimistic about the long term future of real estate on Maui and throughout Hawaii. Have a wonderful and safe 4th of July weekend. Mahalo Nui Loa, The Smith Team (Greg, Ken, & Dawn)  P.S. There were several new listings that we feel might be very good buys that were not included in this week's Newsletter. One of the reasons was the lack of a single photo. For example, a 28,000+ sq. ft. ocean view vacant lot in Kula for $375K. We will be taking some photos of that property as soon as possible, so if you are interested, please let us know. For that matter, if you search the daily listings and see something that looks like a good deal, please let us know. We are always happy to check it out for you; however, bear in mind that we don't have the time to take photos of any listings unless there is a sincere interest on purchasing.P.S.S. Here is a last minute addition that looks like a really terrific deal. It just hit the MLS a few minutes ago, so hurry on this one. |
 300 Inu Road Kula $2.875M (FS) |
| Breathtaking bi-coastal views from this quality custom home in lower Kula. Entertain around the pool at sunset, relax in your garden tub or enjoy the views from every room as you discover that Kula is the perfect place with the perfect pace. This 4 acre property consists of a 4500 square foot house with professional and natural landscaping. The cottage is from a time in the past, perched at the edge of the property and would inspire artists and poets. |
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2811 Liholani Street #6 Pukalani $529K (FS) |
| Residential Condo Community with ocean views over roof tops. Interior freshly painted, all new fans/light fixtures,& Pergo flooring. Bathroom has wall paper borders, & there is a den off the dining room. This is a terrific deal. |  21 Kamaiki Circle Kahului $789.587K (FS) |
| Brand new home to be built at The Bluffs, a gated community of high end luxury homes within the Maui Lani subdivision. Ideally located close to Maui Memorial Hospital, Queen Kaahamanu Shopping Center, and all of the many activities and shopping within the greater Central area. This home is scheduled for completion around April 2005. The picture to the left is the same model but with a Mediterranean style. The actual home will be a Craftsman style with wood framing and Presidential Shingle roof. For floor plans and more information about this home go to the Schuler Home website and click on Opus model. Optional large lanai and deck have been chosen for this home. This is the last one available and will undoubtedly be sold very soon. |  825 Mahealani Street Kihei $485K (FS) |
| Newly installed central air conditioning. Tile and wood laminate floors throughout, new maple wood kitchen cabinets, a reverse osmosis water system, new appliances, French doors and a gas range (a plus for most home cooks). The house, which has Haleakala views, has just been completely repainted inside and out. The property is fully fenced with a dog run area large that could be converted to accommodate a pool or spa. Two outdoor lanai add to the usable living area and the spacious 2-car garage includes an upgraded workbench area ideal for the home handyman. |  544 Akolea Place Wailuku $475K (FS) |
| Great Central Maui location close to schools and shopping. Spacious open floor plan (3 bdrm, 2 bath upstairs). Features include fully fenced back yard, zero lot line parcel, nicely landscaped with irrigation system, some views of the ocean and mountain from the 2nd floor and much more. |
 3635 Piikea Place Makawao $495K (FS) |
| Makawao garden hideaway with possible rental income/investment potential. Price reduced for quick sales and the sellers are motivated. Behind a secret garden gate and nestled amongst beautiful flowers and fruit bearing trees, this gem of a home offers peaceful seclusion within walking distance to the shops and fun of Makawao town. Hardwood floors, cabinets, granite countertops, stainless kitchen sink, walk-in closet in the master BR, double sinks in the master bath, 3 outdoor showers and a claw foot tub all add immense charm to the private, tropical setting of this property. There is additional family living area once used as a pre-school (with its own wet bar and private yard and entrance) which adds great possibility to this jewel of a property. |
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Vacation Condos Over $1 Million  The Whaler # 102 Kaanapali $2.65M (FS) |
| The premiere location in Kaanapali: Right on Kaanapali Beach, Beach Front, Ground Floor, Sheraton Side. Beautiful views and a yard. Short walk out your door to the beach or pool. Lovely mirrored wall in living room. Kitchen recently remodeled with European cabinets, granite counters and top of the line appliances. Includes a 2000 Toyota Camry LX, very low miles with cover. Garage under building. |
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Vacation Condos Under $1M  Kamaole Sands #9-103 Kihei $379.5K (FS) |
| Lowest Priced 1BR/2BA in complex. Tropically appointed. Remodeled in 2003. Excellent condition - fully furnished and turnkey. Steps to sandy swimming beach, pool, restaurants & shops & tennis courts. |  Kamaole Sands #4-313 Kihei $389.5K (FS) |
| Well priced 1 bedroom 2 bath condo with partial ocean view. This furnished end unit is vacation rental ready. Make offer! |  Napili Point II #C-41 Napili $625K (LH) |
| Incredible ocean views from this well decorated and maintained unit. Excellent on site rental program. Owners Association has purchased 60% of fee interest. Assessment of $248.13/Mo. is for fee purchase financing. Unit is sold completely furnished and ready to move in or rent out. |  Maui Sunset #B-218 Kihei $550K (FS) |
| A 2-bedroom, 2-bathroom, large beachfront unit in Kihei. It has ocean views plus views of the West Side Maui mountains. It overlooks the beautiful grounds and swimming pool area. Recently remodeled. It is ideal for vacation rental, long term rental, or owner occupancy. Maui Sunset has everything you want: fantastic grounds, its own gym, a long beach to walk, kayaking, windsurfing, and shopping areas nearby. |
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Residential Condos Over $1 Million  Na Hale O Makena #E-202 Makena $1.575M (FS) |
| Sophisticated condominium with gorgeous Molokini ocean views. Easy elegance combined with beautiful architecture describes this spacious residence of nearly 2200 square feet crafted of the finest materials and the highest of construction standards offered turnkey furnished. Na Hale O Makena covers more than six acres of lush lawns reflecting the sophisticated elegance of a vintage 1930's style Hawaiian estate. Dramatic nine-foot ceilings, extended sliding glass doors that open to breathtaking ocean views. Spacious lanai with BBQ and wet bar overlooks pool, spa, state of the art gym and an awesome ocean view. |
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