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| Issue 350 | November, 17th, 2009 |
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| Aloha ,
In this newsletter:
REO Properties
Short Sales |
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Market Update 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.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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Market Watch for November 16th, 2009
| Active | Pending | Sold | Change | |
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| Homes | 892 (372) | 221 (28) | 639 (87) | -16 |
| Condos | 1395 (243) | 173 (9) | 753 (146) | -23 |
| Land | 569 (178) | 40 (11) | 91 (29) | NC |
| Total | 2856 (793) | 434 (48) | 1483 (262) | -39 |
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1. The numbers in parentheses reflect the number of listings over $1M |
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Perched on over an acre of land in beautiful Sand Hills, this property boasts a home with over 4,000 square feet of interior living, and a separate cottage. Views of Kahului Harbor, city lights, and the north shore seem to be endless. |
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4 bd. 4 bath executive home built upon the open slopes of Launiupoko. Superb interior design with upgrades of stone, exotic woods and granite countertops. Open, spacious interior with lots of light and wide open ocean views. |
 952 Kahealani Street Haiku $325K (FS) |
Short Sale. This is a 2 bedroom / 2 bath home located within walking distance to Haiku town. It is currently used as two 1 bedroom units and a studio.
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 3031 Kauhale Street Kihei $420K (FS) |
Short Sale. 4 bedroom 2 bath home in great South Kihei location ½ block from the Wailea Fire station and just 5 minutes to Keawakapu Beach, Shops at Wailea, and Wailea Kilohana Park.
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Short Sale. Enjoy the spectacular ocean and sunset views from this serene tropical 3 bd. 3 bath home & detached 1 bd. 1 bath ohana. |
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Bank Owned. This large home was custom designed to take in the huge panoramic oceanviews from every room. The cliff top location makes you feel that you are sitting right over the water and provides total privacy. |
Wailea Point #2801
Wailea $2.35M (FS) |
Spectacular ocean view, fully furnished, private setting. Perhaps the best value at Wailea Point. |
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Bank owned. This ocean front, 42 unit complex has a pool, BBQ area, and public tennis courts. Grab your windsurfing gear and head for the white sandy beach out front. |
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 Sugar Beach Resort 102 Kihei $289.9K (FS) |
Bank Owned. Corner unit at the desirable ocean front Sugar Beach Resort; centrally located with easy access off highway and a gorgeous beach just steps in front.
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 Ka'anapali Shores #416 Ka'anapali $415K (FS) |
Short Sale. This popular “A” 2 bd. 2 bath floor plan features a lanai off the master bedroom.
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 Kai Makani 34-203 Kihei $358.9K (FS) |
Bank Owned. Lovely 2 bd. 2 bath unit across the road from "Mai Poina" (Windsurf Beach). Barely lived-in. |
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 Wailea Fairway Villas X-202 Wailea $569K (FS) |
Short Sale. Located on the Wailea Blue Course, this second floor unit boasts beautiful Pacific ocean and gold course views. |
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Owners' motivated and priced to sell. Desirable Honua floor plan with master on ground floor. Ocean views from lanai only. |
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