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Market Update
How did the real estate market on Maui do in the 1st quarter of 2012? There was a 44 % increase in the number of residential home sales in the 1st quarter of this year with 208 units sold compared to the 1st quarter of 2011 with 116 units sold. There was no change with the number of short sales at 30 units when compared to last year. In the bank owned sector, there was a 22.7 % decrease with 51 units sold this year versus 66 units sold the 1st quarter of 2011.
The condominium sales showed a slight decrease in sales at 2.9 % with 301 units sold this year versus 310 units for the 1st quarter in 2011. There was a 30.2 % increase in short sales with 43 units sold this year versus 30 units sold in 2011. The number of bank sales decreased like the residential sales at 48 % for the 1st quarter with 39 units sold this year versus 75 units in 2011.
Both the residential and condominium sectors for bank owned properties felt the affects of the Hawaii Foreclosure Law that came into effect in May 2011. This law basically mandates that the lien holder of all non-judicial foreclosures have to meet at the table with the mediator and the homeowner to work something out. Fannie Mae already switched their properties to the judicial foreclosure process and other lenders have gone this route as well. This has delayed the number of bank owned properties coming on to the market which reflects the decrease in the number of sales in both the residential and condominium sectors.
With the increase of the number of short sales that have sold in the condominium sector, it shows that the banks are more willing to work with the borrower to forgive them of their debt. Last week, I had lunch with an escrow officer from Old Republic Title that handles a lot of short sale transactions. She told me that she recently had a closing where the seller's lien holder paid the seller money to do the short sale. I am hearing more and more about lenders giving money to borrowers in distress to do a short sale. Feel free to contact us if you need assistance with doing a short sale for a property that you own.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Although forclosures have been down recently; they are expected to increase dramatically in the coming months. See article from NPR.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for April 2nd, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
619 (274) |
239 (30) |
902 (122) |
-6 |
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Condos |
934 (175) |
288 (13) |
1140 (82) |
-29 |
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Land |
514 (117) |
26 (4) |
146 (17) |
-4 |
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Total |
2067 (566) |
553 (47) |
2188 (221) |
-39 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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80 Hale Alii Place
Wailea
$1.65M (FS)
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Wailea waterfall home. Farrington design features the ultimate in, indoor/outdoor living. Artist etched entry, three spacious bedrooms w/ 3.5 baths, and split AC. Cathedral ceilings are rare wood paneled.
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1411 L. Kula Road
Kula
$1.789M (FS)
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Sweeping bicoastal ocean views and surrounded by pristine undeveloped pastures at the most sought-after upcountry elevation, this 3982 sq. ft. executive home features an open flowing floor plan, quality materials and construction throughout, Monier tile roofing, stucco exterior, 10' ceilings, solid mahogany interior doors, cherry cabinets, solid Brazilian cherry flooring, granite counters and extensive use of travertine. Kitchen has commercial range and refrigerator, walk in pantry, wine room grotto.
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6681 Makena Road
Makena
$2.999M (FS) |
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Located directly across the street from Big Beach in a four home subdivision, this brand new Makena estate consists of a 4100 square foot main house, 700 square foot cottage and attached and detached garages on almost an acre of land. Built with top of the line materials including granite, mahogany, Wolfe, Sub-Zero etc in an open floor plan.
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Homes Under $1M
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105 Alahele Street
Kihei
$330K (FS)
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Bank Owned. Great layout for home and separate ohana in the rear. Large carport and covered areas including a 1/2 bath in carport area. Good central location.
Customer Listing Synopsis
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241 Kuualoha Street
Kahului
$351.5K (FS)
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Bank Owned. Geat house, neighborhood, and price. Central location in Maui Lani.
Customer Listing Synopsis
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2229 Kaupakalua Road
Haiku
$399K (FS)
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Situated in Haiku is this charming 3/2 Main home along with 2/1 cottage on over a 1/4 acre. The main home as well as cottage has their own separate cesspools. This level property has some amazing views of Haleakala with a wonderful open feel to the lot that is surrounded by open pastures all around you.
Customer Listing Synopsis
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17 Maka Hou Loop
Wailuku
$475K (FS) |
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The Cottages at Kehalani is nestled on the slopes of the cool West Maui Mountains. This 3bd/2.5 bath two-story home sits on a 1/4 acre lot. Step out onto the newly added upper view deck and soak up magnificent ocean, mountain and city views. Seller has enclosed the property with gorgeous blue rock walls and fencing. Extended stamped concrete around the perimeter of the home. The large custom built storage shed creates additional storage and opens up space in the attached two car garage.
Customer Listing Synopsis
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255 Aliiolani Street
Pukalani
$679.9K (FS) |
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Be the king / queen of the hill and become the new owner of this home in Pukalani. Room for everyone. This large spacious home needs some work to bring it back to it glory but will be worth all the work. The ocean and mountain views cannot be beat.
Customer Listing Synopsis
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737 Mililani Place
Kihei
$975K (FS) |
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Short Sale. Dead on views of Molokini and Kaho'olawe from this beautifully remodeled Maui Meadows cul-de-sac home. No power lines and no street lights--dark, dark nights for gorgeous stargazing. The remodel, completed in 2007 includes all new wiring and plumbing, security system, custom patterned travertine floors, granite counters, new cabinetry, hand trowel skip finish on walls and ceilings, and old-school stucco exteriors.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Makena Surf B-303
Makena
$2.15M (FS)
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Fantastic Beachfront 2 bedroom 2 bathroom top floor unit in the B building at Makena Surf. This fully furnished, turn key unit offers wonderful ocean, beach and outer island views from the living room, kitchen and lanai. Makena Surf offers 4 tennis courts, 2 pools and BBQ areas.
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Vacation Condos Under $1M
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Kahana Villa E-601
Kahana
$198.9K (FS)
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Ready for some TLC and then enjoy an ocean view from this one bedroom, one bath end-unit location at Kahana Villa.
Customer Listing Synopsis
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Pacific Shores B-304
Kihei
$236.9K (FS)
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2 bedroom 2 bath good location in Bldg. B. Most furnishings will stay. 2 parking spaces.
Customer Listing Synopsis
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Hale Mahina B-202
Honokowai
$250K (LH)
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Short Sale. Just what you've been waiting for: An Oceanfront, Oceanview condo that has been remodeled and shows pride of ownership. Gorgeous Pacific Blue Ocean and outer island views from the spacious tiled lanai. Granite counters in kitchen and bath, recessed lighting, upgraded cabinets. Bedroom has elegant shoji screens, tropical furnishings & an en suite bath with remodeled tiled shower and glass block partition.
Customer Listing Synopsis
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Ka'anapali Shores #836
Ka'anapali
$280K (FS)
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Bank Owned. The serene setting of this apartment, overlooking the Pacific Ocean, makes this studio an ideal place to relax and unwind. Completely remodeled, #836 features high quality finishes in the kitchen and bath including granite countertops. The furnishings and art create a tasteful island style retreat for owners and guests.
Customer Listing Synopsis
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Residential Condos
Hoonanea at Lahaina #204
Lahaina
$375K (FS) |
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In the heart of Lahaina. Walking distance to the Beach, Shopping Centers, and Historic Front St. Community is Pet Friendly. This townhome has a single car garage and an additional assigned parking stall. This townhome also has a private yard area. This is a 3 story townhome.
Customer Listing Synopsis
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Kanani Wailea #22
Wailea
$675K (FS) |
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Best value at Kanani Wailea, an exclusive community of luxury residential condos in resort town of Wailea, Maui. Enjoy the pool, spa, fitness center, and enclosed two-car garages. Superior quality of construction includes steel framing, Monier tile roof, dual-glazed windows, 9 ft ceilings, ceramic tile, Wolf stainless appliances, granite countertops, tray ceilings and bull nose corners.
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Vacant Land
29 Papuhau Place
Wailuku
$168.5K (FS) |
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Bank Owned. Take advantage of this great value, location, and beautiful lot ready to build in Koa at Kehalani. This is a new subdivision of custom homes located above Wailuku with stunning views.
Customer Listing Synopsis
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