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| Issue 374 | May 4th, 2010 |
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| Aloha ,
In this newsletter:
REO Properties
Short Sales |
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Market Update
Despite the fact that some market gurus such as Jim Kramer are predicting a housing shortage in 2011, we suspect that it may take a bit longer before Maui experiences any significant housing shortages.
Before that happens, we will need to reduce our current supply of resale homes which currently stands at 12 months down to 6 months or less. A year ago, we had about 18 months of inventory, so we are making progress in that regard; however, with so many properties in pre-foreclosure, inventory levels should stabilize in the 8 to 10 month range.
In reality, there is already a pent-up demand on Maui for affordable housing. This is probably why projects such as Milo Court are selling out almost as soon as they hit the market.
It is also why we have been besieged by calls only hours after listing 14 Puu Ehu Place for $437.9K. Both of these properties are featured below under Hot Buys.
In fact, 14 Puu Ehu Place will have multiple offers on the first day of listing, and will most likely sell above asking price. If you are interested, better hurry.
Bottom line, if you are looking for a home in the $500K or under range, but want to wait because you think prices will drop further, think again. Demand is so strong now for well priced homes and condos that prices have no where's to go but up from here, and the same is true for interest rates.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team P.S. We are blessed to live on Maui for so many reasons, but one that is often overlooked is the amazing number of talented artists who call Maui home. Of course, most of you have heard about or seen the paintings of Robert Lyn Nelson and Christopher Lassen, but how about some of the less well known artists. Read more.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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Market Watch for May 3rd, 2010
| Active | Pending | Sold | Change | |
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| Homes | 873 (373) | 248 (29) | 779 (101) | -27 |
| Condos | 1280 (230) | 268 (15) | 972 (147) | -29 |
| Land | 558 (158) | 35 (7) | 124 (23) | +1 |
| Total | 2711 (761) | 551 (51) | 1875 (271) | -55 |
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1. The numbers in parentheses reflect the number of listings over $1M |
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Short Sale. Must act fast. This is gorgeous understated home at the top of Maui Meadows -with a nearly 5000.s.f. expansive 1-story home privately nestled on a beautiful 1/2 acre lushly landscaped lot. 699 sq. ft. cottage is attached to detached garage with 900 sq. ft. basement/workshop. Unique hideaway with expansive lawns, large sprawling shade trees. |
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Short Sale. This private gated custom built residence and acreage features 180 degree sweeping ocean views from sunrise to sunset. Built using only the finest materials and custom craftsmanship throughout. Two attached yet separate self contained bedrooms and lanais with monster views. Virtual Tour. |
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Currently a successful B&B, this plantation style home is impeccably maintained by the owner/innkeepers. Penny's Place Inn Paradise has become a local landmark as well as a 5 star B&B. It boasts four beautiful guest rooms, each with their own private baths and air-conditioning. The Innkeepers quarters on the lower level include a large master, two full baths, an office, kitchen, and great room as well as a laundry room off the back deck. Virtual Tour. |
 261 Liliuokalani Street Pukalani $399K (FS) |
Over 2,000 sq. ft. of living for how much? This is a great home with a two car garage, beautiful blue rock walls, and a darling, private back yard.
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 14 Puu Ehu Place Kahului $437.9K (FS) |
Bank Owned. Amazing value for this 4 bedroom 2.5 bath home located in the prestigious gated community of The Islands at Maui Lani. This is the two-story model Rhapsody home with the master bedroom and kitchen located downstairs. It is in great condition and is located in a quiet cul-de-sac.
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Bank Owned. 3 bd. 3 bath Pukalani Highlands ocean view home. |
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Bank Owned. Welcome to a totally remodeled, gated 3 bedroom and 2.5 bath home located in central Kihei, near schools, beaches, resorts, shopping and world class golfing. This home must have been renovated with entertaining in mind. Some TLC needed. |
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Stunning and rare location fronting Waikoloa/Hana bay. Very unique and well thought out home in tropical and peaceful Hana. Walk to town, hotel, services or launch your kayak or stand up paddle board or just go walk the coast and go fishing. |
Ho'olei K-6
Wailea $2.795M (FS) |
Relax and enjoy the privacy and direct ocean views that the "K" building provides. Positioned directly across from the Four Seasons and Grand Wailea Hotel Resort and Spa, Ho'olei truly represents the best Wailea has to offer! For those seeking the privacy of an upscale residence with the ease of a condominium, Ho'olei offers a tremendous opportunity. |
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Interior courtyard 2 bedroom 2 bath condo with a lush garden view. The baths have been upgraded.
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 Napili Point B-26 Napili $699K (FS) |
Beautifully remodeled one bedroom / one bath directly on the ocean at Napili Point. Upgrades include granite counter tops, cherry wood cabinetry, stainless steel appliances, and tiled floors throughout. This unit overlooks Honokeana Cove with Molokai and Lanai in the background. Enjoy snorkeling and swimming with turtles from this private bay.
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 Palms at Wailea #303 Wailea $729K (FS) |
Gorgeous remodel. Hardwood and tile floors, bath all redone. Several unique upgrades. Vacation rental is possible but this pristine unit has only been used by the owners for the past several years.
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 Puuone Towers #211 Wailuku $126.5K (FS) |
Bank Owned. This 2 bedroom 1.5 bathroom apartment is located on the second floor of this secured building, with outstanding ocean and West Maui mountain views from the living-room and master bedroom. |
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 The Breakers D-26 Honokowai $199K (FS) |
Major price reduction at The Breakers. Lowest price for new 1 bd. 1 bath condo on W Maui. Free maintenance fees for the first year. At The Breakers in Honokowai, life is full of possibilities. |
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Outstanding value for newly released, duplex style town home in popular Milo Court at Kehalani community in Wailuku. This flowing, open floor plan must be seen to be appreciated includes 3 bedrooms and 2.5 baths, spacious covered lanai, 2 car garage and a privately fenced backyard. It also includes a Modern Kitchen with kitchen island, GE appliances (dishwasher, range, and range hood), beautiful cabinets, Master bedroom with sizable walk-in closets, ceramic tile and wall to wall carpeting. |
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