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Aloha ,
Market Update
A 1031 exchange is a way to buy and sell investment properties that are of "like-kind" and defer any capital gains for tax purposes. Below is a list of things that can often go wrong in a 1031 exchange.
1. Failure to get a replacement property with equal or more debt.
2. The term, "like-kind" is rather vague. You do not need to replace a condo with another condo, you can exchange your condo for a single family home or vacant lot if you wish.
3. Exchanges were created for investment properties so do not move right into your newly exchanged property, be patient and let it build up a rental history.
4. The most important thing is to always consult with your CPA and attorney to see if using an exchange will even make sense for you.
5. Do not wait until after closing to call IPX 1031 Exchange Services or it will be too late for them to assist you with the exchange. They are full service and will help you throughout the exchange process.
6. There are 2 important deadlines not to be missed when doing an exchange. You have 45 days after closing to identify the new property you would like to use for the exchange. Then after that you have 135 days to close on that property.
Have a wonderful week,
Lindsey for The Smith Team
Ken, Melissa and Lindsey
P.S. - Today is The National Kidney Foundation of Hawaii's Maui office "Let's Dine Out for Kidney Disease," evening. A portion of each meal purchased this evening at any of the participating restaurants will go towards fighting kidney disease and assisting patients. Check out the list of participating restaurants.
Melissa Smith R (B), Ken Smith R (S)
Market Watch
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Active
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Pending
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Sold
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Change
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Homes
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549 (305)
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226 (45)
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1089 (190)
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+5 |
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Condos
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813 (195)
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226 (24)
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1261 (167)
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+10
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Land
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362 (138)
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39 (7)
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153 (26)
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-3 |
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Total
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1724 (638)
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491 (76)
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2503 (383)
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+12 |
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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
1579 Lokia Street
Lahaina
$1.495M (FS) |
Price Reduced - This huge 6 bed, 9 bath home in Lahaina with a pool is a great value. There is a total of 6,537 sq ft of living area. This home features an entrance way with a koi pond and waterfall, high ceilings and ocean views. Fine Koa cabinets and exotic hardwood throughout the home constructed of high quality materials.
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52 Lau Niu #A Way
Lahaina
$1.645M (FS) |
Beautiful twin ponds with a lovely rock walk way separating the two is how you make your way to the front door, unless you stop and gaze upon the beautiful view of Lana'i and the Pacific Ocean first. Enter this gorgeous air conditioned 2 bed, 2 bath home and you are wowed by the rain forest granite that is used extensively in the kitchen and on the island.
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20 Kapuaimilia Place
Haiku
$2.399M (FS) |
This extraordinary ocean view home offers substance and style in one of the finest enclaves anywhere on Maui’s North shore. The well laid out contemporary single level 4 bed, 3 bath residence blends ocean views with the spacious indoor living.
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4950 Makena Road
Makena
$9.8M (FS) |
A rare opportunity awaits you in an exclusive community of only 10 homes on 5 acres in Makena. This spacious home offers the full benefits of a residential condominium community, while at the same time providing the owners with the privacy of a detached single family home. It is in a prime location within the community-just steps away from a crescent shaped, white sandy beach.
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Homes Under $1M
777 Hamana Place
Haiku
$550K (FS) |
Older masonry dwelling consisting of 2 beds, 1 bath. Conversion/installation of septic tank from failing cesspool is in progress. A sizeable portion in the rear is part of a steep gulch.
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11 Ulunui Place
Pukalani
$675K (FS) |
Short Sale - Private 2 bed, 2 bath home nestled on a large lot with separate 1 bed, 1 bath ohana. Laminate and tile flooring. Garden views from both bedrooms. Large master bedroom with master bath. Open kitchen and living/dining room. Large front patio with garden views. Separate laundry room off the kitchen.
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915 Kaili Street
Lahaina
$785K (FS) |
Beautifully maintained 4 bed, 2 bath hollow tile main home and 2 bed, 1 bath ohana located on a corner-lot at the end of a cul-de-sac in West Maui. This house and cottage sits on one of the largest lots in the Lahaina Mill Camp neighborhood at approximately 9,490 sq ft. This property also has 2 electric meters and 2 water meters.
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67 Kulalani Drive
Kula
$899K (FS) |
This is an exciting opportunity to own a well maintained, income producing property in Kula. The 3 bed, 2.5 bath main home boasts a bonus 1 bed, 1 bath flexible living area below with its own private entrance and extensive storage. Kula views and awesome star gazing to be enjoyed from the 516 sq ft lanai off the main house. The detached 2 bed, 1 bath cottage was newly built in 2004.
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3395 Akala Drive
Maui Meadows
$964.9K (FS) |
This huge home has 10 beds, 6.5 baths. The owner has divided it into 5 living units, plus a 2 bed, 1 bath ohana. All are rented and generating approximately $5,500 a month in rental income. A photovoltaic panel system keeps electricity costs down. The lot has peekaboo views of ocean, mountain views, plenty of paved parking and tons of room for additional structures.
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Vacation Condos Over $1M
Polo Beach Club #108
Wailea
$1.725M (FS) |
Enjoy the gorgeous ocean view from this private ground floor location while enjoying the oceanfront amenities of Polo Beach Club. Nicely decorated with great rental history. The “endless lanai” allows the enjoyment of the expansive North lawn which drops into the sunset view of the ocean and island of Lanai.
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Wailea Beach Villas #310
Wailea
$2.875M (FS) |
Truly a magnificent oceanside property within the world-renowned award winning Wailea Beach Villas. Unrivaled position for spectacular ocean views overlooking Wailea Beach with ease of access to the world-class resorts lining the shoreline and The Shops at Wailea.
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Wailea Point #301
Wailea
$4.4M (FS) |
Nestled between Wailea and Polo Beach, this front row oceanfront unit at Wailea Point has phenomenal ocean views. This ground floor 2 bed, 2 bath residence was remodeled in 2004 with the finest limestone, granite, and wood materials. The open kitchen includes top of the line appliances with a 42 in. Sub-zero refrigerator, KitchenAid trash compactor and beautiful Hawaiian Koa wood cabinetry.
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Vacation Condos Under $1M
Kauhale Makai #202
Kihei
$249K (FS) |
Great getaway studio on the ocean in North Kihei. This nicely maintained unit is located on the 2nd floor with nice views of the ocean, the West Maui Mountains and the fantastic sunset colors Maui is famous for. The design features a murphy bed making the room to feel roomy and relaxing without feeling cramped. Head out to the lanai, have a seat and enjoy the sunset at the end of the day.
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Hale Royale #F103
Honokowai
$295K (FS) |
Single story 1 bed, 1 bath townhouse in a resort like setting. Park right in front of your front door and walk off your tiled and screened lanai to 2 pools, whirlpool tub, sauna, club house, gas BBQs, tennis courts and lots of storage.
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Grand Champions #140
Wailea
$589K (FS) |
Grand Champions Villas, surrounded by Wailea Blue golf course is one of Wailea's premier destinations. This beautifully furnished, 2 bed, 2 bath second floor unit offers spacious open living with grand vaulted ceilings. The kitchen was upgraded with granite counters, newer cabinets and appliances.
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Residential Condos
Puuone Terrace #416
Wailuku
$124.9K (FS) |
Bank Owned - This 1 bed, 1 bath is located on the top floor and positioned in an excellent location. New carpet in bedroom and new flooring in bath. Laundry facilities on property.
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Kihei Villages #15-202
Kihei
$265K (FS) |
This 2 bed, 1.5 bath condominium is in highly desired Kihei Villages. Renovated in 2010 with new bamboo flooring and high grade vinyl in baths and kitchen. Attractive accent paint walls is an interior decorator feature, lower yard space with thriving plants and flowers. Near Kenolio Park and ocean.
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Kihei Villages #49-104
Kihei
$267K (FS) |
Great opportunity to own this ground floor 2 bed, 1.5 bath unit. This unit is situated on the West end of the complex, which is conveniently located near the park and beach. The unit features laminate flooring, bright natural lighting, and a nice outdoor space for gardening and entertaining.
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Kehalani Gardens #802
Wailuku
$395K (FS) |
Comfortable 3 bed, 2.5 bath townhouse conveniently within walking distance to grocery and parks. Enjoy the fresh and cool Iao Valley breeze and waters. Minutes to the hospitals, malls, and the Maui Arts and Cultural Center. Meet your neighbors and join in the morning and afternoon walks in this pleasant neighborhood.
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Lanakila #A101
Kihei
$415K (FS) |
Updated two-story townhome at Lanakila, in a pet friendly 18 unit complex on the ocean side of South Kihei Road just steps away from Waipuilani Park. Enjoy the easy access to the local beach park and wide open space adjacent to the ocean. This upgraded 2 bed, 1.5 bath condo has 3 split air conditioning units.
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Vacant Land
24 Koani Loop
Wailuku
$275K (FS) |
Make sure you take time to do a drive by. Lot 4 is worth seeing. Located with a spectacular view of Haleakala. This lot is able to accommodate a single or two story home. Located close to shopping, restaurants and Puu Kukui elementary school.
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Halama Street
Kihei
$625K (FS) |
Build your dream house on this rare Halama Street parcel located in a prime beach community. This new three lot subdivision is located across the street from the beach access that enters the sandy beach section of Halama Street.
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4405 Hana Highway
Haiku
$1.05M (FS) |
Stunning views of the ocean draw you along meandering drive throughout this 17-acre country parcel, compelling you to explore your possible futures. The 17 acres, two water meters and multiple building sites, stunning ocean views, provides the ultimate in flexibility. There is enough space to spread out, have a private area for your main home site, an ohana and barn.
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