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Market Update
There's a storm brewing in Hawaii. Don't expect to encounter high winds, rain or bad weather. This isn't your typical storm. This is the Act 48 Storm. Sides are being drawn over Hawaii's newest foreclosure law. We've mentioned Act 48 in several previous newsletters. This week we'd like to draw your attention to several of the voices shaping the debate over this controversial law.
The first is that of State Representative Robert Herkes. Herkes is one of the co-sponsors of the bill which was passed into law in May 2011. In this article, published by the Honolulu Star Advertiser, Herkes explains the idea behind Act 48 and points out what he believes it will do.
Another perspective on Act 48, is that of attorneys who believe the law is cumbersome and will not work. Also published in the Honolulu Star Advertiser last week, this article entitled Attorneys say flaws mar new isle foreclosure law, provides a different perspective on Act 48.
Knowing what you know about Act 48, what do you think about the new law? Any predictions on how it will affect Hawaii real estate?
Thank you for reading the Maui Real Estate Newsletter.
Have a wonderful week,
The Smith Team
P.S. Speaking of foreclosures, check out this bank owned vacation condo we just listed. This one is priced really well and should go quick. If interested, please drop us an email.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for July 18th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
744 (278) |
240 (19) |
839 (109) |
+7 |
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Condos |
1011 (192) |
225 (11) |
1144 (107) |
NC |
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Land |
493 (111) |
33 (9) |
123 (14) |
NC |
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Total |
2248 (581) |
498 (39) |
2106 (230) |
+7 |
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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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88 Kawehi Place
Kula
$1.195M (FS)
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If you love Upper Kula, spectacular ocean views, and an absolutely phenomenal deal, then check out 88 Kawehi Place which just fell out of escrow. You couldn't come close to replacing this property for any where's close to the $1.195 Million asking price.
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27 Ua'lei Place
Makena
$8.685M (FS)
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Discover this ultimate South Maui residence in the exclusive gated community of “One Palauea Bay” on the edge of Wailea in Makena. Designed for island living, this spacious home is situated on more than an acre of tropically manicured landscaping with panoramic views overlooking Palauea Beach and the outer islands. The 6595 sq. ft. home features an elegant living room and dining room with sliding glass pocketing doors opening to a large covered lanai. Virtual Tour
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Homes Under $1M
132 Eleu Place
Kihei
$200K (FS) |
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Bank Owned. House and detached cottage. Some of the improvements many not have permits.
Customer Listing Synopsis
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124 Waiapo Place
Kihei
$254.5K (FS)
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Bank Owned. This is asset is considered a contractor's special. The entire interior needs to be rebuilt from top to bottom.
Customer Listing Synopsis
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11 Meleana Place
Kahului
$655K (FS) |
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Pride of ownership is displayed throughout this 4 bedrooms, 3 bath home, with its custom swimming pool/spa and 3-car garage. Perfectly situated in the gated community of the Islands at Maui Lani neighborhood you can catch gorgeous views of the ocean, Haleakala Crater and the West Maui Mountains.
Customer Listing Synopsis
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13 Puu Huna Place
Ka'anapali
$857.5K (FS) |
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Bank Owned. Nice home on a cul de sac up in Ka'anapali Hillside! Detached 2 car garage, in ground pool, tile flooring, large master bathroom, large living area downstairs.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Wailea Beach Villas PH209
Wailea
$2.895M (FS)
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Wailea Beach Villas is the oceanfront destination - walk to shops, hotels, etc. All at your immediate access. Surprisingly strong 2nd floor ocean views from this large 3 Bedroom 3 Bath plus Den. Great layout, this feels more like a home than a condominium.
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Vacation Condos Under $1M
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Aina Nalu I-101
Lahaina
$224.9K (FS)
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Bank Owned. Great 1st floor unit in the popular Aina Nalu complex. This unit is clean furnished and ready to rent.
Customer Listing Synopsis
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Shores of Maui #207
Kihei
$269.9K (FS)
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Ocean views galore. 1 bd. 1 bath condo perched above "The Cove" makes this unit the ocean view unit one to own. Check the surf, walk 3 minutes and you're there.
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Puamana #139-4
Lahaina
$399K (FS)
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Short Sale. Best 1 bd. ocean view condo value in fabulous Puamana. 100 steps from beaches. Offered at less than 1/2 the 2005 sale price, this won't last long.
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Residential Condos
Southpointe 6-106
Kihei
$120.9K (FS) |
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Bank Owned. Clean and in very good condition. This is a ground floor, corner location with a fenced yard. Quiet cul de sac location with two assigned parking spaces. A/C in living room and celing fans in living and both bedrooms.
Customer Listing Synopsis
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Hale Kanani 4-305
Kihei
$339.9K (FS)
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Bank Owned. Very nice large floor plan right across the street from cove park. Building 4 offers a more quiet location and privacy and the 3rd floor views are an added bonus.
Customer Listing Synopsis
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Vacant Land
115 Kamalei Circle
Kahului
$239K (FS) |
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Bank Owned. Excellent opportunity to own and build your own custom/private home surrounded by beautiful homes and golf course. This parcel is over 10,000 sq. ft. and boasts wonderful ocean, central, West Maui Mountains and Heleakala Views.
Customer Listing Synopsis
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