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Aloha ,
Market Update
Sales of vacation homes were up 10.1% last year, accounting for 11% of all home sales, according to the National Association of Realtors. The surge in demand helped lift median vacation home prices by 24% year over year to $150,000.
Granted that much of this increase was the result of the tremendous interest investors have had in distress sales in hot markets in Arizona, Las Vegas, and Florida which they have turned in to profitable rentals.
In addition, though, there has been an increase in people buying vacation homes for their own personal use.
Since Maui is one of the most sought after vacation destinations in the world, we have also been the beneficiary of this increased interest in vacation homes.
As the inventories have been dropping and demand remains strong, we’ve seen some upward pressure on prices during the last year. So long as the job situation continues to improve along with overall confidence in the economy, we see no reason why this trend won’t continue on.
The Hawaii real estate market has historically followed the West Coast market, especially California with a 6 to 12 month lag. Given the reports we see coming out of many areas of California, we suspect our market may rise even faster in the near future.
Have a wonderful week.
Mahalo Nui Loa,
Melissa for The Smith Team
P.S. - One of the really fun events that happens each year is the Kapalua Wine & Food Festival happening from June 7th to 9th.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for May 20th , 2013
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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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454 (275)
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275 (40)
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960 (133)
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-8
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Condos
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652 (171)
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318 (26)
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1242 (114)
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-19 |
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Land
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363 (99)
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39 (5)
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187 (25)
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-13
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Total
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1469 (545)
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632 (71)
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2389 (272)
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-40
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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
1880 Piliholo Road
Olinda
$1.2M (FS)
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Upper Olinda has clear, crisp air, scented with eucalyptus. These five acres stretch a quarter mile between a conservation-zoned ravine and the road. The luxurious bamboo sanctuary is testament to green building. You first notice the expansive design of the home with its dramatic roof line and graceful arches that frame the extra wide decks. The home is made up of three round buildings connected via large enclosed breezeways each of which is its own special use area, perfect for entertaining.
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3885 Wailea Ekolu Drive
Wailea
$4.5M (FS)
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Sophisticated and timeless, luxury-built Wailea Golf Estates Home. Designed by Hawaiian architect, Tim Farrington, featuring quality construction and luxury finishes throughout: limestone floors, granite counter tops, Downsview cabinets, subzero appliances, steel beams, and glass elevator. Dramatic ocean views and disappearing Fleetwood doors create the ultimate open-air tropical living.
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Homes Under $1M
2176 Mokuhau Road
Wailuku
$269K (FS)
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Charming remodeled home with panoramic view. This home is located on the west side of Happy Valley. Features upgrades throughout. Kitchen and bathrooms feature new cabinets, granite counters, stainless steel appliances, new hot water heater, new interior doors, mirror closet doors, new tiled bathroom and flooring. Bedrooms and living room feature new laminate wood flooring. New light fixtures throughout, new vinyl windows throughout the home.
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95 Wilikona Place
Wailuku
$422.5K (FS)
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Bank Owned. Property offers a large home with a private backyard and is conveniently located in Waikapu.
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1090 W. Kuiaha Road
Haiku
$449K (FS)
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Welcome to this peaceful & quiet (4.22 acre) parcel, adorned with 2 separate homes, one on the upper portion of the property and the other on the lower portion. On the upper portion of the property you'll also find a very large Barn / Workshop ready to enjoy.
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543 Polulani Drive
Wailuku
$790K (FS)
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Unique jewel with private mountain & panoramic ocean views. Serene tranquil mountain stream along backyard. Transparent garage door looking at Mountain. Home was custom built with everything you would want & need.
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1436 W. Kuiaha Road
Haiku
$895K (FS)
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Off the grid and off the charts. This is the seclusion that privacy seekers crave and the fertile valley gardeners want. A long drive leads down to a wide clearing where the house sits on a bluff surrounded by streams. Everything feels handmade: the connecting octagons with cozy decks on all sides; the sturdy country kitchen with high round table and director chairs, the Bali furniture and cabinets all connected by bamboo flooring.
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3356 Kehala Drive
Kihei
$865K (FS)
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Large split level Maui Meadows home and cottage on a 1/2 acre mostly level lot. This home with over 2700 sf has an open and spacious floor plan which includes three bedrooms, 2.5 baths, a great room with vaulted ceilings and a basement bonus room. Flowing from the great room is a large covered deck which offers some ocean views while you enjoy the tropical yard and pool.
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Vacation Condos Over $1M
Ho'olei S-1
Wailea
$2.05M (FS)
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Sit back and relax in this spacious 3 bedroom, 3.5 bath beautiful Wailea condominium. Ho’olei S-1 is literally the closest unit to the pool area and is walking distance from the Grand Wailea Resort. The Ho’olei community represents a unique fusion of tropical beauty and island lifestyle unparalleled in South Maui.
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Vacation Condos Under $1M
Pohailani Maui #301
Honokowai
$241.9K (FS)
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Bank Owned. Oceanfront located on the top floor this corner unit features pristine ocean views, high ceilings and upgraded finishes.
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Kamaole Sands 8-104
Kihei
$349K (FS)
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Very clean, remodeled, spacious ground floor units makes it easy to get in and out quickly. No need to wait for the elevators. No stairs makes it easy to bring in your paddle board, groceries, boogie boards and more. Another enjoyable feature of this unit is the large lanai that opens up to a lush landscaped open grassy area, along with A/C units in the Living area and bedroom.
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Ka'anapali Plantation #15
Ka'anapali
$675K (FS)
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Two story 3 bedroom 2 bath unit in a quiet complex, with great ocean views. Conveniently located close to dining, shopping, golfing, and beaches. The grounds are excellently manicured and well maintained.
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Residential Condos
85 Walaka Street #9
Kihei
$112K (FS)
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Bank Owned. 1 bedroom 1 bath condo near Cove Park.
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Iao Parkside 7-104
Wailuku
$179K (FS)
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Don’t miss your opportunity to own this wonderful 2 bedroom/2 bath ground floor corner unit in a highly desirable location of Iao Parkside. Location is everything! This larger floor plan and nicely maintained unit boasts an amazing completely fenced in yard with a covered lanai.
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Vacant Land
0 Kalena Street
Lahaina
$315K (FS)
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Build the dream house and the family compound. This large lot with an R1 zoning of over 17,000 sf allows you to build 2 main houses and also a 600 sf ohana.
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