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Aloha ,
Market Update
The rapid rise in interest rates over the last 2 months from a low of around 3.5% to the current level at approximately 4.6% will have a somewhat dampening effect on rising home prices according to many economists.
The big question is how much? No one can know for sure, but we feel the effect will hardly be noticed unless interest rates rise to around the 6% level. At 4.6%, the rates are historically low, and homes are still quite affordable. Read more.
One other thing that we don’t see many of the pundits mentioning is the CASH factor. Year to date on Maui, there have been 1399 transactions totaling $910,411,240. Of those transactions, 50% of the volume, or $455,772,496, was in cash purchases. Cash buyers are much less influenced by fluctuations in interest rates.
The world is still awash in cash, and this is especially true in countries such as Korea and China who have been major beneficiaries of the huge trade imbalances we’ve been running in the U.S. for so many years.
Hawaii's location and ideal climate is becoming more an more alluring to Asian buyers. Canada is still the number one country buying up real estate in Hawaii, but in coming years, we expect that Asia, and especially China will become a major player in our real estate market.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. - We are half way done with 2013. How are you doing with any goals you set? If one of your goals is fulfilling your dream of owning a home on Maui in 2013, it's time to contact The Smith Team!
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for July 8th , 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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463 (259)
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241 (35)
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994 (134)
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-4
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Condos
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622 (160)
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285 (19)
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1264 (125)
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-11 |
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Land
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364 (104)
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45 (5)
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194 (27)
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-3
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Total
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1449 (523)
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571 (59)
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2452 (286)
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-18
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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
2450 Waipua Street
Spreckelsville
$1.05M (FS)
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Beautifully designed, built and appointed air conditioned home in Spreckelsville. 20 ft high ceilings, plastered pillars and coffered moldings accentuate the many nuances of the living room. The open kitchen and dining complement each other in style while the almost floor to ceiling doors and glass seems to brings the outside into these areas.
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1415 Middle Road
Kula
$1.995M (FS)
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2 full-sized houses (one brand new & never lived in). 2 water meters, 2 addresses, 3 acres of land and an additional State owned parcel currently leased available to new owner.
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Homes Under $1M
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823 Makaala Drive
Wailuku
$295K (FS)
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Bank Owned. Beautifully priced as a fixer upper. This 3 bedroom, 2 bath single level home needs to be lovingly restored and brought back to its original glory.
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664 Hilinai Street
Wailuku
$315K (FS)
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Short Sale. Well maintained 3 bedroom 2 bath single story home with nice ocean and mountain views.
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1093 Makalii Street
Kahului
$335K (FS)
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Bank Owned. Centrally located 3 bed room 1 bath plus extended family room in main dwelling & 2bed 1 bath ohana. Property offers a great location near all conveniences.
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12 Olo Place
Waikapu
$349K (FS)
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This wonderful home is nestled in old Waikapu next to the the beautiful Maui Tropical Plantation Gardens. You get great views of Haleakala and the west Maui mountains. Home was recently remodeled in 2003 with Hardwood floors, granite counter tops, new kitchen cabinets and tile in the kitchen and bathrooms. Property has mature fruit producing trees.
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279 Pukalani Street
Pukalani
$485K (FS)
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Great starter property or for extended family. Main house is a 3 bedroom 1 bath built in 1978. Kitchen remodeled in 2011 along with some other improvements. The detached ohana/workshop was built in 1979 and is a 1 bedroom 1 bath 480 sq. ft.
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16 Hookano Place
Kula
$519K (FS)
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Bank Owned. If you like upcountry living then you’ll love Kula. Considered a rare offering located in a very exclusive neighborhood where homes seldom come up for sale. Having an open and flexible floor plan provides for different living options. The quality of construction and finishes is reflected throughout and include features such as vaulted ceilings, granite countertops, and bamboo floors.
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379 Kama Street
Waikapu
$749K (FS)
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Custom designed 5 bedroom 3 bath home plus a 2 bedroom 1 bath cottage on a 9,109 sq. ft. corner lot at the top of the Waiolani Pikake Subdivision in Waikapu with wonderful views.
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Vacation Condos Over $1M
Kapalua Bay Villas 30G3-5
Kapalua
$1.695M (FS)
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You will love the stunning ocean views from this great Kapalua oceanfront 2 bedroom, 3 bathroom condominium. Location, location, location. This precious single level property has arguably the best location at the Kapalua Bay Villas.
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Vacation Condos Under $1M
Pacific Shores A-210
Kihei
$299K (FS)
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Welcome home to your 2 bedroom 2 bath condo located across the street from Charlie Young and Kamaole Beach I in sunny Kihei. This desirable end unit (only 1 neighbor) is located back away from S. Kihei Road on the cool north side of the building.
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Makani A Kai B11
Ma'alaea
$395K (FS)
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Gorgeous remodeled 2 bedroom 2 bath unit. Loft bedroom plus one bath is upstairs.
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Residential Condos
Kihei Shores D-110
Kihei
$275K (FS)
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This 2 bedroom / 2 bath ground floor unit is located in the best location at Kihei Shores. There are no neighbors above or below this unit. With only one adjoining condo next door, this end unit has wonderful privacy with a nice grassy area behind.
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Villas at Kenolio 6K
Kihei
$365K (FS)
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Short Sale. Well maintained 3B/2B unit located near the rear of the complex, looks out to the Bird sanctuary, just steps from the pool, spa & exercise room. Pet friendly complex, tandem parking directly in front of unit.
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Vacant Land
104 Honolua Place
Kapalua
$1.495 (FS)
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Do not miss this opportunity to own the last undeveloped lot in a very exclusive 3 lot enclave within the famous Plantation Estates subdivision. This incredible property rests above the world renowned surf break of Honolua Bay allowing for front row seats to the North shore surf season.
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