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Aloha ,
Market Update
Chinese real estate investment in the U.S. was up 10 fold in 2013, and for good reason. The Chinese are flush with cash and need a place to invest it.
Although most of the money went in to commercial real estate, we are seeing a lot of money going in to buying up distressed properties such as in the Detroit area which is seeing a resurgence. They are betting on these areas becoming revitalized down the road. California is also benefiting greatly from Chinese home buying, which will have a positive outlook down the road here on Maui.
Chinese are patient investors not looking to make a quick buck. They invest for the long term and look for properties with good cash flow. For this reason, I don’t expect there will be a bubble such as we saw when Japanese investors drove prices sky high during the late 80’s.
How might this affect us in Hawaii? Chinese like to invest in areas where there is an established Chinese community. In Hawaii, that would mean Oahu might directly benefit from investment from the Chinese.
Of course, that will most likely not be in residential real estate because home prices do not provide good cash flow for the most part. They are more likely to invest in hotels and shopping centers. Nonetheless, the old saying, “A rising tide raises all ships” applies here.
Over the last few months sales and prices have leveled off on Maui. Could this be the next stimulus the market needs to move higher? Time will tell.
Your feedback as always is welcome.
Have a wonderful week.
Mahalo Nui Loa,
Ken for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. - Here is the source for some of the information in this Newsletter.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for April 1st, 2014
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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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575 (288)
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220 (35)
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969 (180)
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+6
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Condos
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758 (177)
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242 (24)
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1384 (186)
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-2
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Land
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367 (124)
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51 (7)
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214 (25)
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-1
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Total
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1700 (589)
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513 (66)
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2567 (391)
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+3
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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
29 Hoawaa Way
Wailea
$1.05M (FS)
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Come and see this great Wailea Kai Original. This was one of renowned architect Tim Farrington's first Wailea homes. The very unique and creative design will leave your imagination wondering about the endless possibilities of upgrading and modernizing the overall home.
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745 Kupulau Drive
Kihei
$1.589M (FS)
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As you enter this private tropical and fully landscaped compound, there is a mixture of Hawaiian and Mediterranean ambiance. Enter the double doors you and step into the 20’ vaulted foyer, the grand spiral staircase invites you up to the master suite level. This home features a sunken formal living room that opens to a dining area. An open floor plan with high ceilings makes every room inviting.
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75 Opalipali Place
Kula
$3M (FS)
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Trophy home in Kula Meadows gated community on 5.4 Acres. This home is newly constructed and never has been occupied. Bi-coastal ocean views and quality of construction in a make sense indoor / outdoor island layout.
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Homes Under $1M
789 Pala Circle
Kahului
$395K (FS)
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Bank Owned. Large Multi unit property close to Maui Memorial and Queen Kaahumanu Shopping Center
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277 Wainohia Street
Kihei
$450K (FS)
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Bank Owned. Well located home in Waiakoa Kai Estates. This house has good bones and just needs some TLC.
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35 Alea Place
Pukalani
$599K (FS)
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Home being used as 3/1 and 2/1, plus 2 bd. 1 bath cottage on large 18,587 sq.ft. lot. Seller upgraded the place 2008, but not the cottage.
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9 Puuaina Place
Wailuku
$625K (FS)
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Beautifully maintained 2 story home with a very spacious back yard and a large covered lanai for having great outdoor barbecues. The living area, dining and kitchen with full bathroom are downstairs and the large master suite w/ guest bedrooms and baths are upstairs.
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2673 Kokomo Road
Haiku
$695K (FS)
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Great location on Kokomo Road. Wonderful property and quality built home.
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Vacation Condos Over $1M
Sugar Cove 3-B
Spreckelsville
$4.3M (FS)
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This 3 bd. / 3.5 bath townhouse sits front and center on four acres of landscaped beachfront property. The 2 story residence has a completely remodeled and redesigned interior features hardwood floors, mosaic tiles, custom cabinets and many unique amenities.
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Vacation Condos Under $1M
Maui Vista #3317
Kihei
$335K (FS)
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Just remodeled featuring beautiful wood flooring, granite counters, new wall surfacing, etc. Maui Vista features three pools, tennis courts, BBQ’s, and lovely, well-tended grounds. Steps from Charlie Young and Kamaole I Beaches.
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Island Sands #305
Ma'alaea
$515K (FS)
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Ocean view from this delightful 2 bd. / 2 bath, fee simple unit. Beautifully remodeled in 2011 including cabinets, white quartz counters and new flooring. Walking distance to shopping, restaurants, activities including Maui Ocean Center, Maui Golf and Sports Park, snorkeling, fishing, whale watching and sunset cruises right out of Maalaea Harbor.
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Wailea Ekahi 21C
Wailea
$859K (FS)
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Wonderful lower village location steps away from the green belt and right down the path to the pavilion, pool & Keawakapu Beach. Very private, corner apartment, (downstairs) with grassy area in front of spacious lanai.
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Residential Condos
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Southpointe 6-105
Kihei
$239.9K (FS)
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Bank Owned. This ground floor unit is one to consider. Tucked back offering privacy from the main flow of traffic. This unit offers a private yard for pets, children or even to start your personal garden.
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Napili Villas #2
Napili
$389K (FS)
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Ground floor corner unit, in great location near the exit on the cool side of building.
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Kapalua Ironwoods #24
Kapalua
$2.95M (FS)
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Fabulous location in the Kapalua Resort. The Ironwoods at Kapalua offer that special casual Hawaiian elegance that we are all looking for.
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Vacant Land
Maluhia at Wailea Lot #1
Wailea
$2.45M (FS)
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Build your dream house at Maluhia at Wailea. Wailea’s only beachfront residential community.
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