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Aloha ,
Market Update
According to Zillow Research, the average discount nationally on sales of foreclosed properties is 7.7%. On Maui, there have been 445 REO properties sold in the last year at an average price of $353,597. Given the average list price was $380,710, this represents an average discount of 7.1%, so we are pretty much in line with the rest of the country. Read full story here.
At the present time, there are only 32 Active and 37 Pending REO Listings on Maui. Where have all the foreclosures gone?
Well, we can't speak for the rest of the country, but last year, the Legislature passed Act 48 which put a moratorium on non-judicial foreclosures until July 1st of this year when Act 182 replaced it. If they wanted to foreclose, they had to go the judicial route which can take any where's from 9 months to 2 years and at a much greater cost.
But wait….if the banks can now do non-judicial foreclosures which are much quicker and for less money, why hasn't there been a slew of non-judicial foreclosures hitting the market? By some accounts, there are more than 1300 properties on Maui that are in pre-foreclosure. The main reason, in our opinion, is that Act 182 struck down Part 1 non-judicial foreclosures and now the only recourse is Part 2 non-judicial foreclosures which are much more complex and with far greater liability to the lenders.
In any event, we believe this will sort itself out, and you will see a steady uptick in the number of REO properties hitting the market over the next 6 months. Given the low inventory, we suspect these properties will be easily absorbed by the market without any negative consequences.
Wishing you all a wonderful Thanksgiving.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. – We recently became a Zillow Premiere Agent. Please check out our Zillow Profile. It would really help our rankings if you would take a moment to write a review. You will be asked to fill out a Zillow profile, but they will not SPAM you. They only want to be sure the review is from a real person. In any event, you can unsubscribe to Zillow right after writing the review.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for November 19th, 2012
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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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492 (256)
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250 (19)
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916 (119)
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-9
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Condos
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739 (160)
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269 (14)
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1177 (74)
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+19 |
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Land
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399 (108)
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48 (8)
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148 (16)
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-2
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Total
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1630 (524)
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567 (41)
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2241 (209)
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+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
319 Mauli Street
Ka'anapali
$1.195M (FS)
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Great family home in Kaanapali Hillside. This spacious 5 bedroom, 3 bath home also has formal dining room and additional room off kitchen great for game room. Huge master bedroom has ocean views, walk-in closet and large adjoining room ideal for office or sitting room. All upstairs bedrooms have ocean views.
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557 Kupulau Drive
Kihei
$1.365M (FS)
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Ocean View totally renovated Maui Meadows home in beautiful tropical setting. A picturesque water feature with waterfalls flows down the rock lined entrance. The main home's open floor plan offers spaciousness and comfort with travertine floors and new sliding glass doors giving easy access to the tropical gardens outside your doors.
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80 S Piki Place
Ka'anapli
$1.495M (FS)
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Elegant, contemporary 4 bedroom, 4.5 bath house in Kaanapali Hillside with spacious rooms. Unique architectural design including skylight atrium entry with dolphin wall sculpture. Perfect home for family living and entertaining inside and out with oversized Lanai and pool. Spectacular ocean and island views of Lanai and Molokai but with a private location at the end of the cul-de-sac.
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Homes Under $1M
92 Ikaika Place
Naplili
$225K (FS)
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Bank Owned. 3 bedroom 1.5 bath home in Napilihau.
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41 Hale Lio Place
Haiku
$449.9K (FS)
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Bank Owned. Great property in a convenient area of Haiku. Open,bright and airy floor plan in a peaceful setting. Home is on street side of property with a driveway in place to access a possible ohana site. One of the larger lots in the subdivision which backs up to a gulch with a treehouse with a view.
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1590 Lokia Street
Lahaina
$464.6K (FS)
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Short Sale. Great value for a custom house in Lahaina with big pool and large back yard. House has open floor plan and vaulted ceilings plus remodeled kitchen. Nestled at the top of the hill with open land behind.
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173 Kamalei Circle
Haiku
$649K (FS)
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Short Sale. Prestigious perimeter location that fronts the golf course in the gated, The Island at Maui Lani. Vaulted ceilings throughout this custom built home, elegant ceramic tile floors, and a kitchen built for a chef! Lovely, open, single-level, 3 bedroom, 2.5 bath floor plan. Elegant master suite with a huge bathroom and walk-in closets.
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3894 Mahinahina Place
Kahana
$699K (FS)
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Offering ocean, island and resort views, this property is spread across 4,650 square feet of living area. This family compound is spacious and inviting and offers 6 bedrooms and 6 bathrooms. The amenties includes a pool but is also within walking distance to the ocean.
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361 Pualoa Nani Place
Wailea
$998K (FS)
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Least expensive home in Wailea Pualani but look what you get: steel frame, stucco construction with a monier tile roof and travertine flooring. Drive down the private gracious palm -tree- lined driveway to this lovely three-bedroom, three -and- a- half-bath home. Two of the bedrooms are downstairs and the whole upstairs is the Master Suite including your own private deck. That's where the ocean view is.
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Vacation Condos Over $1M
Ho'olei R-2
Wailea
$2.25M (FS)
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The Ho'olei community is located directly across the street from the Grand Wailea Resort and Spa. Relax with the comfort and ability to "lock and go" while at the same time enjoy the comforts of a condominium designed to feel like a stand alone residence.
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Vacation Condos Under $1M
Kauhale Makai #325
Kihei
$250K (FS)
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Nicely remodeled with lovely ocean views from both the living area and bedroom. Coveniently located near shopping, restaurants, churches and public tennis courts.
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Hale Kai #216
Honokowai
$329.9K (FS)
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Bank Owned. Direct oceanfront, 1 bedroom unit, with wonderful ocean and mtn views and is waiting for your decorative touches. On 2nd floor. Very high vaulted ceilings.
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Haleakala Shores B-407
Kihei
$375K (FS)
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Oceanviews abound from this spacious two bedroom two bath turnkey unit. Remodeled bathrooms have new tiled floors and showers installed. Refrigerator, water heater, washer/dryer, have all been replaced recently.
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Papakea Resort J-205
Honokowai
$489K (FS)
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This is the best ocean view 2 bedroom condo for under $500,000 on the market. It’s fee simple, allows short term rental and it’s at the very popular Papakea oceanfront resort. It is the larger, roomier, of the 2 bedroom floor plans. Everything about this condo is large and open.
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Residential Condos
Kihei Villa #108
Kihei
$140K (FS)
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Short Sale. Perfectly located one bedroom, one bath South Kihei Condo. Across the street from the local surfing spot “the Cove”.
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Iao Parkside 6-102
Wailuku
$155K (FS)
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Short Sale . Great starter home with unique features: Corner, ground flloor unit, farther away from busy parking lot, with a large yard, and 2 parking stalls.
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Vacant Land
0 Ulaino Road
Hana
$638K (FS)
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Bank Owned. This is an incredible 17.955 acres with approximately 1,538 feet of ocean frontage located in lower Nahiku. Spectacular ocean vistas from wide open grassy flatlands, rugged cliffs & secluded bays. Property offers extremely lush verdant private expansive of land under beautiful star filled skies. You do not find land like this on the market very often. It is located 7 miles from the Hana Airport & 10 miles from Hana Town.
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3190 S Kihei Road
Kihei
$10.9M (FS)
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True Beachfront - Step onto the white sands of Maui's most sought after beach, Keawakapu Beach. This exceptional ready-for-construction beachfront vacant parcel of .7 acres and approximately 133 linear feet of ocean frontage. Features 180 degree views of the Pacific blue vista, and the islands of Kaho’olawe, Molokini and Lana’i. All underground utilities are in place, archaeological, grading and drainage work has been completed.
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