|
Aloha ,
Market Update
Why are real estate prices going up on Maui? It is mostly about affordability.
Let's assume you bought a home for $600K at the peak of the market in May 2006 with a down payment of 20%. The interest rate was 6.75% for a 30 year fixed rate mortgage which equates to a monthly payment of $3113.
Assuming you paid $600K for a home today, your interest rate would be around 3.5%. Your monthly payment would be $2155, a savings of over $950.
To make it even more enticing, single family home prices today on Maui are much lower than they were in 2006. We don't have figures going back to 2006, but according to Realtor's Association of Maui, the median price for a Single Family Home in 2007 was $628K. In 2012, the median price was $472K, a drop of 25%.
As one of our clients so aptly put it, "I want to get my foot in the door." Don't wait until prices go even higher. It is time to buy now.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Although I am less certain whether or not that the fact that Hawaii has the lowest murder rate in the U.S. is contributing to our market rebound, it is still comforting to know.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for January 21st , 2013
|
|
Active
|
Pending
|
Sold
|
Change
|
|
Homes
|
510 (286)
|
230 (25)
|
941 (120)
|
-11
|
|
Condos
|
816 (187)
|
254 (15)
|
1224 (91)
|
+7 |
|
Land
|
398 (113)
|
38 (8)
|
175 (16)
|
-3
|
|
Total
|
1724 (586)
|
522 (38)
|
2340 (237)
|
-7
|
|
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.
|
|
Homes Over $1M
361 Kualono Place
Wailea
$1.795M (FS)
|
Tasteful & elegant best characterize this Wailea Pualani Owner/Builder's partial ocean view residence. The double mahogany & glass eight foot entry doors allow lots of light light & a view through to the resort quality pool, spa & covered outdoor dining / family area. The floors are meticulously bias-set, warm toned travertine, natural cork, & end-grain honey-hued bamboo. Windows abound & the rooms are light & airy.
|
Homes Under $1M
38 Lehuapueo Place
Waikapu
$229.9K (FS)
|
Bank Owned. Looking for a "project"? Well, look no further. Located towards the end of the street, on the right of the cul-de-sac. Value is in the land.
|
742 Onipaa Place
Makawao
$385K (FS)
|
Short Sale. 3 bd. 2 bath home has been sectioned off to make a very large 1 bed, 1 bath with walk-in closet/den area towards the back. Nice location which backs a green belt with mountain views.
|
10 Kuuohana Way
Kahului
$395K (FS)
|
Bank Owned. Maui Lani is well established as one of the premiere places to live in Central Maui, and it continues to get even better with age. The bright and open living space opens up to the large rear yard area - fully fenced and private! This property is located on a cul-de-sac location and has terrific access to all that Maui Lani has to offer.
|
1860 Malama Street
Kihei
$450K (FS)
|
Great location just a short walk to beach, big public park with basketball courts, tennis, roller blade rink & large playground. Also great food and entertainment is just a short walk. This 3 bed 2 ba home has a very big backyard with room for additional parking. Home has been recently updated and is ready for immediate occupancy.
|
2811 Kokomo Road
Haiku
$529.9K (FS)
|
Bank Owned. Home w/ detached cottage on a 1/2 acre land. Landscaped with lush fruit trees and manicured yard. Conveniently located 10 minutes away from Makawao stores, schools, and restaurants.
|
Vacation Condos Over $1M
Ho'olei G-1
Wailea
$1.895M (FS)
|
Ho'olei G-1 boasts 3,076 sq. ft. of interior footage, making it one of the largest condominiums you'll find in the Wailea Resort. The three bedrooms in this residence are like a retreat, each including an ensuite bath and plush Cabana Antigua carpeting. This home is also being sold completely furnished and is a great value.
|
Vacation Condos Under $1M
Kihei Garden Estates D-103
Kihei
$248K (FS)
|
1 bd. 1bath condo with tropical garden views from shady oversized lanai. Steps to the beach. This condo located on the beach side of S. Kihei Rd, and features swimming pool, Jacuzzi , BBQ in the club room that has full kitchen and can be reserved for parties. Walking distance shops and great restaurants, grocery store, post office and more make it the perfect retreat in Kihei.
|
Makani A Kai B11
Ma'alaea
$347K (FS)
|
Charming townhouse style 2 bedroom 2 bath condo in Maalaea. Located in beach front project just steps from the longest walking beach on Maui...4.5 miles. Small complex, only 24 units, beautiful tropical landscaping. Unit is in Good condition but basically original.
|
Royal Kahana #701
Kahana
$499.5K (FS)
|
Sunrise from the West Maui Mountains as well as Sunset over Molokai.... Corner unit 701 is a clean, very well maintained and upgraded 1,225 square foot, 2-bedroom, 2-bath apartment with north, east & south exposure and excellent views, including a cozy lanai. The attractive North side master bedroom suite, newly furnished in 2010, includes a wall mounted flat screen TV and a custom walk-in shower and closet. New, full wall sliding windows with a walk out slider to the lanai provides views of Kapalua, the pacific ocean and Molokai.
|
Wailea Ekolu #804
Wailea
$585K (FS)
|
Simply one of the best ocean view units in all of Wailea Ekolu! Second floor location with vaulted ceiling. Being sold fully furnished and ready to use as a vacation rental property, if desired.
|
Residential Condos
Maui Lani Terrace E-307
Honokowai
$104.9K (FS)
|
Bank Owned . Ocean view, upgraded in kitchen & bath, tiled and hard wood floors. Imperial plaster walls & cam lights. Some appliances and fixtures missing, buyer will need to replace.
|
Iao Parkside 6-102
Wailuku
$165K (FS)
|
Short Sale. Great starter home with unique features: Corner, ground floor unit, farther away from busy parking lot, with a large yard, and 2 parking stalls.
|
Keonekai Villages 15-204
Kihei
$180.5K (FS)
|
Short Sale. This is a very private garden view second floor 2 bd. 1.5 bath condo. Walking distance to Kamaole 3 Beach Park, restaurants and shopping. The property is in great shape. Does not include furniture or appliances, but they can be purchased under separate bill of sale.
|
Maui Gardens A-207
Kihei
$181.9K (FS)
|
Bank Owned. 1 bd. 1 bath condo. The covered lanai has been enclosed to add additional living space. Very easy to show on short notice. This complex offers an in ground pool, tennis courts and recreation features.
|
Vacant Land
93 Keoawa Street
Kapalua
$815K (FS)
|
Now is the time to own a magnificent piece of Kapalua. Lot 6 considered by many to be a pedigree lot in the first phase of Honolua Ridge and offers commanding views of world famous Honolua Bay and the neighboring island of Molokai.
|
|
