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Aloha ,
Market Update
Recently, noted economist Paul Brewbaker was on Maui discussing the real estate market. Below is a summary of some of his conclusions. Please email us if you'd like us to send you a link to the data supporting these claims.
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Maui’s housing market has turned the corner.
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Low production, low inventories suggest change in housing stock demand will overwhelm new flow supply.
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Historical relationship between underlying trends in Maui house price appreciation and (lagged) Maui days on market suggests that housing cycle is solidly in appreciation phase.
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Mainland markets with more severe housing downturns rebounding more sharply; ditto for Maui and Neighbor Islands with more severe housing downturns than on Oahu.
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Longer-term appreciation trends suggest that neither the so-called “Sub-Prime Bubble” nor the prior “Japan Bubble” are anomalies: valuation cycles are normal for markets with geographic and regulatory restrictions on supply side of market (ask the Sierra Club).
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Role for demand-side bubbliciousness is not ruled out (viz. Phoenix and Las Vegas with subprime lending) but supply-side constraints assure Maui of another period of rapid house price appreciation.
Have a wonderful week.
Mahalo Nui Loa,
The Smith Team
P.S. Year to date our company sales are up 135%, and personally, we are on track to double our production this year.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for June 10th , 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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459 (263)
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253 (31)
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970 (136)
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-1
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Condos
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638 (171)
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299 (20)
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1254 (120)
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+11 |
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Land
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363 (102)
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49 (5)
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190 (26)
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-2
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Total
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1460 (536)
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601 (56)
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2414 (282)
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+8
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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
23 Mauds Place
Kula
$1.6M (FS)
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Known as the "Koa Wood Home" in Kula for the small fortune in extensive custom Koa woodwork throughout the home. Not to mention other exotic Hawaiian woods used in the doors, cabinetry and wood accents. Must see to appreciate. This incredible home sits on 2.4 pristine acres with stunning ocean views in an area and altitude considered the best climate on earth. Just completed a 1700+ square foot brand new building/artist studio (county approved) right off the Highway.
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2315 Kekaulike Avenue
Kula
$1.65M (FS)
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Enjoy Beautiful Upcountry Maui with spectacular ocean and mountain views on 4 acres with a 1” water meter! This is an incredible opportunity to acquire one of Maui’s unique properties complete with a 3,000 sq. ft. custom home filled with beautiful hardwoods throughout and a 3,000 sq. ft. barn & kennels complete with a well-established and successful business.
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27 Oheala Place
Makawao
$1.899M (FS)
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The one you have been waiting for. This architectural masterpiece was recently completed in 2005, and sits upon two lush acres in Maunaolu Plantation. Maunaolu Plantation is known for its convenient location and year round ideal climate. Situated just 5 minutes away from both Paia and Makawao town, you simply cannot beat this location.
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704 Omaopio Road
Kula
$3.426M (FS)
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Rare opportunity to purchase such a large select parcel of lower Kula land with subdivision potential. County water service installed, 2 acre coffee farm famous for smooth tasting beans (Maui Jo Coffee), Existing 1750 sf home (rental $2750 /mo), existing barn 2,418 sf with second level studio apartment (total rental $7750/month).
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Homes Under $1M
1098 Onaha Street
Wailuku
$295K (FS)
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HI Housing Finance Development Corp(HHFDC) Affordable Resale property w/Income & Eligibility guidelines along w/10 yr Buy-Back Restriction & Shared Appreciation Equity(SAE) to apply. Completed applications rec'd w/in the initial 30 days will be included in the Public Drawing.
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1801 Piihana Place
Wailuku
$349K (FS)
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Short Sale. Single Family home with Detached Ohana. Floor plan set up as follows: 3B/1B upstairs main house(no pics avail), 2B/1B downstairs with a detached 1B/1B Ohana with Loft.
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72 Kealaloa Avenue
Makawao
$420K (FS)
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This 1936 home is well maintained. Owner has taken good care of it over the years. With at least 12 different types of fruits trees on property and various herbs and plants - the lush landscape is very peaceful and charming.
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14 Ka Drive
Kula
$779K (FS)
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Kula Kai is one of the most desirable neighborhoods in Kula; near shopping & some of the best schools on the island. Enjoy a relaxing walk-about through Kula Kai surrounded by mature trees, beautiful flowers & vegetation w/ spectacular views of both sides of the island; a peaceful world of its own.
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201 Hea'a'ula Place
Haiku
$799K (FS)
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Private, quiet, beautiful, four bedroom home on two acres in Haiku's very fine Windward Estates subdivision. Just minutes to Haiku, Paia, Makawao, and Kahului. A circular driveway gives room for ample parking.
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Vacation Condos Over $1M
Honua Kai Honea #550
Ka'anapali
$3.6999M (FS)
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Enjoy one of the best seats in the house. This 3 bedroom residence showcases some of the best Honua Kai has to offer. Inside, the floor plan offers a comfortable living space, a dining room for up to 10 guests, a gourmet kitchen featuring Viking appliances, gas range, and a wine fridge. Upon entering this home you are greeted with stunning unobstructed ocean views with the island of Molokai in the distance.
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Vacation Condos Under $1M
Kihei Bay Surf #213
Kihei
$160K (FS)
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Cute studio condo overlooking the garden, tennis court and pool. Vaulted ceilings and add to the spacious feel of this 2nd floor unit.
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Kihei Kai Nani #221
Kihei
$299K (FS)
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Beautifully remodeled condo across the street from one of Maui's best beaches., Kamaole II. Close to all of the shops and fine dining in South Kihei.
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Grand Champions #24
Wailea
$595K (FS)
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Secluded on the quiet side of the complex, this nicely equipped condominium is priced to sell. With a full kitchen and private lanai, the condo lends itself to a comfortable vacation getaway. Grand Champions Villas, a Wailea golf resort with a country club feel, is centered on approximately 12 acres, amid the 18-hole Wailea Blue Golf Course, and a short distance to the Wailea Gold and Emerald courses.
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Residential Condos
Puuone Hale Alii-110
Wailuku
$79K (FS)
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No appliances, no cabinets. You can tailor this unit to your desires. Choose the flooring, the color, the paint and make it your own. Ground Floor.
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Villas at Kenolio 12K
Kihei
$299K (FS)
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Two bedroom ground floor unit at Villas at Kenolio has upgraded appliances, two full bathrooms and small patio area. Complex has large pool area that includes hot tub, gym, BBQ area, and kids play area.
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Kai Malu 21A
Wailea
$1.055M (FS)
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Bank Owned. Gated community in a tropical setting, with ocean views from the lanai off of the master bedroom, this large three bedroom unit is vacant and easy to show. Complex has a gorgeous infinity edge pool, and fitness room.
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Vacant Land
29 Papuhau Place
Wailuku
$250K (FS)
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Fantastic Koa at Kehalani neighborhood. Gated subdivision of custom homes with amazing views. Great climate. Convenient location.
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