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Aloha ,
Market Update
During our last real estate down cycle from 2007 to 2012, builders cut way back on new home construction and land purchases due to lack of demand. Most builders simply cannot afford to sit on raw land.
During that period, new household formation and immigration has created a huge pent-up demand for housing; however, builders have not been able to react quickly enough to meet the demand. They must first secure the land, get all of the permits, and then build. They have been busy buying during the last 12 months, and this has caused land prices to escalate by 10 to 15%.
I suspect that it will take a minimum of 24 months to catch up with the demand, and during that time, prices will inevitably go higher. Because of affordability constraints, partly due to rising interest rates, the prices developers charge will most likely be somewhat attenuated.
Lenders are relaxing loan standards. Recently Stated Income Loans have returned to the markek; however, I don’t expect a return to the wild and wooly lending days of 2005 to 2006.
Have a wonderful week.
Mahalo Nui Loa,
Ken for The Smith Team
P.S. We dodged another bullet as Hurricane Flossie did not live up to its enormous hype....thank goodness! As it turned out, it was much to do about nothing at least in so far as Maui went. We did have a beautiful lightning show, and there were some reported electrical outages, but now it's back to beautiful blue sunny skies.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for July 29th , 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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469 (263)
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236 (32)
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1001 (135)
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+2
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Condos
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648 (161)
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279 (17)
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1283 (135)
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+1 |
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Land
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351 (110)
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64 (5)
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195 (29)
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+3
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Total
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1468 (534)
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579 (54)
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2479 (299)
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+6
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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
1242 Ehu Road
Olinda
$1M (FS)
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Equestrian’s country ranch estate. Fabulous almost totally level acreage is nicely fenced with several pastures and easy access to a large barn in Olinda secluded countryside. This beautiful home has been renovated with tender loving care. The wood floors throughout most of this home enhance the impressions as you enter a huge living room with fireplace.
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88 Pu'u Hale Street
Ka'anapali
$1.425M (FS)
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Newly remodeled Ka'anapali Hillside residence with Asian influence. Primary living - kitchen, living room & master suite are all located on upper level. Additional living space and flex rooms are located on lower level. Large decks open to pool below.
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750 Mililani Place
Kihei
$1.495M (FS)
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Stunning ocean and outer island views from this remodeled Maui Meadows executive home and separate cottage. This home features open plan living/dining area with gorgeous hardwood floors and vaulted ceilings.
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Homes Under $1M
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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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35 Emoloa Place
Wailuku
$440K (FS)
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Short Sale. Cathedral ceilings welcome you as you enter this single-level, 3 bedroom 2 bath home. Many attractive features compliment this home, including laminate floors, stainless steel appliances, wood blinds, and much more. Located in the master-planned community of Kehalani, this property is close to schools, parks, golf, shopping, and Iao Valley.
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2853 W Lelehuna Place
Haiku
$455K (FS)
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Charming remodeled home right next to Haiku School and community center. Best buy for remodeled Haiku home that shows pride of ownership. This is a fabulous cul-de-sac location very convenient to all Haiku's shops and restaurants and minutes to world famous Hookipa Beach Park.
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317 Kama Street
Waikapu
$530K (FS)
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Spacious 3 bd. 2 bath home with expansive views in peaceful Waikapu. This home features high ceilings in the living room, formal dining area, large kitchen with stainless steel appliances and recess lightning throughout.
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121 Laukahi Street
Kihei
$780K (FS)
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Developer Deal. Designed with modern living in mind, the Great Room with high ceiling opens out to the spacious ocean facing lanai, perfect for enjoying the sunset hours. This property is situated at the top of Moana Estates on Lot 86. Located just blocks from the white sandy beach of Kamaole I Beach Park. Nicely appointed with an open floor plan which includes 3 bedrooms and 2.5 baths, 2 car garage, Stainless Steel GE appliances, solar water heater, spacious covered lanai, front yard landscaping and irrigation system and much more.
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125 Ulumalu Road
Haiku
$810K (FS)
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Bankruptcy Sale. Great view acreage with a 4 bedroom house and completely separate 2 bedroom cottage. Extensive landscaping with many types of flowers enhance the beauty and tropical feel of this property.
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Vacation Condos Over $1M
Makena Surf F-306
Makena
$2.2M (FS)
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Spectacular unobstructed ocean, beach, out island, Molokini, and West Maui Mountain views from this beautiful, oceanfront Makena Surf condo. Enjoy year-round sunset views, and watch the whales, while barbecuing on your spacious, very private lanai.
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Vacation Condos Under $1M
Kaleialoha #202
Honokowai
$199K (FS)
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Ideal central location in West Maui. Tiled flooring in living area and kitchen. Kaleialoha is an oceanfront property with BBQ's, pool, sunning/lounging area to enjoy our famous West Maui sunsets.
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Kamaole Sands 8-402
Kihei
$565K (FS)
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Beautifully remodeled 2 bd. 2 bath Kamaole Sands condo. Updated kitchen & bathrooms. Large lanai with a peek of the ocean view. Property is located across the street from Kamaole Beach Park III and a very short drive to Wailea.
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Grand Champions #26
Wailea
$589K (FS)
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This large two bedroom lock off unit has been beautifully furnished and appointed, make this your second home or generate additional income through rentals.
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Residential Condos
Iao Parkside 8-104
Wailuku
$185K (FS)
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You will appreciate this 2 bedroom 2 bath ground floor corner unit in a highly desirable location of Iao Parkside. This larger floor plan and nicely maintained unit comes with a beautiful garden, sprinkler system, and completely fenced in yard. Comes with 2 parking stalls, and close guest parking for visitors.
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Kai Makani V102
Kihei
$415K (FS)
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Great Private Location within complex, tucked away from the road but still just steps to the long white sands of Sugar Beach. Enjoy the Maui Lifestyle of snorkeling, paddle boarding, windsurfing, whale watching, or just relax and take pleasure in one of Maui's beautiful sunsets. Kai Makani Beach Villas is a newer low density complex complete with large saline pool, spa, workout room, BBQ area, and lush tropical landscaping throughout.
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Kanani Wailea #3
Wailea
$775K (FS)
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Bank Owned. This is an excellent opportunity to own in prestigious Kanani Wailea. This home features a front row location with views of Molokini to West Maui. Superior design and construction including steel framing, Monier tile roofing, dual-glazed windows, 9 ft ceilings, ceramic tile, Wolf stainless appliances, granite countertops and coffered ceilings. Upstairs master suite offers dual vanities, free standing soaking tub and shower, pocket doors, walk-in closet and private lanai with good ocean views.
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Vacant Land
47 Moolu Street
Kula
$230K (FS)
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Very nice lot in Waiolani Mauka in Waikapu. Two story home can be built on this property. Low maintenance dues, great neighborhood. County roads, water, sewer, etc. Central location. Over 9,000 square foot lot.
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