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Aloha ,
Market Update
According to Bank of America - Merrill Lynch, home prices will be heading even higher this year with an anticipated increase of 8%. This is due to a shrinking inventory and record high affordability. In addition, the Federal Reserve will keep the mortgage rates at historically low levels this year.
Merrill Lynch also comments that due to the declining inventory, it will only take 4.2 months to clear the current stock of existing homes and 4.1 months in the new construction market. According to the latest Fannie Mae survey, 48% of respondents believe home prices will head higher over the next 12 months while only 10% expect a decline and 39% foresee little change.
Shadow inventory also appears to be less of an issue partially due to successful loan modifications that allow distressed borrowers to stay in their homes. The banks will also continue to accommodate shorts sales as a way to clear distressed inventory more efficiently. About 65% of current foreclosure inventory are in states with judicial process (like Hawaii) which is also slowing the process of clearing up the shadow inventory.
We recently did 4 market evaluations for 4 different sellers, and every single evaluation showed that due to the low inventory, the asking prices of available homes were much higher as compared to comparable sold properties. These properties came from different sectors of the Maui market....a low end condominium in the Kihei area, a house and cottage in the Upcountry area, and a front row 3 bedroom condo on the golf course in Wailea.
We are definitely feeling the effects of increasing home prices on Maui. If you are interested in finding out what your home is worth, email us for a free market evaluation.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Thursday night there was a fire that destroyed a 3rd floor Hale Kamaole condo. The surrounding units sustained water, fire, and smoke damage. According to The Maui News, the structural damage will be covered by the Hale Kamaole Homeowner's Association Master Insurance policy; however, contents within the damaged units are the responsibility of the individual owners. We'd like to remind all condo owners that it is important to obtain Contents and Liability insurance coverage for situations like this one. No one was hurt and the fire was unintentional. Let us know if you need a recommendation for an insurance agent here on Maui.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for March 11th , 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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504 (288)
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244 (39)
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933 (119)
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NC
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Condos
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780 (199)
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308 (24)
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1235 (98)
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+1 |
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Land
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393 (111)
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46 (10)
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174 (18)
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+3
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Total
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1677 (598)
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598 (73)
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2342 (235)
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+4
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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
181 Pau Hana Road
Makawao
$1.549M (FS)
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A tree-canopied driveway through gorgeous gardens and lawns, past a farm office and farm dwelling, leads to a beautiful home and pool with breathtaking bi-coastal ocean views. Wow, you won't have expected this. Impeccably kept and laid out to maximize privacy.
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121 Kahakapao Road
Olinda
$1.88M (FS)
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Are you in search of total privacy, yet enjoy a location with the convenience of being within minutes of everyday necessities? Do you want “Top of the World” panoramic ocean and valley views from an ideal 2,100 foot elevation? Do you own horses and enjoy miles and miles of natural trails right in your backyard? Well, you found it! Spacious custom home with two fireplaces, heated swimming pool and hot tub. Detached guest cottage and a large stable/barn with 7 horse stalls and a caretakers unit.
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 1198 Pulehu Road
Kula
$1.995M |
Incredible 2.3 acres family estate is the ultimate in country living. Enjoy stunning bi-coastal views, privacy, a 4,273 sq. ft. home featuring a wonderful gourmet kitchen, bamboo floors, 5 bedrooms and 3 baths, etched glass panels throughout the house and cottage, beautifully designed architecture with a view friendly open floor plan.
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Homes Under $1M
521 Kaiwahine Street
Kihei
$389.9K (FS)
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Bank Owned. Fixer upper located towards the end of the subdivision, the house faces Kaiwahine St. and the cottage faces Uala Pl.
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4907 Hana Highway
Haiku
$550K (FS)
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Nothing beats a hollow tile house for sturdiness and longevity and most especially, it keeps an even coolness throughout the day. This 3 bedroom 2 bath hollow tile house needs some very minor repairs but is very clean and ready for occupancy. The almost 3 acres is all useable and with a little land clearing, it would offer a much better ocean view.
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68 Maka Hou Loop
Wailuku
$569K (FS)
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Enjoy unobstructed ocean views from this fabulous home that shows pride of ownership. This lovely home has many value added touches from granite and marble countertops, cherry cabinets and more. Nestled in a neighborhood that is within a short distance to schools, shopping center, golf courses and nostalgic Wailuku town business district.
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552 Kualau Street
Wailuku
$675K (FS)
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Custom built home which features open beamed design, a fireplace made with bricks from Wailuku Sugar Company, a Monier tiled roof, hardwood floors, all koa kitchen cabinets, ample storage areas, a fully fenced yard with two covered lanais to enjoy the ocean, city and Haleakala views.
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Vacation Condos Over $1M
Ho'olei G-1
Wailea
$1.895M (FS)
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Best deal in the entire neighborhood. Ho'olei G-1 boasts 3,076 sq. ft. of interior living area, 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 en suite bath and plush cabana Antigua carpeting.
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Vacation Condos Under $1M
Kamaole Sands 4-206
Kihei
$379K (FS)
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Charming South Maui Condo with beautiful remodel including granite countertops, Ash Cabinets, attractive tile flooring, beautiful stonework in shower, modern lighting and tasteful furnishings. Peek of an ocean view from your extra spacious lanai.
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Luana Kai B-201
Kihei
$398K (FS)
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Spacious second floor 2 bedroom / 2 bath condo, remodeled with marble tile counters, tiled floors, and laminate wood flooring. Tastefully decorated with Tommy Bahama style furnishings. New, full sized washer/dryer, refrigerator and cook top. Expansive double lanai (200 sf) that looks out over lush tropical gardens and dramatic ocean view.
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Wailea Elua #2101
Wailea
$819.9K (FS)
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Bank Owned. No wonder Wailea Elua Village is a sought after oceanfront property, and not just because of it's location on a magnificent world-renowned beach! It's hard to compete with their amenities: ocean view fitness center and a Stand-up Surfboard and Kayak storage facility encouraging ocean play time. The naturally protected beach is perfect for diving, kayaking, snorkeling and swimming. Wailea Elua also features a gated entrance with 24/7 security guards.
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Residential Condos
Puuone Terrace #303
Wailuku
$95K (FS)
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Short Sale. Great central location. In the heart of Wailuku town, this cozy 1bed 1 bath condo is situated high up on a hill offering expansive panoramic views overlooking the northern section of Wailuku from the Mountains to the Ocean. Up close views of lush and green Iao Valley and out towards Waihee Valley and beyond to distant Waiehu Golf Course with lots of rooftops in-between.
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Kihei Shores H-009
Kihei
$213K (FS)
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This 2 bedroom, 2 bath unit is located in the desirable Kihei Shores condominium complex. Features include renovated master bathroom with Moen & Toto fixtures, tile flooring in kitchen & entryway and washer/dryer in unit. Cool and quiet ground floor condo. This South Kihei location is just across the street from the popular Kamaole beach park 3.
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Ho'onanea at Lahaina 310
Lahaina
$376K (FS)
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Developer Deal. In the heart of Lahaina. Walking distance to the each, shopping centers, and Historic Front St. Community is pet friendly. This townhome has a single car garage and an additional assigned parking stall. This townhome has a small fenced in private courtyard. Stainless steel appliances included.
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Vacant Land
NHN Pi'ilani Highway
Kaupo
$150K (FS)
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Fabulous oceanfront property opportunity in the Hui Aloha Church area of Kaupo.
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