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Market Update
Last week our broker forwarded an article to us from Inman News, "10 things to know about mortgage debt forgiveness". If you own a property and you are thinking about refinancing, doing a short sale, or choosing to let your property go through a foreclosure, there are tax consequences for some and not for others when the lender forgives your debt.
According to Inman News, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude from your taxable income up to $2 million of debt forgiven on your principal residence from 2007 through 2012. This means you don't have to pay income tax on the forgiven debt. You do not qualify if your debt forgiven is on a second home, rental property, business property, credit cards or car loans.
We've been seeing more and more good news relating to a market recovery later on this year. Here is one more article that talks about the improving state of real estate from a global perspective.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for March 12th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
607 (271) |
249 (27) |
905 (120) |
-2 |
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Condos |
980 (182) |
291 (11) |
1121 (82) |
-8 |
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Land |
518 (115) |
32 (8) |
135 (18) |
-2 |
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Total |
2105 (568) |
572 (46) |
2161 (220) |
-12 |
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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
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337 Manawai Place
Haiku
$1.9M (FS)
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If you are looking for quality and privacy, this is the spot for you to call home here on Maui. This spacious home boasts 5 bedrooms & 4.5 baths, an amazing chef's kitchen with double ovens, 2 large islands, 2 sinks, 2 dishwashers and a beautiful walk-in pantry. The great room becomes indoor-outdoor seamless living with it's 21 foot bank of sliding doors which lead you out to the 890 sq. ft. lanai. The design of this home was built for entertainment and privacy.
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50 Kahua Kai Way
Ka'anapali
$2.995M (FS)
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This newly constructed home is located within the prestigious community known as Kaanapali Golf Estates. Prominently positioned on the 7th Fairway of the Legendary Royal Kaanapali Golf Course, this exceptional residence displays a quality of finishes tailored for the modern family. Travertine, Caesar Stone, nine foot wood-framed pocket doors that walk out to a generously large pool and spa.
Customer Listing Synopsis
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Homes Under $1M
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32 Kono Place
Kahului
$250K (FS)
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Bank Owned. Home and cottage sold "As Is". Available exclusively for owner occupant, nonprofit and government agency bidders until 3/14/12.
Customer Listing Synopsis
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105 Alahele Street
Kihei
$340K (FS)
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Bank Owned. Great layout for home and separate ohana in the rear. Large carport and covered areas including a 1/2 bath in carport area.
Customer Listing Synopsis
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3955 Lepo Street
Haiku
$482.5K (FS)
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Wonderfully priced home on 2 acres with ocean views. Large, expansive lawns and privacy. This charming home features cork floors, a granite kitchen counter, high ceilings, a beautiful cedar interior, a lofted master bedroom and bath, a large covered deck and a huge basement.
Customer Listing Synopsis
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676 Kupulau Drive
Kihei
$650K (FS) |
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Bank Owned. Land area in public records show 24,699 sq. ft. with a main house of 1,352 sq. f.t and a detached cottage of 500 sq. ft.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Polo Beach Club #108
Wailea
$1.825M (FS)
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Polo Beach Club 108 enjoys a private ground floor location on one of Wailea's favorite beaches. The quiet north lawn fronts the lanai overlooking the ocean and views of Lanai. This unit is nicely furnished and has an excellent vacation rental history.
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Vacation Condos Under $1M
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Hono Kai A-16
Maalaea
$264K (FS)
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Affordable oceanfront complex walking distance to Ma'alaea Boat Harbor & Village. Great location. This unit has been upgraded with new cherry cabinets, granite counter tops, "Travertino" tile floors, paint, light fixtures, curtains - it shows beautifully. Good rental history.
Customer Listing Synopsis
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Sugar Beach Resort #105
Kihei
$299K (FS)
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Now is your chance to own a piece of paradise. Grab this rarely available ground floor unit while it lasts. Nicely remodeled vacation rental with a nice book of business ready to go. Unit 105 offers many benefits. Tucked in with its own private entrance to the grounds. Just steps away from the putting green, Huge pool, Jacuzzi, Deli, Bar & the world famous Sugar Beach.
Customer Listing Synopsis
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Grand Champions #103
Wailea
$399.9K (FS)
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Bank Owned. Price Reduced. Location, location, location! Near to everything: Shops at Wailea, Wailea Gateway, Resorts, Fine Dining, Golf, Tennis and beaches. Enjoy the comfort of this spacious 1 BR ground floor unit.
Customer Listing Synopsis
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Hale Hi Kai #109
Kihei
$835K (FS)
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Best Beach on Maui, beautiful Keawakapu Beach only steps away from this condo’s front door! Surrounded by $10 to $15 million beachfront homes, Hale Hui Kai is a small complex tucked away on a spectacular beach offering a feeling of the “Old Hawaii” that people long for, keeping its loyal clientele coming back year after year.
Customer Listing Synopsis
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Residential Condos
Iao Parkside 7-204
Wailuku
$137.9K (FS) |
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Bank Owned. 2 bedroom, 2 bath corner unit in popular town home complex in Central Maui. Close to community park, post office, restaurants, and shopping.
Customer Listing Synopsis
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Kahana Manor #601
Kahana
$218.9K (FS) |
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Bank Owned. Kahana Manor Penthouse Unit #601 is situated on the northern corner of the building providing additional lighting from the northwest window, as well as views of the pool and the ocean across the street. Property is located near restaurants, convenience stores, boutiques, and banks.
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Villas at Kenolio 16H
Kihei
$230K (FS)
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Bank Owned. This 2 bedroom 2 bath ground level unit is located in Central Kihei in close proximity to shopping malls, beaches. Interior has a fresh coat of paint. The complex has a recreational facility featuring a pool, spa/hot tub, exercise room, and barbeque area. Grounds are well maintained.
Customer Listing Synopsis
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Vacant Land
93 Keoawa Street
Kapalua
$885K (FS) |
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Amazing opportunity to own a magnificent piece of Kapalua! Lot 6 which rests in the first phase of Honolua Ridge offers commanding views of world famous Honolua Bay and the neighboring island of Molokai. For purchase is Approximately 4.5 acres of quintessential Hawaii with a large build envelope allowing for a beautiful home with space for privacy and tranquility.
Customer Listing Synopsis
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