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Market Update
From dealing with bank owned properties, I have heard of a number of sad stories from homeowners losing their homes. It is difficult to see someone work so hard to acquire the American dream of home ownership only to see it being taken away.
There is this one story that I remember from a previous mortgagor that lost his home that dealt with force-placed lender insurance. Basically, every mortgage lender requires its borrowers to maintain hazard insurance. For example, if there was a fire in your home, your lender would want to make sure that your insurance would pay off your existing home. In Hawaii, lenders often require hurricane insurance as well. If you do not continue to carry your own hazard and hurricane insurance, your lender will obtain it for you at your expense, hence the word "force-placed" lender insurance. The cost of this coverage will be considerably more expensive than if you purchased it on the open market.
This is what happened to this gentleman that lost his home. He had a force-placed lender insurance of $12,000 that was added to his existing mortgage, which increased his monthly mortgage payment by $400 and that was one of the reasons why he lost his home. If he had obtained the same insurance coverage on his own, it would have probably cost him only $1,500 to $2,000 for the year.
The important message is to make absolutely sure that you do not let your home (hazard) insurance lapse. If you do not know when your insurance coverage will expire, please contact your lender directly.
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 February 20th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
615 (267) |
252 (27) |
906 (117) |
-8 |
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Condos |
1022 (191) |
262 (11) |
1143 (90) |
-7 |
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Land |
505 (113) |
31 (6) |
130 (18) |
+4 |
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Total |
2142 (571) |
545 (44) |
2179 (225) |
-11 |
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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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210 E. Ikea Moku Place
Wailea
$1.2M (FS)
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Bank Owned. This is a beautiful 3 bedroom / 3 bath home with exotic African Mahogany kitchen cabinets, granite counter tops, wood flooring, travertine, custom showers, and Jacuzzi tubs. On the 2nd level, there are 2 spacious master suites, walk-in closet, and a lanai with ocean views.
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3091 Mapu Place
Kihei
$1.239M (FS)
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Tucked away behind a bamboo fence and solar gate, this classic cedar sided home sits on a tropical half-acre. Bordering open Maui ranch land, with privacy at its best, this home’s ocean view, its two-year new in-ground 18'x40' saline pool with spa and outdoor shower, is worth showing off.
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1037 Front Street
Lahaina
$6.9M (FS) |
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Located on famous Front Street between Baby Beach and Lahaina Town is one of the most amazing oceanfront estates. This custom home has a Frank Lloyd Wright inspired design with heavy emphasis on wood, stone, glass and straight lines. The owner spared no expense using the best materials (Koa, cedar, teak and travertine flooring) throughout its 3 bedrooms, 3.5 baths, media room, two large offices and 3 spacious lanais.
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Homes Under $1M
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385 Konahea Street
Wailuku
$329.9K (FS)
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Bank Owned. Come view this large home that is perfect for a large extended family. Home has a small ocean view from the upstairs living room. Centrally located in Wailuku and close to everything.
Customer Listing Synopsis
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890 Peahi Road
Haiku
$399K (FS)
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This is a great fixer upper with no limit on its potential uses. Originally built as a barn with living quarters and renovated over the years. This house is great for a large family, perfect for entertaining, bringing in income, or as a movie set. There seem to be rooms everywhere. The carport, workshop, storage area combination is there for your use. There is a sweet cottage, set off on its own, which has a private driveway & mail box, affording extreme privacy.
Customer Listing Synopsis
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768 Kahula Place
Lahaina
$399K (FS)
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Short Sale. Private large lot with a hollow tile main home and a detached plastered hollow tile cottage. Only few minutes walk to town and yet feels like you're away from everything. Mature fruit bearing trees make good shade on sunny days.
Customer Listing Synopsis
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1085 Upper Kimo Drive
Kula
$434.9K (FS) |
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Bank Owned. Peaceful is how you feel when you are in this Upper Kimo home. No traffic, just the sound of small birds and views of West Maui, Kahakuloa and the Kanaha/Paia shoreline. This bright home feels much larger due to the open floor plan, high ceilings, windows and glass doors.
Customer Listing Synopsis
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48 Puamana Place
Kahana
$517.5K (FS) |
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House and cottage located at end on cul-de-sac. Very private location and close to beaches. Homes are well maintained.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Kapalua Bay Villas 34B1,2
Kapalua
$1.299M (FS)
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Bank Owned. Outstanding value. Simply the best location at Kapalua Bay Villas. Bridge level loft with both Lanais enclosed. Outstanding ocean views from this 2 bedroom 3 bath Villa. 3 pools, tennis courts, walking trails, and all you would expect from an oceanfront resort complex sitting on the beautiful blue Pacific at world famous Kapalua Resort.
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Vacation Condos Under $1M
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Kapalua Golf Villas 24T5,6
Kapalua
$445.5K (FS)
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Bank Owned. This serene Kapalua Golf Villa is situated on a World Class golf course at Kapalua Bay. Enjoy outdoor entertainment with your choice of four swimming pools and BBQ areas. Dazzling panoramic views of the ocean and course from your private lanai.
Customer Listing Synopsis
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Napili Bay #103
Napili
$495K (FS)
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Ground Level. Direct oceanfront on a white sand beach at Napili Bay. This is a spectacular location for using the beach and access to the clear and reef protected ocean.
Customer Listing Synopsis
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Wailea Ekolu #710
Wailea
$599K (FS)
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Welcome to Wailea Ekolu's highly sought after two-story 1489 sq. ft. 2 bedroom, 2.5 bathroom town-house floor plan. This unit features an ocean view, vaulted ceilings, two lanais, and a wide open space feel. Upstairs is the living, dining, kitchen, half bath, lanai, and downstairs are two large bedrooms with two full baths and a private lanai.
Customer Listing Synopsis
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Residential Condos
Kehalani Gardens #802
Wailuku
$198K (FS) |
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Bank Owned. A well maintained 2 story unit with newer carpet installed on stairway and 2nd floor.
Customer Listing Synopsis
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Kanani Wailea #5
Wailea
$725K (FS) |
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Short Sale. Old Hawaiian charm w/ new Hawaiian Elegance having the privacy of a single family home w/all the conveniences & amenities of condo living is how the Kanani (the pretty) Wailea is described by its developer and we agree. These 38 very special homes are tucked on a hillside just entering Wailea and blocks to the world class beach of Keawakapu.
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Hokulani Golf Villas #16
Wailea
$879K (FS)
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The best of it all, single level living with the best in finishes and location. This brand new gated Hokulani Golf Villas Home offers all the benefits of a condominium but has the privacy of a single family home. Situated within the Elleair Golf Course on the majestic slopes of Haleakala, this 2 bedroom & den home has an incredible spacious plan with volume ceilings a huge lanai and 2 car garage.
Customer Listing Synopsis
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Vacant Land
122 Kulamanu Circle
Kula
$299K (FS) |
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Corner flat lot in upper Kulamanu - easily buildable - approx. 12 ft. higher than the level of the road - seller includes County approved architectural building plans for a 2-story custom home built with autoclave aerated concrete brick (a 100% green building material) that will showcase the best ocean view available from the lot.
Customer Listing Synopsis
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