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Market Update
According to the New York Times, "rehab" loans are surging in popularity. More borrowers are exploring financing options to cover the costs of rehabbing properties they buy.
The National Association of REALTORS conducted a survey in January that showed that 35 percent of the homes on the market are either short sales or foreclosures. From these properties, 37 percent were considered "below" or "well below" average condition.
According to Realtor Magazine, the Federal Housing Administration's 203(k) is seeing a substantial increase in interest among home buyers. This loan covers both the cost of purchasing the home and renovating it. Let us know if you are interested in this type of loan and we would be happy send you a lender recommendation.
Fannie Mae also has a program called, HomePath Renovation Mortgage for some of their bank owned properties. This program allows a buyer to purchase a property that requires light to moderate renovation with one loan amount that include both the funds for the purchase and renovation up to 35% of the completed value and no more than $35,000. It is available to owner occupants and investors.
For example, there is a 1 bed / 2 bath bank owned condo at the Grand Champions for $419,900 that may qualify for this program. This is a vacation rental complex located on the Wailea Blue golf course in the beautiful Wailea resort area. There is also a 2 bed /1 bath unit available at Southpointe at Waiakoa for $118,900. This is a residential complex in the North Kihei area. Let us know if you are interested in finding out more about these complexes or other Fannie Mae properties that allow for this program.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - We have another celebrity owner in our neighborhood. American Idol's Steven Tyler purchased an oceanfront home in Makena for $4.8 million.
P.S.S. - Is your home worth substantially less than the current market value? If you have a jumbo mortgage, good credit, and you are current on your payments, you might be able to get your mortgage reduced by 100's of thousands of dollars. Read this article, and then contact us to see if you might qualify.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for March 5th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
609 (265) |
252 (28) |
909 (121) |
-3 |
|
Condos |
988 (187) |
284 (9) |
1134 (83) |
-24 |
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Land |
520 (116) |
32 (8) |
135 (18) |
NC |
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Total |
2117 (568) |
568 (45) |
2168 (222) |
-27 |
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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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122 Pua Niu Way
Launipoko
$3.495M (FS)
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Fabulous three island views from this top quality custom home right out side of Lahaina town on the island of Maui. This large home features unobstructed ocean views with perfect sunsets, whale watching and surfing views right out front. A large pool and waterfall grace the out door entertainment area with wonderful Tiki style bar and torches.
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Homes Under $1M
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17 Maha Road #10
Makwao
$239K (FS)
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Short Sale. One of the newer homes in Na Hale O Kilinahe built in 2008. It's a 2 bedroom, 1 bath floor plan with a 2-car carport and underground utilities.
Customer Listing Synopsis
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60 Puaini Place
Makawao
$294.5K (FS)
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Bank Owned. Brand new model home located in The Traditions at Maui Lani subdivision. This home will be sold with the existing model furniture.
Customer Listing Synopsis
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493 Kulike Road
Haiku
$329K (FS)
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Ocean view 2 Acres with a unique 2 story cottage and a separate structure that is used for an artist studio.
Customer Listing Synopsis
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318 Naniloa Drive
Wailuku
$449.9K (FS) |
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Bank Owned. Diamond in the rough. Old Wailuku Sandhills home with all the charm. Wood floors, rounded doorways, classic tile, etc all on a large lot. Upstairs is a classic 3 bedroom 2 bath home with large living room and huge kitchen. Downstairs has 1 bedroom and bath plus a large workroom and den with 1, 420 sq. ft. of living area. All this property needs is love to shine.
Customer Listing Synopsis
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255 Aliiolani Street
Pukalani
$719K (FS) |
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Bank Owned. Be the King/Queen of the hill and become the new owner of this home in Pukalani. Room for everyone. This large spacious home needs some work to bring it back to it glory but will be worth all the work. The ocean and mountain views cannot be beat.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Whaler #973
Ka'anapali
$1.195M (FS)
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2 Bedroom 2 Bathroom condo located on the ninth floor in Tower II has beautiful 180 degree views of the blue, Pacific Ocean and the green, West Maui Mountains. It has the Sun on the lanai during the winter months with year round sunsets and seasonal whale watching.
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Vacation Condos Under $1M
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Kanai A Nalu #313
Maalaea
$194.9K (LH)
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Bank Owned. Beautiful ocean views from this remodeled beachfront vacation rental. Upgraded throughout, with bamboo hardwood floors, granite counter tops, new vanities and showers in both bathrooms, smooth-coated ceilings, and more.
Customer Listing Synopsis
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Kihei Alii Kai B-105
Kihei
$220K (FS)
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Great private location. Steps from your lanai onto lush green grass. Ground floor unit makes for easy access with groceries, parking, and pool. Kihei Alii Kai is directly across for Maui's famous Kamaole I Beach.
Customer Listing Synopsis
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Kihei Holiday #106
Kihei
$224.9K (FS)
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Come see this fully furnished 2 bed, 1 bath unit that is located just a few steps from water sports galore. Experience a beautiful sandy beach on the biggest bay on Maui. Paddle board, kayak, or dive on a great reef in the morning.
Customer Listing Synopsis
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Hololani A-101
Kahana
$459K (FS)
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Direct ocean and beach front. High rise 8 Story concrete building and underground parking with convenient access to residence via elevator. Excellent location for primary residence, second home or vacation rental. Pets allowed. Incredible sunset views with the views of the islands of Lanai and Molokai in the background.
Customer Listing Synopsis
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Residential Condos
Iao Parkside 30-106
Wailuku
$175K (FS) |
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Short sale. Make this corner, ground level, 3 bedroom, 2 bath condo with a quiet yard, yours. Two pets and green thumbs allowed. Corian countertops, newer white cabinets, a great living room with breakfast nook and lanai access give you plenty of fresh space to spend your time in. Bath bathrooms have ADA compliant toilets and one shower has an ADA shower bar.
Customer Listing Synopsis
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Wailea Fairway Villas P-102
Wailea
$520K (FS) |
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Beautifully maintained 2 bedroom / 2 bath ground floor unit at Wailea Fairway Villas. This unit is in immaculate condition and it comes fully furnished. It has stainless steel appliances, granite counter tops, crown molding, built-in book shelves in the great room, built-in dressers and desk in the master bedroom, wall mounted flat screen TV, and etc. This is a front row unit with ocean views from your master bedroom and lanai.
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Kanani Wailea #22
Wailea
$699K (FS)
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Best value at Kanani Wailea, an exclusive community of luxury residential condos in resort town of Wailea, Maui. Enjoy the pool, spa, fitness center, and enclosed two-car garages. Superior quality of construction includes steel framing, Monier tile roof, dual-glazed windows, 9 ft ceilings, ceramic tile, Wolf stainless appliances, granite countertops, tray ceilings and bullnose corners.
Customer Listing Synopsis
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Vintage at Ka'anapali #115
Ka'anapali
$969K (FS)
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One of the largest models available at the Vintage at Ka'anapali is now available for purchase. Located on the 10th hole of the Ka'anapali Golf Resort’s Kai Course, the property at 115 Kualapa Place is a 2-level, 3-bedroom, 3-bathroom townhome spread across 2,330 living square feet.
Customer Listing Synopsis
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Vacant Land
0 Homestead Road
Kula
$459K (FS) |
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Let's Make a Deal. Kula acreage at a great price! Over 22 acres of beautiful Kula with stunning view potential and lots of privacy. This property sits at approximately 4,500 foot elevation above the Kula Nani subdivision. Good access and backs up to a 360 acre parcel. Two homes have been built in the area off the grid and more on the way.
Customer Listing Synopsis
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