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Aloha ,
Market Update
A home is the biggest purchase that many people are willing to make, so is it better to rent or own?
Right now, we are seeing a steady increase in home prices on Maui with low interest rates. The rental market is hot right now as well with a small amount of rentals available. For example, a person that I know found a 2 bedroom / 1 bath cottage in Pukalani for a fair rental value of $1,550 a month. She had to compete with 16 other applicants.
There are a number of factors to consider in buying versus renting including how much you can afford to pay in rent, target home price if you are to buy, how long you would live there, your income tax rate, and the current mortgage rate. Trulia has a great calculator to figure out if it is cheaper to rent than own.
A large factor is the length in time that you decide to live in your home. It becomes cheaper to buy a home if you are living there longer. If you only decide to live at a place for less than 4 years, then it may be better to rent.
Mahalo Nui Loa,
Melissa for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. - If you love pizza, check out Flatbread in Paia. They have a partnership with organic foods, local farms, and local producers on Maui. They are located on 89 Hana Highway in the beginning of Paia.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for February 4th, 2014
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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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571 (297)
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203 (29)
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982 (175)
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+1 |
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Condos
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745 (188)
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227 (18)
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1365 (181)
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+4 |
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Land
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371 (117)
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40 (5)
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227 (30)
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+3
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Total
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1687 (602)
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470 (52)
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2574 (386)
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+8
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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
3146 Waiea Place
Wailea
$1.325M (FS)
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Fabulous and unique cul-de-sac location with long private driveway. There a large space for out door dinning with a outdoor shower and nice sized pool.
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148 Hakui Loop
Ka'anapali
$1.435M (FS)
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Beautiful tropical home located in the much sought after Ka'anapali Hillside subdivision. This 3,267 sq. ft. 3 bd. / 3.5 bath custom secluded home on 10,335 sq. ft. lot is centered round a spacious great room with lofty vaulted ceilings and wood floors. The living space is wonderful for entertaining and extends out to a lanai and is bound by 63 ft long saline pool.
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233 Crestview Road
Kapalua
$3.499M (FS)
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Bank Owned. This modern home was built in 2009 and has 4 bd. / 4 bath encompassing almost 4,400 sq. ft. As you enter the front door from the porte cochere, you see the Pacific Ocean and the West Maui Mountains framed in the sliding glass wall separating the pool and spa from the great room.
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Homes Under $1M
1036 Hou Street
Kihei
$339.5K (FS)
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Short Sale. Cute home located in central Kihei. Close to shopping, restaurants, and walking distance to schools.
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21 Ulunui Place
Pukalani
$497.3K (FS)
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Older well maintained plantation style home in Pukalani, above the Pukalani Terrace Shopping Center. Large 14,952 sq. ft. lot with a detached one car carport and storage / Japanese style bath (furo). There is also an open barn in back of property. Central location for easy access to shopping center, Pukalani community center and pool.
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000 Olina Street
Kahului
$602K (FS)
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Developer Deal. This brand new and highly desirable new community, The Parkways at Maui Lani is located along the lush Dunes at Maui Lani Golf Course. The convenience of schools, churches, and shopping are all at your fingertips here in the attractive Maui Lani Master planned community.
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25 Laiki Place
Makawao
$795K (FS)
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Killer location & views in Maui Uplands. Located off a short cul de sac, this beautiful home sits on a very private 1/2-acre flag lot and has a 180 degree view.
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3526 Akala Drive
Kihei
$849K (FS)
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Lowest price home per square foot in Maui Meadows at time of listing. Phenomenal oceanviews from the main house. This enormous fixer is ideal for rental income or extended family living.
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Vacation Condos Over $1M
Ka'anapali Shores #601
Ka'anapali
$1.55M (FS)
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Direct beachfront. Breathtaking 180 degree views of the ocean, sunsets and jumping whales in season. The living room and master suite both open onto a huge 497 sq. ft. lanai.
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Vacation Condos Under $1M
Aina Nalu K-106
Lahaina
$319K (FS)
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Walk to Lahaina's best restaurants, shopping, cultural events, parades & great beaches. Bali style appointments, naturalized fountains & garden settings perfect for meditation or just relaxing, generously dot this unique 8.6 acre property.
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Nani Kai Hale #303
Kihei
$349K (FS)
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This 1 bd. / 2 bath oceanfront condo in North Kihei has a partial ocean view. It has a fully equipped kitchen and air conditioning.
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Kihei Akahi C-516
Kihei
$399K (FS)
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Great ocean and mountain views from this highly upgraded 1 bd. / 1 bath condo. Sit on the lanai and watch the whales in season.
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Residential Condos
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515 Liholiho Street #4
Wailuku
$130K (FS)
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Great location. Ocean views along with harbor and city views from this adorable 1 bd. / 1 bath apartment. Located in the heart of Wailuku, close to everything.
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Kai Makani Beach Villas 26-202
Kihei
$545K (FS)
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Best value and a great location in Kai Makani. Peaceful and private location with 3 bd. / 2 baths in great condition.
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Vacant Land
26 Ualei Place
Makena
$2.5M (FS)
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Beautiful ocean and sunset views. Just steps away from the white sand beach of One Palauea Bay, sits this magnificent vacant, flat, and "ready to build" 1 acre lot.
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