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Market Update
According to an article from Wall Street Journal, there are a significant number of buyers that lost their homes to foreclosure after the housing crash 6 years ago that are now buying property.
These people are called the "Boomerang" buyers. Buyers who defaulted on a mortgage must typically wait three years before becoming eligible for a mortgage backed by the Federal Housing Administration.
An analysis of foreclosure data done by Moody's Analytics for the 2nd quarter this year shows that there were 729,000 households that were foreclosed upon that are now eligible to apply for an FHA mortgage, up from 285,000 in the second quarter of 2011. This is based upon the 3 year benchmark it takes to get an FHA guaranteed loan. The company projects that number will grow to 1.5 million by the first quarter of 2014.
Many buyers who have lost their homes through foreclosure have been renting, but since the cost of home ownership is less than renting and interest rates are at historic lows, they are also starting to buy property.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - The new September statistics for Maui County are now available.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for October 15th, 2012
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Active |
Pending |
Sold |
Change |
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Homes |
472 (236) |
256 (19) |
905 (116) |
-19 |
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Condos |
744 (158) |
251 (12)
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1162 (71) |
-8 |
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Land |
416 (105) |
37 (7) |
139 (15) |
+8 |
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Total |
1632 (499) |
544 (38) |
2206 (202) |
-19 |
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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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65 N Holokai Road
Haiku
$1.75M (FS)
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Hale Malie, "House of Tranquility," is an architectural masterpiece designed by Linda Lange and inspired by the gracious plantation homes of Old Hawaii. The private gated entrance leads to a magnificent palm lined avenue surrounded by a tropical paradise of rare palms and fruit trees. Almost 100 coconut palms, as well as orchards of citrus and bananas grace the property.
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120 Ulupua Place
Spreckelsville
$1.975M (FS)
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Exquisite jewel box on the 5th green at the Maui Country Club. 4,471 sq. ft of gracious and private living with entry gates onto grass blocks with a four car garage. Professionally landscaped with two water falls, hot tub, and lava rock walls. Gorgeous Tiger wood floors, Wolf range, dual ovens, gourmet kitchen, speakers throughout home, soffit ceilings, and copper gutters. Mother-in-law quarters above the garage.
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4354 Walina Place
Wailea
$2.495M (FS)
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Enter this Wailea Golf Vistas Ocean View home and immediately you sense the grandness. Each room including the bedrooms convey a spacious, airy and bright feeling. Whether used as a primary or second home, you will feel comfortable in this gated community just minutes from world class golfing, fine dining, and 5 star hotels and big sandy beaches.
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Homes Under $1M
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148 Hoomoku Street
Kahului
$192.5K (FS)
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Short Sale. Perfect starter home or potential investment property located near schools and public transportation. The home offers flexible living options, private lanai and requires no yard maintenance.
Customer Listing Synopsis
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59 Aliilani Place
Kihei
$209K (FS)
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Short Sale. Just a few minutes stroll away from the beach and a park. This is a great starter home or investment property for you to dress up as you wish.
Customer Listing Synopsis
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66 Kuualoha Street
Kahului
$399K (FS)
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If you've been looking for a spacious 2-story, open floor plan, 4 bedrooms, 3 bath home then you've got to look at this one. Located in the Greens at Maui Lani close to schools, parks, golfing, restaurants, and shopping.
Customer Listing Synopsis
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35 Papakapa Place
Wailuku
$485K (FS) |
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Bank Owned. Offering both Mountain and Ocean views, this home sits along the mountains side. Cool breeze, mature landscaping and central location makes this property one to consider if you are shopping in the Central Maui market place.
Customer Listing Synopsis
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2112 Kaupakalua Road
Haiku
$649K (FS) |
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Totally upgraded Haiku gem with a gated entry and a year round stream running through it. Located just of Kaupakalua road down a short easement. Main house has 3 bed. 2 baths with new kitchen and baths with stainless appliances, granite countertops and vessel sinks. Vaulted ceiling in living room and exotic solid tiger wood flooring and travertine throughout. Lovely loft bonus room with views. Large covered front and rear patio's.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Polo Beach Club #108
Wailea
$1.798M (FS)
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Polo Beach Club 108 enjoys a private ground floor location - steps to one of Wailea/Makena's favorite beaches. The quiet north lawn fronts the lanai and overlooks 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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Aina Nalu H105
Lahaina
$295K (FS)
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This 2 bedroom, 1 bathroom condo sports designer decor including stone floors, granite counters, cherry cabinets and oversized bathroom. Aina Nalu is one of the greenest properties on Maui. The green features include solar power for hot water and common areas electric, recycling and a heart of Lahaina location, where you can walk to restaurants, shopping, the harbor, the beach and catch the Maui bus for anywhere else on the island.
Customer Listing Synopsis
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Kamaole Sands 8-104
Kihei
$364K (FS)
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Ground level unit with the large lanai, grass and green frontage for a naturally tranquil setting. Great rental history in this short Term eligible complex.
Customer Listing Synopsis
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Kihei Akahi C-418
Kihei
$389K (FS)
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This one bedroom unit in the C-Building at Kihei Akahi represents all that can be done for a wonderful upgrade and remodel, i.e. redone kitchen, bath, flooring, appliances, fixtures, and furnishings. A nice ocean view from the lanai is a bonus to this absolute turnkey offering.
Customer Listing Synopsis
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Mahana #802
Kahana
$455K (FS)
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This is an "A" classification unit, right on the beach, with spectacular views of the ocean, outer islands, sunsets and humpback whales. New granite counter-tops in the kitchen and bath. Short sandy stroll to restaurants and shopping. The Mahana is a world class resort with an oceanfront pool, jacuzzi, saunas, barbeques and lighted tennis courts. Seller will consider carrying financing.
Customer Listing Synopsis
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Residential Condos
Puuone Towers #302
Wailuku
$99.8K (FS) |
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Short Sale. Original condition condo with West Maui & Ocean views located in Wailuku with security entrance, On Site property manager. Lots of potential. Close to shops, restaurants, schools, and more.
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Wailea Fairway Villas P-102
Wailea
$499K (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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Vacant Land
11 Lahaole Place
Wailuku
$269.9K (FS) |
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Bank Owned. Beautiful large lot in gated community of Kahakaloa. Sweeping Ocean and Mountain Views, peaceful and tranquil. There is a ongoing special assessment of $125.00/month, private water fees of $260.00/month and quarterly association dues of $414.29. Seller financing is available for qualified buyers.
Customer Listing Synopsis
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