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Aloha ,
Market Update
CoreLogic's HPI Forecast from May 2014 to May 2015, indicates that national home prices, including distressed sales are projected to increase year-over-year by 6%.
When comparing May 2013 to May 2014, home prices nationwide including distressed sales increased by 8.8%.
"The pace of home price appreciation is cooling off quickly as the weather warms up," said Mark Fleming, chief economist for CoreLogic. "May's 8.8 percent year-over-year growth rate is down almost three percentage points from just three months ago. The influences of modestly rising inventory and less-than-expected demand are causing price growth to moderate toward our forecasted expectations."
The CoreLogic HPI Report for May 2014 shows that Hawaii ranks #1 with the highest home appreciation, including distressed sales with a +13.2%, California comes in 2nd at +13.1%, then Nevada (+12.6%), Michigan (+11.8%), and New York (+11%).
Excluding distressed sales, Hawaii ranks #2 with a +11.6%. New York has the highest home appreciation at +12.2%. Nevada comes in third at +10.6%, then California (+10.4%), and Florida (+9.6%).
"Home prices are continuing to climb across most of the country which has both positive and negative implications for the housing market," said Anand Nallathambi, president and CEO of CoreLogic. "While the rapid rise in prices over the past two years has lifted many homeowners out of negative equity, it has also become a negative factor in buying decisions for prospective purchasers weighing affordability concerns. As we move ahead, a moderation in home price increases over the next twelve months should help cool things down a bit and keep the housing recovery going." Read More.
Have a wonderful week.
Mahalo Nui Loa,
Melissa for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. - We featured an amazing bank owned property located at 37 Ualei Place, Wailea in last week's newsletter. Here's a link to the YouTube video. This property is vacant and easy to show to qualified buyers.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for July 7th, 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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558 (262)
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221 (34)
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948 (176)
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+37
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Condos
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762 (186)
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185 (16)
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1326 (194)
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+14
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Land
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380 (127)
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25 (3)
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217 (25)
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+5
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Total
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1700 (575)
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431 (53)
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2481 (395)
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+56
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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
163 W Ikea Kai Street
Wailea
$1.05M (FS)
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Bank Owned. Situated in the gated community of Wailea Kialoa is 163 W. Ikea Kai Pl. A well designed single story home with the custom features you would be looking for in a home like this. Vaulted ceilings, central AC, solar water heating, central vacuum system, security system and irrigation system.
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78 S Iwa Place
Ka'anapali
$2.049M (FS)
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This classic Ka'anapali contemporary residence, boasts panoramic ocean and islands views. Gracious main floor features soaring 25 Ft. ceilings, engaging a tropical ambiance from the exterior.
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Homes Under $1M
970 Noholani Street
Haiku
$200K (FS)
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Bring your tools and imagination and recreate this 1918 plantation house.
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167 Hookui
Kahului
$365K (FS)
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Great starter home in Luana Gardens. Interior recently renovated and exterior painted.
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79 Ulumau Place
Paia
$399K (FS)
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A 1926 Hawaii original style cottage on a small lot with a big house potential. This rough but cute property is tucked away in a quiet neighborhood in the heart of Paia Town. Short walking distance to shopping and the world famous beaches.
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2732 Aina Lani Drive
Pukalani
$525K (FS)
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Great opportunity to own a delightful 3 bd. 2 bath home with solar photo-voltaic for energy saving costs. Vaulted ceiling in living and dining room that flows easily into play room / family room.
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174 Anamuli Street
Kahului
$550K (FS)
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Short Sale. This 3 bd. 2.5 bath 2 story home is beautifully appointed very desirable floor plan with main floor master suite w/walk in closet and separate linen closet. Master bath has double sinks, shower plus a jetted tub. Additional room for office/study upstairs could be use as 4th bedroom plus area for work station. Home has central A/C throughout. Large open kitchen includes stainless steel appliances and sink.
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7 Plumeria Place
Kahana
$879K (FS)
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Perfect single level home on lovely lot. In move-in condition. Low maintenance. One of very few homes available on West Maui listed under $1M.
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Vacation Condos Over $1M
Kapalua Bay Villas 21G4
Kapalua
$1.37M (FS)
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For Kapalua Bay Villas 21G4, it is all about the view. Offering one of the finest 1 bd. 1 bath properties in the Kapalua Bay Villas community this unit is spread across 1,066 sq. ft. For those that crave their ocean view while preparing their favorite meals, central to its 2008 renovation was the expansion of the kitchen area that resulted in one of the most spacious kitchens within the community and an uncompromising dramatic coastal beach view of Oneloa Bay from the all-glass corner window.
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Vacation Condos Under $1M
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Hale Kamaole 2/230
Kihei
$495K (FS)
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Hale Kamaole 2/230 is an updated unit including redone tiled flooring, kitchen, appliances, and furniture. The open corner lanai offers nice views of the ocean and Kahoolawe. Its second floor location provides expansive views of the greenbelt and pool.
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Napili Sunset #218
Napili
$895K (FS)
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Napili Bay is world renowned for its expansive sandy beach and the gentle waves that provide year-round ocean enjoyment. One of the best condominium complexes on the Bay is Napili Sunset. This two bedroom loft style unit offers the discriminating buyer the opportunity to own a bit of paradise that is so cherished by other owners in the area that very few units ever come on the market.
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Residential Condos
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Iao Gardens #306
Wailuku
$215K (FS)
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Short Sale. Iao Gardens has fantastic Vineyard St. location. The building is secure and elevator will whisk you up to the 3rd floor level that offers stunning views. This condo has 2 bedrooms and 2 baths. Master bedroom has an ensuite bath and loft storage area. The complex features an in ground swimming pool. Its location in downtown Wailuku offers restaurants, shops, tennis, parks and even a theatre nearby.
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Kai Makani 46-203
Kihei
$555K (FS)
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Prime front row location with unobstructed ocean views. Watch the windsurfers, kite boarders and paddle boarders from your living room and master bedroom. Enjoy sunset views each evening. This extra large 2 bedroom, 2 bath unit at the popular Kai Makani Beach Villas is located directly across the street from a three mile long stretch of beach.
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Vacant Land
393 Kualono Place
Wailea
$475K (FS)
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Exceptional vacant lot located at the end of a cul-de-sac in the premiere gated community of Wailea Pualani Estates. Build your dream home with ocean views from the second level. Seller financing available with 20% down.
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