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The Smith Team - Two Generations of Satisfied Customers

  Issue 345 October 13th, 2009 
Aloha ,

In this newsletter:
Market Update
Market Watch
Homes Over $1 Million
Homes Under $1 Million
Condos Over $1M
Vacation Condos Under $1M
Residential Condos
Vacant Land

  REO Properties
All  Properties

New  Properties
Price Reduction

 Short Sales
New Properties
Price Reductions

 Market Update

Short Sales vs. REO Properties – What’s the difference?

With the growing number of short sale and REO properties coming onto the market, it is important to know the difference between the two.

Short Sales

Short sale is the process a homeowner attempts to go through to prevent foreclosure.  They ask the lender to forgive the debt since they are selling the property for less than what is owed.  The sale is contingent upon approval by the lender. There is no guarantee that the bank will accept a short sale even if the buyer offers the full list price.

In these situations, the seller still owns the property.  When purchasing a short sale, you normally have to accept the property in ‘As Is’ condition.  You are still allowed to ask for a home inspection period, termite inspection, and survey like a normal transaction. 

 REO – Real Estate Owned

REO stands for Real Estate Owned.  These are properties that have already been foreclosed on, so the bank is now the owner/seller.  The bank now wants to sell the property hoping for fair market value. 

The approval process is much quicker than the short sale process, only taking 1 to 2 days for a response from the bank.  The property will be sold in "As Is" condition, and a Seller's Disclosure will not be provided by the bank.  You are still allowed to ask for a home inspection period, termite inspection, and survey like a normal transaction.
 We have a number of bank owned listings.  Please call or e-mail us if you are interested in finding out more about our REO listings.
Mahalo Nui Loa,
The Smith Team

Smith Team Photo on Website.jpg

Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)

Market Watch for October 12th, 2009

 Active Pending Sold Change
Homes  914   (384)  201  (29)  651  (84) -13
Condos 1440  (255) 149  (11)   729  (146) 0
Land  565  (168)   41  (11)    88  (30) -16
Total 2919 (807)  391  (51)  1468  (250) -29

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.

Homes Over $1M

82 Kulamanu Circle.jpg
82 Kulamanu Circle
$1.2M (FS)

The most fabulous bi-coastal views along with one of the lowest priced homes in Kula on a per square foot basis. This 2 year old home Lindsey built home in Jacaranda Grove has over 3100 sq. ft. of living area plus substantial covered and uncovered decks.

Agent Listing Synopsis

Homes Under $1M

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286 Humupea Place

$364.9K (FS)


Bank Owned. This is a very large home. Main house has 3 bedroom 2 bath. Attached ohana has 2 units separate both 1 bedroom, 1 bath each. The garage has been converted into a studio with bath. 

Customer Listing Synopsis

890 Makani Rd.jpg
890 Makani Road

$435.9K (FS)


Bank Owned. Cute little house with detached cottage off of Makani Road in Pukalani. Bank has done some rehab. Property could use some additional TLC; however, it is in above average condition as far as REO properties go.

  Agent Listing Synopsis

27 Miner Place.jpg
27 Miner Place

$510K (FS)

Short Sale. Beautiful Lindal Cedar home with attached cottage on flag lot.  Well established family neighborhood. The main house is a 3 bedroom 2 bath with large loft that could be a 4th bedroom, office or storage area. 


Vacation Condos Over $1M

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Ho'olei F-4

$2.199M (FS)

Short Sale. Ho’olei O-4 is the best-priced Plumeria floor plan left in the entire community! This home is brand new, and has never been occupied. Located just minutes away from the world-renowned Grand Wailea Resort and Spa, Ho’olei truly represents the “latest and greatest” that Wailea has to offer.

Customer Listing Synopsis

Vacation Condos Under $1M

Maalaea Yacht Marina 312.jpg
Maalaea Yacht Marina #312
$119K (LH)


Short Sale. Consider this large 767 sq. ft. 1 bedroom unit oceanfront condo the size of most two bedrooms. Upgraded in 2007/2008. Custom kitchen with oak cabinets, granite counter tops, mirrored living-room wall to enhance ocean/mountain views. 

  Customer Listing Synopsis

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Kihei Bay Surf #127
$125K (FS)

Short Sale. Lowest priced Kihei Bay surf at time of listing. Well Kept ground floor unit features Spanish tile and carpet. 


aina nalu K203.jpg
Aina Nalu K-203
$298K (FS)

Bank Owned. Make an offer and get an answer fast. Bank wants this gone. In the heart of Lahaina town, upstairs unit, granite kitchen counter tops, slate tile in the bathrooms, all appliances, very nicely done.


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Kapalua Golf Villas 11T6,7
$499K (FS)

Motivated seller. Private location with closest proximity to the Bay course club house and Pineapple grill. Desirable trellis level w/ easy street level access. New A/C plus furnishing and carpet upgrades. 


Residential Condos

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Bay Vista Apts #5
$120K (FS)

Bank Owned Condo walking distance to Kamaole Beaches. Private bungalow nestled into a quiet street with access to Maui's best beaches just a short walk away.

  Customer Listing Synopsis

Iao Parkside  24 104.jpg
  Iao Parkside 24-104

$183.2K (FS)

Bank Owned. Downstairs 2 bd. / 2 bath Iao Parkside unit. Tile and carpeted flooring, living area has wall A/C unit, small fenced in yard.

Customer Listing Synopsis

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Haleakala Gardens 11E
$209.9K (FS)

Bank Owned. Private upstairs corner 3 bd. unit. Vaulted ceiling, laminate floors, and upgraded kitchen. Close to the beach.

  Customer Listing Synopsis

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Hale Kanani 1-202
$329.9K (FS)

Bank Owned. Ground floor condo directly across the street from Ocean. Private Lanai with ocean views, open floor plan.

  Customer Listing Synopsis

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Coldwell Banker Island Properties
3750 Wailea Alanui Drive Suite B-35
Wailea, Hawaii 96753

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