Smith Team Real Estate - 2 Generations of Satisfied Customers - (808) 572-0866
              
Issue 521 February 19th, 2013

Aloha ,

In this newsletter:

REO
All Properties
New  Properties

Price Reductions

Short Sales
Homes
Condos
Land
New Properties
Price Reduction


Makila Ridge Estate
 
554 Punakea Loop
554 Punakea Loop
Launiupoko
$4.7M
Customer Listing Synopsis

 

Market Update

We are often asked the question, "Why are prices so high on Maui."  That is a great question because when you look around you see lots of undeveloped land most of which is very unproductive and therefore of relatively low value.

The reason lies primarily in the difficulty of getting the proper permits to develop raw land as well as the stringent requirements that are imposed on developers.  We have projects that have been in the works for over 20 years.  We have seen developers go broke waiting to get permits.

This week we saw another example of why Developers often avoid doing projects on Maui. 


The state Land Use Commission ruled that Eclipse Development Group's proposed 700,000 square feet of retail space and a 250-unit affordable housing component by Honua'ula Partners violated three conditions imposed by the commission in 1995 when former landowner Kaonoulu Ranch was given a land reclassification from agricultural to urban for a light industrial development.  Read the complete story.

There are many other reasons for the high cost of real estate on Maui such as lack of infrastructure (roads, water, sewer treatment, etc.); however, when you boil it all down, it is simply a matter of supply and demand. 

The supply has been severely restricted by the powers that control zoning and permitting, and we don't expect to see that change anytime soon.  In fact, if anything, it will probably get a lot worse before it gets any better.

As we have been saying now for many months, it is times to buy Maui real estate before the prices escalate beyond the reach of the average person.

Mahalo Nui Loa,

Greg, Melissa, Ken, and Jeremy

P.S. -
We have two properties that we will be listing within the next few weeks.  One is an upscale Bank Owned home with cottage and pool in Maui Meadows, and the other is a home and cottage in Lower Kula.  Both homes have amazing views.  Let us know if you think you might be interested in either of these properties.

Smith Team Photo on Website.jpg
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)

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Market Watch for February 18th, 2013

 
Active
Pending
Sold
Change
Homes
502 (288)
239 (37)
937 (120)
+7
Condos
811 (199)
276 (19)
1227 (95)
-15
Land
393 (113)
46 (8)
175 (17)
+1
Total
1713 (596)
563 (58)
2328 (231)
+1
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

619 Kupulau Drive 2
619 Kupulau Drive
Kihei

$1.15M (FS)
Single level Maui Meadows 4 bd. / 4.5 bath spacious home with 2 bd. / 1 bath cottage in beautiful garden setting. New paint & new landscaping. Amenities include breakfast nook, dining area and dining room, 2 car garage, A/C and security system.
2210 Olinda Road
2210 Olinda Road
Olinda

$3.5M (FS)
Beautiful Olinda Acreage first time on market. Adjoining 186 acre Waihou Spring Forest Watershed Preserve. Older two story home and ohana are tenant occupied and tenants would like to stay. This is great horse property whcih you can see from pictures horse pasture. Lots of fruit trees planted on the property. Mountain and ocean views.

Homes Under $1M

668 Kunu Place
668 Kunu Place
Kahului

$346.5K (FS)
Bank Owned. House and cottage in great neighborhood close to everything. Spacious backyard, corner lot.
 
44 Kulamanu Circle
44 Kulamanu Circle
Kula

$699K (FS)
Short Sale. This highly desirable single-level floor plan offers Ocean Views and backs onto open space to create a deeply satisfying sense of quiet and privacy. This newer home is a perfect blend of affordability and practicality, featuring an open floor plan, a three car garage and numerous interior upgrades.
278 Kahana Ridge Drive
278 Kahana Ridge Drive
Kahana

$699K (FS)
Located on a corner lot, this home is currently one of the best values in Kahana Ridge. The home features granite counter tops in the well appointed kitchen and granite counters in all baths as well as inside the laundry room. The living room, kitchen, master bedroom and second bedroom are all located on the ground floor. The Master bedroom and living room both have vaulted ceilings.
121 Luakahi Street
121 Luakahi Street
Kihei

$760K (FS)
Developer Deal. This property is situated in a small cul de sac by the gulch towards the top of Moana Estates. This is a two story home with ocean facing lanai located in sunny south Maui and is within walking distance to the sandy beach of Kamaole I Beach Park. Nicely appointed with an open floor plan which includes 3 bedrooms and 2.5 baths, 2 car garage, GE appliances, solar water heater, spacious covered lanai, front yard landscaping and irrigation system and much more.
 
23 Waikalani Hema Place
23 Waikalani Hema Place
Kihei

$785.7K (FS)
Short Sale. Custom home with too many upgrades to name, including vaulted ceilings, hardwood moulding, custom tile, gorgeous granite, lovely hardwood kitchen cabinets & more make this 2 story home with attached 1 bedroom ohana a great value. Located on a quiet cul-de-sac in Kihei the property has easy access to all of Maui.
 

Vacation Condos Over $1M

Hoolei N3
Ho'olei N-3
Wailea

$2.775M (FS)
Special properties like Ho’olei Villa N-3 rarely become available. This iconic home is situated on the South side of the last resort-zoned development in Wailea, Ho’olei at Grand Wailea Resort. The view is spectacular – with no buildings below it to alter your ocean view, a peaceful grassy preserve opens up to the amazing blue water out to West Maui. Designed by a prestigious California intierior design firm, this villa is both tasteful and comfortable.

Vacation Condos Under $1M

Nani Kai Hale 204
Nani Kai Hale #204
Kihei

$349K (FS)
Pride of ownership shows throughout this beautifully appointed 1 bedroom 2 bath upgraded turnkey vacation rental condo on spectacular Sugar Beach. Remodeled in 2006 this gorgeous condo features granite counter tops, tile floors, oak cabinets, custom lighting and newer appliances. Enjoy strolls on endless Sugar Beach in North Kihei or just sit back and enjoy the beach front BBQ and Pool area.
Kahana Villa F404
Kahana Villa F-404
Kahana

$359K (FS)
Short Sale. This is a spacious 2 bedroom 2 bath unit with better than expected Ocean views. There is over 1260 sq. ft. in this townhouse style condominium providing plenty of space and storage and ocean views from living room/lanai and master bedroom. This unit is completely furnished with some upgrades. Kahana Villa provides swimming pool, Jacuzzi, tennis court and is located directly across from Kahana Beach.
Grand Champions 138
Grand Champions #138
Wailea

$549.9K (FS)
Short Sale. This beautifully furnished vacation rental is located in a quiet area of the Grand Champions Villas, noted as one of the most popular vacation complexes in South Maui. As you enter the condominium, the cathedral ceilings and openness of the floor plan will assure you, this is the right one for me. The Hawaiiana furnishings, plush carpeting, granite countertops with maple cabinets and air conditioning in every room will make you proud to own this unit.
 

Residential Condos

Maui Lani Terrace A206
Maui Lani Terrace A-206
Honokowai

$115K (FS)
Short Sale. Great showing 1 bedroom unit in "A' building. Upgraded kitchen, bathroom, floors, and paint.
 
Keonekai Villages 10 104
Keonekai Villages 10-104
Kihei

$204.9K (FS)
Bank Owned. This unit has a nice private location on the front line of the development with a small fenced yard and small patio area. The kitchen and bathrooms are in good condition.

Gardens Upcountry 16
Gardens Upcountry #16
Pukalani

$449K (FS)
The Gardens Upcountry is a small, well maintained, development tucked away in Upcountry Maui. It is conveniently located within walking distance to the bank, restaurants and shopping. This luxury townhouse feels like a home with its soaring ceilings and open, spacious, floor plan with many windows and skylights offering lots of natural light. The lower level has the living room, kitchen, and ½ bath while the upstairs has two master suites separated by a small open office area. Lots of storage.
 

Vacant Land

993C Malaihi Raod
993-C Maluhia Road
Wailuku

$249K (FS)
Bank Owned. Great opportunity to build a house & cottage with a Country setting that's conveniently located in Wailuku.
 
546 Ania Place
546 Ania Place
Wailuku

$255K (FS)
County of Maui water meter included. Level, all usable and nicely-mowed lot on a cul-de-sac street. Ready for your dream home. Homeowner association fee $50/year.

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

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