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| Issue 324 | May 19th, 2009 |
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| Aloha ,
In this newsletter:
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Whale of a Deal
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Market UpdateIn the last real estate cycle, it was the high priced properties that led the way. In our current market environment, we agree with Mary Ellen Podmoliks' conclusions that are well articulated in her article, "Distressed Properties and First-Time Home Buyers - The Recipe for Real Estate Recovery?" Yes, it will be the first time home buyers and investors buying up foreclosures and other distressed properties that will ignite the spark leading to a recovery. We can't predict exactly when that will happen on Maui, but it does appear to have begun in many areas around the country, so we shouldn't be too far behind. Why? Well, for starters, there are many more distressed properties in the low and middle end of the market, and these properties have dropped disproportionately more than properties in the high end. Over the next 12 months, we expect a convergence between all segments of the market, i.e. the low and middle end of the market will drop less while higher priced properties will probably experience even steeper declines until they eventually catch up with each other. Add to this the tax credit incentive for first time home buyers, and historically low interest rates, and you have a recipe for recovery. This, of course, does not mean that you can't find great deals in the high end luxury market segment. On the contrary, there is often more room to negotiate for properties in the $1 million plus range. Our featured property this week is evidence of that with an over 50% drop from its original list price. Let us know if you would you like a list of pre-foreclosures, short sales, and REO's (Bank Owned Properties). Have a wonderful week. Mahalo Nui Loa, The Smith Team P.S. By the way, we were just approved for listing bank owned properties for sale on Maui. If you'd like to be alerted as soon as we get these listings, please let us know.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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Market Watch for May 18th, 2009
| Active | Pending | Sold | Change | |
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| Homes | 1005 (413) | 154 (20) | 752 (127) | -18 |
| Condos | 1576 (304) | 133 (12) | 577 (129) | -9 |
| Land | 623 (179) | 41 (18) | 80 (32) | +5 |
| Total | 3204 (896) | 331 (50) | 1409 (278) | -22 |
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1. The numbers in parentheses reflect the number of listings over $1M |
 5231 L Kula Raod Kula $1.575M (FS) |
Best deal Upcountry. Kama'aina charm prevails on this peacful and beautiful ten acres with four historic cottages (formerly owned by Montigue Cooke) located at the perfect Kula elevation. Beautiful ocean views with loads of potential. One 2br/2ba, one 2be/1ba, and two 1be/1ba cottages. All cottages have been lovingly remodeled and decorated.
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The best ocean views stretching from Molokai to Lahaina & overlooking Ka'anapali Resort in the double gated Summit Estates within the Ka'anapali Golf Estates. Guest quarters with in-suite bathrooms & its own separate guest lounge with wet bar, refrigerator & dishwasher. Fully appointed office with custom cabinets & marble work surface. Cedar soffits, Italian & Venetian plaster walls & ceilings, imported glass doors, Murano lighting, wine cellar & koi pond. |
 317 Ku'ualoha Street Kahului $399K (FS) |
Wonderful home, well kept with pride ownership. Located close to the park and centrally located near schools, shopping area. Beautiful master bedroom upstairs with some ocean-view and 2 bedroom downstairs. Spacious backyard with covered lanai perfect for relaxation or family gatherings. Completely fenced yard.
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This brand new home with fabulous views of Kahului Harbor and Haleakala is a refreshing start to your perfect Maui Lifestyle.This open floor plan is a must see. Features include a modern kitchen with a spacious bartop island, Moen faucets, designer light fixtures, ceramic tile flooring in entry ways, kitchens, bathrooms, and laundry room. |
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 10 Tulip Place Kahana $783.9K (FS) |
Bank owned. Here's the deal you were waiting for. Great price for this neighborhood. Ocean views from the front of the house, and ocean views from the back of the house. Nice floor plan, walk in closet off the master bedroom. Located at the end of a cul-de-sac. Catches the trade winds just perfectly.
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 94 Alae Road Kula $895K (FS) |
Tucked away and refreshingly different. This newer home sits on a flag-lot of 3/4 of an acre for maximum privacy. Bi-coastal ocean and West Maui Mountain views. Sunsets all year long. This home offers a two-story floor plan with gorgeous upscale kitchen, granite throughout, hardwood, stone and tile flooring, large great room, very open and airy with huge windows and extensive natural lighting, and master suite upstairs.
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Ho'olei F4
Wailea $2.199M (FS) |
Short sale. Welcome to Ho'olei, Wailea's newest premier development. Enjoy amazing views from this professionally decorated 3 bedroom 3.5 bath unit. Prime location featuring ocean, mountain and golf course views. Unit is truly turn-key, ready to live in or keep in Grand Wailea's Rental Program. |
 Kihei Alii Kai D202 Kihei $277.7K (FS) |
Top quality upgraded unit. A/C, inside laundry, ceiling fans, new appliances, fully furnished per inventory. Stunning ocean and Mt. Haleakala views. Close to a perfect swimming beach.
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 Maui Kamaole C107 Kihei $459K (FS) |
This unit is in perfect condition and is tastefully appointed for either vacation rental or residential use. It is conveniently located by the pool with easy access for strolling down to the wonderful Kamaole beaches. Its end placement offers a side window in the kitchen for more light and a feeling of openness. |
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 Wailea Ekolu #904 Wailea $699K (FS) |
Breathtaking panoramic ocean views. Watch the sunset from every room. The main living area boasts expansive high beam ceilings that add to the wonderful flow of air blowing in off the Shores of Maui. This top floor unit is situated in the premier front row building #9 of highly sought after complex in the prestige Wailea Ekolu. The contemporary furnishings with island touch adds a comforting atmosphere.
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 Wailea Ekolu #307 Wailea $779K (FS) |
Excellent ocean views from this first level, 2 bedroom, 2 bath Wailea Ekolu condo. Enjoy beautiful sunset views over Molokini from this upgraded residence situated on the 15th green of Wailea's "Old Blue" golf course. Upgrades include granite kitchen counters, tiled floors, and a remodeled bath.
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 Auhana Kuleana #303 Kihei $356.4K (FS) |
Short sale. Fantastic 3 bedroom, 2.5 bath South Kihei home just one block from the beach. Beautifully remodeled and exceptionally comfortable. Features include extensive use of tile, new cabinets, granite countertops, designer fixtures, A/C, new ceiling fans, recessed lighting, single car garage, enclosed lanai, and much more. The private and peaceful backyard is perfect for BBQ's or a hot tub. |
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 Gardens Upcountry #18 Pukalani $474.9K (FS) |
Looking for a gracious Upcountry home with beautiful gardens, ocean views and no work for you? This charming town home is open, bright, spacious, private, and cool. High ceilings, excellent cross ventilation, large windows and hallways, make this two bedroom, two and one half bath home seem much larger than 1,533 sq. ft. Located in the small private complex down a long drive, away from traffic and noise, but walking distance to groceries, pharmacy, gym, doctors and more. |
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 Masters #3201 Ka'anapali $919K (FS) |
This is a great opportunity to purchase a rare “D” floor plan overlooking the 9th fairway on the Ka'anapali Royal Golf Course. Home of the Wendy’s Champions Skins game. This fabulous ground floor corner unit offers sunsets year round and breathtaking ocean and island views. The Masters is a one-of-a-kind gated condominium community with less than six units per acre of lush tropical landscaping. |
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