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Aloha ,
Market Update
Are you confused about the Maui Real Estate Market? Well, you are in good company.
Noted economist, Paul Brewbaker, recently told a group of the top Maui Real Estate agents at an event sponsored by Old Republic Title & Escrow at Andaz Hotel that the market was at a crossroads, and he wasn’t sure which direction it was headed.
After having a nice recovery from the lows in 2010, the market recovery seems to have stalled well below peak levels of 2006/2007. He is still hopeful that the recovery will gain steam again, but it is possible that we may be stalled out here for many years with gains no more than 2 to 3% per year barely keeping up with inflation, or we could even head lower.
As Paul stated, our main export is Tourism, so why would someone invest in an economy where its chief export was shrinking? Well, that is only one side of the equation. The other is the lack of supply of new homes which isn’t keeping pace with population growth. According to Paul, we need about 800 new homes a year to be built, but we are building less than half that amount.
This lack of supply is certainly putting upward pressure on prices particularly in the low end market.
Please email us if you’d like see the complete presentation of Paul’s mid-year Maui Economic Update. We have not included it here since it is 47 pages mostly composed of slides and graphs. It was a fascinating and thought provoking talk about the future of Maui’s economy and real estate in particular.
Have a wonderful week.
Mahalo Nui Loa,
Ken for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. - Are you interested in setting off fireworks on Maui? You will be allowed to buy fireworks starting on June 29th and you may set them off on July 4th between 1 and 9 P.M. Read more.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for June 24th, 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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536 (259)
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244 (35)
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938 (177)
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+15
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Condos
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757 (179)
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204 (15)
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1323 (193)
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+9
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Land
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382 (127)
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25 (3)
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220 (25)
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+10
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Total
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1675 (556)
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473 (53)
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2481 (395)
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+34
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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
3350 W. Lani Ikena Way
Wailea
$1.395M (FS)
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Wailea Pualani offers a low density foot print in a gated community. This home has a large covered lower lanai that opens up to a pool and spa. This 2 story home is one of the largest in Pualani, nearly 4000 square feet, 5 bedrooms, 4 bathrooms, 2 zone central AC, large master bedroom suite with a jetted tub, walk in closet, and beautiful French doors opening up to a large covered lanai with ocean views.
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311 Door of Faith Road
Haiku
$2.4M (FS)
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Everywhere you look at this one-of-a-kind, North Shore oceanfront estate, your eyes will be delighted and your spirits uplifted. Experience the thrill of watching whales and dolphins play in Waipio Bay from your own backyard. Even from one of three cliff side hot tubs.
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Homes Under $1M
979 Kahealani Street
Haiku
$242.5K (FS)
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Bank Owned. 2 Bedroom 1 bath home. Needs TLC to bring back to original luster.
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115 Oluea Street
Kihei
$369.9K (FS)
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Bank Owned. Offering a small community park, this single family home offers a great Maui real estate opportunity for one who desires the South district of the island. In need of some repairs, this is a hidden gem for the right buyer.
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929 Puuloa Street
Wailuku
$399K (FS)
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Bank Owned. Single-level 3 bedroom, 1 bath home on a large, level lot. Expansive deck with a great view of Haleakala and partial ocean view. Exterior storage room and carport.
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67 Kinohi Loa Loop
Wailuku
$484.9K (FS)
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Bank Owned. Single level 3 bedroom 2 bath home in The Cottages at Kehalani.
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2696 Iolani Street
Pukalani
$538.5K (FS)
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You're sure to love this single level home, with a newly remodeled kitchen and super comfortable and versatile floor plan.
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48 Hui F Road
Napili
$599K (FS)
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Short Sale. 7 bedrooms and 5 bath home in fair condition.
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Vacation Condos Over $1M
Ho'olei H-6
Wailea
$2.795M (FS)
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Sit back and relax in this gorgeous 3 bedroom, 3.5 bath Wailea town home. Villa 81-6 has a fantastic location on the property, and is one of the closing units to the Ho'olei pool as well as the Grand Wailea Resort. The Ho’olei community represents a unique fusion of tropical beauty and island lifestyle unparalleled in South Maui. For those seeking the privacy of an upscale residence with the ease of a condominium, Ho'olei offers the ultimate opportunity.
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Vacation Condos Under $1M
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Hale Kai O Kihei #210
Kihei
$409K (FS)
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Magnificent unobstructed ocean view from the lanai of this one bedroom one bath unit located on the second floor.
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Kapalua Ridge #2223
Kapalua
$898K (FS)
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Stunning ocean, sunrise, coastline and Kapalua Bay Golf course views await you from your condo at Kapalua Ridge 2223. Renovated in 2006, this two-level, 1-bedroom, 2-bathroom property offers the finest interiors appointments within the Kapalua Ridge condo community.
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Residential Condos
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Hoonanea at Lahaina #405
Lahaina
$430K (FS)
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You too can live, play and work in Lahaina. You’ll find this centrally located complex offers easy access to beaches, eateries and shopping. The 3 floors of this condo offer over 1,200 sq. ft. of living space that can easily be cooled by efficient split AC systems. Step out your back door to a fenced small back yard for some outdoor court yard space.
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Vacant Land
0 Burns Road
Haiku
$795 (FS)
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Three tax map parcels (6.8 acres, 8.5 acres & 1.2 acres) totaling 16.619 acres. All usable fenced pastureland with partial woodland with seclusion and privacy foremost. Ideal windward North Shore property for sustainable living off the grid
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