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Market Update
One of the big questions facing the world of real estate today is the question of shadow inventory. Before we address the question of how much shadow inventory is out there, we should first be clear on what shadow inventory is and what it is not.
Santa Ana based mortgage research firm CoreLogic defines shadow inventory as "property that is in foreclosure, has a loan 90 days past due, or has been taken back by a lender and is not yet listed for sale."
With that definition in mind, is it possible to be specific on how much shadow inventory awaits entry into Maui's Real Estate market? We don't believe there is a clear answer to this question.
What is clear is that Hawaii foreclosure filings have been on the decline for the past five months. According to RealtyTrac, there were 987 foreclosure filings in April 2011—a 33% decrease from 1474 in April 2010. However these numbers may not tell the whole story. Several major lenders seem to be holding back on new filings after their loan documentation practices were called into question last year.
Mahalo Nui Loa,
The Smith Team
P.S. Every problem has a silver lining. Even though the shadow inventory is most likely larger than reported; we feel the historically low interest rates and the significant drop in prices has already taken in to account a bump in inventory levels during the next 12 months. This is born out by the increasing sales we are seeing as investors are snapping up distressed properties at a record rate.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for May 23rd, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
770 (279) |
234 (25) |
834 (102) |
-25 |
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Condos |
1067 (200) |
235 (15) |
1125 (119) |
-3 |
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Land |
525 (120) |
29 (7) |
117 (12) |
+5 |
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Total |
2362 (599) |
498 (47) |
2076 (233) |
-23 |
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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
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256 Noho Like Way
Wailea
$3.599M (FS)
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A gem in Wailea's finest neighborhood. The rarely available Wailea Highlands is beautifully represented by this single story home in excellent condition.
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Homes Under $1M
241 Oluea Circle
Kihei
$390K (FS) |
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Bank Owned. Beautiful well maintained plantation style home in Kihei. Nice open floor plan with the master bd. on the main level with a large bathroom and a soaking tub. Kitchen has upgraded cherry cabinets and corian counter tops.
Customer Listing Synopsis
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8061 Hana Highway
Haiku
$812.8K (FS)
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Bank Owned. This home plus 2 cottages are located pass Twin Falls at the 5 1/2 mile marker, on the corner of Hana Hwy and Haunaunu Rd. Beautiful ocean views from this 1.74 acre property. Main house needs some work to restore it to its original form.
Customer Listing Synopsis
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520 Polipoli Road
Keokea
$849K (FS)
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Large Kamaaina Estate on 1.46 acres zoned rural half acre, with 3 separate dwellings, and a detached garage. All of the structures on the property are permitted and legal. The large historic home was designed by the famous architect Vladimir Ossipoff from Hawaii’s territorial style building era.
Customer Listing Synopsis
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6180 Hana Highway
Haiku
$895K (FS)
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Honopou Ranch Estates. Hilltop custom 3 bd. 2.5 bath pole home in a private gated community. This is the only home on the hill. Beautiful views of the ocean and neighboring waterfall. Walk to all the nearby pools & waterfalls as this home is located just before Twin Falls, and 10 min from Ho'okipa Beach Park.
Customer Listing Synopsis
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38 N Iwa Place
Ka'anapali
$999.9K (FS) |
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Bank Owned. Great ocean view, custom four bedroom home with vaulted ceilings, granite counters and nice interior finishes. Master bedroom and guest bedroom on top level with two guest suites on the first level. Family room leads out to the private backyard with a pool and spa.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Wailea Beach Villas PH503
Wailea
$4.199M (FS)
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Unprecedented panoramic views welcome you as you enter this amazing 3 bedroom, 3 bath Wailea Beach Villa Penthouse. Located within a stone's throw of the Shops at Wailea and Wailea Beach, this impeccable property is offered completely turn key.
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Vacation Condos Under $1M
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Kihei Bay Surf #257
Kihei
$115.5K (FS)
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Bank Owned. Grab this Kihei Bay Surf studio while it lasts. Located directly across the street from the ocean, this studio has a partial ocean view from the lanai, comes with furniture, and is short term rental ready.
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Kauhale Makai #308
Kihei
$212K (FS)
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Short Sale. Nicely redone 3rd floor unit. Beautiful views of the West Maui Mountains and the ocean. Being offered completely furnished, and ready to rent. Great complex has pool, Jacuzzi, Bbq's and more.
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Kahana Sunset E-9
Kahana
$575K (FS)
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Beautifully upgraded, two bedroom , two bath fully furnished townhome style condominium on one of the coveted, large sandy beaches in upper west Maui. The view from your living room or your master bedroom, and from the associated lanais, is facing due west and looking at the ocean and both Lanai and Molokai.
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Residential Condos
Napilihau Villages 7-101
Napili
$139K (FS) |
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Bank Owned. Convenient Napili location at Napilihau Villages. Walk to shops and restaurants, so close to beaches and golf! This ground floor-corner unit has a small fenced yard, close to parking.
Customer Listing Synopsis
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Hoonanea at Lahaina #107
Lahaina
$369.3K (FS)
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In the heart of Lahaina. Walking distance to the beach, shopping centers, and historic Front St. Community is pet friendly. This townhome has a single car attached garage and an additional assigned parking stall.
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Vacant Land
53 Nohoana Place
Wailuku
$239.9K (FS) |
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Bank Owned. Ocean and Mountain view from this wonderful corner lot in sought after Koa Subdivision.
Customer Listing Synopsis
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