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Issue 377 |
May 25th, 2010
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Market Update
Builder confidence reached its highest level since pre-recession levels in August 2007. This is no surprise since the economy is rebounding and new housing construction has not kept pace with household formation. Read more.
Other positive signs of the real estate recovery can be found in the number of closed and new escrows for existing homes. Inventories are shrinking and prices are stabilizing throughout the country.
Even hard hit areas such as Las Vegas and Phoenix are experiencing significantly increased sales. Reports from Santa Barbara are also encouraging for Maui, since our markets share many common characteristics. The $1 to 2 million price range has seen inventory shrink from 13 months at the beginning of the year down to only 7 months now.
Our market typically lags behind West Coast markets by 6 to 12 months, so we feel that now is an ideal time to buy before the market inventory shrinks. Actually, as you can see from our weekly Market Watch, the overall inventory on Maui for homes has shrunk from 18 months down to 13 months.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. Someone asked how we pick which properties to feature in our Newsletter. In some cases, it is rather obvious...great price. At other times, it may be inside knowledge, such as being privy to the owner's motivation. In the case of our Featured Listing this week, Hale O' Oloa, we decided to showcase this property because of a $2 Million price reduction. Is it a great price? No. It is still too high, but the substantial movement is an indication to us of motivated sellers.
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 24th, 2010
| Active | Pending | Sold | Change |
Homes | 858 (354) | 242 (39) | 798 (102) | -10
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Condos | 1259 (226) | 270 (18) | 1018 (156) | -3
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Land | 571 (160) | 31 (7) | 132 (23) | +8
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Total | 2688 (740) | 553 (54) | 1948 (281) | -5
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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
610 Kaupakalua Road
Haiku
$1.188M (FS)
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This lush private oasis with a fabulous plantation style home that has been
remodeled offers the luxury of 4 bedrooms, each with it's own private bathroom.
The master suite has a private office that is equivalent to the size of a
standard bedroom and two of the guest bedrooms have "finished" lofts with easy
access. Virtual Tour.
Customer Listing Synopsis
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295 Pualoa Nani Place
Wailea
$1.599M (FS)
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See Molokini and enjoy dramatic 180 degree ocean views from the expansive great
room! A few features are a tongue-in groove Douglas Fir coffered ceiling, low-E
double paned windows, a built-in wall unit for large screen TV and stereo,and a
built-in CD/DVD storage closet.
Customer Listing Synopsis
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338 Cook Pine Drive
Kapalua
$2.35M (FS)
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Oops! This listing just went pending. This spacious, well-built 4-bedroom Pineapple Hill home features 2 generous
master suites, with extensive use of marble in the bathrooms. This private
location at the end of the cul-de-sac enjoys fantastic ocean views and privacy
second to none.
Customer Listing Synopsis
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Homes Under $1M
246 Kawaipuna Lane
Wailuku
$299K (FS) |
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Bank Owned. Located at the end of Kawaipuna Lane, great backyard, Iao Parkside sits behind
property. Home has been upgraded and remodeled some. A must see.
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40 Puia Street
Makawao
$589K (FS)
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Short Sale. House and cottage in Maui Uplands. Features a community pool and tennis court. Main house has 4 bedrooms 2 baths upstairs,
with a separate 1 bedroom 1 bath downstairs with a full kitchen and separate
attached mother-in-law studio/office with private bath.
Customer Listing Synopsis
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2668 Iolani Street
Pukalani
$639K (FS) |
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The double sliding glass doors from the wonderful living room disappear and open
to a most spectacular covered deck with magnificent bi-coastal views. All in the
midst of French country charm. This home offers a Wailea lifestyle right in
Pukalani with cooling trade winds and easy access to great schools.
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1500 Malo Street
Lahaina
$646K (FS)
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Bank Owned. Pool and Ocean view home. Many
improvements built without
permit approval.
Customer Listing Synopsis
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13 Puu Huna Street
Ka'anapali
$902.5K (FS)
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Bank Owned. Nice home on a cul de sac up in Kaanapali Hillside. Detached 2 car garage, in
ground pool, tile flooring, large master bathroom, large living area downstairs.
Customer Listing Synopsis
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Vacation Condo Over $1M
Ho'olei G-6
Wailea
$2.495M (FS)
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Ho'olei G-6 is one of two very unique Hibiscus villas positioned directly over
the pool area. This is the largest, and most highly sought after floor plan in
the entire neighborhood, consisting of an expansive 3,076 feet of interior
footage. With the covered lanai areas and attached garage, this villa is over
4,300 sq. ft. Relax with the comfort and ability to "lock and go" while at
the same time enjoy the comforts of a condominium designed to feel like a stand-
alone home. Virtual Tour.
Customer Listing Synopsis
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Vacation Condos Under $1M
Kihei Kai #15
Kihei
$250K (FS)
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Beachfront complex nestled on miles and miles of white sand beach at the edge of
North Kihei.
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Kapalua Golf Villas 12T1
Kapalua
$499K (FS)
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Priced to sell. 1 bd. 1.5 bath ocean and golf course view corner unit.
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Paki Maui #102/102A Honokowai
$659.9K (FS) |
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Great value for this large 2 bedroom / 2 bath direct oceanfront unit at Paki
Maui. It is currently used as a one bedroom unit and a studio. There are no
appliances and furnishings in this unit.
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Residential Condos
Wailuku Townhouses #403
Wailuku
$199K (FS) |
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Short Sale. Outstanding Wailuku location across from One Main Plaza and the County Building,
this fourth floor, 1 bedroom, 1 bath unit has been completely remodeled with new
appliances, new cabinetry, granite countertops and more.
Customer Listing Synopsis
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Kamoa Views #305
Kihei
$225K (FS) |
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Central position in the building for views that extend from Kahoolawe to the
West Maui mountains with the surf breaking visible from the lanai of this
studio-style one bedroom, spacious and remodeled island condo.
Customer Listing Synopsis
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Iliahi at Kehalani 6D
Wailuku
$269K (FS)
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This is a beautiful 2 story corner/end unit town home, perched on the side of
the Mountain in Wailuku with Great Ocean Views. Features include Stainless Steel
Appliances, Tiled floors, Lanai & Outside Storage. Iliahi at Kehalani is
conveniently located just minutes from shopping, schools, medical facilities,
county buildings, and Maui Lani Golf Course.
Customer Listing Synopsis
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Vacant Land
3343 Anuwanu Place
Pukalani
$400K (FS) |
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This level large lot has been previously approved for a 9 lot subdivision.
Presently it is used for grazing. Zoning does allow for residential
subdivision uses.
Customer Listing Synopsis
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