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| Issue 397 | October 12th, 2010 |
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| Aloha ,
In this newsletter:
REO Properties
Short Sales |
Views to Live For!
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In September and October 2010,
several lenders suspended foreclosures in two dozen states due to questions
about whether foreclosures were being processed consistent with applicable state
law requirements. Concerns are being raised by state and federal elected
officials, as well as consumer and fair housing groups, about the validity of
ownership of mortgages that have been securitized and resold. At the center of
the controversy is Mortgage Electronic Registration Systems (MERS). This firm is
responsible for electronically tracking the transfer of assignment of mortgages.
Class-action suits are being brought against MERS alleging that the use of the
system circumvents state laws.
On October
1, 2010,
Fannie Mae and Freddie Mac released statements regarding servicer compliance
with foreclosure processing of Fannie and Freddie loans. In the releases, both
organizations reiterated that servicers must comply with applicable state laws
governing foreclosures. Although nearly all of the foreclosures in question are
expected to be fixed eventually, the current situation is creating difficulties
and a new hurdle to the recovery of the housing and mortgage markets. NAR
members are reporting that upcoming sales have been delayed indefinitely or
cancelled, to the detriment of all involved. Additionally, homes on the market
without clear title will make sales much more difficult. While banking
executives focus their attention on this problem, it is possible that servicers
may be somewhat more receptive to approving loan modifications and short sales,
since they avoid the foreclosure procedural problems altogether.
NAR has also developed the following talking points that can be used when responding to queries:
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team P.S. When we come across websites that we think you may be interested, we like to tell you about them. Check out the travel guide, WhyGoHawaii. It has lots of great information.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
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Market Watch for October 11th, 2010
| Active | Pending | Sold | Change | |
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| Homes | 850 (317) | 226 (22) | 836 (109) | +6 |
| Condos | 1245 (215) | 243 (7) | 1129 (171) | -31 |
| Land | 578 (151) | 26 (7) | 133 (13) | -11 |
| Total | 2673 (683) | 495 (36) | 2098 (293) | -36 |
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1. The numbers in parentheses reflect the number of listings over $1M |
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Beyond the dramatic entryway of this Wailea Kialoa residence you are immediately
awestruck by the vast living areas of this substantially magnificent home. With
over 6,000 sq. ft. under roof, this 3 bd. 3.5 bath home is grandeur in
every way with its cathedral ceilings, en-suite bedrooms, and over 1,200 sq. ft. of
covered lanais.
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 267 Baldwin Avenue Paia $499K (FS) |
Bank Owned. Lots of potential for this 18,226 sq. ft. lot with 2 homes, and 3 electric meters. These houses need lots of work, but there is a ton of square footage, and the land is quite nice, with ocean views from the rear of property.
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 3248 Akala Drive Kihei $649.9K (FS) |
Bank Owned. This home features ocean views with 2 bedrooms / 2 baths upstairs and 2 ohana units downstairs. There is also a separate office area downstairs by the garage. In the front of the property, there is a 2 bedroom / 1 bath cottage.
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Short Sale. Exotic landscaping surrounds this 3 bedroom, 3 bath plantation style home situated on 2.41 acres. Super location, up Olinda road, just above town. The property includes a new 600 square foot barn, as well as a gazebo. The house was remodeled in 2003, including a new roof, Red Oak floors, plumbing, and electrical. This special piece of land includes oranges, lemons, mac nuts, coffee, bananas, mangos avocados, and more. |
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Short Sale.Wailea Pualani’s most unique and charming residence. The home is a Hunton Conrad design with a distinctive European and Asian flair. Drive up to the porte-cochere and walk into the beautiful atrium which makes for an exquisite entry with multiple French doors to enter the home. This home is impressive with 2 master suites and 2 master baths. Sit out and relax on the Romeo and Juliet balcony off one of the master suites which looks out into the atrium. |
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Huge 5 Island and sunset views, total privacy, mature trees and colorful gardens provide the beautiful 4 acre setting of this single level casual, country home. At the end of a private drive, towering above neighboring homes, you will find a peaceful retreat of rolling lawns and pathways to stroll and 3 fenced pastures for your horses, goats, cows, sheep or maybe a llama or two. A nature lover’s paradise! |
Ho'olei R-4
Wailea $2.3M (FS) |
The Ho'olei community is located directly across the street from the Grand
Wailea Resort and Spa. Relax with the ability to "lock and go" while at the same
time enjoy the comforts of a condominium designed to feel like a stand-alone
home. Residence 55-4 is the last available Plumeria floor plan offered in the
highly sought after second row of the neighborhood. Interior appointments
include a private elevator, a gourmet Studio Snaidero kitchen with Wolf and Sub
Zero appliances abundant. |
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Beach living inside a remodeled condo. This is truly a unique modernized grass shack with a Hawaiiana feel. Walk into the unit and you are surrounded by bamboo. Remodeled with new cabinets, countertops, flooring, appliances, bathroom has block tile, tile tub surround and the painting throughout the home is unlike any you have seen - it radiates the outdoors and a zest for life.
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Beautiful second floor 1 bedroom, 1 bathroom vacation rental condo. The interior has been tastefully remodeled and decorated. One block away from Kamaole Beach I. Take in the great ocean views from your lanai, as you listen to the waves, watch the surfers and sometimes whales while you are having breakfast.
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Short Sale. Great property across from Kamamole Beaach III, Peace Park & the Kihei Boat Harbor . Close to Shops of Wailea and on a gorgeous side of the island.
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 Masters #507 Ka'anapali $499.9K (FS) |
Bank Owned. The Masters is one of the premiere gated developments in Ka'anapali Hillside. Quality construction and expansive 39 acres of manicured grounds lend to the privacy and beauty of this complex. This clean 1,269 sq. ft. two bedroom and 2 bath ground floor unit boasts sunset ocean views and a stainless and granite kitchen. |
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