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Market Update
One important shift taking place in the Maui real estate market is how buyers are paying for their purchases. *Since the beginning of the year, there have been 125 home sales. Of those sales, 38 were paid for with cash or approximately 37%. On condos, 123 out of 188 condos (or approximately 62%) sold for cash. On land, 14 out of the 18 sales so far this year were for cash.
Overall, that means 51% of all sales so far this year were for cash. This represents an important shift taking place in Maui's real estate market. Will this trend continue? Without a doubt.
The market was at a similar crossroads in 1997. Maui home prices had just experienced year over year lows. While some people were running for the door, others were just arriving to the party with a satchel full of money.
In 2011 is the party just beginning or ending? Stay tuned to find out.
Mahalo Nui Loa,
The Smith Team
*Our calculations were as of March 4, 2011.
P.S. Here's a great article entitled "Cash Talks in Hawaii Real Estate" that explains the surge in cash real estate transactions.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for March 7th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
799 (317) |
265 (32) |
822 (96) |
+2 |
|
Condos |
1201 (234) |
266 (12) |
1155 (153) |
-10 |
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Land |
529 (123) |
32 (10) |
127 (14) |
-7 |
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Total |
2529 (674) |
563 (54) |
2104 (263) |
-15 |
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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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168 W Ikea Moku Place
Wailea
$2.15M (FS)
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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 sf under roof, this 3 bedroom, 3.5 bath home is grandeur in every way with its cathedral ceilings, en-suite bedrooms, and over 1,200 sf of covered lanais.
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305 Plantation Estates Drive
Kapalua
$7.75M (FS) |
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Spectacular views from this contemporary residence overlooking the renowned Kapalua Plantation Course and Pailolo Channel out to the island of Molokai. Pitzer Built Construction home has 5 bedroom suites, 7 full baths and 2 guest baths, living room and great room, study, gourmet kitchen with Viking appliances, 2 laundry rooms, porte cochere, 3 car garage, luxurious pool and spa.
Customer Listing Synopsis
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Homes Under $1M
2765 Iolani Street
Pukalani
$299K (FS) |
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Bank Owned. Large home in Pukalani walking distance to the elementary school.
Customer Listing Synopsis
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34 Kumulaau Ohia Loop
Wailuku
$418K (FS) |
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Bank Owned. Beautiful home centrally located in central Maui. Close to shopping, entertainment, schools, hospital and short drive to the beach or airport.
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2850 Omaopio Road
Kula
$850K (FS)
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Short Sale. One of the best pieces of Upcountry property. A beautiful estate with Hawaiian Koa wood cabinets and floors throughout,central A/C private tennis court, huge 2400 sq ft warehouse, organic garden, all overlooking bi-coastal ocean and mountain views.
Customer Listing Synopsis
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69 Pukolu Way
Wailea
$875K (FS)
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Seller to credit Buyer $26,500 or give a price reduction to $848,500 for roof replacement. Beautifully maintained 4 bedroom/ 2.5 bath home in gated community in Wailea Kai. The main level features a gourmet kitchen with high end refrigerator and a commercial quality gas stove, separate living room and dining room, generous deck area, and a master bedroom and bath.
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369 Kamalei Circle
Kahului
$876K (FS)
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Bank Owned. Excellent opportunity to purchase one of the largest homes at The Islands at Maui Lani at a great price for the neighborhood.
Customer Listing Synopsis
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Vacation Condos Over $1M
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Ho'olei T-4
Wailea
$1.99M (FS)
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Best Value at in the entire neighborhood. The Ho'olei community is located directly across the street from the Grand Wailea Resort and Spa. 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 residence.
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Vacation Condos Under $1M
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Nani Kai Hale #304
Kihei
$360K (FS)
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What a great 1 bed, 2 bath unit at the fabulous ocean front Nani Kai Hale in N. Kihei. The remodel includes tile floors throughout, granite countertops in the kitchen with new cabinets, tile surrounds in both baths and split air conditioners for the living room and bedroom.
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Wailea Ekolu #1303
Wailea
$440K (FS)
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Bank Owned. Large 1 bd. 2 bath with easy ground floor entrance, the lanai is elevated so it is completely private.
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Kapalua Golf Villas 20T 3,4
Kapalua
$469K (FS)
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Short Sale. Tastefully upgraded one bedroom, two bath Golf Villas condominium. Attractive office/work area included in the remodel design. Ideal location at end of cul-de-sac.
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Residential Condos
Villas at Kahana Ridge #312
Kahana
$199.9K (FS) |
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Government Owned. Great location near shopping center and beaches. On-site BBQ, pet-friendly complex, 2 assigned parking spaces.
Customer Listing Synopsis
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Wailea Point #3102
Wailea
$2.995M (FS)
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One of the finest addresses in all of Wailea Resort, Wailea Point provides you a private Maui lifestyle. The materials that have been used in this development make it timeless, with beautiful landscape throughout the 26 acres of this prime oceanfront development.
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Vacant Land
460 Hoolawa Road
Haiku
$699K (FS) |
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Ho’olawa Ocean Estates is a private oceanfront community. Property comes with deeded ocean access to great fishing, diving & surfing spot.
Customer Listing Synopsis
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