Aloha
In this newsletter:
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Magnificent Estate
11 Hale Malia Place
Kahana
$12.95M (FS)
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Leveraging Your Home Equity
You’ve likely heard the term, “property rich, but cash poor.” Well, for homeowners of single-family residences and condos, the term ought to be “property rich, and equity rich,” as record breaking sale prices over the past six months has translated into outstanding growth and financial security for many in terms of greater home equity. For these homeowners, newly gained equity can be leveraged at rates well below those available to first-time-buyers in the primary home market.
Homeowners are equity rich, “when the combined loan balances from a first mortgage and home equity line of credit (HELOC) are no more than 50% of the homes’ estimated market values.”
According to data from an ATTOM report, nationally 44.9% of mortgaged properties appreciated equity-rich status in the first quarter of 2022, compared with 31.9% during the same time period in 2021. The Hawaii Business Journal reported that, “Statewide, 56.3% of homes were considered equity rich in the first quarter of this year, an increase of 14.5 percentage points from a year ago.”
Homeowners in Hawaii saw the largest equity gain in the nation, where home prices increased by 20% or or more. This positions homeowners nicely to leverage the equity on their first loan to access additional funds via a second mortgage, or HELOC. According to Bank of Hawaii, different options exist which include fixed-and-variable rate lines of credit as low as 4.25% and 5.10% on 15 and 30 year second mortgages.
Regardless if you recently refinanced your first mortgage while rates were lower, or not, now may be a great time to leverage your equity and have it work for you. Reach out to your local banker if you have further questions and contact our team for any other real estate needs you may have.
Mahalo Nui Loa,
Ken Smith R(S), Melissa Smith R(B), and Gregory P Smith R(B)
The Smith Team
P.S. Happy Summer Solstice! We hope you made the most of the longest day of the year! Folks down at The Cove in South Kihei were certainly enjoying the surf action. At 7:30pm the West Maui Mountains were still alight with the cool pale colors of sunset.
Market Watch
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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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216 (191)
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182 (96)
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1272 (705)
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+15 |
Condos
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188 (88)
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261 (131)
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2069 (609)
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+7 |
Land
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107 (54)
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40 (9)
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305 (97)
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+6 |
Total
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511 (333)
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483 (236)
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3646(1411)
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+28 |
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 the number of active listings from the previous week.
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Homes Over $1M
85 Hakalani Place
Wailuku
$1.299M (FS) |
This beautiful 4 bedroom, 3 bath home is located in the desirable Maunaleo at Kehalani subdivision in Wailuku. Pull up to the two car porte-cochere and enter through the double french doors into the main living area. The spacious gourmet kitchen with stainless steel appliances, granite-like countertops, large island, and pantry welcome the home chef.
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246 Koheo Road
Kula
$1.402M (FS) |
Enjoy a rare private, older establishment neighborhood with stunning bi-coastal views. Main House is a 1,504 square foot and consists of two master suites. A hillsides healthy organic farm with 41 fruit trees. The cottage is an 840 square foot living area. rural zoned.
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350 Kainoe Street
Kaanapali
$1.995M (FS) |
This 3 bedroom plus den home features ample living space and an open floor plan with a total of 2,492 sqft. Updates include granite countertops and kitchen island, new sliding glass doors, and updated bathrooms. Enjoy outdoor living with ocean and island views, a large backyard with no homes directly behind it.
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115 Kaimanu Place
Kihei
$3.488M (FS) |
Villa Kaimanu “Seabird” in Hawaiian is an ocean view estate tucked away on two luscious organic acres in the prestigious Kaimanu Estates, an exclusive gated South Maui community of only nine luxury homes. A sanctuary distanced from a world away.
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Homes Under $1M
Vacation Condos Over $1M
Kapalua Golf Villas 22T2
Kapalua
$1.175M (FS) |
Enjoy a home cooked meal in the full sized kitchen, while taking in the wide open ocean and sunset views from your private lanai. Offered as is, this spacious 1 bedroom, 1 1/2 bath, corner villa, provides a blank canvas to create your own self-inspired home awayfrom home. Whether you share it with others or keep it all to yourself, the opportunity to build out your dream retreat is here.
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Maalaea Kai 410
Maalaea
$1.198M (FS)
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Sweeping ocean vistas await you from this prime oceanfront condo on the top floor of Maalaea Kai. Sunrise over Haleakala and Maalaea Bay. This custom bright and airy 2 bed, 2 bath condo offers 978 sq ft of living area including the protected lanai. Recently refreshed with new air conditioning throughout.
Customer Listing Synopsis
Video/Virtual Tour
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Hale Kamaole 221
Kihei
$1.249M (FS)
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Ocean view, 2 bedroom with loft in the best location at Hale Kamaole, you just found it. This nicely updated unit has one of the best views in Hale Kamaole. Couple that with its front of the complex location and superb rental history and future bookings and you have arguably the best unit in the complex.
Customer Listing Synopsis
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Koa Resort 5F
Kihei
$1.8M (FS) |
This unit has two bedrooms downstairs, including the Primary bedroom with en-suite bathroom shower. There is a Hall bathroom downstairs and a laundry closet with a new LG laundry center (2022). The kitchen has been updated with white cabinets, Quartz counter tops, stainless steel appliances, and has an open layout for entertaining.
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Wailea Ekolu 909
Wailea
$2.1M (FS) |
The 2 bedroom, 2 bath unit has been thoughtfully maintained with new cabinetry, fresh paint, high-end flooring, updated tilework and modern fixtures in both walk-in showers. The spacious master bedroom offers sweeping ocean views, a private balcony with lanai, en-suite bathroom, in-unit washer and dryer, and storage closets.
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Vacation Condos Under $1M
Royal Kahana 1215
Kahana
$845.9K (FS)
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Exceptional ocean views & the best Humpback watching. This apartment shows the utmost pride of ownership as it has been owner occupied since 1995. Bath has remodeled along with the new carpet installed recently. This well cared for apartment is being sold turn key. Under ground parking is available.
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Haleakala Shores A-209
Kihei
$900K (FS)
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Well maintained unit. The property is being sold As Is, where is condition. Being sold unfurnished. There will be no Sellers Real Property Disclosure Statement. The Buyer is instructed to conduct their own due diligence in all aspects of their purchase.
Customer Listing Synopsis
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Maui Parkshore 202
Kihei
$920K (FS)
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This unit is a spectacular ocean view and easy access to the beach for ocean lovers, Maui Parkshore is the condo of your dreams. This well-maintained 2 bed, 2 bath spacious unit was recently updated with new paint and new flooring throughout the entire unit.
Customer Listing Synopsis
Video/Virtual Tour
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Kamaole Sands 5-215
Kihei
$990K (FS)
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It's time for you to own your Piece of Paradise on Maui. This beautiful, furnished, remodeled 1 bedroom, 2 bathroom condo. Located in the beautifully landscaped grounds of Kamaole Sands Kihei can be yours to enjoy. Sip on your coffee or a cocktail with views from the pool to the ocean from your lanai.
Customer Listing Synopsis |
Residential Condos Over $1M
Kanani Wailea 13
Wailea
$2.15M (FS)
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First offering, original owners, impeccable turn-key residence in Kanani Wailea. Revel in the expansive ocean views from the dining and great rooms. Each of the three bedrooms has a private lanai, and a handsome stone wall ensures privacy and peace at ground level family room, lanai and garden.
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Keala O Wailea 2-104
Wailea
$2.639M (FS)
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Step onto your lanai and relax, watch sunsets and whales, stare off in the distance at the island of Lanai or walk down to the nearby pool. This is what vacation living is meant to be. In the tranquil gated community of Keala o Wailea, with 7 buildings and a total of 70 units, you are in the heart of Wailea near the action.
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Residential Condos Under $1M
Southpointe at Waiakoa 20-105
Kihei
$600K (FS)
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Upgraded unit with corian countertops. Beautifully landscaped. Quiet location with 2 parking stalls. This 2 bedrooms, 1.5 bath unit is the best deal for you.
Customer Listing Synopsis
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Kai Ani Villages 5-203
Kihei
$799K (FS)
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Highly desirable Kai Ani Village corner unit condo with 2 bedrooms, 2 bathrooms and a spacious front lanai. This unit has an open floor plan with lots of natural light. 886 sqft of Loveliness includes a full size washer and dryer, split A/C systems in both bedrooms and living room throughout.
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Napili Villas 15-3
Napili
$849K (FS)
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This remodeled 2 bedroom 2 bath Napili Villa is a must see. The ground floor location features a fenced in private lanai. Newer white kitchen and bath cabinets with quartz counters and white subway tile. Upgraded ceiling fans, split unit air conditioning and bidets in both bathrooms. This family oriented and pet friendly complex is highly sought after.
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Hale Kanani 4-205
Kihei
$850K (FS)
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This beautiful and meticulously maintained 3 bedroom, 2 bath, furnished, pet friendly condo has a peaceful garden view and is only steps to The Cove, a fun surf spot for beginners on Maui's South Shore. Also, across the street from Charley Young Beach, boasting white sand, blue water and epic sunsets.
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Vacant Land
103 Pulelehua Street Lot 17
Kapalua
$1.895M (FS)
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Pineapple Hill Estates is one of the last remaining premium building lots in Kapalua with epic ocean views over The Bay Course to the outer islands of Lanai and Molokai. With the perfect west facing orietnation you will have a front row seat to enjoy the magnificent Kapalua sunsets.
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