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Aloha ,
Market Update
New mortgage rules are now in effect to guard against risky lending practices. The "ability-to-repay" rule requires mortgage lenders to make sure that borrowers can actually afford their loans over the long term. The lender will weigh the borrower's income, assets, savings and debts against their monthly payments. The borrower will need to show more proof that they can afford the loan.
The term "Qualified Mortgage" or QM contains new guidelines to the borrowers that can meet the "ability-to-repay" requirements. The QM loans can't contain risky features like terms that exceed 30 years and interest-only-payments. A QM can't carry more than 3% in upfront points and fees for loans exceeding $100,000. It also pushes the borrower's total debt loan above 43% of their monthly income, unless the loan is eligible to be backed by the government like the Fannie Mae, Freddie Mac, or FHA loans. The Consumer Financial Protection Bureau estimates that 92% of mortgages will meet the QM requirements.
Lenders can still make loans outside of the QM guidelines, but they'll have to realize that they will have less protection against future lawsuits.
According to Goldman Sachs, around 50% of recent home loan defaults could have been prevented had the QM rule been in place. We will see how these new rules will impact the lending industry. For more information visit.
Mahalo Nui Loa,
Melissa for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. Our listing at Kihei Villages 23-204 has recently been reduced to $215,000. This is the only 2 bedroom / 2 bath unit available at Kihei Villages and is now the lowest priced listing available in this complex.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for January 21st, 2014
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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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563 (297)
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207 (31)
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981 (169)
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+14 |
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Condos
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725 (182)
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229 (17)
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1362 (178)
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+2 |
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Land
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373 (121)
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39 (4)
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223 (30)
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-1
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Total
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1661 (600)
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475 (52)
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2566 (377)
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+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
98 W Mahi Pua Place
Ka'anapali
$3.295M (FS)
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Located in one of the most prestigious gated communities in Ka'anapali, The Pinnacle. This home is situated on .52 acres and nestled at the end of the cul-de-sac which offers the ultimate in privacy. Lounge in the infinity edge pool while overlooking Ka'anapali's "gold coast" and the mighty blue Pacific.
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4358 W Waiola Street
Wailea
$3.85M (FS)
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Stunning entertainer's residence perfectly situated above Wailea's "Old Blue" Championship Golf Course. Capture spectacular sunset, ocean and outer island views from the generous great room, gourmet kitchen and master-bedroom and lanais.
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Homes Under $1M
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2619 Puuomalei Road
Haiku
$550K (FS)
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This AG zoned parcel consists of 2.66 acres. Gorgeous upcountry “away-from-it-all setting” yet close to some of Maui's most prestigious private schools, Makawao Town, restaurants, and shopping. The fertile land offers guava, avocado, and citrus trees. The gently sloped parcel has several building site options, with the potential for both ocean and mountain views.
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2730 Ohina Street
Kihei
$629K (FS)
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Charming home located in one of South Maui's most sought after neighborhoods. Tucked away behind a private wood gate, fenced on all sides, this home has much to offer.
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63 Honuhula Street
Kihei
$749K (FS)
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Move-in ready house and detached cottage are only 8 years old. The home affords cool and comfortable living with central air conditioning while indoors and gentle trade winds on the covered lanai outdoors. The main house offers an additional living area downstairs for entertaining or accommodating overnight guests.
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302 Pukalani Street
Pukalani
$750K (FS)
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The jewel of Pukalani is a custom built home with central AC that commands bi coastal views and open floor plan. Ocean view from almost every room in the house. You will appreciate the quality of construction that the owners put into this home.
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676 Kai Hele Ku Street
Launiupoko
$973K (FS)
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Short Sale. Gorgeous ocean views from this 999 sq. ft. custom home with pool. Living space open to the outdoors for seamless indoor/outdoor entertaining on the wrap around decks and pool. Custom stone work and tile throughout. Situated on 1.1 acres up the hill just above Launiupoko Beach Park. Perfect for surfing and swimming.
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Vacation Condos Over $1M
Ho'olei M-2
Wailea
$2.595M (FS)
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Exquisitely appointed 3 bd. / 3.5 bath residence with expansive ocean views in an outstanding, private location. Comprehensively furnished and tastefully decorated, this residence is stunning. The Maile floor plan seamlessly blends indoor/outdoor living that flows graciously and is perfect for Al fresco dining.
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Vacation Condos Under $1M
Kihei Akahi C-420
Kihei
$289K (FS)
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Rare opportunity to own this exceptional corner studio at the popular Kihei Akahi resort. Just steps from the famous Kamaole Beach, shops and restaurants.
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Napili Shores E-240
Napili
$447K (FS)
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Napili Shores is located oceanfront with two beautiful types of shoreline for exploration on Napili Bay. This one bedroom condo is on the second floor with high ceilings for a feeling of spaciousness. It is located just a short stroll to the ocean’s edge and the famous Gazebo Restaurant.
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Ka'anapali Royal K-101
Ka'anapali
$595.5K (FS)
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Bank Owned. This is a great opportunity to own a ground floor unit at Ka'anapali Royal. Partial golf course views and next to the pool for easy access. A very large double lanai and master bedroom with dressing area. Updated granite counters in the kitchen. Includes a large outside storage area and is a gated complex with a security guard.
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Residential Condos
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Iliahi at Kehalani 7A
Kihei
$349.9K (FS)
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Bank Owned. Nice size corner unit with fabulous panoramic ocean / mountain views from the master suite bedroom. All three bedrooms are upstairs. The half bath, living room kitchen, and dining room are located downstairs.
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Opukea at Lahaina A-402
Lahaina
$435K (FS)
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Opukea is located on 6.5 acres of land in the heart of downtown Lahaina and is one of it’s newest communities featuring 114 multi-family condos. Just minutes from the new Lahaina Gateway center, Cannery Mall and a few blocks from neighboring beaches, this community is perfectly situated to meet all your needs.
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Vacant Land
1318 Kamehameiki Road
Kula
$510K (FS)
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This is a beautiful 2.39 acres of vacant land with ocean views in Upper Kula is zoned rural half acre. It features a 25,000 gallon storage tank for a private water system. There is 600 sq. ft. deck with roof, and a gravel driveway, and a main building site that has been cleared to build your dream house.
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