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Market Update
May 6, 2011 seemed like a normal day on Maui. Business was the same. Same blue skies, white clouds, and blue ocean. Something was different though. A bill was signed into law on May 6th that is silently shifting the landscape of Hawaii Real Estate.
Act 48 was introduced as a means to help homeowners in foreclosure. The law essentially forces banks to sit down with homeowners facing foreclosure, begin a dialogue, and ultimately determine whether a loan modification is a viable alternative. What's interesting is since May 11th, 2011, foreclosure sales on Maui have been virtually non-existent. Why? Because Act 48 is taking it's course. Lenders are being forced to sit down and dialogue with homeowners in distress.
As "distressed properties" form a backlog, we believe lenders are going to become more flexible doing short sales. We also believe response times for short sales will become faster.
So is Act 48 a good thing or a bad thing? What do you think? Would you like to learn more about Act 48 and/or Hawaii Real Estate law in future newsletters?
Act 48, the bill designed to help homeowners in foreclosure was passed last month and since then the number of actual foreclosures has grinded to a halt. In this market update, we'll briefly examine Act 48 and how it is effecting Maui and Hawaii Real Estate.
As always, thank you for reading The Maui Real Estate Newsletter. We appreciate your readership!
Have a wonderful week,
The Smith Team
P.S. Are you interested in picking up distressed single family homes or commercial properties in bulk? If so, please contact us as we have a pipeline to some extraordinary deals. These properties are not located in Hawaii. Prospective buyers must be willing to sign commission and confidentiality agreements.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for June 27th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
750 (274) |
242 (27) |
831 (100) |
-4 |
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Condos |
1045 (204) |
240 (11) |
1114 (105) |
+9 |
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Land |
508 (117) |
34 (8) |
118 (14) |
-2 |
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Total |
2303 (595) |
516 (46) |
2063 (219) |
+3 |
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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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2075 Makawao Avenue
Makawao
$1.589M (FS)
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As you enter this gentleman’s estate via gated access, quality & zest is apparent. Superior construction is evident the moment you arrive.
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121 Kahakapao Road
Olinda
$1.79M (FS)
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9.3 acre former horse ranch. Perfect 2100' elevation, great views, very private custom home, cottage and pool. Beautiful unsprayed land for gardening.
Customer Listing Synopsis
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Homes Under $1M
965 Maile Street
Hailiimaile
$174.9K (FS) |
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Bank Owned. Older Upcountry plantation style home.
Customer Listing Synopsis
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137 Kuhuoi Street
Kahului
$259K (FS)
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Short Sale. This is an older plantation style home built in the heart of Kahului. Offer a 2006 2/1 cottage in the rear, this asset is one to consider and not to be missed. The main dwelling does require much needed TLC but with a little attention, this hidden jewel will sparkle.
Customer Listing Synopsis
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8061 Hana Highway
Haiku
$770K (FS) |
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Bank Owned. This home plus 2 cottages are located pass Twin Falls at the 5 1/2 mile marker, on the corner of Hana Hwy and Haunaunu Rd. Beautiful ocean views from this 1.74 acre property.
Customer Listing Synopsis
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190 Hakui Place
Ka'anapali
$899K (FS) |
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Rare one level home with ocean views in Ka'anapali Hillside. There are three bedrooms, and three bathrooms, the Master bathroom finished in marble has a Jacuzzi tub.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Puunoa Beach Estates #203
Lahaina
$2.5M (FS)
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Rare Opportunity to own a 3 bedroom / 3 bathroom second floor townhouse right on Baby Beach. Seller financing available.
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Vacation Condos Under $1M
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Aina Nalu I-207
Lahaina
$249K (FS)
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Bank Owned. 2 bd. 2 bath condo at Aina Nalu. Resort is located in the heart of historic Lahaina town.
Customer Listing Synopsis
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Polynesian Shores #124
Honokowai
$339K (FS)
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Bank Owned. Walk right out onto the manicured lawn area steps from the inviting ocean view pool and sandy beachfront. Beautiful views of the ocean and complex are captured from the interior of the unit as well. This had been a successful vacation rental for years. Flooring has been upgraded with tile in the bathroom, living room, and kitchen with new cabinets and granite counters.
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Residential Condos
Southpointe 4-203
Kihei
$114.9K (FS) |
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Bank Owned. Great second floor location for this 2 bd. 2 bath condo at Southpointe.
Customer Listing Synopsis
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Boardwalk D
Kihei
$199.9K (FS)
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Bank Owned. Comfortable unit just across the street from the beach. Boardwalk is on the corner of Halama and Waiohuli. This small, 10 unit complex allows a pet with board approval.
Customer Listing Synopsis
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Hoonanae at Lahaina #102
Lahaina
$330K (FS)
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Brand new construction. In the heart of Lahaina. Walking distance to the beach, shopping centers, and historic Front Street. Community is pet friendly. This townhome has a single car detached garage and an additional assigned parking stall.
Customer Listing Synopsis
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Vacant Land
0 Kahekili Highway
Wailuku
$190K (FS) |
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If you are looking for a secluded buildable parcel of land with a direct ocean view, then preview this 1.79 acre property located just 10-15 min's to Wailuku next to the Waihee Stream. A Maui County water meter is installed and the land has been surveyed.
Customer Listing Synopsis
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