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Aloha
Market Update
The new year is certain to bring change, to politics, the housing market and who knows what else. Since last month’s election we have seen mortgage interest rates slowly inch up, this is a trend we can expect to continue through 2017. Interest rates are expected to reach 4.5% that is a 1% increase from 2016 averages of 3.5%.
Home prices are expected to increase 3.9% nationwide. Rising interest rates and rising home prices will likely price first time home buyers out of the market and we will see the housing market slow.
Millennial market share is expected to decrease slightly to 33% but the market will still be dominated by millennials and baby boomers with boomers expected to take up 30% of market share.
Midwestern cities such as Madison, Wisconsin and Columbus, Ohio will get the most attention from millennials due to their affordability so we can expect to see growth in the Country’s midsection.
Price appreciation is forecasted to slow to 3.9% year over year down 1% from the 4.9% we expect to see this year. The inventory is anticipated to drop even lower.
Cities on the West coast will continue to lead in price and sales increases with an expected 5.8% price increase and sales expected to rise 4.7%.
Have a wonderful week,
Lindsey for The Smith Team
Ken, Melissa and Lindsey
P.S. - We would like to remind homeowners with exemptions to file your state tax returns before the end of the year to avoid risking being disqualified. The department of finance made a change to their requirements so even residents who have qualified in past years must fill out a state resident income tax form and file before December 31, 2016.
Melissa Smith R (B), Ken Smith R (S), Lindsey Taylor R (S)
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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509 (284)
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203 (42)
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1074 (207)
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+4 |
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Condos
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800 (196)
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240 (32)
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1297 (162)
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+17
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Land
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352 (137)
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51 (7)
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152 (22)
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+1 |
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Total
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1661 (617)
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494 (81)
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2523 (391)
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+22 |
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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
9 and 11 Kili Nahe Street
Napili
$1.15M (FS) |
Brand new 3 bed, 2.5 bath home with a family room and an upstairs bonus room. Modern and clean the main home includes a covered lanai and a 2-car garage. Plus a detached 1 bed, 1 bath cottage. Kili Nahe is a small 9-lot gated subdivision located in Napili with its cool climate and walking distance to the Napili Plaza and the Maui Preparatory Academy.
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11 Puuwai Place
Kihei
$1.395M (FS) |
Situated on a quiet cul-de-sac, this large 2 story, 4 bed, 3 bath Moana Estates home offers rare Molokini views and the splendor of Haleakala volcano to fill your days with exotic sunrises and sunsets. Equally as impressive are the upgrades throughout, making living at 11 Puuwai something extra special.
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372 Puu Way
Haiku
$3.295M (FS) |
Featured in Hawaii Home and Remodeling Magazine, this property is a richly appointed, gated compound that merges the authentic natural serenity of Maui's North Shore with the highest quality newer construction. Located on over 2 lush and manicured acres at the end of a quiet cul-de-sac, this 5 bed, 3.5 bath home is only minutes from stunning beaches, popular beach towns and marquee dining.
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Homes Under $1M
93B Maluhia Drive
Wailuku
$368K (FS) |
Charming 2 bed, 1 bath plantation home, updated and well-cared for. High ceilings, great natural light, breezy. Move in ready with fresh paint, brand new fixtures and flooring and some new appliances. An urban hideaway in the heart of Old Wailuku Town on a secluded one way street behind the Historic Iao Theater.
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1405 Kakae Place
Wailuku
$510K (FS) |
Charming 3 bed, 2 bath single story home located in the Leisure Estates at Waiehu is a couple of streets parallel to the ocean. Enjoy the ocean views from the living room and dining area. This home is conveniently located near the Waiehu Golf course, as well as shopping, government offices, airport, schools and hospital.
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3506 Baldwin Avenue
Makawao
$549K (FS) |
Enjoy the morning vistas of Haleakala mountain on a clear day from your living room picture window of this 3 bed, 1.5 bath home. Walk down the long hallway viewing bedroom after bedroom until you reach the cute "retro" kitchen. Stroll the beautiful grounds with mature trees, fruits and flowers, stop at the potting station to check out the wares.
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1631 Haiku Road
Haiku
$593K (FS) |
Great potential income opportunity. 3 bed, 1 bath main home with bonus separate living areas and a 2 bed, 1 bath ohana.
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961 Lekeona Loop
Wailuku
$599K (FS) |
Short Sale - Spacious contemporary two story, 3 bed, 3 bath home with gorgeous West Maui mountain views. "Fixer Upper" in need of TLC. Features include open kitchen, large living room, vaulted ceilings, spacious bedrooms, oversized garage, enclosed lanai, fenced/ walled and minimal landscaping
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Vacation Condos Over $1M
Whaler #508
Kaanapali
$1.15M (FS) |
Absolutely gorgeous 5th floor 1 bed, 2 bath unit at the Whaler on Kaanapali Beach. Great ocean views looking towards Black Rock. The Whaler is situated on the renowned sandy shoreline of Kaanapali Beach. The Whaler features an ocean front pool, massage therapy spa, sauna, health facility, salon, underground parking, and a business hub center.
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Honua Kai Hoku Lani #434
Kaanapali
$1.185M (FS) |
Honua Kai is known for impeccable luxury and comfort. This 2 bed, 2 bath unit has an open floor plan, legendary mountain views, premium interior furnishings and spacious outdoor lanais. Honua Kai condominiums offer true beachfront living on one of the world’s finest beaches. Enjoy luxury resort living on Maui’s famous Ka'anapali beach, just moments from many of the island’s favorite sites.
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Wailea Point #3401
Wailea
$1.575M (FS) |
Lovely unit with a great, low price. Ocean view over Polo Beach. Facing Southwest, protected from the trades. Ground level; half flight of stairs between the driveway and front door. The large lanai is adjacent to beautiful gardens and close to the herb & vegetable garden.
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Kaanapali Alii #1-206
Kaanapali
$4.95m (FS) |
Superb direct oceanfront, interior courtyard location. Kaanapali Alii 1-206 overlooks the sandy beach of Kaanapali and the neighbor islands of Lana'i and Moloka'i for year-round sunsets and prime front row seat for whale watching. Superior upgrades with travertine flooring throughout and absolute black granite counter-tops in the kitchen.
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Vacation Condos Under $1M
Kauhale Makai #521
Kihei
$299.5K (FS) |
Great getaway studio on the ocean in North Kihei. This nicely maintained unit is located on the 5th floor with nice views of the ocean, and the fantastic sunset colors Maui is famous for. Head out to the lanai, have a seat and enjoy the sunset at the end of the day.
Customer Listing Synopsis
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Lahaina Shores #320
Lahaina
$365K (FS) |
Mountain-side studio, third floor premiere classification with Classic Resorts. Located in Lahaina Shores. Complex is located a short distant from Lahaina Harbor and directly on the world famous Front Street. Walk to restaurants, shopping, movies and other great tourist attractions.
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Kihei Holiday #109
Kihei $369K (FS)
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Kihei Holiday, North Kihei's best kept vacation secret. A special 2 bed, 1 bath end-unit garden location in a well-built community with hollow-tile and concrete construction and a very proactive Owners' Association. Offered fully furnished and lovingly owner-occupied for the past 16 years.
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Kihei Resort #222
Kihei
$399K (FS)
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Spacious 2 bed, 2 bath condo with vaulted ceilings and open floor plan make this condo feel very large and comfortable. Located towards the back of the complex, not on the parking lot side, makes this a great quiet location. Kihei Resort is an intimate boutique style complex, lushly landscaped and beautifully maintained.
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Lauloa #102
Maalaea
$575M (FS) |
Fee simple, oceanfront and steps to water and surf. Can be used as a vacation rental. Tile and Pergo flooring, walk-in shower, and large grounds, almost two acres of lush living. Centrally located with easy parking and walking distance to shops.
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Residential Condos
Southpointe at Waiakoa #9-101
Kihei
$209K (FS) |
Bank Owned - If you like sweat and you like equity, this 2 bed, 1.5 bath fixer-upper on the north side of Bldg. 9 is calling your name! Two assigned tandem parking stalls 159 & 160 are close by. The exterior of the unit has a nice-sized yard and covered lanai. Hot water heater was replaced this year, 2016. The interior of this unit is nearly a blank slate after recent discoloration remediation.
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 Maui Gardens #B-205Kihei
$280K (FS)
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Super popular complex in Kihei. Maui Gardens offers swimming pool, hot tub and tennis court. This 2 bed, 1.5 bath unit is well located in complex and offers garden views throughout. Lovely large lanai with great storage.
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Villas at Kenolio #14B
Kihei
$365K (FS) |
Fantastic ground floor corner condo with 2 beds and 2 baths and comes fully furnished. Remodeled in 2013 including new air conditioners, complete paint, carpet and appliance. Condo features Corian counter tops and solar water heating to keep the power bill low. The "Villas at Kenolio" is across the street from the beach and close to the highway.
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Kai Ani Village #9-101
Kihei
$519K(FS) |
This first floor condominium has one of the best locations in the community, located in the rear of the community on the end of a 7 unit building, offering peace and serenity. This 2 bed, 2 bath corner unit offers ample light and airflow with the extra side windows. Covered Lanai is always shaded allowing you to relax in a quite setting.
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Vacant Land
70 Lewa Lani Place
Kaanapali
$395K (FS) |
Lowest priced quarter acre lot, located towards the top of the subdivision with panoramic ocean and mountain views. Clubhouse with resort style pool and gymnasium for owners use. Kaanapali's newest gated community in West Maui's world famous resort.
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208 Kalaunu Place
Kapalua
$995K (FS) |
Spectacular panoramic ocean and sunset views from this incredible 3.5 acre estate. The secluded, rural-like setting is a perfect complement to the many world-class amenities that the Kapalua Resort has to offer.
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