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Aloha
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In this newsletter:
Short Sales
Homes (0)
Condos(0)
Land (0)
New Properties(0)
Price Reductions (0)
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Remodeled Double Condominium
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Market Update
Through the month of October, we saw an increase in the median sales price across all 3 main categories of Maui real estate. Homes rose 6% to $745,000, Condos rose 4% to $518,000 and Vacant Land rose 5% to $500,000. For a look at the complete data sheet from our friends at the Realtors Association of Maui you can click here.
FIRPTA Explained
If you have bought or sold property on Maui, you have most likely seen the term FIRPTA on paperwork or heard it mentioned by your Realtor. FIRPTA refers to The Foreign Investment Real Property Tax Act which requires a buyer who purchases property from a foreign seller to withhold a certain amount, which is usually 10 – 15% of the sales price. The amount withheld must be reported to the IRS within 20 days of closing. It’s important to note that if the amount is not withheld from the foreign seller by the buyer and the deadline passes, then the buyer may become liable for the tax.
An update to FIRPTA occurred back in 2015 when President Obama signed the ‘Protecting Americans from Tax Hikes Act”. This new law changed the amount that was required to be withheld by the buyer from 10% to 15% under certain circumstances. The reason this amount is withheld from the seller is because it is an estimate of the amount the seller may owe to the United States for Capital Gains Tax. The amount that is required to be withheld depends on several factors including sales price and how the property will be used. It is very important to discuss the potential purchase of a property from a foreign seller with your Realtor, Accountant and someone who can give you legal counsel so you are familiar with the process before entering escrow.
For questions about FIRPTA and other factors that could affect your purchase of real estate on Maui, contact the Smith Team. We look forward to hearing from you!
Mahalo Nui Loa,
The Smith Team
P.S. If you are visiting Maui over the Thanksgiving holiday, or simply want to go out rather than cook, there are some wonderful and delicious options in South Maui for you to enjoy.
Lineage restaurant is offering a tailored menu just for Thanksgiving that will include delectable dishes such as turkey tail adobo and guava glazed ham. Prices for Thanksgiving dinner at Lineage start at $79 per person.
Spago restaurant inside the Four Seasons Resort in Wailea will prepare a more traditional menu for the holiday including favorites such as roasted turkey, stuffing and marshmallow yams. They are taking reservations now, and prices start at just $48 per person.
Happy Thanksgiving!
Melissa Smith R (B), Ken Smith R (S), Gregory Smith R (B)
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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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449 (283)
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202 (49)
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1121 (298)
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-6 |
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Condos
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502 (177)
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256 (63)
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1597 (248)
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+12 |
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Land
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319 (94)
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44 (16)
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181 (29)
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+5 |
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Total
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1270 (554)
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502 (128)
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2899 (575)
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+11 |
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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
121 Laukahi St
Kihei
$1,150,000 (FS)
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This is an amazing newer built, ocean/mountain view home with brand new flooring throughout, new cabinets, double pane windows, sound proof insulation on the east side of the house, fresh paint, on a low maintenance property in the highly sought after area of Moana Estates in South Kihei. It comes with a new PV solar system, solar hot water, central AC upstairs and split system zone AC on the lower level.
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849 Kupulau Dr
Maui Meadows
$1,395,000 (FS)
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This 3 bed, 3 bath upper Maui Meadows home and cottage, bordering beautiful Ulupalakua Ranch, is up high were it is quite and cool. The incredible grounds are over a half-acre with a sprinkler system and an amazing variety of mature fruit trees. If you are looking for an easy-living home surrounded by lush landscaping and beautiful Haleakala and partial ocean views, you found it.
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82 Kulamanu Cir
Kula
$1,549,000 (FS)
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Located on a premier lot with privacy and sweeping views of the ocean and mountains. This 4 bed, 3.5 bath home has it all, and represents seamless indoor/outdoor living in one of the most desirable areas on Maui. This spacious home boasts over 3100 sf. of interior living space on a half acre of lush tropical land. Featuring large upstairs and downstairs lanais to relax, entertain and dine.
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120 Manalo St
Wailea
$2,895,000 (FS)
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An exceptional opportunity to own in Wailea Golf Vistas. This spacious 3 bed, 3.5 bath home has a lot to offer with dual master suites, high quality finishes, and a pool & spa. The unique location offers front row views of the golf course and ocean without the front row price tag. A grand entry awaits as you pull in through the porte cochere with plenty of parking for social gatherings.
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Homes Under $1M
864 Kelawea St
Lahaina
$560K (FS)
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This 3 bed, 2 bath home was built in 1969 has been well maintained. It features bamboo laminate flooring and is located off of Lahainaluna Road, several houses down from the Hale Mahaolu facility. Plenty of storage space inside and outside in rear patio area. The second bath is located outside in laundry room.
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191 W Kauai St
Kahului
$625K (FS)
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A large 5 bed, 2.5 bath home with a bonus family room, 2 patios & separate 336 sf. storage building and covered work room. This is a leveled 10,783 sf. lot and is enclosed with hollow tile walls. This convenient Kahului location is close to banks, shopping, the post office and is just a block away from Kahului School.
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2700 Akalani Loop
Makawao
$665K (FS)
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This 4 bed, 2 bath home offers room for a family to grow and magnificent views of the gulch it borders and mountains in two directions. This home offers a unique split plan with 3 bedrooms and a bath at the front and the master suite at the back. Features an open floorplan with soaring vaulted ceilings and an enclosed patio to make a charming tropical family room.
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92 Keoneloa St
Wailuku
$839,900 (FS)
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Sandhill Estates is situated in Wailuku and central to the convenience of both Wailuku and Kahului. This gated community provides security and privacy and consists of beautiful custom homes. This 3 bed, 3.5 bath home has recently received interior paint, and features granite countertops, laminate flooring and new light fixtures.
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Vacation Condos Over $1M
Honua Kai - Konea #NR332
Kaanapali
$1,199,000 (FS)
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This 1080 sf. 2 bed, 2 bath unit has it all. This home is the best valued 2 bedroom home available on the Honua Kai resale market. Enjoy the mountain breezes and privacy from your lanai. Unit K332 offers total vacation comfort in every way. Extra living area windows let in lots of light, and you can enjoy cooking in your full sized kitchen featuring top of the line Bosch appliances.
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Kihei Surfside #414
Kihei
$1,495,000 (FS)
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Featuring outstanding ocean and mountain view corridors, this 2 bed, 2 bath corner unit embraces an open floor plan anchored by serene views of the Pacific ocean and meticulously landscaped surroundings. With wrap-around windows, the space feels open and inviting, yet with a 4th floor elevation, the privacy is unmatched. The total remodel includes bamboo cabinets, stainless steel appliances, modern granite, and the unit is tastefully furnished to offer the comforts of a home with the luxury touches of a resort.
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Kaanapali Alii #2-406
Kaanapali
$1,695,000 (FS)
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This is a fantastic opportunity to own a 2 bed, 2 bath condo at Kaanapali Alii located on Maui's famous Kaanapali Beach. Unit 2-406 is just steps away from the sandy beach, ocean activities and snorkeling at Black Rock. Kaanapali Alii offers an amazing vacation experience with over 8 acres of beachfront island ambiance featuring 2 swimming pools, a pavilion and grill facilities, as well as tennis courts and a workout facility.
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Vacation Condos Under $1M
Hale Wailana #2-A
Kihei
$379K (FS)
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A 2 bed, 2 bath North Kihei condo with wood floors, carpeted bedrooms, upgraded kitchen and cabinets, and a murphy bed in the living room. Other features include tiled showers, tiled lanai, a washer and dryer in the unit, and AC in each bedroom.
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Kihei Resort #110B
Kihei
$425K (FS)
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Don't miss out on this beautifully remodeled 1 bed, 1 bath Kihei Resort condo. Unit 110B is tucked away from the road in the middle of this lush and tranquil vacation rentable complex. The remodel on this unit was completed in 2015, which features a gorgeous kitchen with top of the line appliances, and a "Hampton's getaway" feel in the bedroom with beaded board, an antique bed frame, and starfish decorations.
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Nani Kai Hale #306
Kihei
$499,900 (FS)
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This beautiful 1 bed, 2 bath condo is situated on one of south Maui's longest stretches of beach. Do not miss this opportunity to buy an ocean front condo in south Maui under $500K.
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Kauhale Makai #431
Kihei
$520K (FS)
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Feel the great ocean breezes, while you take in the waves, and watch whales from all rooms and on your own spacious lanai. This 1 bed, 1 bath vacation rental allowable condo features a $90k remodel with quality finishes, and it is light and bright with a very spacious, welcoming open floor plan. The kitchen has custom cabinetry and includes a large granite island with cooktop/range & a breakfast bar.
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Palms at Wailea I #1802
Wailea
$985K (FS)
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An upstairs, well- appointed 2 bed, 2 bath corner unit at the desired Palms at Wailea. This popular vacation rental features tiled floors throughout the entire residence, keeping your vacation rental cool and clean. Stylish furnishings, rugs and décor make your vacation home even more appealing. Entertain and BBQ on the spacious lanai with a beautiful park-like setting surrounding you.
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Wailea Ekahi I #39D
Wailea
$995K (FS)
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This completely remodeled 1 bed, 1 bath, 792 sq. ft. unit provides the highest level of attention to quality and detail. As you walk in, you will feel the warmth from the velvet textured Italian plaster and appreciate the high ceilings with natural Lau-Hala and bamboo. This open floor plan provides mahogany trimmed built-in sofa & end tables in the living room, handmade mahogany plantation shutters, double zone central A/C, custom stacking lanai & kitchen sliders, and travertine & edge-grained bamboo wood floors.
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Residential Condos Over $1M
Hokulani Golf Villas #92
Kihei
$1,260,450 (FS)
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This 3 bed, 2.5 bath home provides one level living with additional guest suites on the upper level. Hokulani Golf Villas have been uniquely designed to offer the comfort and privacy of a luxury home, combined with the carefree lifestyle of a condominium. Featuring natural stones, beautiful hardwoods, eco friendly design with soaring 12-foot high ceilings, spacious covered lanais and gourmet kitchens, all in a gated community on the expansive greenbelt of the beautiful Maui Nui Golf Course.
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Kai Malu #48B
Wailea
$1,295,000 (FS)
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Kai Malu is one of the finest residential condo developments in Wailea. This gorgeous 1796 sf. 3 bed, 2.5 bath Lewa floor plan includes granite countertops, cherry wood cabinetry, stainless steel appliances, central air conditioning, a covered lanai, garage, and much more. The second level lanai has ocean and Haleakala views and the home's private location along the greenbelt makes relaxing outside a pleasure.
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Residential Condos Under $1M
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Villas at Kenolio I #16F
Kihei
$357K (FS)
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A ground floor 2 bedroom 2 bath unit at the Villas at Kenolio. Close to shopping, beaches and easy access to Kihei town. The complex features a community pool, BBQ area and fitness room.
Bank Owned
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Kihei Villages #4-202
Kihei
$357,900 (FS)
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This 2 bed, 1.5 bath condo was recently updated for your enjoyment. Some of the upgrades include wall AC units, brand new stainless-steel appliances, granite countertops, cabinetry, new paint, new ceiling fans, light fixtures throughout and new vertical blinds in every room to keep it cool inside. The unit comes with two parking spaces.
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71 Pamakani Pl
Makawao
$399K (FS)
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A level lot in Makawao Town just off of Makawao Avenue. Located on the dead end of small family subdivision. Partially wooded with mature fruit trees. County Water meter installed.
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