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Aloha ,
Market Update
Since the Brexit vote last week, where Britain decided to leave the European Union home buyers here in the U.S. have been benefiting from lower mortgage rates. The 30 year fixed rate mortgage averaged at 3.46%, lower than it's been in 3 years and economists expect it to drop even lower.
Well qualified buyers can now afford homes 8% more expensive than they could at the beginning of the year with greater buying power due to lower rates. With these lower rates though lenders will tend to become more risk-averse and strict with their underwriting standards.
The tighter lending environment may limit the number of first time home buyers but those who are well qualified may be able to take advantage of these historically low mortgage rates.
Have a wonderful week,
Melissa for The Smith Team
Ken, Melissa and Lindsey
P.S. - As of July 1, 2016 The Maui Department of Water will be increasing the water system development fee which is the fee to have a new water meter installed from $6,030 to $12,060. There will also be a sewer rate increase averaging 5%.
Melissa Smith R (B), Ken Smith 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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523 (304)
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275 (50)
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1119 (179)
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+6 |
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Condos
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819 (194)
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231 (28)
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1234 (156)
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+3
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Land
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370 (142)
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32 (4)
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156 (27)
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+1 |
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Total
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1712 (640)
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538 (82)
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2509 (362)
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+10 |
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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
830 Kai Hele Ku Street
Lahaina
$1.1M (FS) |
Perched in one of the highest elevations of Launiupoko, this property enjoys commanding, panoramic ocean view corridors coupled with the privacy that comes with having the West Maui mountains at its back. The long driveway and terrain augment the privacy of the 2 bed, 1 bath perfectly situated cottage.
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152 Heleuma Place
Wailea
$1.9M (FS) |
No expense spared on this complete remodel from the roof, stucco, doors and windows down to the flooring. This single level home has impeccable quality finishes and has everything you’d be looking for in a quaint sized home. This customized home now has 4 beds, 2.5 baths plus an outdoor shower.
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222 Keoawa Street
Kapalua
$4.995M (FS) |
Price Reduction - This magnificent custom single-level estate is located on a prime 6 plus acre lot high on Honolua Ridge, Kapalua Resort’s private gated enclave. Offering spectacular ocean views, the property features a fabulous great room opening on to a spacious lanai with a luxurious pool and spa.
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Homes Under $1M
106 Lanakila Street
Kihei
$600K (FS) |
Property has a large lot and lots of additional parking. There are 2 units, a 3 bed, 1 bath and 2 bed, 1 bath. Each house has its own private entrance and separate kitchen. Washer and dryer stay with the property. Both units are clean and in great condition. Wonderful investment opportunity with rental income.
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30 Koikoi Place
Haiku
$797K (FS) |
Ocean, Haleakala and West Maui mountain views. Located close to Haiku town and at the end of a cul-de-sac. Enjoy privacy and quiet enjoyment in this well-designed and maintained home which offers a roomy, open floor plan with open beamed ceilings, wooden bamboo flooring and a great kitchen island.
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70 Pualu Loop
Napili
$875K (FS) |
Ocean view home in Napili 1 block away from Napili Park. The property has 28 solar photovoltaic panels installed. Property has had the kitchen in 2 of the units remodeled and the garage has been built out. This 8 bed, 4 bath home is a great investor property with high rental income.
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Vacation Condos Over $1M
Vacation Condos Under $1M
Menehune Shores #212
Kihei
$450K (FS) |
Incredible views from this direct ocean front condo home. This is the unit you have been waiting for. Walk along one of the largest beaches in Hawaii. Listen to the cool ocean waves flowing in while you sleep. This is an amazing property that must be seen. The unit is in a vacation rental so you can make money while you are not staying in unit.
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Maui Banyan #T202
Kihei
$520K (FS) |
Nestled in a quiet, peaceful location in Maui Banyan, this second floor 2 bed, 2 bath unit is the perfect spot to relax on Maui. The flexible floorplan has two entry doors with a lock off option; each side can be rented separately or as a 2 bed suite. Maui Banyan amenities include 2 pools with spas, BBQ areas, tennis court and parking garage.
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Wailea Ekolu #312
Wailea
$725K (FS) |
You can't beat the panoramic ocean views from this beautifully remodeled front row unit at Wailea Ekolu. Located on the fairway of the famed Wailea Blue Course, the views are never-ending of the sparkling blue Pacific, Molokini, Kahoolawe, Lanai and the West Maui Mountains.
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Paki Maui #323
Napili
$798K (FS) |
Ocean, islands and sunset views await you in one of the most highly coveted and spacious 2 bedroom units at Paki Maui. Paki Maui 323 offers direct sunset and oceanfront views from the dual lanai areas of the family room and master bedroom. Renovated in 2014, this 3rd floor, single-level property offers 1,082 sq ft of living area across 2 beds and 2 baths.
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Residential Condos
Southpointe at Waiakoa #5-203
Kihei
$234.9K (FS) |
This is a 2nd floor, move-in ready unit located on the ocean side of building 5. Fresh paint and brand new carpet mean that you'll be starting fresh and new. You'll enjoy the view of trees and lush landscaping from inside your home. This unit offers more privacy and doesn't face the parking lot.
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Kehalani Gardens #1503
Wailuku
$329.9K (FS) |
Spacious 2 story town home located away from the highway, great location in the complex. Features include full size washer/dryer in unit, central a/c, fenced yard, master bedroom with walk in closet, 2 parking stalls and a private storage unit. Walking distance to school and shopping.
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Napili Villas #9/1
Napili
$435K (FS) |
Great ground floor location with fenced yard, in the rear of the property. Corner unit, with windows on the side of the unit as well as the front and back of the unit. There are 2 beds and 2 baths with 823 sq ft of living area.
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Vacant Land
41 Keoneloa Street
Wailuku
$252,050 (FS) |
Sandhills Estates is a gated subdivision of beautiful custom homes Centrally located on Maui and in the heart of the Maui Lani Master Planned Community. Lot #52 is a one of the Developer's remaining lots on the golf course side located just a few lots in from the lower gate above the tee box offering mountain views.
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0 Kai Hele Ku Street
Launiupoko
$25M (FS) |
Rare offering of a 'turn-key' subdivision in west Maui. Located directly across the street from the ocean, this subdivision stretches 1 mile along Honoapiilani Highway between Launiupoko and Puamana Beach Parks, Makila Ranches Phase 2 Subdivision includes 11 fenced 10 plus acre agricultural lots, a 37 acre lot, plus 2 roadway lots.
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