Aloha
In this newsletter:
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Iconic Maui Oceanfront Estate
207 Kealakai Place
Spreckelsville
$10.95M (FS)
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Mortgage Rates & July Monthly Stats
Mortgage interest rates have been volatile but trending downward since their peak at the end of June, according to data from Freddie Mac. They have been hovering around 5% for two consecutive weeks. It’s easy to mistake the rate hikes made by the Federal reserve aimed at adjusting for inflation with mortgage rates.
Federal reserve interest rates affect borrowing power for things like auto and credit card loans, while mortgage rates reflect the costs for buying a home. Now may not be the best time to buy a new car, but home buying may still be on the table for you. Creative solutions offered by lenders for adjustable rate loans, HELOCs, and other buy down options, may benefit consumers at this time.
According to Sam Khater, Freddie Mac’s Chief Economist, “The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.”
Here’s an overview of recent mortgage interest rates. This “Better by the Numbers” data is being shared with permission courtesy of Dan Bardenhagen of Northpointe Home Loans.
Mortgage Rate Type
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Week of 8/1/2022
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Week of 8/8/2022
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Conforming 30 Year Fixed
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4.625% 4.764% APR*
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4.990% 5.140% APR*
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Nonconforming 30 Year Fixed
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4.750% 4.915% APR*
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4.875% 5.026 APR*
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Nonconforming 7/6 ARM
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4.500% 4.529% APR*
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4.625% 4.730 APR*
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*Note: these rates may vary depending upon the amount of down payment and credit score.
Talking with a lender may unlock financing possibilities that better prepare and position you to participate in Maui’s real estate market. Here's a short list of companies that provide home loans that our clients have received great service from over the years.
If you don’t see your favorite lending company in our shortlist, please let us know so we can grow our resource network to better serve you and our greater community. Reach out to us if you would like the contact information for a recommended loan officer from any of these local and national businesses.
Mahalo Nui Loa,
Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B) and Rachel Smith Kofron R(S)
The Smith Team
P.S. July Market Stats show a drop in the number of sales transactions across residential, condo and land sales, but the median sale prices exceed last year's values for this time period. This monthly market report is provided by Fidelity Title & Escrow and can be viewed here.
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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258 (217)
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155 (70)
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1228 (688)
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+7 |
Condos
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220 (99)
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239 (128)
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1901 (574)
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+3 |
Land
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111 (54)
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35 (7)
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283 (92)
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-1 |
Total
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589 (370)
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429 (205)
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3412(1354)
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+9 |
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 the number of active listings from the previous week.
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Homes Over $1M
980 A Makawao Ave
Makawao
$1.198M (FS) |
This home has the perfect location with close proximity to schools, parks, restaurants and public services. The main floor has 4 bedrooms 3 bath, dining room, kitchen and large family room, living room or den/office. Plus a 1 bedroom, 1bath upstairs space with private lanai and ocean view. Great for the extended family.
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76 Kahana Ridge Drive
Kahana
$1.69M (FS) |
Ocean and Mountain views await you in this tastefully refreshed Kahana Ridge home that is drenched in natural light. The original large, sliding Koa doors open off the kitchen downstairs into the brand new, water-saving, eco-friendly turf backyard. Updates also include fresh interior and exterior paint and more.
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85 Honuea Place
Kihei
$1.85M (FS) |
Home is 3 bedroom 2.5bath with an office, lanai and kitchen with spacious pantry and granite counter tops through out. Below is a 1b/1ba ohana with full kitchen and separate entrance. Contractor's own custom-built home with many upgrades and amenities. Conveniently located with easy access to Wailea, Lahaina, Kahului and the airport.
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101 Waaula Place
Kihei
$2.7M (FS) |
As you enter this lovely home you will be astounded by the gorgeous lengthy entrance that leads to the oversized living room with voluminous ceilings. The gigantic chef’s kitchen is set up for entertaining & contains an electric cooktop, Wolf gas stove, double ovens, warming drawer, microwave drawer, refrigerator/freezer plus a second huge, built in, and more.
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Homes Under $1M
Vacation Condos Over $1M
Maui Kai 904
Kaanapali
$1.075M (FS) |
As you enter, you are greeted by a spectacular Ocean and Island views that makes you feel as if you were on a private cruise ship and offers amazing privacy. The kitchen upgrades include stainless appliances and granite countertops with a generous back splash. The bathroom ceiling was updated as well.
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Kapalua Ridge 2823
Kapalua
$1.45M (FS)
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Spectacular views greet you as you enter this lovely, extensively remodeled townhome style gem. New Luxury flooring, sparkling kitchen and baths. Be captivated by the panoramic ocean views to delight you upon entering, and leaping whales in season await you.
Customer Listing Synopsis
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Wailea Ekolu 902
Wailea
$2.6M (FS)
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A two-story townhome with 1489 square feet of living space and two 230 sq. ft. lanais above the 9th hole of the Old Blue Golf Course. The lanais offer views of Molokini and the Pacific Ocean along with magnificent sunsets. The townhome is in a quiet and desirable location screened by Plumeria trees.
Customer Listing Synopsis
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Vacation Condos Under $1M
Royal Kahana 518
Kahana
$530K (FS) |
The Royal Kahana is a beachfront property with a swimming pool, garage parking, onsite management, security, elevators, a fitness room, and extra storage. The units feature central air-conditioning and there is an in-unit washer dryer, and a private lanai with ocean views to the southwest.
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Kihei Sands B-2
Kihei
$875K (FS)
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This unit is a two bedroom two bath second floor unit in the complex and has a peek a boo ocean view. The unit is nicely upgraded, has three split AC units and is a turnkey vacation rental. This small boutique complex is a hidden gem. 29 units total that all share the amenities of the ocean front pool and barbeque area.
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Kamaole Sands 10-212
Kihei
$975K (FS)
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Kamaole Sands is one of Maui's best-reviewed and most desirable vacation rental properties, located directly across the street from pristine Kamaole III Beach, with its warm-water swimming and snorkeling, golden-sand beach, and natural sloping grassy amphitheater lawn that serves as South Maui's most popular sunset-watching venue.
Customer Listing Synopsis
Video/Virtual Tour
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Residential Condos Over $1M
Masters 501
Kaanapali
$1.025M (FS)
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The private location features an expansive lawn off the lanai and around the side, and lush landscaping makes for a private retreat. A rare floor plan, this corner, end unit has no other units above or below. Vaulted ceilings create an expansive airy feel, and windows open to Maui’s tropical breezes.
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Wailea Fairway Villas U-202
Wailea
$1.199M (FS)
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Enjoy Maui living at it best. Beautiful features from top to bottom. The open floor plan allows for a easy flow of living from the kitchen, dining and living area. Granite countertops throughout. Extensive lighting in all areas of the unit. Three (3) Split new AC units allow for control of your climate throughout each area of the unit.
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Kai Malu 34-A
Wailea
$1.999M (FS)
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Spacious and flooded with natural light, this west-facing home has an extended lanai to enjoy meals and relaxation with the backdrop of Haleakala Mountain and the Wailea Blue Golf Course. The primary suite boasts a large bedroom with private lanai, two large closets, bathroom with double sinks, a walk-in shower and separate soaking tub.
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Hokulani Golf Villas 73
Kihei
$2.15M (FS)
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Come see this exquisitely stylized, luxury home with peekaboo ocean views, and upgraded finishings throughout. Built in 2020, this highly desirable corner lot feels very private, and boasts peaceful garden and mountain views in addition to stunning golf course views. 12 ft ceilings enhance the the great room and dining area with easy access to the covered main floor lanai.
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Residential Condos Under $1M
Harbor Lights A-225
Kahului
$249K (FS)
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A charming mountain view condo encompassing 784 sf with 2 bedrooms and 1.5 bathrooms. Thoughtfully designed, this newly updated unit features an inviting open concept floor plan, generously-appointed kitchen with ample cabinet, counter space.
Customer Listing Synopsi
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Puuone Tower and Plaza 207
Wailuku
$325K (FS)
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Beautiful condo situated in the heart of Wailuku with partial ocean view and close to restaurants and commercial establishments. The complex has a BBQ area, elevator, swimming pool, and on-site manager.
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Kihei Shores I-002
Kihei
$649.9K (FS)
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You cannot find a remodeled 3 bedroom condo, in a prime south Maui location, at this price. Tiled flooring, updated kitchen with granite countertops, newer cabinets, recessed lighting, stainless appliances as well as a beautiful new kitchen backsplash. Popcorn ceilings have been removed.
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Vacant Land
35 Kapalulu Place Lot 361
Kula
$395K (FS)
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Beautiful Kulamanu exceptional opportunity to own in this great subdivision. Located on a quiet cul-de-sac, this location offers unique possibilities for ownership surrounded by quality homes. Under ground utilities and lots of green space, as well as, a private park. Minimal yard maintenance due to sloping elevations of the space and surrounding area.
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184 Pukalani Street Lot 397
Pukalani
$520K (FS)
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Stunningly beautiful Pukalani Terrace half-acre vacant lot (.537/acre). Breathtaking, bi-coastal ocean views, West Maui mountains, and Central valley. Long-admired, highly desirable parcel, with County water meter. First time being offered for sale, since the owner purchased from the initial land developer.
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