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Market Update
Is 2012 the right time to buy? Of course, as always, we must caution that we don't have a crystal ball; however, what we can say that in comparing prices, inventory, days on market, many of the low to middle end condo complexes are showing higher average prices, greatly reduced inventories, and shorter days on market.
Reviewing sales of homes, the picture is not quite so clear. Wailea home sales have dropped from 18 to 12 during the last 6 months, but Kihei has increased from 51 to 83. This is most likely due to the more affordable price range in Kihei. Also, the price per square foot and average price of Kihei homes have both dropped approximately 8%. We believe this is the result of the greater number of bank owned (REO) listings and the overhang of properties that are in pre-foreclosure in this area.
For example, we just listed a front row 2 bedroom / 2 bath unit at Wailea Fairway Villas Unit P-102 in excellent condition for $520,000. When doing a market analysis for Wailea Fairway Villas, we noticed that the sales ranged from $455,000 to $527,500 in the past 6 months. Two of the front row units are pending at list prices $559,900 and $610,000. There were only 3 two bedroom units available out of 86 with the lowest priced front row unit for sale at $595,000 prior to us listing P-102 for $525,000.
The supply of available units has definitely decreased in this complex, like a number of other condo complexes on Maui. The times are definitely changing for certain sectors on Maui. Let us know if you are interested in a particular complex and would like us to do a market analysis over the past 6 months.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Last year we announced we would be giving away a 2 night stay at the Fairmont Kea Lani Hotel to the winner of a drawing for all persons who gave us a referral in 2011. We are pleased to announce the winner was Susan Goff of Kihei. Congratulations Susan!
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
 
Market Watch for January 16th, 2011
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Active |
Pending |
Sold |
Change |
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Homes |
660 (274) |
222 (16) |
892 (118) |
+2 |
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Condos |
1004 (189) |
237 (7) |
1150 (95) |
+17 |
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Land |
491 (111) |
24 (5) |
126 (18) |
-2 |
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Total |
2155 (574) |
483 (28) |
2168 (231) |
+17 |
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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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3610 L. Kula Road
Kula
$2.249M (FS)
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This classic custom Lower Kula home boasts coast to coast, ocean, central valley & West Maui Mountain views. Gated & private a formal rose garden sets the tone; exceptional quality & architectural details, meticulously maintained, impeccable setting, and fabulous climate. As you enter the barrel vaulted foyer you cannot help but focus on the painterly views.
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Homes Under $1M
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28 Kaniela Street
Wailuku
$193K (FS)
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Bank Owned. Adorable home in a great location in Wailuku Town. Plan on walking to "First Friday" every month, out to dinner weekly, and take in a play often.
Customer Listing Synopsis
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393 Paeohi Street
Lahaina
$299K (FS) |
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Bank Owned. Sweet home built in 2006, located in the Lahainaluna area of Lahaina and is in a 10-unit subdivision called Lokahi Kuhua. Originally created by Lokahi Pacific for low income housing. Since this is an REO, the property is no longer held in perpetuity, requiring low-income occupancy. Nice floor plan with a one car carport and small yard.
Customer Listing Synopsis
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28 Lino Street
Pukalani
$385K (FS) |
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Short Sale. Beautiful & cozy plantation style home tucked away from the road noise, but located in the heart of Pukalani town. Walk in and fall in love with this well maintained and decorated home.
Customer Listing Synopsis
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318 Naniloa Drive
Wailuiku
$519K (FS) |
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Short Sale. Diamond in the rough. Old Wailuku Sandhills home with all the charm. Wood floors, rounded doorways, & classic tile are all on a large lot. Upstairs is a classic 3 bedroom 2 bath home with large living room and huge kitchen. Downstairs has 1 bedroom and bath plus a large workroom and den with 1420 sq. ft. of living area.
Customer Listing Synopsis
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86 S Holokai Road
Haiku
$599K (FS)
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Enjoy country living in a sustainable environment. Featuring a new kitchen with granite counter tops and new cabinets. It has a huge yard ready to plant your orchard and an existing garden area. Few homes in Haiku have actual fireplaces and this will dry the house out in winter rains.
Customer Listing Synopsis
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3526 Akala Drive
Kihei
$975K (FS)
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Huge price reduction. Don't miss your opportunity to add your finishing touches to this large 5,720 sq. ft. home on the quiet end of Akala Drive. The home has many large lanais to entertain and/or get away to enjoy your own quiet area and the spectacular views.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Wailea Beach Villas Ph207
Wailea
$2.395M (FS)
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A beautifully furnished 2 bedroom, 2 bath condominium with a office/den area. Kept in pristine condition, not in the rental program and very easy to show. Located above the main pool, with a vista view out to the ocean. Wailea Beach is a short walk down the path.
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Vacation Condos Under $1M
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Kauhale Makai #125
Kihei
$190K (FS)
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Bank Owned. Nice ground floor unit in beachfront complex. This is a bank owned property. It comes fully furnished.
Customer Listing Synopsis
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Kahana Villa E601
Kahana
$198.9K (FS)
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Huge price reduction. Ready for some TLC and then enjoy an ocean view from this one bedroom, one bath end-unit location at Kahana Villa.
Customer Listing Synopsis
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Royal Kahana #101
Kahana
$497.5K (FS)
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Bank Owned. Opportunity knocks. Don't let this exceptional beachfront value pass you by. This easily accessible remodeled 2 bed /2 bath is perfect for a full time residence or vacation rental located on one best places on earth, Kahana Beach, offering a long stretch of white sand beach, year round sunsets, outer island views, swimming, snorkeling, and well maintained tropical grounds to relax within.
Customer Listing Synopsis
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Residential Condos
Kihei Villages 20-104
Kihei
$127K (FS) |
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Short Sale. Two bedroom, 1.5 bath ground floor unit in great location of project.
Customer Listing Synopsis
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Wailea Farway Villas P-102
Wailea
$520K (FS)
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Beautifully maintained 2 bedroom / 2 bath ground floor unit at Wailea Fairway Villas. This unit is in immaculate condition and it comes fully furnished. It has stainless steel appliances, granite counter tops, crown molding, built-in book shelves in the great room, built-in dressers and desk in the master bedroom, wall mounted flat screen TV, and etc. This is a front row unit with ocean views from your master bedroom and lanai.
Agent Listing Synopsis
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Vacant Land
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