In this newsletter:
Market Update
Market Watch
Homes Over $1 Million
Homes Under $1 Million
Residential Condo Over $1M
Vacation Condos Under $1M
Residential Condos Over $1M

Market Update

There is good news for first-time home buyers. New tax credits mean new buying opportunities for qualified home buyers.  Effective January 1, 2009, qualified first-time homebuyers may be eligible for a federal tax credit of up to $8,000. Below are some of the key highlights of the program:

• FOR FIRST-TIME HOME BUYERS ONLY:
  qualifying homebuyers have not owned a
  principal residence during the three-year
  period prior to the purchase.

• AMOUNT OF TAX CREDIT: equals 10 percent
  of the homes purchase price up to a
  maximum of $8,000.

• LIMITED TIME ONLY: The tax credit is
  available for homes purchased on or
  after January 1, 2009 and before
  December 1, 2009.

• NO REPAYMENT REQUIRED: unlike the
  previous tax credit, this tax credit does not
  have to be repaid, but homebuyers must
  use the residence as a principal residence
  for at least three years or face recapture of
  the tax credit amount.

  • TAX CREDIT IS REFUNDABLE: the homebuyer
    credit can be claimed even if the taxpayer
    has little or no federal income tax liability
    to offset. A refund check may be issued to
    the taxpayer for a portion or even all of the
    refundable tax credit (depending on the
    taxpayers tax liability).

  • INCOME RESTRICTIONS: Single taxpayers
    with incomes up to $75,000 and married
    couples with incomes up to $150,000
    qualify for the full tax credit. (Partial tax
    credits may be available for taxpayers with
    incomes over the above limits).

  • 2008 TAX RETURNS: tax credit can be
    claimed on 2008 federal income tax
    returns if the home was purchased on
    or after January 1, 2009.

  The above information has been brought to you courtesy of Caroline Sakthiveil of Countrywide Home Loans. 

  If you would like to be pre-approved for a new loan or refinance an existing loan, please give Caroline a call at (808) 264-0534.  She can also explain how it might be possible to do a Stated Income Loan up to 105% of the value of your home or condo on refinances.

Have a wonderful week.

Mahalo Nui Loa,

The Smith Team

P.S.  Would you like to own a 1 month fractional interest in June for a 1 bedroom 2 bath Wailea Ekahi condo.  Wailea Ekahi has four swimming pools and is one of Wailea's premiere beachfront complexes.  Now reduced to the unbelievably low price of $29,500.

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.

  3402 L Kula Road
Kula
$1.049M (FS)

Enjoy the perfect balance of outdoor living and indoor comfort. North Shore and South Shore ocean views from the covered wraparound deck on this new custom home boasting vaulted ceilings and Ipe wood flooring indoor and out. Enjoy the silence of a home surrounded by vacant land and set far back from the road.

59 Hoawaa Way
Wailea
$1.195M (FS)

Sunset Colors and flickers of ocean blue view can be yours from this Wailea Kai gated community home within steps to the most popular Maui white sandy beach known as Keawakapu Beach. This location is awesome, close to the Shops & 5 star dining. Three very large bedroom suites each have a private bath are included.  

Customer Listing Synopsis

Short sale. Remodeled kitchen with granite and stylish dark wood cabinetry. Quite location within the complex away from street & driveway noise. Laminate-wood flooring, tiled baths, custom lighting. Two assigned parking stalls.

  Customer Listing Synopsis

Short sale. Rare Hibiscus 2 bed 2 bath floor plan offers spacious living with vaulted ceilings and 2 seperate lanais . Upgrades include Pergo flooring throughout, custom designed lighting, crown molding, designer wood baseboards, wired for surround sound, 2 deeded parking stalls # 170 and # 306, and pets freindly.

 Customer Listing Synopsis

Kai Makani 10-102
Kihei
$499K (FS)

Fabulous direct ocean view living at it's best plus new construction with full one year warranty. This rare find located across the street from Maui's longest sandy beach.

  Customer Listing Synopsis