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Aloha ,
Market Update
It seems rather appropriate on this day to talk about taxes. I don’t mind paying my fair share of taxes, but I must admit that I do everything legally possible to minimize my taxes.
In fact, for the last 9 years I have contributed heavily to my Defined Benefit Pension Plan which has enabled me to keep my taxes to a minimum. I turned 70 ½ last year in December 2013, and as such, I was required to take a minimum distribution from my non Roth Retirement accounts. Sooner or later Uncle Sam will get his due as I found out when filing my taxes this year.
Not much I can do about that so long as I want to continue working which I do. Retirement is overrated, in my opinion, as I still enjoy helping people buy and sell real estate, and interacting with my fellow Realtors®.
If you live anywhere else but Hawaii, you are most likely paying higher property taxes than we enjoy here on Maui. The current rate for a homeowner on Maui is $2.87/thousand of the net assessed value, which is arrived at after deducting a $200,000 homeowner exemption. To put that in perspective, if your Maui home is valued at $700K (roughly, the median price here on Maui), your property taxes will be only $1435/year.
How much do you pay each year? Here are the Counties with the Highest and Lowest Tax Rates in the country. Note that Maui is in 5th position as one of the lowest property tax Counties in the country.
Have a wonderful week.
Mahalo Nui Loa,
Ken for The Smith Team
Ken, Melissa, Greg, and Jeremy
P.S. - Following up on my commentary two weeks ago about Chinese investment in U.S. Real Estate, it appears that it is not only the Chinese whose appetite for U.S. homes has increased. Read more.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for April 15th, 2014
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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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587 (295)
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215 (30)
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976 (182)
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-2
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Condos
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769 (184)
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224 (32)
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1380 (190)
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+24
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Land
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362 (121)
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50 (8)
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219 (26)
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NC
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Total
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1718 (600)
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489 (70)
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2575 (398)
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+22
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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
80 Hale Noa Way
Wailea
$1.89M (FS)
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This home has a large heated swimming pool with beautiful ocean views from the spacious pool deck area and the upstairs lanai. Your groceries will be conveniently delivered to your upstairs kitchen by a small freight elevator connected to the 2 car garage.
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4372 W. Waiola Street
Wailea
$2M (FS)
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This immaculately cared for single story 3 bd. / 3.5 bath home located in the prestigious gated community of Wailea Golf Vistas. Just a short stroll to the Wailea Blue Golf Course will have any golf enthusiast excited of its close proximity.
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Homes Under $1M
5110 L. Kula Road
Kula
$399K (FS)
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Ocean view plantation house on a agricultural zoned parcel Of .679 acres Beautiful West Maui and ocean views on this gently sloping lot with a water easement between you and the neighbors for privacy.
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362 Oe Street
Kihei
$520K (FS)
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Short Sale. North Kihei house and cottage.
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18 Pakau Place
Kahului
$522K (FS)
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Developer Deal. This brand and highly desirable new community, The Parkways at Maui Lani is located along the lush Dunes at Maui Lani Golf Course. The convenience of schools, churches, shopping are all at your fingertips, here in the attractive Maui Lani Master Planned Community.
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22 Wamahaihai Street
Kihei
$585K (FS)
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Short Sale. This unique property with a Balinese flair is just waiting for the right owner to come along and release its potential. Large lot great location a short walk to shoreline, across from library, shopping, restaurants, public park w/tennis courts, and buses. Main house does not conform w/ County records and is divided into 3 rental units generating excellent cash flow.
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7952 Kula Highway
Kula
$980K (FS)
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Rarely do houses of this caliber come on the market. Attention to detail is evident everywhere in this ranch style home. All structures are permitted and in great condition. The views from this home are awesome.
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Vacation Condos Over $1M
Ho'olei P-6
Wailea
$2.795M (FS)
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The exclusive community of Ho'olei offers the utmost in modern luxuries and lavish resort amenities. Villa P-6 is being offered fully furnished, with absolutely lovely ocean views. This finely appointed three-bedroom, three and a half bathroom designer townhome consists of 3,076 interior square feet.
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Vacation Condos Under $1M
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Kihei Bay Surf #135
Kihei
$225K (FS)
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Short Sale. Well appointed ground floor studio. Move in ready or all set up to start a vacation rental.
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Maui Kamaole I-207
Kihei
$725K (FS)
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This 2 bd. / 2 bath condo has been progressively remodeled over the last five years with new bathrooms, furnishings, tile, carpet, appliances, art work and a gorgeous kitchen featuring granite counter tops, stainless steel appliances and cherry cabinets.
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Kapalua Bay Villas 30B1
Kapalua
$880K (FS)
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You can't get much closer to the ocean than this. Stunning ocean views from this single level 1 bd. / 1 bath Bay Villa condo.
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Residential Condos
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Maui Lani Terrace E-202
Honokowai
$149.9K (FS)
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Bank Owned. Located on the 2nd floor of the E-building. Lanai is on the back side with the living room for your outdoor living. Floors are tiled and bedroom has carpet. Complex has a pool, BBQ area and a workout room.
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Keonekai Villages 14-108
Kihei
$220K (FS)
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Affordable 2 bedroom, 1 bath ground floor unit in the highly sought after Keonekai Villages complex. This outstanding location offers south Maui living at its best.
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Opukea at Lahaina B-102
Lahaina
$399K (FS)
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Short Sale. Located just 3 short blocks from Lahaina's famous Front Street and beautiful Baby Beach. One of Lahaina's newest community with 114 units in seven buildings situated on 6.5 acres.
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Vacant Land
5147 Makena Road
Makena
$1.59M (FS)
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Papaanui Lot 5 is incomparable in its unique Location in Makena, Maui, Hawaii. Wonderful South facing Ocean, lava rock coastline, & outer island views.
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