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Aloha, 
Like many of you on the mainland, we are experiencing our "Indian Summer" here in Maui--hot, humid days, with temps dropping quite a bit at night, indicating that cooler times are right around the corner. For some reason, the visitors seem to have found us again this month (unusual for October), as the major hotels, restaurants, and roadways seem to be bustling. Lately, I have had the opportunity to refer several people to my "Vacation Rental Referrals" tab on my Website--all good signs!
It's been awhile since I've offered a real "overview" of our Real Estate market on Maui, so here goes: Currently, the most active segment of our market is with entry-level single-family homes. As more and more properties move from "Short Sale" status, to foreclosure, to re-appearing on the market as REO's (bank-owned), prices have been driven down to the point where many first-time home buyers can now qualify for FHA and VA loans. This trend has forced sellers of non-distressed properties to lower their prices to compete with the REO's, and/or get appraisals, if they really want to sell. This has created great opportunities for many Maui families who have been priced out of the market in the past. If you're ready to move to Maui, there are some terrific buys out there! If you would like a current list of REO's, please contact me by phone or e-mail and I will send you one. Please indicate the approximate price range you are interested in.
On the other hand, vacation rental and high-end property sales continue to lag. Sellers who really want/need to sell, have gotten wise (with the help of their Realtor), and begun to lower prices to be consistent with realistic market values. Those are the properties that are selling. Of course, the very high-end oceanfront condos and homes travel to the beat of their own drummer. These sellers are rarely "motivated" (in a traditional sense), and are willing to endure long selling curves (many over 1 year+) while looking for a "motivated" buyer--and there are always a few. Having said that, a beautiful, brand-new oceanfront home in Makena just closed escrow for $4.3 million. When this home was completed, it was originally offered at $10.8 million nearly three years ago. Last asking price was $5.9 million, and it sold for $4.3. Go figure.
I believe that these market conditions will continue for the foreseeable future on Maui--a year, maybe more.
Now, let's get to this month's Featured Properties for some really great buys!
MLS #331858--Stop reading this newsletter, run to your phone to call me, and get your checkbook out to write a deposit on this unbelievable unit! I mentioned this one last month--a 3BR/3BA, 1,568 sq. ft. townhome at the fabulous Wailea Fairway Villas, located just above the 16th fairway of the Wailea Blue Golf Course. This unit was completely remodeled in 2008 (built in 1998) and has fabulous ocean views. Last month, it had been reduced from $850,000 to $750,000; it has now been reduced to an unheard of $699,000!!! The last similar unit that sold in this complex (2008) went for $1,200,000! This is a Short Sale and will require bank approval, but it is truly the best buy in Wailea! Hurry!
MLS #338470--At $399,900, this oceanfront 2BR/2BA vacation rental condo in Kihei's popular Luana Kai complex is the least expensive of its kind in south Maui! Sold with new furniture and appliances, this great property could be the vacation getaway you've been waiting for!
MLS #334894--This nicely furnished, upstairs, 2BR/2BA "tennis" unit at Wailea's Grand Champion Villas comes with vaulted ceilings, ocean views and a good rental history. Priced at $599,000, make an offer and let's see what happens!
MLS #339694--New on the market, and for you bargain hunters, here's another 2BR/2BA unit at Grand Champion Villas. This one's an REO--sold strictly "as is", and may be available through the bank that holds title with as little as 3% down payment (call for details),
low-priced at $459,900!!! Click Here to View Listings
There is no question that this is a great time to buy. Inventory is high, selection is good, interest rates are low, and there are many "deals" out there. As always, if you have "special requests", don't hesitate to ask!
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