May, 2005

 

Aloha!  

 

Today's weather report: probably better than wherever you are right now!  And our Real Estate market continues to be as wonderfully warm and sunny as the weather.  As time goes on and occupancy rates continue to increase in Maui, the distinction between "high" and "low" season seems to be disappearing.  I continue to see properties close escrow only to be re-listed (we call that "flipped" here in Maui) for as much as 20% higher than what they closed for just weeks earlier.

 

Highest demand is clearly for condominiums in this resort community.  You may have to pay $2,000,000+ for a 2BR, 1,200 sq, ft. ocean-view condo that's 25 years old and may need a remodel, when you could buy a gorgeous 4BR/2.5BA home with a pool in a gated community for the same price.  The "Baby-Boomer" population that drives our market, though, is looking for convenient, maintenance free, secure properties that they can use as vacation rentals and/or part-time for themselves, in preparation for those retirement years when spending more time in a warm climate will make sense; thus the preference for condos.  Developers of new projects in the area have taken the hint by attempting to incorporate the features of a condo with the more generous square footage of a single-family home.  That's why the new projects in the Wailea and Kaanapali areas are condominiums in the 1,800 to 3,000 sq, ft.range.  Please contact me if you'd like information on any of our new projects.  Prices start at about $1.2 million. 

 

This month's "featured" properties include the following best buys (any of these--or other--properties can be researched on my website at http://www.michaelblaz.com/, or by scrolling down to the link below):

 

MLS #310230:  a 1BR/2BA condo at Aston Resort's popular Maui Banyans, priced at $399,000.  This is a garden view unit in the "T" building, quiet and away from the road.  1BR units have been selling for well over $400,000.

 

MLS #306608:  Palms at Wailea!  A nicely decorated ("art deco" style) 2BR/2BA 1,242 sq. ft. vacation-rentable condo, priced at $875,000, with a look at the ocean from the lanai and grassy lawn area in front of the unit.  Again, similar 2BR units are selling for over $900,000!

 

MLS #308946:  A fabulous ocean view 2BR/2.5BA townhouse-style 1,489 sq. ft. gorgeously remodeled unit, priced at $998,000.  I don't know why this unit hasn't sold--it's yours for the taking.  It even comes with a built-in tenant for a year+, if you're interested (the owner).

 

Thanks for your continuing interest in my monthly newsletter.  Here's a Travel Tip for you:  if you're thinking of visiting Maui, our fabulous, internationally renowned, Maui Film Festival will be held June 16th thru the 20th.  If you're a film buff, and can imagine watching great pre-release movies under the stars on a balmy Maui evening, this event is not to be missed!

 

Mahalo nui loa!

 

Michael Blaz

(808) 283-9093