Aloha, and Happy Labor Day!   

 

It's always seemed to me that this holiday should be called "Non-Labor Day", since it's a day that most of us spend at the beach, or picnicking with the family, or just generally relaxing--signalling the end of summer and return to school year for many families.  Whatever your choice may be, I hope you have a safe and restful day.

 

For those of you who have followed my Monthly Newsletter, you know I don't get into statistics too often (they're always available if you like such things--just ask), but I thought this would be a good time to review our first six months' activity for 2006.  Overall--island wide--our number of units sold in single-family homes and condominiums are each down 27% from the first six months of last year (interesting that they're both running exactly the same), but the median price of homes is up 6%--from $669,000 to $710,000; and median for condos is up a whopping 41%--from $368,000 to $520,000!!!  And in our micro-market here in Wailea, number of condo units sold are actually up 34%, with an increase in the median sales price from $900,000 to $1,579,000 (up 75%)!  Granted, Wailea statistics are somewhat skewed due to the number of Wailea Beach Villas units that closed escrow this year--averaging about $1.8 million per unit, but, as they say, there's "strength in numbers". 

 

If I were to attempt to interpret these statistics, I would have to say that a) there are fewer buyers in the marketplace right now, but b) sellers really have not rolled back prices all that much.  We are in that awkward transition period where buyers are waiting for the other shoe to drop, and sellers are hanging on for dear life.  My opinion?  I believe buyers are waiting for something that isn't really going to happen, and by the first quarter of next year, realizing that interest rates are still historically very low (and will be then, too), they will be tired of waiting and will jump back in with a fair amount of enthusiasm.  This may shift a little bit of control back to sellers--so why not take the plunge now when sales are down and many sellers are willing to negotiate?

 

That being said, here are this month's Featured Listings:

 

MLS #319123--I have to continue to pitch this 2BR/2BA ground-floor condo (partly because it's my unit) that features new carpet and paint and has an excellent long-term rental history, renting from $1,500 to $1,600/month (no vacation rentals).  Great way to start your investment portfolio or satisfy a 1031 Exchange requirement--low priced at $339,000!!!  Buy it, and I'll manage it for you for the first six months for free!

 

MLS #319741--A beautifully remodeled 1BR/2BA oceanview unit at the popular Grand Champions complex in beautiful Wailea.  Located directly on the Wailea Blue Golf Course, this gorgeous unit and its' views can be purchased for $729,000!!!

 

MLS #320015--Brand new on the market, a 2BR/2BA partial oceanview unit at one of south Kihei's premiere vacation rental complexes--Maui Kamaole.  This property is located directly across the street from a boat launch and one of Maui's most popular white sand beaches (Kam III).  Sold fully furnished and ready-to-go at $799,900!!!

 

MLS #316826--Looking for a fabulous, oceanview, brand new 4BR/4.5BA 3,800 square foot designer home in a gated community in Wailea?  Then look no further, because this beautiful home, mango-wood floors and all, can be yours for $2,695,000!!!

 

Simply click on this link to view these fabulous listings: Click Here to View Listings , or visit my website at www.MichaelBlaz.com to shop for your dream Maui property! 

 

Mahalo nui loa!

 

Michael Blaz

(808) 283-9093