Aloha!  

 

Yes, the weather is still here.  If you're reading this somewhere where the leaves are beginning to turn and the storm windows are beckoning to you, maybe it's time for a visit!

 

As for our Real Estate market, I think the climate can be described as "tepid"--not much change from last month.  As I predicted, prices are continuing to hold here, and, in many cases, inch up just a tad, although number of sales is down considerably.  For you statistics buffs, please click on this link Housing sales slow down  to read an article in yesterday's (Oct. 5th) Maui News that will give you the statistical lowdown.  Again, may be a good time to jump in and make an offer before things "heat up" for us again.

 

Many of you may be aware of the benefits of the IRC 1031 Exchange--a way to exchange/relinquish/acquire like-kind investment properties and defer the taxes on the gain; but are you familiar with the Improvement (also referred to as a Construction or Build-to-Suit) Exchange?  Briefly, this type of Exchange allows the Exchanger to acquire a replacement property and add the cost of improvements to the total value of the property; i.e., purchase a vacant lot, build a house on it, and use the total value of the lot and improvement.  Or, purchase an existing home, and add the cost of improvements to the total value.  The same rules requiring you to identify the replacement property in 45 days and close on it in 180 days still apply, meaning that if you are building a house on vacant land, it will have to be "substantially" completed in 180 days from purchase.  If you are considering or interested in this type of Exchange, let me know and I will put you in touch with experts on the subject.

 

For this month's Featured Listings, I have two very different and very interesting properties:

 

MLS #319626--Looking for a direct oceanfront, ocean view, vacation rental 1BR/1BA starter property?  Then this may be the perfect one for you!  Located on north Kihei's popular Sugar Beach, this unit boasts a good rental history (and with some effort could be improved) and is priced incredibly well at $329,000!  This is a leasehold property which has some special conditions around it, so contact me if you're interested and I'll explain the details to you. Click Here to View Listings

 

My next Featured Listing is not on MLS.  This is a brand-new (in fact, still under construction) detached 3BR/3BA, 2,100 sq. ft. detached Single-Family home in a gated Residential Condominium complex at the gateway to Wailea.  In addition to fabulous ocean views, this home features wood floors, Mahogany trim and doors, gourmet kitchen, large lanai, and much more!  The owner is selling this home at his upstart cost of two years ago plus Realtor commissions.  Firm asking price is $1,355,000.  The next least expensive home being offered in this complex is $500,000 more!  This is truly a deal!

 

Thanks, again, for continuing to follow my Monthly Newsletter.  Please let me know if you have any comments or suggestions.  

 

Mahalo nui loa,

 

Michael Blaz

(808) 283-9093