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Aloha, 
This month’s Newsletter is going to be short and to the point…no talk about balmy trade winds, spectacular sunsets, miles of sandy beaches, warm, crystal-blue ocean waters—none of that. This Newsletter is about Real Estate!
No doubt you are reading the same news I am. On Wednesday, July 29th, the Associated Press (AP) reported that there were “…fresh signs that home prices in much of the country are stabilizing and the housing market is on the mend.” They go on to say, “The news follows upbeat reports showing sales of newly built and existing homes rose in June for the third straight month”, and “Home prices in May posted their first monthly increase since the summer of 2006…”
Of course, Maui travels to the beat of a slightly different drummer than many mainland markets, trailing most trends by about a year. Nonetheless, it appears that the “smart” buyers are waking up and beginning to take advantage of some very good opportunities on Maui. Many of our “Pending” sales are on REO’s (Real Estate Owned—by banks), basically properties that have been foreclosed on and re-purchased by the lender for open market re-sale. After a sluggish year, banks are finally pricing REO’s aggressively enough to attract investment buyers once again.
Since many of you may be looking for distressed properties, this month’s Featured Listings represent a complete list of REO’s island-wide, both single-family homes (40 total, from $252,000 to $1,995,000) and condos (24 total, from $119,000 to $899,000). Please click on the links below to view photos and details of all these properties:
Click Here to View Listings (40 Single-family Homes)
Click Here to View Listings (24 Condos)
One more great buy...a top row, fully furnished 3BR/3BA luxury Wailea condo at the exclusive Ho'olei Resort Community across from the Grand Wailea has been approved for short sale at $2,199,000!!! Comparable units have sold for over $3,000,000 in the past year! The best news is, since it's already approved, you can take ownership of this unit in 30 days or less; or, make an offer and see what happens!
If you're thinking that perhaps this is a good time to jump back into the market before the pendulum swings the other way again, feel free to call me to discuss your options. I always look forward to your questions or comments.
Many mahalos!
Michael Blaz
(808) 283-9099
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