Haiku Properties Newsletter - September
Aloha,
Thank you for your positive response to our first newsletter. As per your requests, I will expand on Haiku, as well as foreclosures.
Sales figures for Maui as a whole from the end of Aug 07 through the end of Sept 07 show a 12 % decrease in Single Family Residence (SFR) on 72 units sold, 82 units sold in August. A 29 % decrease in Condo sales on 78 units sold, 110 units sold in August. A 40 % increase in land sales on 14 parcels sold, 10 parcels sold in August. I was looking at these sales figures, and decided to break them up into more localized areas for closer analysis.
For example 36 (50%) of the 72 SFR homes sold on Maui in September 07 were in Central, which include new developments, that have been in escrow for several years, and finally close in September. Central includes Kahului, Wailuku and Kahakaloa. At 36 units, Central is down 4 units, having sold 40 units in August. SFR sales in Kihei were down in Sept, reporting 5 sales compared to 14 sales in August. Upcountry and Haiku held fairly steady with 5 SFR being sold in Haiku in Sept. and 7 in August. Similarly Kula sold 5 units in Sept, and 5 in August. Makawao sold 2 in Sept. and 2 in August. Pukaklani sold 4 in Sept and 6 in August.
Continuing a local month to month sales comparison: of the 78 Condo units sold on Maui in Sept, 34 Kihei Condos sold in Sept. compared with 47 units in August. 12 Napili / Kahana / Honokawai units sold in Sept. with 18 units sold in August. Wailea / Makena held steady with 17 sales in Sept and 18 sales in August.
Land Sales picked up in the month of Sept with 14 parcels sold. This is a 4 parcel gain over the 10 parcels sold in August, although I must mention that 6 of the 14 units were sold on Molokai for $ 15 000 each. Other than that, in the month of September, there was one land sale in Haiku, 1 in Hana, 2 in Kaanapali, 1 in Kapalua, 1 in Lahaina, and 2 in Kihei, total 14 parcels.
Albeit “slow”, property is still moving on Maui. There are some incredible buying opportunities. For example: 4415 Une Place is, very private, located on 2 acres property in Haiku. This 2638 sqft 3 bed / 3 bath house has spectacular, unobstructed North Shore views, and was newly remodeled in 2005. Click on the link for pictures and a short video clip of the view: www.nsviews.blogspot.com
Another opportunity is located at 18 Kapalulu Place in the Kulamanu sub-division. This brand new 2550 sqft 4 bed room 3.5 bath home is beautifully finished, and offers stunning bi-coastal views. Some pictures and a short video clip of the view can be viewed at: www.bicoastalviews.blogspot.com
Lot 6 in Kula Meadows is currently priced $ 200 000 below the last sale in that gated community. Pictures and a short video clip can be seen at www.viewsviewsviews.blogspot.com
We feel these three buying opportunities offer exceptional value.
Attending the realtor caravans, I regularly hear a realtor introduce their listing with: “ I have an extremely motivated seller …….” . There is a growing sentiment among buyers to wait and see. The theory being that we have not yet reached bottom.
“ Having experienced two severe down cycles over the past 27 years, 1982- 1986 and 1991-1995, I believe that we are close to a bottom, if not at a bottom, based on the fact that the market peaked in the summer of 05. I also believe that this down cycle is more psychological than fundamental. The 82-86 down cycle was directly related to extra ordinarily high, double digit, mortgage rates. The 91-95 down cycle was directly related to an overall recession in the U.S. economy. Neither of which exist today. Timing the bottom is often very difficult because Maui is a thin market, and a catalyst can very quickly change buyer sentiment. I am finding that since the ½ point Fed rate cut, smart, savvy buyers are starting to look seriously for the first time in months for properties that are significantly below market value.” John Papazian R(B).
This brings us to foreclosures ….. Buyers want the most for the least. There are several websites where you can see a list of available foreclosures, but before you go there, it would be wise for you to understand how the foreclosure procedure works. After three months of missed payments the bank will foreclose on the delinquent property. The Foreclosed property will be advertised in the local newspaper for at least 3 weeks, detailing when they will have the house open for inspection. At the time of inspection, potential buyers need to do all their due diligence. There are no second chances. Foreclosures offer a limited warranty, and are bought “AS IS”. There is no survey, no home inspection nor termite report provided by the courts nor by the bank. Judicial foreclosures happen through the courts, and typically take a non-refundable,10% deposit with 30 days to arrange financing. A non-judicial foreclosure happens on the court house steps, where 10% or more down payment is due on the spot with the winning bid. Foreclosures offer the allure of quick money, but buyer beware, especially for the relatively inexperienced. Foreclosures are often poorly maintained properties, and require large additional funds and time to restore them. Our advice is for you to do your due diligence now. Take advantage of our knowledge, and let us provide you with the factual information necessary for you to make informed real estate decisions. Contact either John (808 878 6800) or Peter (808 276 4017), and we will be happy to share our knowledge of under-valued homes and preferred foreclosures.
Thank you for reading our Newsletter. To see our previous newsletter, or make a comment, click here: www.mauirealestatenews.blogspot.com
Regards,
John Papazian R(B) Peter Slate R(S)
Haiku Properties Haiku Properties
Thank you for your positive response to our first newsletter. As per your requests, I will expand on Haiku, as well as foreclosures.
Sales figures for Maui as a whole from the end of Aug 07 through the end of Sept 07 show a 12 % decrease in Single Family Residence (SFR) on 72 units sold, 82 units sold in August. A 29 % decrease in Condo sales on 78 units sold, 110 units sold in August. A 40 % increase in land sales on 14 parcels sold, 10 parcels sold in August. I was looking at these sales figures, and decided to break them up into more localized areas for closer analysis.
For example 36 (50%) of the 72 SFR homes sold on Maui in September 07 were in Central, which include new developments, that have been in escrow for several years, and finally close in September. Central includes Kahului, Wailuku and Kahakaloa. At 36 units, Central is down 4 units, having sold 40 units in August. SFR sales in Kihei were down in Sept, reporting 5 sales compared to 14 sales in August. Upcountry and Haiku held fairly steady with 5 SFR being sold in Haiku in Sept. and 7 in August. Similarly Kula sold 5 units in Sept, and 5 in August. Makawao sold 2 in Sept. and 2 in August. Pukaklani sold 4 in Sept and 6 in August.
Continuing a local month to month sales comparison: of the 78 Condo units sold on Maui in Sept, 34 Kihei Condos sold in Sept. compared with 47 units in August. 12 Napili / Kahana / Honokawai units sold in Sept. with 18 units sold in August. Wailea / Makena held steady with 17 sales in Sept and 18 sales in August.
Land Sales picked up in the month of Sept with 14 parcels sold. This is a 4 parcel gain over the 10 parcels sold in August, although I must mention that 6 of the 14 units were sold on Molokai for $ 15 000 each. Other than that, in the month of September, there was one land sale in Haiku, 1 in Hana, 2 in Kaanapali, 1 in Kapalua, 1 in Lahaina, and 2 in Kihei, total 14 parcels.
Albeit “slow”, property is still moving on Maui. There are some incredible buying opportunities. For example: 4415 Une Place is, very private, located on 2 acres property in Haiku. This 2638 sqft 3 bed / 3 bath house has spectacular, unobstructed North Shore views, and was newly remodeled in 2005. Click on the link for pictures and a short video clip of the view: www.nsviews.blogspot.com
Another opportunity is located at 18 Kapalulu Place in the Kulamanu sub-division. This brand new 2550 sqft 4 bed room 3.5 bath home is beautifully finished, and offers stunning bi-coastal views. Some pictures and a short video clip of the view can be viewed at: www.bicoastalviews.blogspot.com
Lot 6 in Kula Meadows is currently priced $ 200 000 below the last sale in that gated community. Pictures and a short video clip can be seen at www.viewsviewsviews.blogspot.com
We feel these three buying opportunities offer exceptional value.
Attending the realtor caravans, I regularly hear a realtor introduce their listing with: “ I have an extremely motivated seller …….” . There is a growing sentiment among buyers to wait and see. The theory being that we have not yet reached bottom.
“ Having experienced two severe down cycles over the past 27 years, 1982- 1986 and 1991-1995, I believe that we are close to a bottom, if not at a bottom, based on the fact that the market peaked in the summer of 05. I also believe that this down cycle is more psychological than fundamental. The 82-86 down cycle was directly related to extra ordinarily high, double digit, mortgage rates. The 91-95 down cycle was directly related to an overall recession in the U.S. economy. Neither of which exist today. Timing the bottom is often very difficult because Maui is a thin market, and a catalyst can very quickly change buyer sentiment. I am finding that since the ½ point Fed rate cut, smart, savvy buyers are starting to look seriously for the first time in months for properties that are significantly below market value.” John Papazian R(B).
This brings us to foreclosures ….. Buyers want the most for the least. There are several websites where you can see a list of available foreclosures, but before you go there, it would be wise for you to understand how the foreclosure procedure works. After three months of missed payments the bank will foreclose on the delinquent property. The Foreclosed property will be advertised in the local newspaper for at least 3 weeks, detailing when they will have the house open for inspection. At the time of inspection, potential buyers need to do all their due diligence. There are no second chances. Foreclosures offer a limited warranty, and are bought “AS IS”. There is no survey, no home inspection nor termite report provided by the courts nor by the bank. Judicial foreclosures happen through the courts, and typically take a non-refundable,10% deposit with 30 days to arrange financing. A non-judicial foreclosure happens on the court house steps, where 10% or more down payment is due on the spot with the winning bid. Foreclosures offer the allure of quick money, but buyer beware, especially for the relatively inexperienced. Foreclosures are often poorly maintained properties, and require large additional funds and time to restore them. Our advice is for you to do your due diligence now. Take advantage of our knowledge, and let us provide you with the factual information necessary for you to make informed real estate decisions. Contact either John (808 878 6800) or Peter (808 276 4017), and we will be happy to share our knowledge of under-valued homes and preferred foreclosures.
Thank you for reading our Newsletter. To see our previous newsletter, or make a comment, click here: www.mauirealestatenews.blogspot.com
Regards,
John Papazian R(B) Peter Slate R(S)
Haiku Properties Haiku Properties
posted by Peter Slate R(S) at
11:21 AM
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