Maui Real Estate Sales Activity October 2007
Aloha,
Thanks for your comments and feedback.
Instead of analyzing the October sales figures, I've attached a link to the Real Estate Association of Maui's sales summary:
http://www.mauiboard.com/complete_stats.mv
Particularly interesting are the sales figures from 2002 and 2003, which show the total number of sales month to month, and year to year, dating back to Jan. 2002. By looking at these figures, you'll see there were many more sales, month to month, andyear to year in 2003, 2004 and 2005 than in 2006 and 2007. I've often wondered about the mental tug of war between buyers and sellers, and now I get to see the transition in action. Considering the large number of new developments that have come on line in the last three years, combined with the growing number of people listing their properties, its no surprise Maui's real estate market is anxious. Listed in Maui County, today, any buyer has the choice of 1086 homes, 1333 condos and 519 pieces of vacant land. There are 153 homes (14 %) in escrow, 116 condos (9 %) in escrow and 50 pieces of land (9.7%). These escrow numbers are sobering, no question.
More rate cuts are expected when the Fed meets on 11 December. Should this happen, it will total three rate cuts in four months. Sound familiar ? Remember April of 2002 ? Given that real estate movement lags rate cuts anywhere between three to six months, we anticipate buyers to return soon (Dec/ Jan) based on the half point September rate cut. Interestingly enough, I recently spoke with a Canadian couple this weekend who bought on Maui a year ago. They wanted to know the current state of market. After a short explanation, the wife, head in hands, said "Oh s...t, now is the time we should have bought!" With a weak dollar, "very motivated" sellers, and excessive inventory on the market, foreign money could very well turn this market this winter. Now is the time to do your due diligence and position yourself to buy. Looking forward the next six months, we could see one of the great buying opportunities for years to come.
Please note, if you'd like to opt out of this letter, simply reply to this mail telling me so.
Thank you,
John Papazian R(B) Peter Slate R(S)
Haiku Properties Haiku Properties
808 878 6800 808 276 4017
Thanks for your comments and feedback.
Instead of analyzing the October sales figures, I've attached a link to the Real Estate Association of Maui's sales summary:
http://www.mauiboard.com/complete_stats.mv
Particularly interesting are the sales figures from 2002 and 2003, which show the total number of sales month to month, and year to year, dating back to Jan. 2002. By looking at these figures, you'll see there were many more sales, month to month, andyear to year in 2003, 2004 and 2005 than in 2006 and 2007. I've often wondered about the mental tug of war between buyers and sellers, and now I get to see the transition in action. Considering the large number of new developments that have come on line in the last three years, combined with the growing number of people listing their properties, its no surprise Maui's real estate market is anxious. Listed in Maui County, today, any buyer has the choice of 1086 homes, 1333 condos and 519 pieces of vacant land. There are 153 homes (14 %) in escrow, 116 condos (9 %) in escrow and 50 pieces of land (9.7%). These escrow numbers are sobering, no question.
More rate cuts are expected when the Fed meets on 11 December. Should this happen, it will total three rate cuts in four months. Sound familiar ? Remember April of 2002 ? Given that real estate movement lags rate cuts anywhere between three to six months, we anticipate buyers to return soon (Dec/ Jan) based on the half point September rate cut. Interestingly enough, I recently spoke with a Canadian couple this weekend who bought on Maui a year ago. They wanted to know the current state of market. After a short explanation, the wife, head in hands, said "Oh s...t, now is the time we should have bought!" With a weak dollar, "very motivated" sellers, and excessive inventory on the market, foreign money could very well turn this market this winter. Now is the time to do your due diligence and position yourself to buy. Looking forward the next six months, we could see one of the great buying opportunities for years to come.
Please note, if you'd like to opt out of this letter, simply reply to this mail telling me so.
Thank you,
John Papazian R(B) Peter Slate R(S)
Haiku Properties Haiku Properties
808 878 6800 808 276 4017
posted by Peter Slate R(S) at
3:02 PM
1 Comments:
Whoa, not so fast. Fed lowering interest rates will not have the buying effect during the bubble years. Subprime and Alt-A loans are not there to fuel the frenzy. Please be honest with your customers. The rebound is not going to come in 2008. Read theHousingBubbleBlog.com before you get to carried away.
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