Developer Discounts on Maui

Regardless of shape or size, developers who have brought new product to market in the last two years, have had to offer big incentives and further reduce prices to attract buyers. Examples of this can be seen at the Cottages and Villas at Kehalani in Wailuku, developed by Stanford Carr, or Moana Estates, and the Ke Alii Ocean Villa's by Towne Island Home, Ltd in Kihei, or the Cottages at Kulamalu in Pukalani, by DR Horton. Incentives inlcude free furniture packages, large closing cost credits, A/C installation, and if the unit is not quite complete, then upgrades to the finishes.

In some cases, the second or third phase has been suspended, like Houna Kai in Kaanapali, developed by Interwest.

When you add foreclosure and distress sales to this saturated market place, its easy to understand why developers have to offer these incentives lure buyers.

Thank you for reading my blog.

Aloha,
Peter Slate R(S)
Haiku Properties

4 Very important steps to remember when buying a home

Four of the most important steps to remember when buying a home are:

1) Building inspection - absolutely always get a professional building inspector to examine the structure prior to closing the transaction. Its a good idea to accompany the inspector during the inspection, as you'll learn a lot about your new home !

2) Appraisal - even if you're not using a bank, ie paying cash, an appraisal is a good idea, as it will give you an unbiased third party value of the home.

3) Termite inspection - always have this done, no ifs, ands or buts !

4) Survey - don't leave it to chance that some tree, or wall, or driveway is part of the property. A survey will clarify all of the boundary lines, show any encroachments, and for a little extra, you can have the surveyor draw in the location of the house.

I hope you find all these tips helpful in your real estate acquisition.

Thanks you for reading my blog.

Aloha,
Peter Slate R(S)
Haiku Properties

More deals being done on Maui

I'm pleased to report that the number of escrows on Maui is on the rise. Over the last year the number of escrows on Maui has been as low as 277, compared with 460 escrows today. The bulk of the escrows (98%) are spread out over single family, vacant land and condominiums. The rest are commercial. Single family homes has the best percentage of escrows with 210 escrows on 1112 listings (20.2%), next are condos with 178 escrows on 1573 listings (11.3%) with vacant land having 42 escrows on 610 listings (6.8%).

While this doesn't indicate a red hot market, it does show there is increasing interest in Maui real estate.

Thank you for reading my blog.

All the best,
Peter Slate R(S)
Haiku Properties

North Shore Maui holding its value

The North Shore of Maui had a very respectable multi million dollar sale recently. 38 Nonohe Place, a 3990 sqft house on a little over half an acre, sold for $ 2.9 million earlier in November. The same house sold for $ 2.7 million at the top of the market in 2005. While the house had been upgraded since 2005, this sale shows that despite a terrible down turn in the economy, buyers are prepared to shell out for what they really want.

Thanks for reading my blog.

Aloha,
Peter

Senate extends $ 8000 first time home buyer tax credit

Great news ! The $ 8000 first time home buyer tax credit extension has passed the senate and looks like it will be sent to the president for signatures soon. The proposed extension will extend through 30 April 2010.

Stay tuned !