Ken K.K. Wong Realtor

July 30, 1970.  Welcome to Aspen, Colorado Ken K.K. Wong.  I must have really wanted to see what the world had to offer because I was supposed to be born in late September or early October.  I weighed a whole two pounds so I was put into an incubator for a couple of months. 

It is already July 1, 2010 and the fourth of July falls on the weekend.  Yipee!!!  There are two major beginnings that started today.  The first is that it is now illegal to use your cell phone while driving, unless you are using a hands free device.  For people like my wife, who only has her learner's permit, you are not allowed to use your cell even if you have the hands free device.  If you get caught using your phone, the fine is $100 and if you get caught a second time it is $250.  Wow!

The other major beginning that happened today is that the new Maui County Property Tax rates take effect and they are as follows:

Improved Residential went from $4.85 to $5.00

Apartment went from $4.55 to $5.00

Commercial went from $6.25 to $6.25

Industrial went from $6.50 to $6.50

Agriculture went from $4.50 to $5.00

Conservation went from $4.75 to $5.00

Hotel & Resort went from $8.20 to $8.30

Time Share went from $14.00 to $14.00

Unimproved Residential went from $5.35 to $6.25

Homeowner went from $2.00 to $2.50

Commercialized Residential a new category is $4.00

Maui County Property Taxes are determined by the appraisal value of the property and it is per $1,000 of net taxable assessment value.

In terms of South Maui real estate, our market experienced 133 new properties on the market, 108 price reductions and 65 sold properties in the past thirty days.  As of today, there are 185 properties pending and under contract.  There are 178 home for sale in South Maui, 18 are being listed as short sales, and 11 are bank owned properties.  There are 485 condo's for sale in South Maui, 36 are being listed as short sales, and 18 are bank owned properties.  The number of vacant land parcels for sale in South Maui is 72.  When it comes to a great deal for a vacation rental, I still believe that the deals are at the Maui Banyan Resort.  Q101 a two bedroom, two bath listed for $385,000 and H114 a one bedroom, two bath listed for $289,000 are not distressed properties.  If you need more information about these two properties or any other properties that may be of interest to you let me know.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on July 1, 2010 at 4:49 pm 

May 2010 has come and gone already.  84 properties were put under contract by Coldwell Banker Island Properties REALTORS.  That is a fantastic number considering the fact that the first time home buyers tax credit has expired and the fact that it is not high season anymore. 

South Maui's real estate market experienced 110 new listings ranging in price from $140,000 two bedroom, two bath condo at Southpointe to a $4,500,000 four bedroom, four bath home on Halama Street.  There were 101 price adjustments and 78 properties sold in the month of May.  

As of today, the first day of June South Maui's real estate market has 481 condos on the market, 162 homes and 70 parcels of vacant land.  South Maui's short sales are as follows: 40 are condominiums and 17 are homes.  South Maui's bank owned properties are as follows: 16 are condos and 6 are homes.  That leads me to a question I hear alot at open houses: What would I buy right now?  I would have to say there is a great deal over at Grand Champions in Wailea.  It is a one bedroom, two bath condo listed for $350,000 and it is a bank owned property.  If you want to find out more information, just let me know.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on June 1, 2010 at 4:52 pm. 

I've been doing open house at Maui Banyan G105 for the past couple of weeks.  Many of the people coming to my open house are from the west coast of the mainland and are inquiring about distressed properties.  Let me give you a synopsis of how distressed properties work.  The first thing you must know is that the distressed property process is a process that requires patience.  Short sales are when a seller owes more on a property than what the property is worth.  These days there are two types of short sales.  The first being no communication between the bank and seller, the second where there is communication between the two parties and the seller knows how much the bank is willing to forgive.  The short sales with bank communication still requires patience but it is a little more bearable for the buyers, sellers, banks, and REALTORS.  If a property does not sell as a short sale it is taken off the multiple listing service (MLS) and the property is put up for auction.  If the property does not sell at auction it becomes a bank owned property (REO) and is listed in the MLS.  When properties reach the REO stage be prepared for extra expenses due to the fact that some owners take or sell anything of value in the property.  In some cases you may be required to bring up maintenance fees current of up to $3600 or six months worth, whichever is cheaper.

Now that you know how distressed properties work, the distressed property market in South Maui as of May 9, 2010 looks like this:

Short Sale  Condominiums: 45 active listings, 64 listings under contract, 23 units closed since January 1, 2010

Bank Owned Condominiums: 11 active listings, 16 listings under contract, 23 units closed since January 1, 2010

Short Sale Homes: 25 homes on market, 29 homes under contract, 6 homes sold since January 1, 2010

Bank Owned Homes: 5 homes on market, 6 homes under contract, 17 homes sold since January 1, 2010

Please keep in mind that distressed properties are not the only way to find a deal.  There are sellers out there who have to compete with short sales and REO's and they need to sell.  Those are my favorite types of properties to make offers on.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on May 9, 2010 at 3:35 pm. 

April ended up being a great month for South Maui's real estate market.  The reason why may be because visitor counts were up from last year with many of the tourist visiting from the west coast of Canada and the Pacific Northwest of the United States.  Do you know what American city holds the highest number of visitors coming to Hawaii?  Think about it and I will tell you at the end of my update.

As of 1:00 pm today there are 206 properties under contract and in escrow here in South Maui.  19.6% of those properties are listed for $200,000 or lower.  Many of the properties listed under $200,000 are residential condominiums listed at Kihei Villages, Southpointe, Kihei Shores and Haleakala Gardens.  In terms of the other properties under contract they are either short sales, REO properties or properties priced near market value or in great locations.  21 of the 206 properties are ocean front located all over South Maui.  There is a Maalaea Surf condo listed for $1,499,000 in North Kihei, another condo at Luana Kai listed for $449,000, a Hale Pau Hana unit in South Kihei listed for $999,900, a Makena Surf condo listed for $3,375,000, the list is varied in price and location.  I think what the data is saying to me is buy Maui now while conditions are still good.

Coldwell Banker Island Properties put 85 contracts together for the month of April which is 30 more than 2009.  As we move along into the month of May, I believe that sales will continue to be strong as "serious" buyers usually make this time of year the time to buy.  But I do believe that the number of transactions may curtail due to the fact that the first time home buyer incentive is over and done with.  I may be wrong because banks may release more distressed properties into the market too.  What a crazy time to be in real estate, but it's fun!!!

So, did you think about which city exports the greatest number of visitors to Hawaii?  If you guessed New York, Boston, Chicago, or St. Louis you aren't even in the ball park.  Los Angeles, San Francisco (Go Giants!!!), Seattle, Portland you are in the ball park but not up to bat.  Get ready here comes the fast ball right down the middle of the plate...Anchorage Alaska is the number one American city that Hawaii's visitors are coming from. With freezing cold temperatures and direct flights from Alaska Airlines it makes sense.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on May 3, 2010 at 2:18 pm. 

South Maui's highest transaction closed yesterday for $19,850,000.  That may sound like alot of money (it is) but the Makena ocean front estate was originally listed for $38,000,000.  After all it is South Maui ocean front property.  Unless Haleakala decides to become active again, they aren't making any more ocean front properties in South Maui.  Another buyer was able to purchase a penthouse unit over at Sugar Beach for  $450,000 (original list price $500,000).  Yet another buyer got a great deal over at Kamaole Sands.  Unit 4-203, originally listed for $349,000 sold for $280,000.  Do you notice a pattern?  Great properties selling and not selling for full price.  So, if you are considering buying a property and are sitting on the fence about it, jump off the fence and buy that piece of Maui real estate right now.  Before someone else does.

I can't tell you about these great deals that have already sold without telling you about a great deal that is still on the market  Maui Banyan H114 is a one bedroom, two bath unit located in one of South Kihei's  most desirable rental resorts.  Maui Banyan is popular because of its location right across the street from Kamaole Beach Park II and is within walking distance to shops and restaurants.  The unit is in good condition, has green foliage off the lanai (privacy), and is in the Resort Quest rental program.  This unit has a list price of $309,000 and it is not a short sale or bank owned property.  The unit is listed with Coldwell Banker Island Properties and the listing agent is the seller.  Don't let this opportunity pass you by.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on April 8, 2010 at 5:49 pm. 

Maui's high season 2010 is winding down.  As a company, Coldwell Banker Island Properties had a spectacular January with 60 contracts put into escrow, February had 74 contracts put into escrow, and March had 95 contracts put into escrow.  Why am I telling you this?  Inventory is shrinking as I write this blog post. "Ideal" properties are being bought up and people are going home telling their friends and families that real estate deals are on Maui.  How will this affect the future?  Let me answer that question by telling you about two factors that affect Maui's real estate inventory.  One, when Charmane Tavarres became mayor she asked developers to show the county where the water will be coming from for the project.  Two, any new development has to have 50% affordable housing.  Because of those two factors, new development has come to a stand still.  Because there is no new development, current inventory will become more valuable.  As inventory shrinks, prices go up.  It's the old law of supply & demand. That is why it is a great time to buy Maui real estate.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties at 2:30 pm on April 6, 2010 

 Inventory is shrinking, interest rates are rising and my open houses have been busy.  Barring any unforeseen world disasters, I think that our real estate market should be back in about a year and a couple of months.  That's why the time to buy Maui is right now.  For example recent sales at The Maui Banyan have hovered in the $350,000 dollar range for two bedroom, two bath units.  A few days ago a unit closed for $385,000.  The next obvious question would be then where is the next best buy?  If you are looking for a vacation rentable, two bedroom unit at a great price, how about a unit at Haleakala Shores listed for $314,900?  How about a residential condo over at Kihei Shores with no neighbors below you or on top of you?  Unit D107 is listed for $239,900 and it is a two bedroom, two bath unit.  If that doesn't catch your eye, how about a two bedroom, one & half bath, second floor unit at Kihei Villages listed for $185,000?  Don't let these opportunities pass you by.  It's my job to know where the best deals are.  Contact me and I will be happy to share them with you.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties at 4:00 pm on April 2, 2010 

Maui's real estate market continues to gain momentum.  As of today April Fools Day, there are currently 216 properties under contract and in escrow in South Maui.  Prices range from $110,000 for a one bedroom, one bath vacation rentable condo on Walaka Street to $27,500,000 for an ocean front estate in the heart of Makena.  Coldwell Banker Island Properties had 95 properties put under contract in the month of March.  In short that means that there are many great deals that are being bought up and the inventory is shrinking.  Falling list prices, low mortgage rates and a strong Canadian dollar definitely are some of the reasons why our market did not fall as far as other resort markets.

The photo above is of the courtyard at The Palms at Wailea.  This is the most desirable location in the resort because of the tropical grounds and ocean views.  Unit 1201 is an example of a great deal.  It just closed today for an outstanding price of $751,000 and it was not a short sale or bank owned property.  I know that buyer is a very happy person today.  There are many opportunities still available on the market but you must act fast as the "better" properties are not staying on the market long.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties at 4:33 pm on April 1, 2010 

2010 has started off on the right foot.  One savvy buyer closed on a fantastic piece of property today.  This happy home owner was able to purchase a four bedroom, four bath, 4721 square foot home located within a five iron of Makena's black sand beach for $6,189,000.  You say that does not sound like a great deal but you forgot to consider the list price was $9,200,000.  I guarantee that home will go up in value.  Mark my words.

$6,189,000 is still a little out of your price range?  There are many deals out there right now.  Some of the better deals are located at South Maui's popular vacation destinations such as the following: 2bd/2ba at The Maui Banyan for $355,000, a 2bd/2ba in Kamaole Sands on the top floor of building ten for $625,000 or a 2bd/2ba Royal Mauian right at the waters edge listed for $1,249,000.  Other deals in the residential condominium market are: 1bd/2ba in one of Wailea's most desirable residences Wailea Palms for $695,000 or a 2bd/2ba golf course residential condo at Hokulani Golf Villas listed for $1,149,000 and that's not including the $200,000 of the list price from the developer.  Keep in mind that not too many listings are selling for full price these days and that makes the listings above an even better deal.

I left out the deal of the century in regards to Maui real estate.  If you want to find out what it is, get in touch with me.  

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties at 9:07 pm on January 11, 2010 

The first week of 2010 has come and gone already.  There were many visitors to my open houses this past week at Kamaole Sands 8-108.  Many Canadians are in town and they know this is a good time to buy.  Because of the fact that foreign nationals have to come up with at least 30% down, many Canadians are thinking about getting a line of credit back home then coming back to pay cash.  One question I heard over and over again was why should I buy here on Maui when I could get a home in Phoenix for about $100,000?  My answer to that question was because it's 112 degrees in the shade.  Maui's weather can usually be described as 80 degrees and sunny with a light breeze.  That sounds fantastic to me.  Maui's golf courses are some of the most scenic in the world to play.  You will not encounter any snakes or alligators when looking for your ball.  The only wildlife you might encounter would be an axis deer or wild kitty.  Maui's restaurants and shopping boasts all of the brands you are accustomed to such as Guess, Tommy Bahama, Gucci, and one of my wife's favorite BCBGMAXARIA.  Lets not forget about the white sand beaches and world class surf spots like Honolua Bay and Jaws.  Please take note that I did not mention anything about Maui real estate.  Sure, real estate costs a little bit more than other parts of the country but you get a whole lot more when you purchase Maui real estate.  Maui is what makes Maui's real estate so desirable.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties at 10:33 pm on January 1, 2010. 

2010 is a new year and a new decade all in one.  The duldrums and negativity of 2009 is behind us and it is a new beginning.  Why not treat yourself for all of the hard work you have done and buy yourself a great Kihei vacation rentable condo?  The picture above is from Hale Hui Kai Unit 210, which is conveniently located on Keawakapu Beach.  This two bedroom condo is in need of some updating but it is heavily booked and priced right at $1,150,000.  Remember, ocean front condos are a rare opportunity and there isn't any new ocean front property here on Maui.  You have to go over to the big island to get the newest land.  If you need more information, drop me a line.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on January 2, 2009 at 11:15 pm. 

2009 will go down in history as a year to remember.  For most of the country it will be remembered as a year that experienced 140 banks closing its doors, a year where several name brand stores went out of business, and a year that saw millions of Americans loose their jobs.  Americans are known for their perseverance and towards the end of 2009 we started to work our way out of the recession.   The hope of a new Presidents and programs like the cash for clunkers and the first time home buyer incentives started our climb out of the black hole.

Maui's real estate market took a hit just like other parts of the country.  The star in our corner was the fact that this is still Maui and it is still one of the most desirable resort destinations world wide.  Maui's real estate market was propped up buy our friends to the north, the Canucks.  Last winter, the Looney was on par or above par due to the fact that it is tied closely to the price per barrel of oil (which reached a high of $148 per barrel).  Currently, the price per barrel is above $78 dollars so the Looney is hovering around the $0.95 mark.  That translates to it being a fantastic time to take advantage of the drop in Maui real estate prices, low interest rates and reduction in inventory.  As far as South Maui real estate is concerned, the statistics are as follows:

• Total amount of homes, condos and vacant land sold in 2009 in South Maui: $410,647,023
• Total amount of homes sold in South Maui: 166 homes for a total of $143,545,068  
  • 18 homes sold in Wailea/Makena: Average Price $2,511,666  Median Price $1,525,000
  • 12 homes sold in Maui Meadows: Average Price $791,666  Median Price $687,500
  • 35 homes sold in South Kihei: Average Price $1,057,041  Median Price $750,000
  • 101 homes sold in North & Central Kihei
• Total amount of condos sold in South Maui: 358 condos for a total of $210,679,465
• 79 of the 358 condos sold in South Maui were ocean front condominiums
  • 165 of the condos sold in South Maui were residential condominiums (six months or longer rental terms)
  • 193 of the condos sold in South Maui were vacation rentable condominiums (rental terms of less than six months)
    • 53 of the 193 South Maui vacation rentable condos were sold in Wailea & Makena
    • 71 of the 193 South Maui vacation rentable condos were sold in South Kihei
    • 69 of the 193 South Maui vacation rentable condos were sold in North & Central Kihei, Maalaea 
• Total amount of vacant land parcels that sold in South Maui: 22 lots for a total of $56,422,490
  • 18 lots in Wailea & Makena
  • 4 lots in Kihei

Why not start off 2010 the right way?  If you are considering purchasing Maui real estate this is a fantastic time to act on that impulse.  Do it now before interest rates go up, before inventory shrinks, or as much as I'd hate to say it before the American dollar gains in value.

This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on January 1, 2010 at 7:40 pm.