What are you waiting for, eh? Strong Looney + Lower Prices = Great time to buy Maui real estate!
Canadian Dollar History via Yahoo! Finance
Today is April 4, 2011 and the Canadian Dollar is worth $1.03 versus the American Dollar. I’ve also done a little research regarding several condominium complexes here in South Maui. Most of the average prices have dropped to about 2004-2005ish price levels. For example the average price for a two bedroom unit at Kamaole Sands sold for $511,805 in 2010. The last time prices were in that range occurred in 2004 when the average sale price was $538,460 for a two bedroom unit. If you look at the graph above, the Canadian Dollar was worth around $0.80 compared to the American Dollar. What does that mean? It means as a Canadian buyer, you have about $0.23 on the dollar more in buying power than you did in 2004. Of course all of this is base largely on the price per barrel of oil. And as I see it, cheap oil is a thing of the past.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on April 4, 2011.
Maui Real Estate: Properties Under Contract in South Maui
Residential Condominium: Keonekai Villages
Somebody came into my open house today asking what kind of properties are selling these days. Here’s the information I came up with:
190 properties are under contract and in escrow here in South Maui. The lowest priced property is listed for $99,000 and the highest property is listed for $6,000,000. 74 of the properties are listed as potential short sales and 32 are bank owned properties. Of the 190 properties, 79 properties are listed for $300,000 or less. 19 properties are listed for $1,000,000 or more. Out of the 190 properties, 132 are condominiums and 49 of those 132 are vacation rentable. The remaining 58 properties under contract are homes with the exception of one parcel of vacant land in Makena listed for $6,000,000. The price range of the homes under contract range from $249,000 to $5,995,000.
I hope this post wasn’t too confusing but I wanted to give you an overview of what is selling here in South Maui. Should you have any questions, please don’t hesitate to contact me.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on April 1, 2011.
Sales Data for South Kihei, Wailea & Makena Since January 2011
South Kihei Condominium Sales
Wailea and Makena Condominium Sales
I absolutely love the Kamaole Beach Park areas of South Kihei all the way to Makena Beach. This has to be some of the most desirable locations to own real estate. Since I deal mostly with condominiums, I thought I would post some interesting sales data. The data is divided into two specific areas: South Kihei, Wailea and Makena. The areas are further broken down into vacation rentable condominium and residential condominiums. The most recent sales data was used for each category and was taken from the Maui Multiple Listing Service. For more current and in depth information, please don’t hesitate to get in touch with me.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on March 24, 2011.
Barron’s Says Maui Is #1 Destination for a Second Home
Kamaole III in the Shade
According to Barron’s, Maui is the top destination in the country to own a second home. Wailea is the articles main point of reference but there are other properties in the South Maui area where deals can be found. For instance the deal I mentioned previously in South Kihei’s Mana Kai resort is a fantastic deal. It is a two bedroom, ocean front vacation rental listed for $949,000. Another one is at Kamaole Sands and it is a one bedroom, courtyard facing vacation rental listed for $439,000. How about a two bedroom end unit at Maui Banyan listed for $449,900? If a vacation rental is not your cup of tea there is a short sale in building “D” at Kihei Shores (end unit, neighbors only to one side of the unit) listed for $180,000. There’s even a two bedroom, two bath within walking distance to Cove Park at Hale Kanani listed for $299,900. And Hale Kanani was built in 2004, not brand new but newer! Maui’s real estate inventory is getting smaller. The basics of supply and demand says that as inventory decreases, prices will increase. Don’t wait to pay the higher prices that Maui’s future real estate market will command. Buy now while it’s still a buyers market.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on St. Patrick’s Day.
Coldwell Banker Island Properties Dominates Maui Real Estate Market In 2010
Coldwell Banker Island Properties 2010 Sales
Coldwell Banker Island Properties dominated Maui’s real estate market last year. Coldwell Banker Island Properties totaled a little more than $500,000,000 worth of real estate transactions in a market that was considered for the most part a down year. Many of our buyers were from the west coast of the United States and Canada and that trend continues today. With the continued high price for a barrel of oil, the Canadian Dollar is still strong ($1.03) and Maui’s real estate prices falling or leveling off our market continues to be a strong market.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on March 13, 2011.
South Maui Real Estate Statistics for February 2011
Makena, Maui, Hawaii
South Maui Real Estate sales continue to be hot this February. In the past 28 days the following took place in the South Maui real estate market:
89 New Listings: Price Range $115,000 for a two bedroom/ one and a half bath residential condo at Southpointe to $8,900,000 beachfront home in Makena consisting of four bedrooms and three and a half baths.
101 Properties had a change in their list prices.
80 Properties Sold: Price Range $110,000 for a Kihei Shores unit to a vacant lot in Wailea’s Maluhia subdivision for $7,300,000 ($14,500,000 list price).
The more interesting information is the statistics concerning the 200 properties currently under contract and in escrow. Of the 200 properties 45% are properties listed for $300,000 or less. Of the 200 properties, 133 are condominiums. 46 of the condominiums are vacation rentable condominiums. 11 of the 46 vacation rentable condominiums are ocean front listings.
This is the time to take advantage of the opportunities that present itself in South Maui’s real estate market. If there is a property that you are interested in, don’t hesitate to make an offer. You never know a seller’s motivation for selling their property. Don’t wait too long because the properties priced right or in ideal locations don’t stay on the market for long.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on March 1, 2011.
Mortgage Rates Are Still Low
I hope everyone is enjoying their Presidents Day. I drove by the Kamaole Beaches earlier this morning and it looks like many of my fellow Mauians will be having fun at the beach. What does this have to do with mortgage rates? Nothing at all. But, my friend Dan over at Wells Fargo had this to say about mortgages:
“Rates are still very low! If you are going to payoff your loan in 5 years or are just comfortable with how ARM loans work, then you definitely want to look at Wells Fargo’s 5/1 LIBOR ARM. I can do it right now for 3.5 with 0 points! That rate cannot change for the first 5 years and even when it can change with a 2.25 margin on the LIBOR, it can only go up a maximum of 2% the first year and 1% every year after that and has a cap of 6% over the start rate. Pretty safe if you are going to payoff or refinance within 6 years. (That 3.5% rate is on a Single Family Residence Purchase – Owner Occupied or 2nd Home – with 20% Down)”
Dan Bardenhagen Wells Fargo Home Mortgage
Should you have any questions regarding those rates, please don’t hesitate to give Dan a call.
Dan Bardenhagen is a loan officer I’ve had the pleasure of working with in the past. His professionalism and attention to detail are just two of the characteristics that made me and my clients happy. Please feel free to shop around and compare rates with other lenders. I have their names available, just contact me.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on February 21, 2011.
List Prices Are Just Suggestions
Makena Surf's Beach
The photo above is the beach that is right in front of Makena Surf. If you are unfamiliar with Makena Surf, it is a 12 building, 107 unit complex spread out over a tropical 10.81 acre beach front complex located on Maui’s southern coastline. How much do you think one of these units would sell for? $2 million, $2.5 million, $3 million? All of those guesses would have been fine a few years ago but unit G206, a south facing corner unit just closed today for $1,900,000. The original list price was $2,800,000. That goes to show that a list price is just a suggestion. South Maui’s condominium market still continues to be a hot commodity, people are just not paying full price.
This post was published by Ken K.K. Wong REALTOR® (S) an agent with Coldwell Banker Island Properties on February 10, 2010.
Another Beautiful South Maui Day
The Mana Kai resort is a fantastic place to call home. Even if it is only for a couple of days, a few weeks or all year around. In the past month the resort became a “hot” property in terms of available units to buy. There are currently three units under contract and in escrow. Two remain active: unit 614 has just been reduced in price to $979,000 and unit 508 is listed for $999,000. If you are considering purchasing a two bedroom, ocean front vacation rental be sure to consider The Mana Kai Resort. The resort features two bedroom units that are lock offs, meaning they can be rented as a two bedroom, a one bedroom or a hotel room. The versatility of the units, the beach front location and the fantastic South Maui weather all contribute to the resorts popularity.
If you are looking for more information about the Mana Kai or any other South Maui properties for sale, feel free to drop me a line.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on February 3, 2011.
Hello world, welcome to the newest version of www.KenOnMaui.com
Ken K.K. Wong REALTOR®(S) with Coldwell Banker Island Properties
The first month of 2011 has started off well for Maui’s real estate market. Especially for South Maui. In the past thirty days 105 new properties came to market ranging between $110,500 to $19,500,000. 53 properties sold in South Maui in the month of January. 13% of the 53 were short sales and 34% were bank owned properties. Sales prices range between $80,000 and $2,515,000. Currently, there are 198 properties under contract and pending sale.
Coldwell Banker Island Properties put 70 properties under contract in January. My advice to you is if you are selling price the unit right and get it sold. That way you can move on to your next adventure. If you are in the market to take advantage of low interest rates, falling list prices or you are from Canada and have a strong dollar, don’t be afraid to make an offer. List prices are just suggestions.
This post was published by Ken K.K. Wong REALTOR®(S) an agent with Coldwell Banker Island Properties on January 30, 2011