Maui Real Estate - Statistics: April 2009

JUNE IS HERE! ALOHA SUMMER!
The full statistics for Maui Real Estate for the month of April are out.
IN A NUT SHELL...... the good, the bad….. AND THE CONTINUED UNCERTAINTY……
Inventory shrunk in all three classes during the last month. Similar to latest reports from many mainland markets, our market seems to be at or near the bottom. The large inventory includes many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead.

FOR BUYERS: Continued low interest rates and first time homebuyer incentives provide plenty of options for Buyers who qualify. Maui home buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). More "short-sales" and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC. However, if you can purchase a home, it is a great time to buy and HOLD. Prices have declined considerably in the past 2-3 years; “Able” buyers are scouting out good deals and closing them. Buyers waiting for the "bottom" may also miss unique properties/opportunities as market forces, qualification requirements and mortgage rates fluctuate. (There is no bell that rings when the market hits bottom.)

FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market and clear the marketplace for those who REALLY have to sell. To be successful, Sellers need to be realistic and beat competing properties with better property condition, aggressive pricing, good marketing, and flexible, creative terms (including lease-with-option-to-buy and sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor. BEST Deals are selling, everything else is getting old. Pro-Active sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. Doing this can prevent unanticipated escrow fallout. Unrealistic sellers continue to follow the market down and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.

The irony of the market:
When it’s easy to qualify for a loan, more buyers can qualify, inventory is small and prices are higher. Conversely, when it’s harder to qualify for a loan, fewer buyers can qualify; at the same time inventory is larger (more choices) and prices are lower (better deals). This is today’s market.

Complete review of Maui Real Estate April 2009 Stats.

Kula's Best Buy!

1020 POLIPOLI ROAD, KEOKEA, KULA
















If you are looking for value in Kula real estate, look no further!!! $605,000 less than the original list price! The acreage, living area and quality of this home could not be duplicated for the price in picturesque Keokea! From the exterior architecture to the interior details, the home exudes personality and reflects the love and care that went into its creation.


Lifetime materials: cement lap siding, lava rock skirting, a 50-year Presidential roof, double pane Pella windows, Bamboo floors, solid Maple cabinets, marble, travertine, granite, 2 fireplaces, 2 furnaces, crown molding and custom Koa railings are just some of the special details you will find on the features list. The chef's kitchen is incredible, the master walk-in closet will rival any on the Island and you may never want to leave the master bath with huge steam shower and whirlpool tub. The combination of quality materials, fine finishes and luxurious amenities equal understated elegance with a warm and inviting Kama'aina feeling and individuality. All this, overlooking green pastureland with the West Maui Mountains and both coastlines as your backdrop.

If you would like more information on Kula homes for sale, please call me at 808.280.2625

BED/BATHS: 3 / 3
LIVING AREA: 2,860 sf
LAND AREA: 1.46 Acres
EXCEPTIONAL VALUE at $1,195,000
SOLD: $1,132,000

Buyer's Tips: Take Off Your Shoes!

It is customary in Hawai’i to remove your shoes before entering a home. So before you get in the car and start your search for Maui real estate, wear slippers or a loafer (slip-on) that can easily be removed. Do not wear tennis shoes or shoes that need to be tied and untied. This will become exhausting after viewing several homes.

Here in the islands, it is impolite and improper to wear shoes into someone’s home other than your own. Even if you are not accustomed to taking off your shoes before entering someone else's home, it is best to do when viewing a home so that you do not track mud and dirt into the home.

The custom of removing one shoes before entering a home is a Japanese tradition. Around 1850 plantation owners contracted laborers from China, then Japan, Korea, Portugal and later the Philippines to work either the pineapple or sugar cane fields. Each nationality brought to Hawai’i their rich traditions. Currently, labor has come from Mexico, the Marshall Islands and Thailand.

Maluaka Beach, Makena - Sunday Swim

I have been spending my Sunday mornings with the Maui pink capped swimmers at South Maluaka Beach, Makena. The swimmers are a group of adults, many are affiliated with Masters Swimming groups on Maui.
The course varies... a 1 mile, 1.5 mile, or 2.4 mile swim, depending on the pod or group of swimmers. We all leave together, but may break off in groups depending on the playfulness or ability. There's the power-up/speed group that churns to Big Beach and back (2.4 miles) with barely a break; the exploratory group that swims and stops to check out the rays, starfish and turtles along the way and adds in a bit of social chatter. Lastly, there's the snorkel group that REALLY meanders, a sort of snorkel/swim.
Regardless, of our abilities or attitude, we are all here to some degree for the same reason ……… to enjoy and appreciate nature, the living creatures residing underwater, the beauty and blue splendor and coolness of the ocean and the gift our bodies provide to us to enjoy, appreciate and take it all in with a wide smile. I am always appreciative of the each Sunday’s swim.

The Green House of the Future

What will the energy-efficient house of the future look like?

It could have gardens on its walls or a pond stocked with fish for dinner. It might mimic a tree, turning sunlight into energy and carbon dioxide into oxygen. Or perhaps it will be more like a lizard, changing its color to suit the weather and healing itself when it gets damaged.

Those are just a handful of the possibilities that emerged from an exercise in futurism. The Wall Street Journal asked four architects to design an energy-efficient, environmentally sustainable house without regard to cost, technology, aesthetics or the way we are used to living.

The idea was not to dream up anything impossible or unlikely -- in other words, no antigravity living rooms. Instead, we asked the architects to think of what technology might make possible in the next few decades. They in turn asked us to rethink the way we live.

::READ THE FULL ARTICLE HERE

Sotheby's International Realty® Collaborates with the Wall Street Journal

Sotheby’s International Realty Affiliates LLC announced it is collaborating with The Wall Street Journal to present the many values of real estate as a long-term investment and showcase unique properties from its network’s 10,700 sales associates located in more than 500 offices in 39 countries and territories worldwide.

The Sotheby’s International Realty brand and The Wall Street Journal will co-host “The Business of Extraordinary Living” on the publication’s Web site, www.wsj.com, a microsite designed to provide insights into the real estate market from the brand’s worldwide network.

“This unique microsite was designed to meet the specialized needs of our clientele and The Wall Street Journal’s readers,” said Wendy Purvey, senior vice president, marketing, Sotheby’s International Realty Affiliates LLC. “Those readers are looking to grow their portfolios in today’s ever-changing market and look to The Wall Street Journal for its insights. ‘The Business of Extraordinary Living’ will showcase our brand’s unique perspective on the world of real estate, which always will be one of the best investments to grow long-term wealth.”

“The Business of Extraordinary Living” provides information about the properties represented by the Sotheby’s International Realty network. The Web site’s “Insights” section features data, statistics and other relevant market information. The “Living” section focuses on lifestyle trends including home styles, living, architecture and art. The “Brand” section gives an overview of the Sotheby’s International Realty network, its history and relationship with the Sotheby’s Auction House.

“The Business of Extraordinary Living” site is available by clicking here.

There are some exceptional values of Maui ocean front homes currently on the market as well as a number of Maui luxury real estate available. If you would like details of any of these fine properties, please feel free to contact me by email or call me directly at: (808)280.2625.
Mahalo!

Home Valuation Code of Conduct

Gone are the mortgages and lending practices of the past. With the fall many financial giants, the industry has dramatically changed over past year. Financial institutions have been forced by regulation to scrutinize their review process. The real estate appraisal sector has also been revamped. The Home Valuation Code of Conduct (HVCC) has been established to standardize the business for solicitation, selection, compensation, conflicts of interest and appraiser independence. HVCC was implemented as of May 1, 2009, for any mortgage that is sold to Fannie Mae or Freddie Mac; Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement. See more details. It’s not the end all, but certainly the constraints will deter unbridled real estate appreciation over the next several years.

Spring in Upcountry, Maui

Non-residents always chuckle when we praise the coming of Spring on Maui. "Winter, spring, summer and fall, what's the difference in this moderate climate?" they'll remark. Certainly not nearly as dramatic as winter blizzards, spring snow melt followed by tulip blossoms, 100 degree heat and autumn's falling leaves.

Truth is, we really do have seasons here in Hawai'i. Subtle yes, but to residents, the change in seasons is evident.

Springtime in "Upcountry Maui" is the noticeable lavender blossoms on the Jacaranda trees, the Silky/Silver Oak trees are full of golden blossoms, the Agapanthus in gardens have exploded with their large white and blue clustered blooms. Whale season is at it's peak. Avocado and Mango trees are heavy with young fruit. The air is warm and humid from morning rain showers. The sand on the beach begins to bake barefeet and we begin to hop on sand again.

As I put away my winter rain jacket, remove my down comforter from my bed and open my windows at night, I am continually reminded of how blessed I am to live on this wonderful island.
There are some exceptional values in today's Maui real estate market. Now is the time to take advantage. If you would like information on homes for sale in Upcountry Maui or Maui's North Shore, please feel free to either email me at patty@pattychaney.com or call me direct at: (808) 280.2625.