Wailea Foreclosure Offers Value

As has been mentioned in previous posts, the Wailea real estate market has been resilient to short sales and REO’s, partly due to its affluent residents and the high demand for properties in this area. With only two REO’s (foreclosures) having successfully taken place in Wailea, it is extremely noteworthy when a REO home in this area becomes available. Such is the case with MLS# 349122, a newly listed foreclosure in Wailea Kialoa. This 4 bedroom / 2.5 bathroom property features over 2,200 square feet of living interior on a large lot of over 9,000 square feet. And with a well-designed outdoor-indoor living concept, it allows to enjoy the best that Maui has to offer.

With Hawaii’s Act 48‘s effects being felt on the Maui real estate market, the REO inventory is trickling down and properties that are well-priced are being aggressively targeted by savvy buyers and investors. For those wishing further information regarding this property or other opportunities, feel free to contact Alex at Alex@MauiRealEstateSearch.com or 808.385.5034 any time.

In an effort to better serve our clients/customers, we would like audience feedback:  If you were looking to purchase a property on Maui, what terms would you search for on Google? For example, ‘Maui Homes’, ‘Wailea Condos For Sale’, etc. Please leave a comment below with terms you would possibly use when performing a search, this could be whether you are looking for a Wailea luxury condo, a Kihei home, a Makena beachfront estate, Maui properties in general, anything.

From those who leave comments prior to 07/15/2011, one person will be picked at random and will win a $50 Gift Card  for Amazon.com, courtesy of the Maui Real Estate Search team. So what are you waiting for? Leave a comment, help us improve our services/site, and possibly win a $50 Gift Card!

**UPDATE** The winner of our random drawing is Sheralyn G. Congrats!!!

The Realtors Association of Maui released its official statistics for the month of September. Without further ado, here is a brief summary:

• Single Family Residence – The month of September saw 63 sales at a median price of $440K, compared to August’s 68 sales with a median of $460K and September 2009′s 58 transactions with a median of $440K.  Days on Market (DOM) for these transactions was 120 days.
• Condos – September was an eventful month for Maui condos, with 96 sales at a median of $315K (a large part of which was in Kihei). That’s a significant increase over August with 81 sales at $310K and September 2009′s 63 transactions at a median of $307K. DOM was 130 days.
• Land – 6 sales closed in September at a median of $287K, compared to August’s 7 sales at a median of $387K, and last year’s 10 sales at a whooping median of $710K. Days on Market was a consistent 150 days.

What to make of this? Well, increased volume of transactions, particularly on condos, points to a market which stabilizing and may see prices slightly increase (in part due to the robo-signing scandal which may drain inventory of distressed properties).  Buyers can still enjoy historically low interest rates and peruse an inventory in which more and more conventional sellers are priced competitively to foreclosures and short sales. Should you have any questions about Maui real estate and the opportunities thereof, contact Alex at Alex@MauiRealEstateSearch.com or Mariah at Mariah@MauiRealEstateSearch.com

REO offers great opportunity to own in Maui Meadows

Interested in a great deal in Maui real estate? Then this Maui Meadows REO is one to consider. It is a 3 bedroom / 2 bathroom home with a 2 bedroom / 1 bathroom detached cottage (Ohana) on half an acre is listed for $851,400. The average price per square foot in this area is approximately $360, whereas this home is priced at $280 per s.f.

For those not familiar with Maui Meadows, this area is among the most desirable (and unique) areas in Maui, with large multi-million dollar estates nestled among Hawai’ian inspired homes.  Most homes in this area sit atop large parcels, making it ideal for those looking for privacy, exclusivity, and a taste of the Aloha lifestyle.

Search for other Maui Meadows homes for sale and contact us for more information on this and other fine Maui properties.

This post comes to you from James Kelley of VA Benefit Blog. A law school student at the University of Missouri, James Kelley works to educate the public on government financing options for home purchases. He is a co-founder of Military Basebook, a facebook application that helps connect military members based on where and when they served.

Even though it is more than 2,000 miles from the mainland, military home buyers relocating to Hawaii have VA benefits available that ease the home buying process.  The Veterans Affairs Home Loan Program and Basic Housing Allowance (BAH) help Hawai’i veterans and current service members finance a home they always wanted. Benefits reaped from each program greatly reduce financial pressure on those who valiantly served our country.

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