Aloha from your resident experts!

From Jan 1 to December 31, there were 35 listings (3 were short sale and 8 were REO/bank owned). Out of 35 listings, 5 were taken off the  market or expired, 17 were sold, and 1 was pending at the end of the year.  At year end there were 12 active listings.

2011 has been a year of extremes—from the lowest priced sale for a 2/2 unit at $205,000 in February to the highest closed sale for a 2/2 at $325,000 in November.  The reasons for the extremes are differences in seller’s and buyer’s situation/motivation, location and condition of the units, and timing.

The low was bank owned with no furniture and a quit claim deed;  the high was nicely furnished and in one of the best locations overlooking the large pool and pavilion and with a mountain view.

This year, 17 units have sold and 1 is in escrow at year end, compared to 14 sales in the year 2010.  With 12 active listings we now have a little over 8 months’ inventory.

The number of distressed property listings has dropped.  Currently we have one short sale listing (1/1 unit) and one bank owned unit (2/2 unit).  We are seeing an improvement in prices since there are fewer distressed property listings, with all 2/2 units but the bank owned unit being priced over $300,000.

Of the 17 units that closed in 2011, nine were listed or sold by Aloha Realty Group; of those, 7 of the 17 sales were bank owned and 1 was a short sale. In Q4, there were 3 closed sales—none were distressed properties, and one was listed by Aloha Realty Group.

Current asking prices for 1 bedroom units range from $210,000 (upstairs) to $359,000 (downstairs). Current asking prices for 2 bedroom units range from $280,000 (for a 2/2 bank owned unit in the I building) to $375,000 (for a 2/2 downstairs unit in the D building).

We wish you all a healthy, happy and prosperous 2012, and we are expecting a great year at Aina Nalu from the sales side!

Aloha from your resident experts!

 
From July 1 to September 30, there were 20 listings (2 were short sale and 3 were REO/bank owned). Out of 20 listings, 2 were taken off the  market or expired. And 1 was pending at the end of the quarter. 

As of October 10, Aina Nalu owners have sold 15 units in 2011, or an average of 1.67 sales per month.  There were 14 sales in the entire year of 2010, so our sales pace is well ahead of last year’s.

Of the 2011 sales, 9 were listed or sold by Aloha Realty Group, so we are feeling very positive about the direction of the market here at Aina Nalu.  Our latest closing on October 7 was unit J106, a one bedroom downstairs unit that sold for $205,000 cash.

At this time there are 13 active listings on the MLS for Aina Nalu condos.  At the 2011 sales pace, we have 7.78 months of inventory on hand, a bit over the 6 months’ inventory that is considered balanced. However, if you look at the asking prices and the number of distressed property listings, the situation seems to be going in the right direction for Aina Nalu owners.  Currently the lowest priced 2/2 unit is at $325,000. Of the 13 active listings today, only one is classified as a short sale and there are no bank owned listings.

We believe bank owned listings have slowed for a few reasons:  1) We have worked through most of the truly distressed properties, and 2) The new foreclosure law in Hawaii has imposed a moratorium on non-judicial foreclosures, so those properties being foreclosed upon will take longer to get to market due to delays in the required legal proceedings.

In the meantime, it seems we continue to have new guests enjoying our resort all the time and occupancies seem to be holding up reasonably well. The first whale was already sighted off the shores of Lanai this month, so we are all looking forward to another whale season.

We wish you a great holiday season and hope to see you soon.


For further information on properties at aina nalu or anywhere on Maui, contact Lee or Barbara at lee@alohapotts.com or barb@alohapotts.com, or call 808.276.8776.  You can visit our website at www.alohapotts.com for real estate information and surf all of the listings on Maui anytime you like. 

For the fourth consecutive year, we are pleased to announce that Alohapotts.com, Inc. has been selected for the 2011 Best of Lahaina Award in the Real Estate Agents category by the US Commerce Association (USCA).

This is the first year that a business has qualified as a Four-Time Award Winner. Our selection as a 2011 Award Winner is a reflection of the hard work of not only ourselves, but of many people that have supported our business and contributed to the subsequent success of our organization. A big, warm MAHALO goes out to our clients and agents that contributed to our selection to such an elite group of small businesses.

To subscribe to our monthly Maui Real Estate Advisor and other Aloha Realty Group announcements, please click here. Don't miss out on notifications of our newest listings as well as local market sales data.

Aloha and Mahalo Nui Loa!

Lee & Barb Potts
Aloha Realty Group
Lahaina, Maui, HI

Aloha from your resident experts!

Our favorable sales trend has continued. Well-priced units are selling quickly, with multiple offers, and the number of active listings is low (12) compared to the same time last year (21). 

As of July 21, there are 3 pending sales with an average of only 34 days on market, compared to the average days on market for the remaining active listings of 436 days! Average days on market for sold units in 2011 so far was 153 – not too bad, considering some of them were distressed properties.

This year, 10 units have sold and 3 are in escrow, so we have a little over 6 months’ inventory on hand.  That is generally considered a balanced market. There were 14 sales in the entire year in 2010, so our sales pace is well ahead of last year’s.

We are working through our distressed properties – there are a few more to come, but the pace of new listings has dropped. There is currently 1 bank owned unit actively listed for a 1/1, with offers made on that property already.

Of the 3 units that closed escrow in Q2, two were sold by Aloha Realty Group, and only one was a distressed property, which is encouraging!

Current asking prices for 1 bedroom units range from $199,900 (REO) to $374,990. Current asking prices for 2 bedroom units range from $279,000 (for a 2/1 unit in the H building) to $398,500 (for a 2/2 unit in the J building).

Last but not least, we want to thank all of you who attended and supported our May 27 fundraiser for the W. Maui tutoring program. It was a great success – we donated $16,000 to the program!

Sales in Q2 2011 improved—they couldn’t have gotten worse, from zero in Q1 to 6 units sold! Sales prices for sold units were well below asking prices in general. Interestingly, none of the sales were distressed properties – only serious sellers.

The average number of days on market for active listings at quarter end was 317 days.  That’s a little over one month shy of a full year.

There have still been no sales of the standard fee simple 2 bedroom units; that doesn’t include the Aloha Suites or the short stack. That might be because the highest selling price for a 2 bedroom unit in 2010 was $594,900 and the current median asking price for a 2 bedroom unit is $740,000.

Only one fee simple 1 bedroom sold during the quarter.  It was a partial ocean view that sold for $330,000.  The median asking price for one bedroom units today is $454,975.

Of the 46 active and pending listings as of July 17, only 3 were potential short sales and none were bank owned, although we know of at least 2 REO’s that will be coming to market.  There was one pending sale, a short sale that has been in escrow for over a year.

So why are these condos sitting on the market for so long? At Kaanapali Shores “asking” prices are actually trending up.  However, selling prices island-wide, including K. Shores are still trending down.

And there is competition from near by complexes like Honua Kai,  with prices on some of its units recently been significantly reduced. That will continue to create pricing pressure on Kaanapali Shores units.

Total number of units for sale at Kaanapali Shores (2010):    58
Total number of units sold at Kaanapali Shores (2010):    6
Total number of units ACTIVE for sale at end of 2010:    45
# of Studios for sale: 8
# of 1 Bedrooms for sale: 23
# of 2 Bedrooms for sale (including Special View units): 14

At the end of June 2011, there were 2 pending sales. During Q2 2011, 3 listings were canceled and 2 of the listings expired. The average number of days on the market for listings during this time was 317 days.

Please click on this link to view  MAY-2011 Newsletter  Housing Trends eNewsletter, which includes links to local Maui information: http://alohabarb.housingtrendsenewsletter.com?Newsletter_ID=272

Aloha from your resident experts! The tide is definitely turning at aina nalu! In the first quarter of 2011 6 units were sold, and the inventory has dropped to only 12 active listings as of April 26! The two pending sales as of 4/26 are both 2/2 units, and neither of them are short sales.

Of the six units that were sold, one was a 1 bedroom that sold for $194,400 (not a distressed property), and five were 2/2 units (three out of five were distressed properties). The five 2/2 unit sales prices ranged from $205,000 for an unfurnished bank owned unit (A110) to a furnished, clean non-distressed unit (I102) at $260,000. Only the one bedroom unit sold with conventional financing. Four of the five 2/2 units sold for cash, and one included an owner carry.

Current asking prices for one bedroom units range from $259,000 to $374,990. There is one 2/1 unit priced at $279,000, and 2/2 units are priced from $240,000 to $398,500.

There are also fractional units listed, priced from $99,000 for a one bedroom unit to $124,000 for a 2/2 unit. We have not seen any fractional sales yet this year, however.

Occupancy levels certainly seem to be on the upswing since last year, judging by the parking lot and the pools/pavilion. It appears that we have new guests appreciating our resort all the time, and we are doing frequent showings for listed units.

We hope to see you all at our fundraiser on May 27 in the pavilion from 6 to 9 pm—to benefit the W. Maui tutoring program. We will have wine, pupus, entertainment and a silent auction—it should be lots of fun!

From January 1 to March 31, there were 21 whole ownership listings (2 were short sale and 4 were REO/bank owned). Out of 21 listings, 2 were taken off the market or expired, and 1 was pending by the end of the quarter. As of April 26, there are only 12 active and 2 pending listings. Active listings include two 1 bedroom units, one 2/1 unit and nine 2/2 units. Of the current active listings, 4 are short sales and none are REO’s. Both of the pending listings are 2/2 units, and neither of them are short sales.

For further information on properties at aina nalu or anywhere on Maui, contact Lee or Barbara at lee@alohapotts.com or barb@alohapotts.com, or call 808.276.8776. You can visit our website at www.alohapotts.com for real estate information and surf all of the listings on Maui anytime you like.

Aloha!

Sales in Q1 2011 were non-existent at Kaanapali Shores—there were no closed sales, as in zero, zip, nada, from January 1 to March 31. As of March 31, there were 4 pending sales: three 1 bedroom ocean view fee simple units, and one 2 bedroom leasehold ocean view unit.

The average days on market for listed units at Kaanapali Shores in Q1 was 287.

Of the 47 active listings at the end of the first quarter, 4 were listed as short sales. There were no bank owned listings.

We can speculate about possible reasons for the lack of sales in Q1:

• Some prices are not competitive, some are just wishful thinking
• 2010 rental revenues were down in spite of good occupancy—you already know that 2011 is much improved
• Uncertainty over potential assessments or maintenance fee increases for spalling repairs
• High occupancy makes it hard to show properties, and with most buyers, if they can’t see it they won’t buy it
• Some of the carpets are looking tired and not showing well.

But frankly we are scratching our heads a bit over the lack of sales. We are starting to see better rental revenues and activity levels with showings, so maybe this lull will be short lived.

Total number of units for sale at Kaanapali Shores (Q1 2011) : 58
Total number of units sold at Kaanapali Shores (Q1 2011) : 0
Total number of units ACTIVE for sale at end of Q1 2011: 47
Number of studios for sale : 10
Number of 1 bedrooms for sale : 22
Number of 2 bedrooms for sale (incl specials) : 15

At the end of March 2011, there were 4 pending sales. During Q1 2011, 3 listings were canceled and 4 of the listings expired. The average number of days on the market for listings during this time was 287 days.

Watch for our next quarterly Kaanapali Shores Bulletin. You can reach us or comment at info@AlohaPotts.com. To keep track of all the real estate trends on Maui subscribe to the Maui Real Estate Advisor at www.AlohaPotts.com.

 Aina Nalu Charitable Fund

‘Dollars for Scholars' Silent Auction

Benefiting the

Lahaina Complex After School Enrichment Tutor Project

Founded and Managed by Pat & Richard Endsley 

The homeowners of Aina Nalu are holding a fundraiser for the ‘Lahaina Complex After School Enrichment Tutor Project.'  This  "Dollars for Scholars" wine & pupus and Silent Auction event is to be held in the Aina Nalu pavilion located on the property at 660 Wainee Street in Lahaina Town on Friday, May 27, from 6 to 9 pm.

 The goal is to raise $10,000 to help financially sustain this tutoring project that dramatically and effectively makes a big difference in the lives of hundreds of students in West Maui each year.  The tutoring project's goal is to make a difference in the lives of our students and to build Maui's future, one child at a time.  It is offered at no cost to students and staffed by volunteer tutors.  There is no guaranteed sustaining sponsor for this successful volunteer project, so the annual search for financial support that will help sustain the program is challenging.

 In addition, they have added a new innovative program this year.  "The measurements of success of the program showed significant improvements in the children's test scores, especially in reading," founder and manager Pat Endsley said. "We wanted to accelerate the growth in math scores as we have done in reading.  After some investigation it was determined there was a lack in basic skills.  So we decided to bring in a pilot program for 4^th and 6^th grade Math students called ‘Beyond the Basics' to help build up those skills.  In order to make a difference in this school year required bringing in the training for the volunteers now.  Since this fell outside the normal grant process schedule, it did not get any incremental funding this year."

 All donations and proceeds from this Aina Nalu ‘Dollars for Scholars' event will directly benefit the program to help defray their costs.  Tickets are available now for $45 in advance (or will be $50 at the door), per person -- that covers pupus, entertainment, 2 glasses of wine and a commemorative wine glass.  Any further donations are welcomed either in advance or on the day of the event; please make checks payable to: ‘People for Educational Equality'. The Silent Auction will include many wonderful selections to choose from; all generously donated by individuals, artists, restaurants, hotels and other local businesses to support this worthy cause for the community. 

 For further details and/or tickets please contact: Cheryl Henderson at 719.282.9011

 note: since alcohol is being served, this is an adult ‘21-and-over' function

Here's the latest update on occupancy, daily rates and listings at Aina Nalu, in the heart of Lahaina Town. 

February's occupancy numbers from Outrigger were great!

Studios - 87% occupied, average daily rate of $107.64

1 bedrooms - 76% occupied, average daily rate of $147.55

2 bedroom, 1 bath - 94% occupied, average daily rate of $155.22

2 bedroom, 2 bath - 79% occupied, average daily rate of $179.39 (compared to $151.14 for Feb 2010). 

Currently there are 13 active listings for resale condos:

                Two 1 bedroom units, priced at $259,000 and $374,990

                One 2 bedroom, 1 bath unit, priced at $279,000

                Ten 2 bedroom, 2 bath units, priced from $225,000 to $398,500.

Unit I -101 (2/2)  is a short sale that recently came back on the market priced again at $225,000.  Unit A - 107 (2/2) has been reduced to $279,000 with owner financing.  Unit I - 204, an upstairs 2/2 overlooking the large saline pool, is priced at $299,000.  

We have fewer listings now than we have had in the past, and the prices seem to be stabilizing, with more non-distressed sales in the mix.  We do expect to see more REO listings, but at this time there are none.

Please give me a call or send me an email if you would like more information about Aina Nalu.