maui foreclosure: Hawaii’s Act 48 may clog up the courts - 07/04/11 05:45 PM
 
Lenders warn legislators in Hawaii that they won’t use the new mediation process mandated by Act 48 according to an Associated Press article in today’s Maui News, Foreclosure overhaul leads to housing glut.
 
The mediation process is set to start on October 1.  In the meantime lenders are prohibited from pursuing the now common non-judicial foreclosures.  Lenders who say they won’t use the new non-judicial foreclose rules site the current delay in implementing the process, the requirement that they show evidence of legal authority to foreclose and potential suits for deceptive practices. Instead they will switch to the judicial … (9 comments)

maui foreclosure: Hawaii Maui Real Estate Investor Alert - 09/17/10 09:31 PM
September 17, 2010
Aloha, Maui investors.
Here is today's activity for short sales and foreclosures on Maui.
 You can get the details on these properties at the Aloha Realty Group homepage by clicking on the "Search All Maui Properties" link and entering the MLS #.
 To get a complete list of short sales and foreclosures on Maui, email info@AlohaRealtyGroup.com and put "distressed list" in the subject line. 
 
Live Aloha
Lee Potts, R(S), MBA, ABR, ePRO, CDPE
The Aloha Potts Team
Aloha Realty Group
The smarter we work, the luckier you get.
Do you know someone who is falling behind … (0 comments)

maui foreclosure: Short Sales and Foreclosures on Maui - Trouble in Paradise 12 - 09/01/10 07:22 PM
Here's the latest news from Sunday's Maui News regarding the state of Maui's real estate market.  Great news for buyers, sad situation for many homeowners - and it's going to be a while before we work through this inventory.
http://mauinews.com/page/content.detail/id/539788/Maui-s-foreclosure-picture--not----.html.
For additional comentary visit the Maui Real Estate Advisor and to get a list of distressed properties email info@alohapotts.com and ask for the list.
Live Aloha
 
Lee Potts, R(S), MBA, ABR, ePRO, CDPE
The Aloha Potts Team
Aloha Realty Group
 
The smarter we work, the luckier you get.
 
808.276.8776 voice
888.400.7099 fax
www.AlohaPotts.com
 
Aloha Lee Says
… (0 comments)

maui foreclosure: The Hawaii Economy Sucks Less Than the Mainland - 08/24/10 04:44 PM
Today we were blasted by every media outlet across the country that sales of existing homes in July were down by 27%.  They also quote crack economists like Celia Chen of Moody's that the housing market won't recover until we have more jobs.  Reporting dire news about the economy seems to be today's version of the old film at 11 philosophy of "if it bleeds, it leads".  It's doom, it's gloom, the sky is falling and the economy sucks. 
Well not in Hawaii, and more specifically Maui.  Is the economy great?  Noooooo...  But according to reports out this morning unemployment in … (1 comments)

maui foreclosure: Short Sales and Foreclosues in Maui - Trouble in Paradise 11 - 07/15/10 08:40 PM
Hawaii #12 in foreclosures in US.
According to Realty Trac, Inc. Hawaii ranked number 12 in foreclosures in the US for the first 6 months of 2010. http://www.businessweek.com/ap/financialnews/D9GVLRE80.htm . It says 1 in every 79 households received a foreclosure notice.  That compares to states like Nevada, ranked highest in foreclosures, where 1 in 17 households received foreclosure notices. You can see a list at Hawaii New Now, http://www.hawaiinewsnow.com/Global/story.asp?S=12813135  .
If you know anyone who is struggling with the mortgage crisis, foreclosure is not the only option.  Learn what your options and get a free report at http://www.alohapottshelpsmauihomeowners.com/Home.aspx
Live Aloha
Lee … (0 comments)

maui foreclosure: Short Sales and Foreclosures in Maui - Trouble in Paradise 10 - 07/12/10 11:20 PM
 Looking back June's home sales on Maui.
The lowest priced house selling in Maui in June was a little REO (bank owned) house in Wailuku; little being the operative word.  This is a 2 bedroom, 1 bath house of 672 square feet. It is cute and clean.  It was listed for $189,900 and sold for $203,000, $13,100 OVER asking price.

If you are looking for an exceptional buy in Maui, we can provide you with lists of short sale and bank owned properties.
Live Aloha
Lee Potts, R(S), MBA, ABR, ePRO, CDPE
The Aloha Potts Team
Aloha Realty Group
 
… (1 comments)

maui foreclosure: Maui Short Sales and Foreclosures - Trouble in Paradise 8 - 06/17/10 02:54 AM
Foreclosure is not the only option.What are your options if you are having trouble making your mortgage payments.
OK, so if you're like almost 1 in 5 Americans today your home is upside down, things in your life have changed and you can no longer afford to make your mortgage payments.  Maui certainly isn't immune from the economic meltdown, in fact, if anything, it has hit us even harder here.  Maybe you're falling behind and your lender is starting to call and sounding threatening. 
Well you have rights and you have options.  For a simple clear short explanation of what your … (0 comments)

maui foreclosure: Short Sales and Foreclosures on Maui - Trouble in Paradise 7 - 06/10/10 03:34 PM
Short sale success at Aina Nalu in Lahaina, Maui
On the market, accepted and closed in a mere 114 days.
When working a short sale we always prepare our clients.  We caution them, "this could take months", "you have to be patient" and usually we are right.  But sometimes the stars align and the sale proceeds just like any "normal", whatever that is, sale.
What does it take to take a short sale down a short smooth path to closing quickly?  This time it took 6 things
1. A cooperative seller who was willing to price the property appropriately, get all of … (1 comments)

maui foreclosure: Short Sales and Foreclosures on Maui - Trouble in Paradise 6 - 05/28/10 02:58 AM
Maui County's first tax auction in 17 years.
In addition to the mortgage based short sales and foreclosures on Maui, the Maui News just reported a tax auction.
This article detailing Maui's first tax auction in 17 has some lighter moments, but this is no laughing matter.  According to the article about 300 properties were delinquent for 3 years or longer.  The auction forced the issue and all but 8 settled.
The remaining 8 came up for auction and some people picked up real bargains.  But will they be able to keep them?  Unlike foreclosure auctions, which have no redemption period … (1 comments)

maui foreclosure: Short Sales and Foreclosures in Maui - Trouble in Paradise 5 - 05/25/10 09:25 PM
Pitfalls in purchasing.
Lots of investors are looking for bargains, smoking deals and steals when it comes to short sales and foreclosures on Maui.  But this is no place for the novice real estate investor to try and find his or legs.  There is an old saying, "what you don't know won't hurt you."  When buying a short sale or foreclosure on Maui what you don't know can put you upside down faster than you can say "money pit".
Take this article from today's, May 25, 2010, Maui News.  It points out the delima that condo associations face as financially strapped owners … (0 comments)

maui foreclosure: Short Sales and Foreclosures on Maui - Trouble in Paradise 4 - 05/25/10 06:05 PM
Last week the Aloha Potts Team received approval on another short sale in central Lahaina.  The seller at one time was earning a significant income.  When he bought a second home in Maui he thought he was doing the right thing.  He was living the American dream, investing in paradise and making a better life for his family.
Then fate conspired against him. An accident left him laid up for months and he was unable to keep up with the mortgage payments.
When he came to the Aloha Potts Team, he had already received a notice of default from the bank … (0 comments)

maui foreclosure: Record number of foreclosures - 04/15/10 08:54 PM
Associated Press reported today that the number of homes taken in foreclosure jumped by 9 percent in the first quarter compared to a year ago.  Part of this is attributed to banks beginning to work off huge "shadow inventories." 
But it is more than just banks beginning to try tosell their REO inventories.  The same article says owners facing foreclosure increased by 16 percent. 
You can read the whole article at foreclosures jump.
On Maui, foreclosures are still on the rise.  In September of '09 there were just over 400 properties in foreclosure.  According to available data that number has risen … (0 comments)

maui foreclosure: No Foreclosures on Maui Today - 04/03/10 03:58 PM
There was something odd in the real estate classified section of the Maui News today.  No foreclosure notices!  For months it seems that foreclosure notices appeared on page after page of the Maui News.  I watch them because we have a number of Maui short sale listings we need to sell and keep out of foreclosure.  We also represent buyers looking for bargains on foreclosures.
So what does it mean when we don't see any foreclosure listings on a Saturday?  It's hard to say; maybe the banks took the Easter weekend off.
One thing it doesn't mean is foreclosures are slowing … (0 comments)

maui foreclosure: Maui Real Estate Advisor August 2009 - Condos - 09/15/09 10:53 PM
Maui Real Estate AdvisorMarket Overview August
Aug          Sales      Sales Prior Month      % Change       Sales Prior Year        % ChangeHomes      52          57                           -9%               66                           -21%Condos     62          69                           -10%              51                            22%Land         3           12                            -75%              6                            -50%
Aug          Median Price      Median Prior Month      % Change      Median Prior Year      % ChangeHomes    500,000          532,000                     -6%             645,000                  -22%Condos   340,000          350,000                     -3%             625,000                  -46%Land       999,990           322,500                    210%           422,505                   137%
 Aug         Current Inventory      Inventory Last Month      % change       Months of available inventoryHomes           980                         1,012                       -3%                         17.19 Condos       1,496                          1,518                      -1%                         21.68
 
Prices … (1 comments)

maui foreclosure: Maui condo prices rebound? - 08/08/09 12:11 PM
Maui luxury condos lead the way
 The Maui median condo price bounced back in July, buoyed by closings at the luxury end of the price spectrum. These included 2 units at Hoolei in Wailea and 3 at the Palms of Manele on Lanai.  The Palms units each sold for exactly the same price, $1,875,000.  The asking prices on those were all over $2.3 million.
The sales median was also helped by several closings at Ke Alii Ocean Villas, a new upscale development in south Kihei.
All told, there were 11 sales above $1 million and 11 sales below $250,000.
With only … (0 comments)

maui foreclosure: Hawaii's top economist says real estate has hit the bottom...Kind of - 08/08/09 12:27 AM
Last month we told you that ringing sound was the market hitting bottom.  Well Paul Brubaker, Chief Economist for the Bank of Hawaii (America's #1 Bank), professor and all around smart guy, says the same thing... almost.
Paul spoke at the Realtors Association of Maui quarterly meeting.  His market forecasts over the last several years have been extraordinarily accurate.  It's like he's got a crystal ball or something.  You can see his entire presentation at http://yourwebcast.com/ram/brewbaker09.htm.  If you can't open it, send me an email and we'll figure it out.
The short version is that the single family home market has … (0 comments)

maui foreclosure: Maui Foreclosures and Short Sales - 02/13/09 10:54 PM
Distressed property on MauiYes, we do have short sales and foreclosures in Maui A lot of people are coming to Maui intent on getting killer deals.  They've heard the stories about some of the California or Florida markets and the deals in Vegas and Phoenix.  When I have to inform them that we are not experiencing that same kind of melt down on Maui, some people simply don't believe me.
That said, we do have foreclosure auctions which I attend regularly and we have short sales.  The numbers are climbing, and I expect they will continue to climb well into 2009. 
This time, … (0 comments)

 

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