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Maui Hawaii South Shore Condo Newsletter - January 2010
It's a new year and time for a new twist on the condo newsletter just to start things off right. This month I'm going to write about the sales from 2009. In total, for the areas of Maalaea, Kihei and Wailea, there were 360 condo sales ranging from $90,000.00 to $3.6M. 14 of those were Leasehold, in Maalaea, Kealia and Kamaole Nalu. The average days on market was 171 days.
Distressed properties: 38 of them were short sales and 43 were bank owned. Median short sale price was $299,250. Median REO price was $199,000.
Below are some of the high and low points from 2009. THESE CONDOS ARE ALREADY SOLD. ------------------------------------------------------------
1. Lowest Price, Central Kihei $90,000.00 cash - Kihei Manor 1BD/1BA condo in a small building with no vacation rentals allowed - this remodeled and cute condo was a short sale originally listed for $129,000.
2. Kihei Villages, North Kihei median $175,000.00 - 23 of these starter units sold, with 13 of them being distressed properties - 2BD/1-1.5BA, about 750 sf townhouse style upper or lower floor homes
3. Low Price Vacation, North Kihei median $157,500.00 - Kihei Bay Surf studio condos are entry level vacation units - $145,000.00 was the low water mark, and up as high as $179,000.00
4. Beachfront Bargain, North Kihei $280,400.00 cash - furnished 1BD/1BA 4th floor vacation condo with ocean view - believe it or not, not a short sale or bank owned
5. Beachfront Best Buy, Maalaea $399,000.00 - newly remodeled ground floor 2BD/2BA vacation unit with new furnishings - fee simple, beachfront, with ocean view, pool and spa
6. Bank Owned, Wailea $575,000.00 - the highest price paid for a bank owned condo was at Wailea Ekahi - furnished 1BD/2BA vacation condo, conventional financing
7. Ke Alii Ocean Villas, Kihei average $660,506.00 - 35 units at the new Ke Alii Ocean Villas closed, 21 of these were all cash - these are nice 2 and 3 BD units with 1200-1700 sf, and a single garage - most of them were developer offerings, brand new construction, some seller concessions
8. Brand New, Kihei $879,000.00 - Hokulani Golf Villas had a slow year with only 1 sale which entered the market at $1,079,000.00 - beautiful 2BD/2BA residential condo on the fairway and close to Piilani Shopping Center
9. Short Sales, Wailea over $2,000,000.00 - there were 2 successful short sales at Ho'olei in Wailea, both around $2,100,000.00 - one cash buyer, one was financed for these luxurious 3BD/3.5BA resort condos - days on market... 386 days and 489 days!
10. More Ho'olei, Wailea median $2,200,000.00 - 19 total sales, including the previous 2 short sales - most were first time offerings from the developer, 5 were cash buyers, seller financing for some
11. Highest Price, Wailea $3,600,000.00 cash - this luxury 3BD/3BA unit was sold before listing, the agents put together a deal for their clients -nicely furnished vacation rental with maintenance fees over $3100/month - it was a Wailea Beach Villas penthouse, with 2,893 sf of living space and a 452 sf lanai
So what do you think? Maybe it's not too late to get your own piece of Maui before prices start going up again. You know they will sooner or later. Got cash? Call me. Don't forget you can sign up for these Maui newsletters.
Your Real Estate Agent on Maui, pictures of homes and properties for sale and market information for buyers and sellers. Maui events and lifestyle too. Maui Hawaii local information as seen through the perspective of a long time resident.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.