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.
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