Aloha!
It is a strange year at Kaanapali Shores. So far this year there have been just 9 sales. By this time last year there had been 17 sales, but then there was just one more for the rest of 2010.
This quarter there were 3 sales; all of them were one bedroom units, and all were the 717 square foot D floor plans. One of them, the one on which Lee represented the buyer, was a short sale.
We handle a lot of shorts sales, more often than not representing the seller. They all have their challenges, but all things considered, they generally go pretty smoothly.
This one did not go smoothly. It took over a year to finish and there were plenty of times it looked like it wasn’t going to happen. But thanks to a very patient buyer, who hung in there the whole time, it got closed.
A short sale can be a good thing for all parties. The seller gets rid of a payment that has become an unbearable burden and avoids foreclosure. The buyer, a patient buyer, gets a bargain and the association gets someone who can make the AOAO payments.
We’re not expecting to see that many more distressed properties at K. Shores. There are a few, but compared to some complexes, not that many. It’s a great place, we love spending time there and hope to see you at the upcoming owners meeting.
Total number of units for sale at Kaanapali Shores (Q3 2011) : 55
Total number of units sold at Kaanapali Shores (Q3 2011) : 3
Total number of units ACTIVE for sale at end of Q3 2011: 44
Number of studios for sale : 8
Number of 1 bedrooms for sale : 22
Number of 2 bedrooms for sale (incl specials) : 14
At the end of September 2011, there were 2 pending sales. During Q3 2011, 2 listings were canceled and 4 of the listings expired. The average number of days on the market for listings during this time was 382 days.
For further information on properties at Kaanapali Shores 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 the listings on Maui anytime you like.
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