Aloha and welcome to another edition of the Maui Market Watch. Click to See GoogleSheets Report. If you are new to the blog, my name is Eric West a real estate broker with HawaiiRealEstate.ORG I am all about teaching you everything you need to know about Hawaii and it's real estate. Please be sure to check out my YouTube channel with hundreds of helpful videos about Hawaii and Real Estate.
In this report, I will show you every week all of the 1) New Price Reductions 2) New Homes listed in order of Best Value on Price Per Square Foot 3) New Vacation Rentable Fee Simple Condos 4) New Fee Simple Long Term Condos 5) New Land Listings and finally 6) Everything that has closed on Maui in the last week....all homes, condos
No question the Covid-19 / Corona Virus Hawaii lockdown has created some softening in the market - translation?
Better deals for buyers!
Although last week DID see another $63M in sales transactions from 86 closings. Likely those deals went under contract prior to the shutdown. I don' think we've seen the full impact on closings yet. The largest closings were 0 Haneoo Rd in Hana for $2.8M and 320 South Ulukoa at $2.75M.
We also had 21 price reductions over 3% for an average of 9% and a total dollar volume of $5.3M for the past week. Please see the Google Sheets spreadsheet below or link here for all of the detail.
You will find the Top 20 deals for Homes, Vacation Condos, Long Term Condos and Vacant Land
Celebrate Your Best Maui Real Estate Deal EVER....
with a Cold Corona on the Beach!
See all the best deals with the Maui Real Estate Market Watch Report
Link to Report
In case you have not read the details of the $2 Trillion Federal stimulus package that was just passed. You can read a great summary here https://narfocus.com/billdatabase/clientfiles/172/21/3613.pdf
Looking for the best deals in Hawaii for homes, vacation condos, long term condos and land? ? The dynamic Maui Real Estate Market Watch report is the best place to find them. There is no question the recent Corona Virus pandemic in Hawaii has already created some softening in the real estate market place. But keep in mind, the market is still very active - in both
Many of my best clients are investors looking to buy homes or condos for both fix and flip and/or long term hold. Either way, the process and formula for doing them successfully has not changed much over the years. Buy low, keep your improvement costs under a tight budget and make sure your sold comparables support at least a 30% return on investment....with less than a 6 month hold time! If anything, the advent of non-judicial foreclosures in Hawaii has created a huge backlog of pre-foreclosures, (whereby you get a chance to negotiate with the seller who is still in charge of the property) So the market is ripe with many months, if not years of back logged inventory just sitting there ready to be found, bought,
Luana Gardens at Honua Kai is comprised of 72 three bedroom villas with detached garages arranged in three intimate enclaves. Luana Garden Villas is indeed a rare offering on the West Side of Maui. Not many 3 bedroom condos have been built on Maui, so to find one that is brand new and right on the best beach in the world makes it just that much better. This is the third and final phase of Honua Kai Resort & Spa (which has been the #1 Best Selling Condominium Resort on Maui since 2006)
The property consists of 38 family-friendly acres are designed with relaxation and memory-making in mind, offering owners and guests an unmatched resort experience with something for the whole family. It is located on stunning Kaanapali Beach on Maui’s western
Tips To Maximize Your Return on You New Hawaii Condo 5 Things You MUST Know Before Buying A Condo In Maui. If your realtor hasn't mentioned these important issues, you need to dig a little deeper. (Scroll Down for Video)
PS - I also have a YouTube channel with many informative videos about Hawaii, Maui and Real Estate. Check it Out Here https://www.youtube.com/user/hawaiirealestateorg
1) Ocean View - Must have (or at least partial ocean view)
2) Only Buy Fee Simple (the only exception is a leasehold in a majority fee simple complex)
3) Evaluate the Financials - Expect a 2-5% Return - Cash on Cash Invested (see notes below on how to compare different units apples to apples)
4) Purchase at Fair Market Value or Lower - look at all comparable
Let me tell you a story about this guy from Maine. But first, please know that I CAN help you find Maui Real Estate Deals like this! Like this one for example, because this home has TWO guest cottages, you can rent the main home, rent one cottage, live in the other, and it will pay for itself. Or just rent out the entire property and bank! The mortgage payment with principal, interest, insurance and taxes is $5250. The income from renting the main house is $4,000-4,500 and the cottages will rent for $1400-1800 each. So if you did not live on the property, you would profit $2K minimum per month. Even if you lived in one of the cottages, the property would still pay for itself. There are many such Maui and Haiku Homes for Sale on Acreage and across
Understanding the difference between leasehold property in Hawaii and fee simple meaning is actually very simple! (Scroll Down to See Video) With leasehold you DO NOT own the land the home or condo sits on. With fee simple you do! A leasehold property will have an additional monthly lease fee that you have to pay to the land owner. (This fee typically goes up over time.) The lease is renegotiated every 10 years (typically) Leasehold properties are also very difficult to finance and are usually all cash deals. Leaseholds are also much less expensive than fee simple properties because of this extra cost and the risk associated with not owning the land. The good news is the many leasehold properties are converting to fee simple. Which simply means that the
Many would say that the Kaanapali Alii is the quintessential oceanfront condo to own in all of Maui Real Estate, if not Hawaii. The logic behind that statement could be the fact that Maui was voted the number 1 tropical island in the world byTrip Adviser, and this was based on actual traveler reviews. Secondly, the Kaanapali beach was voted the number 1 beach in the world by Condé Nast. This is happened many times in the past as well. The Kaanapali Alii is the condominium that sits in the heart of all of that! On Kaanapali beach there are only two condominiums that you can purchase with a fee simple deed. Everything else are either timeshares or hotels. So that makes the Alii a very sought after asset.
