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,
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
