WEST MAUI - The West Maui housing market has seen a series of encouraging signs in recent months.
According to Maui Board of Realtors' statistics, the number of Upper West Side homes sold in 2012 was 45; this reflects a 7 percent increase from the same period in 2011. The median sales price also saw an increase of about 4 percent. This helps to explain the number of sales in recent months in conjunction with historically low interest rates.
Just as the single-family market has been rallying, the resort real estate market has recovered strongly over the past year. Kapalua condominium sales, for example, have increased substantially with 51 sales versus 2011 with only 30 total condominium sales in Kapalua.
A new listing, 88 Haku Place at Hale Nohu in Napili is available for $669,900.
On Maui overall, the single-family median price increased 9 percent, and the condominium median sales price increased 16 percent. Luxury resort properties haven't shown any signs of slowing down either, with an oceanfront Kihei five-bedroom/eight-bath home on just over a half-acre closing on December 28, 2012 for $23,000,000, and just one week into the new year, a Makena Place home closed at $9,200,000.
The number of distressed West Side homes for sale decreased in the last quarter of 2012. Although many local and state government officials have started to initiate formal investigations of foreclosure practices and coordinate government relief efforts, it appears that the initial flood of mortgage defaults may have subsided.
Today in Maui, if a home is well-priced, it gets multiple offers. We have found that out a number of times this month and lost several offers over full price to other companies offering more. The lesson is: don't bargain hunt if it's priced right.
Let me help you find the perfect property and negotiate a great deal for you. I love what I do and look forward to assisting in your search. Call or e-mail me today with any and all of your real estate questions. I get my clients results.