The market in Launiupoko
LAHAINA — Are you feeling the slight shift of positive movement in our real estate market? I am!
Mortgage rates are still at an all-time low, with conventional loans still available in the 4-5 percent range and land loans just over 6 percent. Another piece of good news for first-time home buyers is the extension of the credit program. As the Senate has approved the extension, the credit is still available for people that have not bought in the last two years. The first-time home buyers’ tax credits of up to $8,000 have been extended to April 2010.
I am happy to see sales closing in our Launiupoko neighborhoods. In fact, over the last year, we have had nine cottages sell and one more still under escrow. These have ranged in price from $825,000 up to $1,340,000. We also are seeing main homes selling — six so far this year — anywhere from $1,600,000 to $2,825,000, and again one more still under escrow to close. That is positive movement of inventory in our area. While prices have dropped with the market correction, every day we are still seeing people inquire and want to look at properties in the area.
Currently offered on a short sale is a cottage on a half-acre in Launiupoko for $699,000. It has great ocean and mountain views, a lot of glass windows and large deck to admire those wonderful sunsets over Lanai.
Two other good buys are main homes that have been just recently reduced. The first is a brand new construction that sits on over one acre of land with wonderful ocean/island views and views of Lahaina Harbor. This Plantation-style home is a three-bedroom/three-bath residence with tiger wood floors, granite counters, stainless steel appliances and open feel with high ceilings. It also has a large deck for outdoor living. The home is priced at $1,599,000.
The other main home is three bedrooms/three baths with just a fabulous large yard, mature mango trees and rolling lawns. Enjoy unobstructed ocean and island views in the front and the West Maui Mountains in the background. It’s priced at $1,750,000.
Vacant land? We have many options available to build your dream home. A two-acre main home lot in Launiupoko for $489,000 and a cottage lot of three-quarters-of-an-acre in Olowalu Mauka at $449,000 are some of the buys available. Makila Ridge still has a few developer release lots available, ranging in price from $695,000 for 26 acres. All of the lots have private roads and private water, and are on agricultural land that allows farming, horses and other activities.
If you would like any information, market reports on any sales activity or comparisons for real estate in West Maui, please give me a call at (808) 283-7214.