‘Luxury Shoppers are Back’
“Luxury Shoppers are Back” was a headline on the front page of the Dec. 15 Los Angeles Times. The article went on to say: “High-end retailers report a surge in traffic and sales, a good sign for the overall economy. High-end retailers are now reporting renewed fervor for handbags, shoes, jewelry and other indulgences at full retail price.”
What does this have to do with Maui real estate? Maui realtors are seeing the same thing — demand for high-end properties with serious offers, quick escrows and SOLD properties.
Since June 1, 2010, there have been 20 homes over $2,500,000 close escrow. The two highest sales were on Keawakapu Beach at $9,650,000 and $8,600,000. The highest West Maui sales were at $7,250,000 and $7,000,000. There are currently an additional seven residential sales pending over $2.5 million.
Maui condominiums over $2.5 million are not selling quite as rapidly, however. There have been ten sales of condominiums over $2.5 million, and there are an additional seven condos over $2.5 million pending. These statistics show an upswing from 2009.
What does it mean to the average person who cannot afford a home over $2.5 million? It means that now is the time to make a move to take advantage of the current real estate market with available inventory, low interest rates and motivated sellers.
Because high-end buyers are seeing value in the Maui real estate market, and they are acting on this knowledge, the excitement tends to trickle down to the other price points. If you are seriously considering buying, it is time to make your decision. Prices will not remain low once the sellers gain confidence that a sale is imminent and inventory is evaporating. We are seeing more serious prospective buyers, more offers, decreasing inventory and more open escrows. Interest rates are creeping up and inventory is decreasing — all combine to lower a buyer’s options.
Lowson & Associates has several great residential listings: 222 Ke’oawa St. — Five bedrooms/five baths on over six acres with incredible ocean views priced at $8,600,000; 361 A’alii Way — Five bedrooms/four baths in Kaanapali Golf Estates with great ocean views priced at $2,475,000; 188 Awaiku St. — Two-bedroom/two-bath Launiupoko cottage, fully furnished, with great ocean views asking $950,000; 24 Paalae — like new home with views of Kahului Harbor, three-bedroom/two-bath priced at $825,000.
Please call (808) 276-8001 for market information or visit our website at www.Lowson.com.