It won’t last!
Is it the right time to buy on Maui? Those with the ability and smarter than the average Joe seem to think so.
This brings to mind a quote from Warren Buffet, a businessman whose prominence is such that there is a tax code named after him.
He said, “If past history was all there was to the game, the richest people would be librarians.”
In recent months, we definitely have seen increased showings and sales, and multiple offers on new “good” listings making for a quick sale.
Inventories have declined 17-20 percent over the past 12 months in residential and condo classes. Many “distressed properties,” short sales and REO (bank-owned) properties are being quickly absorbed as sales as we begin to move ahead to a more normal marketplace.
In total, over the past 12 months in the residential category, 36.9 percent of the properties sold were distressed properties.
Some prime examples at time of print: a new REO listing in Honolua Ridge of a home built in 2008 and cottage for only $2,850,000. Another home in the same area sold in October for just under $6 million! But you need to act fast – the seller (bank) will begin to review the initial offers on Wednesday, Nov. 21. Call today if you would like to arrange to see this opportunity in person. Some very fortunate person will buy this property could it be you?
My listing at 345 Kului Way in the Kaanapali Golf Estates has received multiple offers and gone under contract with a buyer in less than three weeks.
Another Kapalua buyer recently purchased 197 Plantation Club Drive for $2,600,000, which is less than HALF of what the same home sold for in 2007!!!
We are still experiencing a buyer’s market, but will it last?
Those who are qualified to buy are able to obtain some great deals! The year-to-date ending Oct. 31, 2012 average price for a home on Maui is $689,249, which is down 14 percent from a year ago for the same time period ending Oct. 31, 2011, according to Realtors Association of Maui statistics.
This past year has been an incredible year for many buyers, and I’ve been able to negotiate very good contracts. 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 (808) 357-4782 or e-mail Greg@MauiRealEstateLLC.com today with any and all of your real estate questions.