This home (MLS# 347050) is a brand-new listing of a bank owned/REO/foreclosure. It’s a 3 bedroom/2.5 bathroom home of about 1,900 sq. ft. of living area, one large covered deck downstairs, and one smaller deck upstairs with views of the West Maui mountains.
The Upside:
- Value—This home last sold in 2007 for $965,000 as the market was already starting to decline. Other comparable homes in the neighborhood sold for over $1,100,000 at the peak.
- Location—Kahana Wai is a gated subdivision directly off the lower Honoapiilani Hwy., it is a very small neighborhood of only 17 homes and there is a high degree of consistency amongst these homes. Best yet, the beautiful Maui ocean is literally a 2 minute walk from this home.
- Construction quality—This home is very well-built: hardiplank exterior siding, vinyl windows, aluminum roofing, bamboo flooring, granite counter tops, stainless steel appliances, and vaulted ceilings with custom lighting.
Challenges:
- Road noise—from the exterior of this home, including the backyard, there is some road noise from the backyard.
- A little TLC—the front steps need to be painted, and the interior colors are a bit bold and could probably use a new coat, and the landscaping needs a little water and work.
Speaking of the beach, here is Pohaku Beach Park known as S-Turns by the locals which is a 2 minute drive from this home.
Here are some comparable homes in the same area that I feel are also worthy of consideration.
My Foreclosure Galleries:
All Maui Foreclosed Vacant Land
Please contact me if you would like more information/and or a full-length video of any of these Maui homes for sale.
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February 19, 2011
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Tweets that mention Kahana, Maui Home Foreclosure – Steps from the Ocean | Hawaii Life -- Topsy.com
February 19, 2011
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Cliff
February 20, 2011
So because it was worth more in 2007 it makes it a good value toda
y?
Cliff
February 20, 2011
So because it was worth more in 2007 it makes it a good value toda
y?
Jeremy Stice, R(S)
February 20, 2011
@ Cliff- Thank you for your question.
The property is a good deal because of all the factors that I included in my post not just the fact that property was worth more than 2007 than it is now. If this were the case then I would have to blog about almost every property on Maui being a “good value” Once again, reiterating the value of this home is based on:
#1 It’s location versus other homes at a similar price point. Location is the #1 factor for real estate prices throughout the world. The fact that you are steps away from some of the most inviting white sand beaches and ocean in the world means a lot to many people.
#2 Its quality of construction and the fact that it would be very difficult to replicate this for cost of construction even with today’s improved construction costs. Furthermore, rates and terms for conventional loans versus vacant land/construction deals are much more advantageous. You could finance/leverage this entire asset with a substantially lower cash down payment whereas you would need to put 50-60% down for a construction and deal with the County of Maui on obtaining building permits which really isn’t much fun.
#3- Most banks are willing to play ball and take offers on these properties. This really depends how much activity the individual asset is receiving. Generally speaking, the longer the property is on the market- the more willing they are to be flexible on their price. Cash offers also carry weight over ones that have a financing contingency. It is always specific and that it is why it important to have someone like me who understands value and who has represented many buyers on bank owned properties to guide you through the process.
My goal is to highlight properties that I feel are a good deal and to assist my client’s about the pros and cons of each individual property. I am here to help them make decisions that they want to make, to help them get the best price possible, and to assist them throughout the entire buying process. This includes assisting with putting them in touch with vendors that can assist them with property improvements post closing and anything else that they may need.
Would you like to sit down for a buyer consultation meeting with me Cliff? I would be happy to be of service to you.
Jeremy Stice, R(S)
February 20, 2011
@ Cliff- Thank you for your question.
The property is a good deal because of all the factors that I included in my post not just the fact that property was worth more than 2007 than it is now. If this were the case then I would have to blog about almost every property on Maui being a “good value” Once again, reiterating the value of this home is based on:
#1 It’s location versus other homes at a similar price point. Location is the #1 factor for real estate prices throughout the world. The fact that you are steps away from some of the most inviting white sand beaches and ocean in the world means a lot to many people.
#2 Its quality of construction and the fact that it would be very difficult to replicate this for cost of construction even with today’s improved construction costs. Furthermore, rates and terms for conventional loans versus vacant land/construction deals are much more advantageous. You could finance/leverage this entire asset with a substantially lower cash down payment whereas you would need to put 50-60% down for a construction and deal with the County of Maui on obtaining building permits which really isn’t much fun.
#3- Most banks are willing to play ball and take offers on these properties. This really depends how much activity the individual asset is receiving. Generally speaking, the longer the property is on the market- the more willing they are to be flexible on their price. Cash offers also carry weight over ones that have a financing contingency. It is always specific and that it is why it important to have someone like me who understands value and who has represented many buyers on bank owned properties to guide you through the process.
My goal is to highlight properties that I feel are a good deal and to assist my client’s about the pros and cons of each individual property. I am here to help them make decisions that they want to make, to help them get the best price possible, and to assist them throughout the entire buying process. This includes assisting with putting them in touch with vendors that can assist them with property improvements post closing and anything else that they may need.
Would you like to sit down for a buyer consultation meeting with me Cliff? I would be happy to be of service to you.
Brad Haeger
February 21, 2011
Ah! S-Turns… I have had some fun surf sessions there.
Brad Haeger
February 21, 2011
Ah! S-Turns… I have had some fun surf sessions there.
Cliffs
February 21, 2011
Mahalo for responding. No consultation needed.
Cliffs
February 21, 2011
Mahalo for responding. No consultation needed.