$250K Below Market Value – Kaanapali Hillside Home on Maui

I have to admit that I am extremely passionate about Maui real estate, and sometimes, I actually start salivating when I see a true Maui Screaming Deal come on the market. Yesterday, after finishing my blog Fun Things to do on a Sunday on Maui, Hawaii, I saw a property that made me practically fall off my seat.

38 North Iwa Place in Kaanapali Hillside (MLS# 348167) is unequivocally the best deal in all of Kaanapali for a residential home. I just got back from visiting the home, which is currently being scoured over by Realtors and buyers alike because this bank owned/REO/foreclosed property will have at least 10 offers on it by the end of the week. There are already 3 on the table.

38 North Iwa is a 4 bedroom/4 bathroom home built in 2006 and I don’t think it has ever been lived in before. This home is in fantastic condition and is built with top-of-the-line materials throughout—the attention to detail and master craftsmanship are exceptional.

This home has an exceptional ocean view and you can also see the islands of Lana’i and Moloka’i from this very large covered lanai area that is probably about 600-800 sq. ft., and is really enhanced by large pocket sliding doors (you will note this in the below video).

I am a real straight shooter—that is the way that I was always taught to do my business by my father and business partner, Tracy Stice—with this being said, I am going to go out on a limb and say that this home is under priced by about $250,000.

Here is my supporting case: there are two houses on opposite sides of the street from this one that just closed for $1,200,000 or more that are substantially older, not nearly in the same condition as this one, and where the view will eventually be obstructed by another house that will eventually go up (this would only apply to 89 Puu Hale.) Here are the two comps I am referring to: Click here to view listings.

It is my professional opinion that this home would have sold for well over $2,000,000 at the peak of our market in 2007. If you are interested in this home, please contact me today, as it is imperative that you let me know immediately, so that we can get to work on a contract as soon as possible.

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October 11, 2011

Looks like a great value Jeremy. I’m going to have to come check it out!


October 11, 2011

Looks like a great value Jeremy. I’m going to have to come check it out!

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