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Kihei Condo Foreclosures Pace Maui Real Estate Deals

There are nine foreclosures among the 262 condos currently listed for sale in Kihei—some of them are deals and some aren’t.

A 2 bedroom, 2 bathroom Maui beach condo foreclosure at Southpointe is listed at $114,900, and will likely have multiple bidders on July 1, the first day offers will be accepted. Five years ago, comps hovered at $320,000

Here are the three that rank way up there in terms of pure value, in my eyes. My assessment might change, given specific, individual priorities and/or criteria from a specific buyer. If you’d like to know why I didn’t pick any of the other six, email me and I’ll be happy to give you my perspective. The “market peak” comparable is based on same-sized, comparable units, and average sale price in 2005-2006.

1. Southpointe 4-203 (MLS# 348519)—$114,900—Generic in style, yes. Reminiscent of a mainland apartment complex, absolutely. None of it matters: an upstairs 2 bedroom, 2 bathroom Maui condo less than a block from a beautiful walking beach, in a decent location, at less than $115,000 is a deal. At the peak (2005-2006)—$320,000.

No guarantee you’ll actually buy it for that; the last two foreclosures here, listed at $115,000 and $120,000, were both bid up to $126,000. That’s still a deal for this unit, which aside from a damned scary paint job, is in better than decent condition—five closings since May have brought $126,000, $133,750, $110,000, $135,000, and $121,000. No vacation rentals here. The seller begins accepting offers on this unit July 1 and I expect there will be a handful. Still, definitely worth pursuing.

Kamoa Views: a short walk to South Kihei’s surf break, The Cove, and the soft golden sand, and pristine water off Charlie Young Beach

2. Kamoa Views 109 (MLS# 347234)—$169,900—Ground floor unit in one of the best buildings in the cluster of condos off Walaka Street, which springs directly inland from The Cove (and Kihei Road) in South Kihei. A short walk to gorgeous Charlie Young Beach and convenient to the best of Kihei’s restaurants and attractions, this security building features a nice pool (most properties in the area don’t have one).

Three 1-bedroom sales in 2011: $247,500 (third floor), $170,500 (second floor), and $225,000 (third floor). Fannie Mae property approved for Homepath financing, and 3.5% financing. No vacation rentals. At the peak (2005)—$335,000.

Kalama Villas is a small pet-friendly property with minimal turnover (one sale since 2005), close to Charlie Young and Kamaole I Beaches

3. Kalama Villa 103 (MLS# 347558)—$119,900—A small property (8 units) located close to South Kihei’s Charlie Young Beach and The Cove, central to everything in South Kihei. This unit was partially remodeled and could be cute with a bit of sweat equity.

Rentals in this area are at a premium (vacation rentals aren’t allowed), and this is a very appealing location. Another Fannie Mae/Homepath deal. Not a lot of turnover in the building: only one sale since 2005 (November ’09), at $229,000. At the peak (2005-2006)—$235,000.

Note: Kevin Spaise, R(S) is the author of The Maui Condo Book, the reference directory used by Maui brokers, Realtors, and title/escrow companies (www.TheMauiCondoBook.com).

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