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$367,900 Kihei Foreclosure with Ohana Rights Priced at 94% of Assessed Value

This home in Kihei (MLS# 349621) is a bank foreclosure and is priced below the $391,000 county assessed value, giving it a priced/assessed ratio of 94%.

Ohana Potential Adds Value

The property includes covenants that allow for construction of an Ohana unit. On Maui, an Ohana unit is a detached (or attached) second living quarters for renters or Mother-In-Law. This can provide additional rental income and add value to the home. The Ohana can also be sold, but only as a condominium (leasehold) opposed to fee simple. Contact me if you have questions regarding leasehold vs fee simple.

Below is a picture of the home next door that has already built an Ohana.

The smaller structure to the left is the neighbors Ohana unit

Where’s the Value?

I believe that the 80 Value Score is not high enough for this property. Mainly because of surrounding homes that have sold in the $800K – $1M range. Contact me for sold comparables.

Also, if you look at the following Kihei active comparables (ranging in price from $213,900 – $349,900), you’ll notice that none of them are in the same condition as this bank owned home:

My Recent Visit

I visited the Kihei home the other day, and I think you’ll agree from the photos I took that the property appears in good condition.

Here is side view of the home

Street view coming up to the property

Here is a picture across the street to see the the whole front yard area and views of a typical Kihei day!

Gary Bland, R (S)
(808)-385-1265
garybland@hawaiilife.com

Gary Bland is a Kihei Real Estate Specialist with 10 years of experience buying and selling property in Maui.

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Loren E. Clive, R(S)

October 25, 2011

Gary, you tagged the best buy in Honu Alahele! This subdivision of newer homes is one of the few new construction areas in North Kihei.

Few people look at assessed value, which your homes taxes are based upon, but it is a decent measure of value. Nice article.

Loren E. Clive, R(S)

October 25, 2011

Gary, you tagged the best buy in Honu Alahele! This subdivision of newer homes is one of the few new construction areas in North Kihei.

Few people look at assessed value, which your homes taxes are based upon, but it is a decent measure of value. Nice article.

Adeline Espiritu

July 15, 2016

is this property still available?

Adeline Espiritu

July 15, 2016

is this property still available?

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