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Maui Foreclosures (Update – April 19, 2010)

According to the Maui MLS, there were 17 Maui closings (homes, land, and condos) that recorded from Friday April 16,2010-Monday April 19, 2010.

Today’s current list of active:

Of these 17 closings, 2 were short sales (pre-foreclosures). You will note that one is an entry level condo in Wailuku. The other is a very grand home in Kaanapali Hillside that became an estate sale after previously selling for $2,375,000 in 2005 and now just closed at $1,345,000. What a Maui Screaming Deal!

There was 1 REO closing today. This was a Wailea Foreclosure. This Wailea Ekolu Condo sold in 2004 for $659,000, GMAC bought the home back at auction for $599,000 and it just recorded at $475,000. This is definitely another Maui Screaming Deal!

9 of the 17 properties that sold in this time period were “new development offerings. These properties range from Wailuku and Kihei starter homes to resort luxury condos at Honua Kai-Konea (the first tower built) in Kaanapali and Ho’olei in Wailea. The developer is very willing to wheel and deal at Honua Kai and I’m sure we could help find you a fantastic deal there. The prices in Ho’olei at Wailea are holding fairly strong; in the long run these are fantastic investments as these are located in the heart of Wailea and owners enjoy full benefits at the Grand Wailea Resort and Spa.

Let’s look at the numbers. In this time period, 12% of the closings were short sales, 6% were REOs, and the largest segment of the market consisted of new development offerings which made up 53% of the market.

My analysis of this is that the majority of our buyers are either buying rock bottom bargains like the distressed properties or they are looking at brand new homes and condos that in many instances offer below market financing rates and large closing cost incentives. On the high end, there are still some closings in the luxury market for brand new luxury condos, most of these buyers are paying with cash.

Today, there were 2 new pre-foreclosure listings. One is a starter condo in Napili and the other is a single family starter home in Kahului.

There was 1 new REO listing today. Harbor Lights is an excellent complex for investors to park their cash, rent the units out, and let them appreciate over time. These units sold for up to $250,000 at the peak of the market in late 2006. The inventory in Harbor Lights is now consistently selling for around $50k.

You may purchase a Maui Foreclosure with as little as 3.5% down payment.

If you are interested in learning more about securing a fantastic investment here on Maui you will most likely find it to be a pre-foreclosure or a foreclosure.  The Stice Team has represented countless satisfied buyers on these types of properties in the recent past and we would like to use our expertise and calculated strategy to help you secure one of these as well.

These properties sell very quickly, what are you waiting for?

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