Deal: 24% Off Maui Meadows Foreclosure

A screaming deal has just come up in Maui Meadows, one of South Maui’s most desirable and now attractively priced neighborhoods.

This is a property not to miss: a large 4 bed /4 bath home (MLS# 343913) , detached 700 sq.ft. cottage, 2/3 acre flat lot with room for a pool and a garden, located on a nice street in a great subdivision, with excellent views—all offered at a bargain price.

3240 Waileia Place (MLS# 343913) just listed for $759,000

Active Listing Price: $759,000

2003 Purchase Price: $1,000,000

Current County Assessed Value: $1,361,400

The property features excellent views: ocean, outer islands (Molokini & Kohoolawe), and the West Maui Mountains.

The home has a large wrap-around covered deck and a nice area to BBQ, and the upper lanai is an excellent area to relax & enjoy views.

There is no question that this home needs some work to really enhance its overall value, the good thing is that the home and the neighborhood justify and will likely produce a strong return on investment for the work and dollars spent. The layout of the main home is a nice flowing home with the kitchen and living areas on the southern side of the home with the two bedrooms facing the Kahului direction.

Attached by means of a covered breezeway is a studio unit with bamboo floors, a full bath, and a sink; this area was probably used as separate rental in the past. As you walk up a very nice slate stairway above the studio is another apartment with a living area and what appears to be a kitchen set -up. This is also the part of the house where the view deck lies (where my ocean view pic was taken).

The expansive living room features travertine flooring, a beautiful open beamed ceiling, and nice transition to outdoor living.

What is the value of having an ohana (cottage in this use of the word) on the property?

This 2 bed /1bath detached cottage with tiled floors, an open-beamed ceiling, and it’s own kitchen is perfect for visiting friends or relatives.

Conversely, for many buyers, having the benefit of an additional dwelling on a property to help with the mortgage payment can be a huge benefit to reducing the overall cost of home ownership. However, it is always important that you check with your your realtor to determine if the ohana is legal or not.

Why is this important, you ask?

Because if the cottage is legal, many lenders will allow you to use up to 70% of the potential rental income to add to your qualifying income to purchase the home. Great deal, huh?

My guess is that this property will go quickly. Is it you who is going to take advantage of this fantastic opportunity to invest in a prime Maui Screaming Deal? Contact me to schedule a showing today.

Maybe you are interested in living the Hawaii Life but this is not quite the house for you. If you are looking for a real Screaming Deal, chances are that it is going to be a foreclosure/REO/bank owned home. These homes generally sell very quickly and it is in your best interest to have a savvy and watchful Realtor on the lookout for you. May I not so subtly recommend that you contact me to help you out : )

Here are my Top 50 Foreclosure Deals on Maui right now.