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September 1, 2005 - Newsletter for the Maui Market
Aloha!
Don't forget; if you currently own a property and would like to be notified when there is a new listing in your particular complex, we can set you up to automatically receive the new listings via email. The service is also available for those interested in purchasing a condominium, home, land or other property. If you provide me with your first and last name, your email address, and the condo complex you wish to be notified of, we can program the system to notify you as new listings become available.
At the beginning of December, 2004, there were 186 condominiums for sale in the West Maui area and the total value was $156,629,640.00. At the beginning of January, 2005 there were 202 condominiums for sale in the West Maui area and the total value was $181,300,850.00 which translates in to a 9% increase in the number of condominium units listed for sale and 15.75% increase in total value. At the beginning of February, 2005 there were 213 condominiums for sale in the West Maui area and the total value was $192,803,740.00. At the beginning of March, 2005 there were 191 condominiums for sale in the West Maui area and the total value was $175,106,140.00. At the beginning of April, 2005 there were 176 condominiums for sale in the West Maui area and the total value was $166,628,680.00. At the beginning of May, 2005 there were 176 condominiums for sale in the West Maui area and the total value was $166,079,990.00. At the beginning of June, 2005 there were 164 condominiums for sale in the West Maui area and the total value was $161,629,240.00. At the beginning of July, 2005 there were 165 condominiums for sale in the West Maui area and the total value was $159,356,997.00. At the beginning of August, 2005 there were 166 condominiums for sale in the West Maui area and the total value was $154,446,497.00. At the beginning of September, 2005 there are 176 condominiums for sale in the West Maui area and the total value is $163,215,390.00 . Since June of this year the for sale inventory has been around 165 condominiums for sale so there has been an increase in the inventry and we are seeing more of the lower priced units coming on the market and the higher priced units are typically taking a longer period of time prior to sale.
The total condominium sales for West Maui during the month of December, 2004 was 47 and the total value was $21,974,500.00 during the month of January, 2005 total condominium sales for West Maui was 30 and the total value was $18,658,400.00; during the month of February, 2005 total condominium sales for West Maui was 64 and the total value was $32,380,771.00; during the month of March, 2005 total condominium sales for West Maui was 62 and the total value was $36,995,304.00; for the month of April, 2005 total condominium sales for West Maui was 69 and the total value was $37,681,957.00; for the month of May, 2005 total condominium sales for West Maui was 59 and the total value was $33,964,000.00; for the month of June, 2005 total condominium sales for West Maui was 59 and the total value was $34,565,250.00; for the month of July, 2005 total condominium sales for West Maui was 73 and the total value was $43,969,186.00; the month of August, 2005 total condominium sales for West Maui was 40and the total value was $21,749,104.00 and one of these sales was at The Villas at Kahana Ridge.
Prices are continuing to go up but are gradually slowing compared to the previous four years (2000 to 2004) Hot Market. For previous condo sale details go to our web site, www.jamesbfoster.com and click on Condo Sales. September is shaping up in the West Maui area to be similar to August, using a scale of 1 to 10 with 10 being a good Seller's Market; West Maui is approximately a "7.5" and will likely weaken a bit for Sellers as 2005 progresses. We are beginning to see some price reductions for listed properties that have been on the market for sixty days or so and have not sold. The real estate market is still very active. As of July 30, 2005 the average sale price for a home in Maui is $986,000 and at the end of July, 2004 the average sale price for a home was $740,925 according to the Realtor Association of Maui statistics. In Lahaina the average sale price at the end of July, 2005 is $1,169,105 and at the end of July, 2004 it was $967,972.
We have gone in to the MLS data base and pulled information for 2000 through 2004. In 2000 there were 654 condominiums sold in the West Maui area for a total value of $209,064,010; in 2001 there were 605 condominiums sold in the West Maui area for a total value of $271,681,337; in 2002 there were 730 condominiums sold in the West Maui area for a total value of $240,178,915; In 2003 there were 737 condominiums sold in the West Maui area for a total value of $319,748,466; In 2004 there were 699 condominiums sold in the West Maui area for a total value of $374,926,467. Up through August 31, 2005 we have 475 condominium sales in the West Maui area at an approximate value of $270,679,972.00 . At the end of August, 2004 there were 326 condos sold in W. Maui for a value of $190,413,497.00 . The statistics have bumped up because of the 55 sales at The Villas at Kahana Ridge.
The MLS statistics for the first half 2005 are now on our web site www.jamesbfoster.com and if you would like those emailed to you in an ADOBE pdf format let us know. We just updated all of the condominium projects listed with current sales and also the category, W. Maui Condo Sales 2005 as of August 31, 2005 . Just go to the web site and click the tab at the top of the site that says Condo Sales.
Mortgage Rates for August 28, 2005 from Central Pacific Bank - House/Condo: 5.25% 30 fixed 2.0 pts (5.48 APR); 5.625% 30yr fixed 1.0 pt (5.75 APR); No Docs: 5.75% 30yr fixed 1.0 pt (5.88 APR); No Points: 5.875% 30 yr fixed (6.01 APR); Condotel: 5.625% 30yr fixed 1.0 pt (6.12 APR); Construction: 6.125% 30 yr fixed 1.0 pt (6.26 APR); 1031Exchange: 6.0%, 30 yr 1.0 pt (6.113APR); No Income, 80/20 & Land loans (Pts include origination)
If you would like to view the most current sales statistics for Maui or West Maui Condominiums, you can go to my web site www.jamesbfoster.com and click on Condo Sales in the upper left corner of the home page. I also post a Vacation Rental Management Report for your viewing by clicking on that tab in the upper left corner of my web site. If there are any specific condominium complexes that you wish to be notified by email when a condominium becomes available for sale, send me an email as I check the MLS data about four times daily and if a new listing comes on the market I immediately notify any clients who have requested that information. Many owners also like to track what the units are selling for in the building where they own which they can do from my site.
In the Maui News, 8/30/05 , Harry Eagar, Staff Writer wrote an interesting article, “Partnership seeks to become institution for fostering sustainable communities”. If you would like a copy send me an email and I can email you a copy. The web site for more information is www.sustainablemaui.com
Recently reported was the last beach lot at Wailea set a record. Maluhia in the Wailea area of Maui had five beach lots in the small development and four were sold. The last lot sold was 40,230 square feet and sold for $13,500,000 or a price of $335.80 per square foot. Compared to the West Maui land market, land per square foot in the Kaanapali area such as the Summit and Pinnacle are in the $66 to $95 per square foot range; Kapalua area such as Pineapple Hill and Plantation Estates the range is $30 to $83 per square foot but some of the lots are very large in the Kahana Ridge subdivision the prices are now in the $79 to $93 per square foot range.
Last week IntraWest hosted a public event for the proposed 777 unit Honua Kai at Kaanapali for hundreds of Maui real estate agents and other guests. Phase one will have 30 studios, 96 one-bedrooms, 88 two-bedrooms and 28 three-bedrooms. Prices are in the low $500,000s for studios to $3,500,000 for the three bedrooms. The estimated construction cost is approximately $280,000,000 for 625 condominiums and 75 townhouses, a beachfront restaurant, three pools, two underground garages and other facilities on 40 acres. They are hoping to construct their sales office beginning in October, 2005 and the first two towers they are hoping to have opened in fall of 2008.
For those of you who are not certain how you are currently holding title or if you are holding title correctly according to your future estate needs might email me and I can send you an article about the forms of ownership: Tenancy By The Severalty; Tenancy In Common; Joint Tenancy; Tenancy By The Entirety. If you are not sure about how you are holding title I can check for you, just email me the address of the property, Unit number if a condominium, project name and your name and I will check and email you the data. I can also check the date you purchased and the original purchase price for you if you would like.
If you have not reviewed the standard real estate contract used in Hawaii I can email you a blank copy to review at your leisure, just send me an email and I will send it as an ADOBE pdf attachment.
I recently had two clients who needed to add people on title and it was done with a Quit Claim Deed and the cost was under $200.00. It is a fairly simple process and is typically used when a father and mother want to add a son or daughter or others to the title or transferring ownership from a married couple to a living trust or etc. We can coordinate that for you if you need assistance with it.
For future sellers and buyers of real estate some of the questions you need to ask yourself and be familiar with are: 1) What do I need to know about my real estate purchase contract, called a DROA in Hawaii ? 2) Why are there contingencies in the DROA and why are they important? 3) What information is required to open an escrow to complete a sale? 4) Why should my deposit check be held by escrow and not the seller? 5) What does the closing agent do with the deposit? 5) What papers need to be prepared and signed by both the buyer and the seller? 6) How will the real estate loan be processed if it is not an all cash transaction? 7) Which of the costs and fees of the transaction are negotiable and when should I start negotiating them? 8) What is title insurance and why is it necessary in the real estate transaction? 9) Why does it matter how I take title to the property? 10) What problems might arise during the closing process to prevent the sale or closing from taking place? 11) How can I be certain that the papers I will be signing are correct? 12) Who makes the decision regarding the closing date? 13) Can I change the way I hold title after the closing occurs? 14) What happens if my closing has to be cancelled?
Don’t forget, if you are selling your primary residence and are married you are entitled to a $500,000 exclusion for capital gains tax purposes. If you own the property solely: You must have owned the property for at least two of the five years preceding the sale of the primary residence. You must have used the home as a principal residence for at least two of the five years before the sale of the current home. You may not have used the new exclusion on the sale of another residence within the two-year period prior to the current sale. If you are married: You must file a joint tax return. You or your spouse must have ownership of the property, or you may own the property jointly. You or your spouse must have owned the property for at least two of the five years preceding the sale of the home. You and your spouse must have used the home as a principal residence for at least two of the five years preceding the sale of the home. Neither you nor your spouse may have used the new exclusion on the sale of another residence within the two-year period ending on the date of the current sale. CHECK WITH YOUR ACCOUNT REGARDING THIS AREAS.
We have also assisted sellers (for sale by owners) who had buyers but needed someone to facilitate the sale and guide them through the process and assure them they were asking a current market value price for their properties.
For those of you who enjoy or use the internet on a regular basis or use your computer frequently, here are some interesting web sites you may want to visit.
www.webmdhealth.com - Before jumping in to check your health woes you should know that this resource received a rating of “Excellent” by Consumer Health WebWatch, a joint project of Consumer Reports WebWatch and the Health Improvement Institute (HII) for its “trustworthy, up-to-date information on current health news and trends”. In addition, the site's privacy, advertising and sponsorship policies were recognized for their clarity and accessibility.
http://www.annoyancescentral.com - You can use this blog to deliver fixes to the most annoying computer problems straight to your computer. When you visit this resource you will find an archive of “Daily Fixes” plus the “Computer Experts Blogs”. If you want to get the fixes to the most annoying computer problems delivered straight to your computer there is a simple way using the RSS (Really Simple Syndication) set up there. Every time something new is published, you'll get a notification and a summary in an RSS feed. Just click the summary, and you'll be able to read the whole story right from your desktop.
www.annualcreditreport.com - It took over a year to make it easy for you to get your once a year complimentary credit report on line. But now the 3 major credit agencies (Equifax, Experian and TransUnion) have joined forces and set up this site to deliver your credit report to you on-line without cost. This central site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting services. Because monitoring your credit report is an effective tool in fighting identity theft it’s a good idea to take advantage of this disclosure created by legislative mandate.
www.newseum.org/todaysfrontpages/flash - Fly around the world from this great place-- and, when you land, the front page of today’s local newspaper will be under your door and ready to read - exactly as it appears on the streets. Pictures and all. In most cases a link to the papers web site is also included. You will need flash (but you most likely have that already).
Kindest Regards,
Jim Foster
Chase 'N Rainbows Real Estate, Inc.
P.O. Box 10398
Lahaina , HI 96761
Toll Free 888-661-7994
Direct Line 808-661-7994
Cell 808-870-5858
Fax 808-667-2957
Real Estate for Sale www.jamesbfoster.com
Vacation Rental www.chasenrainbows.com
Email jim@jamesbfoster.com
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