GOOD ADVICE FOR COMMITTED SELLERS
November 9th, 2007In today's Wall Street Journal, author Jonathan Clements offers some good advice:
INDYMAC PROJECTIONS
November 6th, 2007In Indymac Bancorp's third quarter review, they included a graph showing projections for the national housing prices. Read this chart carefully, it measures the rate of change in prices, not absolute price changes. So it shows that the worst price declines are yet to come and prices won't begin to rebound until 2009. What does this mean for Maui prices? Not much except in the mindset buyers bring to the market.
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SURFS UP
November 6th, 2007We have been getting some swells over the last few days. Here's a photo of the southern end of Big Beach.
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NEW TOM AND SEAN LISTINGS COMING SOON!
November 3rd, 2007We will be announcing two exciting new listings here in the next week or so. The first will be a brand new home in Makena, large, private and stunning. Approximately 5000 square feet of interior living space including a separate cottage on almost an acre of land across the street from Big Beach. Twenty foot-ceilings, top of the line materials, pool and spa, an exceptional gourmet kitchen and a view of Molikini. That will be listed in the $6.5-$7 million range. The second might be the finest home ever to sell in Maui Meadows. Astounding 180 degree ocean views, a very quiet street, 3200 square feet of Wailea-quality construction, an infinity pool and spa and again a wonderful cottage. Three years old and immaculate. That will be listed for between $3.2 and $3.5 million.
SINGLE HOME SALE IN OCTOBER
November 3rd, 2007The only residential sale in October in Wailea/Makena as 45 Hoawaa in Wailea Kai. That 2600 square foot home had been on the market for over a year and sold for $1.7 million or 655 per square foot. No pricing conclusions can be drawn from a single sale and this single sale reflects historical trends of October being very slow.
WAILEA AND MAKENA CONDOMINIUM OCTOBER RESULTS
November 3rd, 2007In October of 2007 five condominiums sold in Wailea/Makena. That number looks anemic until one remembers that only 2 sold in October 2006 and 2 in 2005. October just reflects the fact that September is a very slow tourist month. Two of the sales were in oceanfront complexes. While conclusions based upon only five sales should be drawn cautiously, the median sale price of $2 million was very strong as was the per square foot average of $1409. The oceanfront sales both went for over $2500 psf. Time on the market was an extended 234 days and sellers received 90% of their most recent asking price.
FED CUT AND STRONG ECONOMY
November 3rd, 2007Today the Board of Governors of the Federal Reserve lowered its target for the Fed Funds rate 25 basis points to 4.5%. Here is a snippet:
