| |
June 2, 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 are 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 are 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 are 176 condominiums and the total value is $166,079,990.00 which translates in to no change in the total number of condominium units listed for sale and small decrease in total value. At the beginning of June, 2005 there are 164 condominiums and the total value is $161,629,240.00 which translates in to a reduction of condominium units listed for sale and small decrease in total value.
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 69 and the total value was $37,681,957.00.
Prices are continuing to go up but are gradually slowing compared to the previous four years (2000 to 2004) Hot Market. The year end statistics are now available on our web site, just go to the tab in the upper left hand corner and click on condo sales then click on MLS Statistics 2004. June is shaping up in the West Maui area to be similar to April, using a scale of 1 to 10 with 10 being a good Seller’s Market; West Maui is approximately an “8” 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.
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. These are interesting statistics and at the end of 2005 I think the total of condominiums sold will be less that 699 with the overall value increased but not as strong. Up through June 1, 2005 we have 225 condominium sales at an approximate value of $125,715,000 .
The MLS statistics are available for 1 st Quarter, 2005 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 May 2, 2005 . Just go to the web site and click the tab at the top of the site that says Condo Sales.
Mortgage Rates as of 5/23/05 from - House/Condo: 5.25% 30 fixed 2.0 pts ( 5.49 APR) - Interest Only: 5.625% 30yr fixed 1.0 pt ( 5.89 APR) No Docs: 4.875% 3yr ARM 1.0 pt ( 5.97 APR) - Pay Option ARM: from 1.0% at 1.0 pt ( 5.06 APR) - Condotels: 5.75% 30yr fixed 1.0 pt ( 5.88 APR) Construction: 6.125% 30yr fixed 1.0 pt ( 6.26 APR) - Land: 7.0%, fixed 3yr balloon 2.0 pt ( 8.02 APR)
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. The fourth quarter, 2004 should be posted soon. 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.
If you like food to go there is a new place in Lahaina called “Curry-in-a-Hurry”. The brochure says, “A Unique Culinary Experience in International Vegetarian Cuisine & 5-Star Desert To Go”. All of their food is delicious, healthy and prepared with quality ingredients. They are open Monday thru Friday from Noon to 8 PM and it is best to call ahead. The phone is 661-4370 and they are located at Lahaina Square , 840 Wainee St. in Lahaina. It is operated by Hans and Lori Mayne and not only is the food excellent, Hans and Lori are both passionate about what they do. They are right across from Maui Tacos and Ace Hardware in Lahaina.
Another new food offering is located here on Maui is in Kahului just a short drive from the airport called Dish that makes frozen fresh meals that can be purchased ahead of time and put in the freezer until the perfect moment you want to cook them. This is a great idea for vacationers on the go for a few reasons. Pre-cooked frozen meals allow for planning ahead of time, saving money (less food waste when you plan ahead), and the convenience of knowing when you are cooking in and how often you need to go out.
Dish offers many menu choices including entrees, appetizers, salads and desserts. Whether you are traveling with your spouse or your entire family, Dish has the prefect size menu for you. The Dish (serves 4 people): Get 3 meals for $75 or get 6 meals for $150. The half dish (serves 2 people): Get 3 meals for $45 or get 6 meals for $90.
Order ahead and have your meals delivered to your door for a nominal $15 charge, or pick them up on the way to your condo. Either way you are sure to discover that planning ahead with Dish will save you time and money which we can all use while on vacation! To contact them go to their web site www.dishsimple.com or call them at 808-877-1414 .
If you are interested in a great massage while on island for your vacation, you can contact Eve Clute at maui5@earthlink.net or 808-667-5355 . She does out-call and has her masters and doctorate in Public Health. She also started the first massage school on Maui and in addition to being a wellness educator also is a professor for Phoenix University for their online courses. She is very knowledgeable and health and wellness issues.
We have until June 8 th to provide comments on the Kaanapali 2020 Draft Environmental Impact Statement (EIS) which is currently being reviewed by the State Land Use Commission. The draft EIS being written for the Kaanapali 2020 [K-2020] development from Puukolii Rd to the Civic Center. The K-2020 plan will add 8,000 more people to the area. Comments should go to Gwen Ohashi Hiraga, Munekiyo & Hiraga, Inc, 305 High St. Suite 104 , Wailuku HI 96793. If you are interested in current or future new developments in the West Maui area and would like to be kept informed, send me an email and I can provide you with some web sites and other data.
With what is currently in planning we may have another 16,000 residential units added in the West Maui area during the next fifteen years. The community needs to stay involved to convey to government officials the importance of not issuing development approvals without the appropriate infrastructure being in place or funded and construction approved. Here are two web sites to review some of the future development for the West Maui area - www.SAVEWESTMAUI.com - www.kaanapali2020.org and www.kaanapaliland.com
If you do not have the contact information for the Mayor, Maui County Council Members and the Maui County Planning Commission then send me an email and I can email the information to you and you will be able to email them your comments or suggestions for responsible development for the West Maui area.
Here is a secret code to bypass voice mail and get a human, so keep it near the phone. https://www.quickbase.com/db/bam6rdiey?a=q&qid=5 These clever folks have built a growing list of secret codes to get you out of the sometimes endless and always frustrating maze of clicks you encounter every day trying to reach and talk to a real person on the phone. This great place provides by the bypass codes to get you past the phone mazes of just about all of the major banks, cell and phone companies, credit card companies, PC manufacturer support lines, shippers such as FedEx and UPS plus many more. The codes can be sorted and searched in a number of ways and contains the company name and phone number plus the short cut to by pass the insanity and go directly to a human being.
Another great internet tool is www.zabasearch.com for conducting searches. It is like Google on steroids. Try it and see what you think, also a great location for aerial maps similar to Google Maps.
In future news letters we will be providing detailed information on such topics as how to use your IRA, 401K and Pension Fund so you can self direct the funds and invest the funds in a variety of ways. We also will provide detailed information for the standard IRC Section 1031 Tax Deferred Exchanges, Reverse Exchanges (buy your replacement property before you sell your property), Tenant In Common Interest and how they qualify as replacement property for tax deferred exchanges and a variety of other topics to help you maximize your current and future investments in real estate.
We are also assembling a directory and source of information for remodeling and construction on Maui . If you have been involved in the construction of a new residence, the remodeling of a condominium or single family residence and would like to share the experience please email me the information or write it out and mail it to me. I will assemble the information so we will have information pertaining to reliable contractors, sub-contractors, material suppliers and so forth. There have been many condominium owners and property owner who have had bad experiences and if we develop a list of quality contractors, service providers and material suppliers we can support those who provide quality service and quality product. I have started assembling the information and if you have anything to contribute I would appreciate you emailing or mailing the information to me such as: Carpet suppliers, carpet installers, plumbers, granite counter top installers, cabinet installers and suppliers, landscape contractors or maintenance providers, general contractors specializing in condominium remodeling, general contractors specializing in custom homes, architects and etc.
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
|
|
