Maui Home Sales Up and Prices Down

Maui County home and condo sales shot up in February, including the sale of 53 single-family homes. This was a 56 percent jump in relation to home sales during the same month last year. Housing prices were significantly lower than last year as well, which explains the rise in opportunistic buying.

The median price of a home in Maui County fell by $37,800 to $507,200 in February. That's a seven percent drop compared with last year.

Maui Realtors and home owners have been patiently (or in some cases, not so patiently) waiting for the market to balance out. Owning a Maui home is considered by many to be a fantasy far from the reach of their pocket book, but now that prices have fallen this low, a lot of those same individuals have come to the conclusion that they can't afford not to buy a home on Maui.

As for condos, we saw a 12 percent rise in February of this year as compared with the same month last year. A whopping 94 condos sold, which also happens to be a 12-month high. As was the case with home prices, condo prices dropped as well, and by 38 percent. Prices fell by $263,500 to $429,000.

We'll probably see more of the same trends in the coming months, considering all the supporting factors. We have high inventory because of foreclosures and short sales, interest rates are low, prices are low, and there are still tax credits until the end of April. According to Terry Tolman, chief staff executive of the Realtor's Association of Maui, prices won't rise again until the short sales and bank-owned properties are sold.

Searching for the right Maui real estate for you? There are beautiful Maui oceanfront land sale listings that you may be interested in exploring. Homes for sale in Kapalua include some excellent buys, and don't forget to use our online real estate search tool to find real estate meeting your specific criteria. If you need assistance, you'll find my contact information at the bottom of the page. Mahalo for reading this week!

Maui Class on Marketing Your Business

If times have been difficult for your Maui business, what's the harm in attending a free class on marketing? One such class, called "Get Clients Now" will be held on Thursday, March 11 from noon to 1p.m.

This is a seminar on cost effective marketing strategies not only for attracting more clients, but more ideal clients for the goods and services you might offer. While you are there, you will develop a customized marketing plan that is specific to your type of business and personal preferences. You will also be able to develop a workable marketing budget.

Modern updates will be discussed in order to replace older and less effective strategies. For example, less cold calling and more relationship marketing. Techniques for avoiding procrastination and dealing with other kinds of resistance in selling your products and services will also be discussed.

"Get Clients Now" will be presented by Nina Cherry, a Maui business coach who assists professionals and entrepreneurs to resolve issues that affect the success of their business.

The workshop will be held at the Maui County Business Resource Center in the Maui Mall, located right across from IHOP.

As for Maui real estate, have a look while listings are affordable. Explore the excellent selection of Maui oceanfront land for sale and Lahaina homes on the market now. And don't forget about our online Maui MLS search tool. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!

Make Money From Maui Foreclosures

Foreclosure real estate generally involves a moderate or significant price reduction. If you are looking to make a real estate investment that pays, the current state of the market is ideal for doing so.

Buy a Maui home and rent it out. The number individuals in need of a home or condo rental has increased with foreclosures. Renting out a property that you own will generate income and help pay for the property. After it's paid off, more of that money goes into your pocket.

Also, if you are strategic about it, you can buy foreclosure properties and flip them, meaning improve or renovate and re-sell them. This requires careful monitoring of the market to make sure the sale price is competitive.

Another option is just to buy foreclosed property and hold it until real estate begins to appreciate again, driving up values. Remember, if you are buying foreclosure real estate, it's generally at a significant bargain. Buy low, sell high.

There are plenty of opportunities to make money if you are shrewd and creative. You should not speculate in the real estate market unless you are experienced with regard to real estate in general. It's generally not recommended to try these things if you are new to real estate or have never actually purchased any before.

As always, before you make any permanent decisions, you should always contact a licensed Realtor or Broker to advise you.

Maui Home Sales specializes in Kapalua condo sales. Right now, homes for sale in Kaanapali include some excellent buys, and don't forget to use our online real estate search tool to find real estate meeting your specific criteria. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!

Increase in Airline Seats to Hawaii

The future holds increases in air seats to Hawaii out of the U.S. West and Japan, which are Hawaii's top and third-largest visitor markets, respectively. This information comes from the Official Airline Guide flight schedules as of January and refer to the months of February and April.

The increase includes 6.4 percent more seats than the same period last year for a total of 2.2 million. The increase from the U.S. West is expected to land at 3.3 percent, which amounts to 1.3 million.

Flights from Japan are scheduled to increase by 5.7 percent to 400,000. The U.S. East will also increase flights at a 14.34 percent growth to a total of 240,700 and seat counts from Seoul, South Korea will rise over ten percent to 34,000.

More seats on airlines means more visitors and more visitors means a boost to the economy. This is just another sign among many that point to the slow but steady financial turnaround that seems to be underway.

As for those traveling to and from the islands, the on-time performance of many major airlines in 2009 was the best it's been since 2003. The rate of mishandled baggage was the lowest since 2004. It should be a very welcome change for travelers to expect fewer problems from the airlines. Hopefully it will encourage more travel to our state.

On the hunt for Maui real estate? There are beautiful Maui oceanfront land sale listings that you may be interested in exploring. Homes for sale in Kapalua include some excellent buys, and don't forget to use our online real estate search tool to find real estate meeting your specific criteria. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!

Maui Resort to be Sold at Auction

The Makena Beach and Golf Resort, including the Maui Prince Hotel, will be sold at a foreclosure auction sometime in April. The owners include Everett Dowling, a Maui developer, and Morgan Stanley, who purchased it in 2007 for $575 million.

Everett Dowling and Morgan Stanley entered into a partnership in which over $419 million was borrowed for the purchase of this 1,800-acre resort. A second mortgage was taken out for an additional $227 million in unsecured mezzanine financing.

Dowling and Morgan Stanley defaulted on the mortgage and other debt obligations, prompting Wells Fargo, the trustee, to file for foreclosure in August. The total amount owed is over $192.5 million.

Despite all this turmoil, the resort, including the hotel and golf courses, should continue to operate without any changes for guests or employees. Benchmark Hospitality and court-appointed receiver Miles Furutani will manage the resort during its transition to new ownership.

All these changes have generated considerable interest in many Maui residents and regular visitors, for whom the Maui Prince Hotel has been a constant fixture in the area for many years. It's quite a relief that the resort has been allowed to continue operations, especially for its workers.

As for Maui real estate, get them while listing prices are low. Explore the excellent selection of Maui oceanfront land for sale and Kaanapali homes on the market now. And don't forget about our online Maui MLS search tool. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!