Maui Oceanfront Real Estate

AN EXTRAORDINARY LISTING

admin — Tue, 20 Jul 2010 17:03:33 +0000

We are pleased to announce the listing of 3190 South Kihei Road. This 31,000 square foot vacant lot sits on the finest part of world-famous Keawakapu Beach. It has been thoroughly prepared and approvals are in place for a 7300 square foot home. This lot truly is the last of its kind and is the finest beachfront lot available on Maui. http://www.mauibeachfrontlot.com/

MAKENA NOW OWNED BY LENDERS

admin — Tue, 20 Jul 2010 17:03:31 +0000

In a confirmation hearing held last week in Wailuku the first mortgage holders, led by Wells Fargo as trustee, won fee simple ownership of the Makena Resort. In effect the group agreed to pay itself $95 million. What this really does is simplify the entire situation surrounding the Resort. Either the owners can sell it, sell pieces or develop it themselves. This is the beginning, not the end of the story.

For details, contact us.

A FASCINATING CORRELATION

admin — Fri, 25 Jun 2010 10:41:10 +0000

Our friends at Calculatedriskblog.com have graphed months of supply and housing prices since 2002 and the results are striking. With only a slight lag, months of supply inversely leads leads home prices. When supply rises? Prices fall. When supply falls below six months? Prices tend to rise.

For details about what this means for Maui, contact us!

THE AFFLUENT MARKET

admin — Tue, 22 Jun 2010 01:55:08 +0000

The American Affluence Research Center conducts semi-annual surveys of the wealthiest 10% of US Households. Here are some interesting results from the Spring 2010 survey:

Expect stock market to remain flat for the next twelve months
2.6% plan to buy a new vacation home

The highest net worth sub-category is at 4.1%
Pre-recession “Careful Spenders” are driving these results
Best numbers in over two years

This can only be good news for Maui.

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SAN DIEGO MAUI DIRECT

admin — Tue, 22 Jun 2010 01:55:07 +0000

Hawaiian Airlines has resumed direct service between Maui and San Diego! Great news!

IMPACT OF TURTLE BAY DECISION

admin — Mon, 21 Jun 2010 17:51:39 +0000

A recent decision by the State Supreme Court has blocked the proposed Kuilima Resort Turtle Bay expansion project until an updated Environmental Impact Study has been completed. The decision ruled that given the age of the EIS (25 years old) that the development was now "essentially a different action." The impact of this decision ranges far beyond just that particular resort. On Maui, both Honua'ula and Makena have older EIS's. As these studies can easily take a year to complete, it seems likely that any actual development on either of those sites has just been delayed.

Further, this decision probably applies to almost every contemplated development throughout the State. Good news (sort of) for existing property owners as it keeps housing scarce, bad news for the construction and development industries.

CORELOGIC SEES NATIONA PRICES INCREASE

admin — Mon, 21 Jun 2010 17:51:37 +0000

According to CoreLogic

�

National home prices increased in April, the second consecutive monthly increase. According to the CoreLogic HPI, national home prices, including distressed sales, increased by 2.6 percent in April 2010 compared to April 2009. This was an improvement over March�s year-over-year price increase of 2.3 percent. Excluding distressed sales, year-over-year prices increased in April by 2.2 percent; an improvement over the March non-distressed HPI which increased by 1.0 percent year-over-year. On a month-over-month basis, the national average home price index increased by 0.8 percent in April 2010 compared to March 2010, which was stronger than the previous one-month increase of 0.1 percent from February to March….�The monthly increase in the HPI shows the lingering effects of the homebuyer tax credit,� said Mark Fleming, chief economist for CoreLogic. �We expect that we will see home prices remain strong through early summer, but in the second half of the year we expect price growth to soften and possibly decline moderately.�

�

The news that prices, including distressed properties, increased for the second consecutive month is good news. Increasingly, some economists are nervous about the second half of the year.

�

For Maui though this is helpful. It means potential buyers will be just a little bit less nervous about their spending and investing.

TWO MORE TOM AND SEAN OCEANFRONT CLOSINGS

admin — Tue, 01 Jun 2010 20:26:59 +0000

THE LUXURY BOUNCE BACK

admin — Tue, 01 Jun 2010 20:26:58 +0000

From the Wall Street Journal.

After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more-realistic seller pricing. Despite the housing downturn, attractively priced homes in some of the nation's most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers. Nationwide, sales of homes selling for $2 million to $5 million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic. That sales are up from last year shouldn't come as a big surprise. The shock of the financial panic in the fall of 2008 left many potential buyers too nervous to bid, and those who were willing to wade in found it hard to get financing. But a study for The Wall Street Journal by MDA DataQuick, a real-estate data provider, found that in some areas of the country, sales of homes over $2 million in the first quarter were actually on par with the levels of 2005, the peak year for existing-home sales volume nationwide.

A 32% increase is stunning no matter what the base is and the notion that we could be at 2005 demand levels for luxury homes? This MUST be very good news for Maui real estate!

MAKENA STAYS WITH THE LENDERS

admin — Tue, 01 Jun 2010 20:15:52 +0000

At least for now.

The collection of mortgage securities holders who have a $200 million lien against the 1,800-acre Makena Resort came out on top in a two-bidder foreclosure auction. The auction win protected their investment until a new property owner can be found, Sullivan said.

The top bid was $55 million by Wells Fargo Bank, which is the lenders' trustee, in what is believed to be the largest foreclosure in Maui history.

The mortgage holders won in a "credit bid," or paying for the title with what's owed them, Sullivan said. If they'd let Makena Resort slip away for any less than $200 million, the lenders would have lost money. Now, they can either resell the property once the title clears the courts - and the real estate market improves - or they can try to get most of their $200 million back at the upcoming confirmation hearing.

"That's where the action will really be," Sullivan said of the hearing to be held sometime in the next 45 days.

What does this mean? It means nobody chose to bid above the $200 million or so that the first mortgage holders are owed and since they believe the Makena Resort's value exceeds that, they chose to continue owning it. This story isn't close to over.