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Maui Resort real estate market might have hit bottom

Villa 15-6Analysts are reporting signs of a turnaround in the price slump for Maui Real Estate, according to an article in the March 10 issue of Maui News.

Ho’olei, the preeminent community in Wailea, was prominently featured as a positive sign of the up-turn in the resort market…

“The Ho‘olei condominium project in Wailea came on line after the resort real estate peaked in the second quarter of 2007. Now, it appears prices may have bottomed out, according to Honolulu real estate analyst Ricky Cassiday.”
– Harry Eagar, Staff writer for Maui News

Below are some highlights from the article written by Harry Eager…

Prices peaked in the second quarter of 2007 at $1.5 million and fell steeply to $1 million by the middle of 2009. Since then, they have stabilized.

And as prices have stabilized, transactions have soared, from about 125 per quarter to about 200 in the last quarter of last year.

Another sign that the market may be getting ready to turn is the appearance of bargain hunters. Whether you characterize them as thrifty shoppers, bottom feeders or vultures, Cassiday said he sees people with money looking around for deals.

Here is my Ho’olei Market report with perspective on notable sales:

On September 17 2009, Ho’olei 69-1 (I1) closed for $1,999,999.00, representing the lowest sale for third row condos at Ho’olei to date. In my opinion, this closing was literally representative of the bottom of the market in the neighborhood. In a period of just 6 months, the real estate market at Ho’olei has arguably recovered by roughly 20%, which is a very positive for the market in the greater Wailea/Makena region as a whole.

On Saturday March 6th 2010, Anthony and I listed 57-1 (J1), a developer Hibiscus villa in the third tier at Ho’olei. Within a period of several hours we received a purchase contract on the home, which was accepted by the developers shortly thereafter. After J1 closes in April, the sale will represent the highest closing at Ho’olei since September 2008.

I am so excited to share this great news with you. Things seem to be headed back in the right direction!

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