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Maui Real Estate Resources

The Maui Real Estate Blog

Kihei oceanfront home on Halama Street sells for over $3 Million

Here’s a quick update with the latest news in the market for oceanfront property in Kihei, South Maui.

The South Maui real estate market has been busy and there has been a lot of activity for Kihei Bank owned homes. We just sold an REO property on Halama Street that is actually an oceanfront home in Kihei and the highest sale on record for a bank owned home on Maui!

How to Succeed at Buying a bank owned oceanfront property

When 1576 Halama Street came on the market on August 23, 2011 we could see this particular REO home for sale would sell fast. There’s bound to be a lot of interest in any well-priced bank owned home, even more so when it’s a 3 bedroom house with an in-ground pool that’s directly fronting the ocean in Kihei.

We acted fast and immediately contacted a client who loves Halama street properties and set to work on preparing a competitive offer that would position our buyer to be the successful new owner.

After only 16 days on the market (the bank only considers offers after the 13th day) we put this bank owned property under contract. We completed the sale in another 19 days and the house sold on September 27, 2011 for $3,020,000.

This sale shows that you can have great success when you have an agent that closely monitors the Maui market and takes quick action to prepare a strong offer that the banks will want to accept.

Kihei oceanfront home sales doing well in 2011

Our sale of 1576 Halama is the fifth oceanfront home sale in Kihei so far this year. The current 2011 average sales price for Kihei oceanfront homes is $7,019,000 and the total sales volume is $35,095,000. Last year there were 6 sales and the 2010 average sales price was $5,161,666 and the total sales volume was $30,970,000.

It’s helpful to remember that prices are very different for North Kihei and South Kihei oceanfront homes. The average sales price for oceanfront homes in North Kihei (Halama street and Uluniu road) is $2,265,000. In South Kihei there have been two high-end sales for homes fronting Keawakapu beach near Wailea, the current average sales price for beachfront homes in Keawakapu is $14,150,000.

2011 Kihei oceanfront and beachfront home sales

  1. 03/01/2011 – 1158 Uluniu Road sold for $1,675,000
  2. 03/10/2011 – 1632 Halama Street sold forĀ $2,100,000
  3. 08/18/2011 – 3076 S Kihei Road sold for $14,500,000
  4. 09/01/2011 – 3040 S Kihei Road sold forĀ $13,800,000
  5. 09/27/2011 – 1576 Halama Street sold for $3,020,000

See new Kihei REO properties for sale

Below is a freshly updated list of Banked owned homes for sale in South Maui including Kihei, Maui Meadows and Wailea.

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