Understating Foreclosures in the Maui Real Estate Market Foreclosures low, West Maui condo prices steady!
April 25, 2008
I want to bring you up to date on something that you may not be aware of. In the State of Hawaii there is a deficiency judgment against the owner of record once the foreclosure has recorded. Lending institutions have been very successful in recovering said deficient funds as most states will cooperate on any liens that arise from this deficiency. We feel this keeps most people from going into foreclosure and certainly is paramount in any lenders mind when making the loan. We do understand California and Florida have no such law and therefore everyone can walk away much easier. This helps to explain why we are not high on the foreclosure rate list and certainly do not have much (if any) recent foreclosures of the beautiful Maui condos that are located in the resort areas and on the oceanfront. Our prices are holding and, in fact, Maui was up a slight amount last month. The Bay Villas, Golf Villas, Ridge Villas and Ironwoods as well as Pineapple Hill Homes have value. The resort is looking better by the day as the construction is coming along, and the Ritz Hotel has reopened and is selling their fee simple Maui condos through we Realtors. It is a positive year and we will work our way through the inventory that is on the market at this time. In a year from now people may be surprised at how good these prices were!
I want to bring you up to date on something that you may not be aware of. In the State of Hawaii there is a deficiency judgment against the owner of record once the foreclosure has recorded. Lending institutions have been very successful in recovering said deficient funds as most states will cooperate on any liens that arise from this deficiency. We feel this keeps most people from going into foreclosure and certainly is paramount in any lenders mind when making the loan. We do understand California and Florida have no such law and therefore everyone can walk away much easier. This helps to explain why we are not high on the foreclosure rate list and certainly do not have much (if any) recent foreclosures of the beautiful Maui condos that are located in the resort areas and on the oceanfront. Our prices are holding and, in fact, Maui was up a slight amount last month. 
