By Jo Dorner
Pineapple Hill has had nine closings in 2010 and two more homes are in escrow. The Pineapple Hill Estates are a lovely, gated community with beautiful ocean, mountain, and golf course views; no surprise that it has been the hot property for 2010.
The Golf Villas are really well priced townhouse units and nine sales closed on properties there in 2010 also. The lowest sale price for a one bedroom unit in The Kapalua Golf Villas was $425,000, the lowest sale price for a two bedroom was $507,500. At these prices now is an excellent time for an investor to pick up prime luxury real estate on Maui, spruce it up, and then resell when the market comes back.
Kapalua Ironwoods had three sales and one more is in escrow. This property is still something of a secret, sales have been slow but it is a very nice quiet complex with just 39 units. The property managers have completed some very nice improvements of the entryways and currently making improvements to the courtyards. Both projects add value to all of the units at The Ironwoods and it is only a matter of time before buyers really start to notice.
The Bay Villas had six sales in 2010 and have two short sales in escrow, both are remodeled units.
The Ridge at Kapalua has lagged in sales when compared to the rest of Kapalua; only five units sold last year. The Ridge's lowest sale price was $500,000 for a golf course unit and the highest was $800,000 for an ocean view unit which was completely remodeled.
Coconut Grove, an exclusive luxury development, had a great sale. My listing, MLS 346414 closed for $5,200,000. The property was completely furnished and the sale price set the record for the highest value sold in Coconut Grove to date.
The current problem in real estate throughout the island is uncertainty. Buyers are leery of dealing with sellers who are underwater due to the hassle of having to negotiate not only with a seller, but also with their loan holders. Once banks prove that they will work with distressed sellers instead of simply rejecting offer after offer as foreclosure proceedings take place, buyers will become more confident and sales of these properties will continue to increase.
Needless to say, after 30 years I can tell you the markets do come back. Sales are not fast and high right now but they are creeping up every month. It will take at least as long for prices to recover as it took for them to fall, this is a perfect opportunity for patient investors. Kapalua property values are more stable than other parts of Maui because foreclosures have been minimal in Kapalua. Several recent foreclosures have already been sold. Additionally, in light of recent mortgage scandals, banks are more willing to work with some of Kapalua's distressed property owners which will reduce the number of foreclosures we will see for sale in 2011.
By Jo Dorner
Kapalua Bay Villas has an exceptional listing right now. This Oceanfront town home is being offered at $675,000 in original condition. I am working with the seller of this Kapalua condo, MLS 340646, to find the right buyer. This is the lowest listed price for any condo at… Continue Reading
By Jo Dorner
Pineapple Hill has had nine closings in 2010 and two more homes are in escrow. The Pineapple Hill Estates are a lovely, gated community with beautiful ocean, mountain, and golf course views; no surprise that it has been… Continue Reading
By Jo Dorner
Maui Memorial Medical Center has received final approval for a state certificate of need for procedures including angioplasty and open heart surgery. They are now poised to take over care for the average 400 cases each year which are transferred off-island to treat acute cardiovascular conditions, this… Continue Reading