Aloha from your resident experts!
For all of the 2nd Quarter of 2020, we have been subject to COVID-19 quarantine and social distancing guidelines, with just a few visitors from other Hawaiian islands in the latter half of June. The town of Lahaina continues to be quiet, with some restaurants reopening for seated dining. There have been very few short-term rentals this quarter, resulting in zero income and continuing owner expenses such as electricity, taxes, insurance and AOAO fees.
This has shifted Aina Nalu's market quite a bit, resulting in unsold listings at the end of the quarter, lower prices and only one unit in escrow at quarter end - a 2 bed, 2 bath unit (C107) that closed escrow on July 6 with a much lower sales price of $505,000.
A one-bedroom unit that was in escrow at the end of the 1st Quarter (J106) fell out of escrow and is still listed at this time with 248 days on the market as of July 7.
Here is a summary of what happened in Q1 2020 vs. Q2 2020:
Units currently listed as of July 7 include:
As you can see, prices have dropped for 2/2 units. Last quarter's sales prices ranged from $575,000 to $599,000. Months with no rental income and continuing economic uncertainty have resulted in some owners liquidating their positions.
Interestingly, overall prices on Maui have not really fallen much at all this quarter, while condo sales have fallen. For more details on current Maui real estate prices and sales, click here MauiRealEstateMarketReport for the latest Maui Real Estate Advisor with all the stats. And watch your inbox for our weekly market update!
From April 1 to June 30, there were 9 listings and 0 closed sales. There were 0 cancelled listings and 0 expired listings at the end of the quarter. There were 8 active listings and 1 pending sale at the end of the quarter.
For further information, contact Lee Potts at email@example.com or (808) 276-8776 or Barb Potts at firstname.lastname@example.org or (808) 344-5008.
Aloha Group Maui is a team headed by L. Lee Potts, MBA, REALTOR® R(B) and Barbara S. Potts, MBA, REALTOR® R(B) and former California CPA. We are businesspeople, and we treat our clients with the same care and service attitude that we would like to receive when we do business – and we do it with Aloha! We are in business for pleasure and profit. We expect that most of our clients will enjoy the property they own in Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit). Real estate can be highly speculative, and profits are never guaranteed. So, if you are buying property in Maui, it’s a good idea to surround yourself with Real Estate Professionals.
Lee Potts holds an MBA and was the President of an international software company. He was also the Marketing VP of a publicly traded company and has been investing in real estate since right out of college.
Barbara Potts holds an MBA, was a CPA with Ernst and Young, held a financial management position at Apple, was Director of Strategic Marketing for Grass Valley Group (a division of Tektronix), was a business broker in California, and has always been a real estate investor.
We would be honored to represent you with a purchase, sale or 1031 Exchange of Maui real estate. If you’re in Lahaina Town, stop in and see us - our office is across the street in Dickenson Square, in Suite 212.
Copyright 2020 L. Lee & Barbara S. Potts
Statistical information in this newsletter is based on actual sales information reported to the Realtor’s Association of Maui, Inc. While this information is deemed reliable, it is not guaranteed. This newsletter is for informational purposes only and not intended as advice for investment or any other purposes. Real estate is considered to be highly volatile and purchasers and sellers of real estate should always seek expert outside advice before investing.