Aloha from your resident experts!
Q1 of 2021 seems to be heading back towards normal. The island has been busier, and visitors seem to be coming back in droves. Though the island appears to be hopping, it might be a bit of an illusion since there are still a number of restrictions in place with hotels, vacation rentals and restaurants, none of which are at full capacity. However, one area that is definitely busy, with no illusions, is real estate.
There is no better evidence of this than at Aina Nalu. There are currently no units for sale, and those that sold in the first quarter sold at or near their asking prices, which compared to this time last year are still lower; however, with the low (or no) inventory this will only drive the sales prices up.
Currently, the vacation rental market seems to be recovering quite well at Aina Nalu with all of the Spring Break families and young adults that are on Maui, and owners are starting to see pre-COVID income. We are interested to see how vacation rentals fare as working remotely becomes the norm. Are people buying for an investment, or are they purchasing a second home they can escape to if COVID continues to have such an impact on the way of life on the mainland?
Overall, condo prices continue to strengthen as a result of both low inventory and visitors being able to come back to the island. For more details on current Maui real estate prices and sales, go to MauiRealEstateMarketReport.com for the latest Maui Real Estate Advisor with all the stats.
From January 1 to March 31 there were 11 listings and 6 closed sales. There were 0 cancelled listings, and 0 expired listings at the end of the quarter. There were 0 active listings and 5 pending sales at the end of the quarter.
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 2021 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.