Aloha from your resident experts!
The year 2020 was a bit like a roller coaster in terms of Aina Nalu sales.
Here are the closed sales by quarter:
You can see the impact of COVID on sales and sales prices. The COVID impact began at the end of Q1, so Q1 sales were unaffected by the shutdown. After the shutdown hit in mid-March, sales and activity came to a halt in the second quarter and prices showed the impact of sellers' inability to tolerate months without rental income but with continuing mortgage payments. As we were able to begin showing properties and buyers were able to either quarantine or arrive with a negative COVID test, activity levels picked up. In the interim, some buyers were lucky to purchase prices that were "fire sale" prices as one seller was extremely motivated to unload mortgaged units.
As we closed the year, with 5 pending sales and only 4 active listings, prices were heading back toward the higher pre-COVID territory. Units can now be rented again to guests who arrive with negative COVID tests, so owners are starting to recuperate rental income although it will take awhile for income levels to come back to pre-COVID levels. Luckily, most owners have been able to tolerate this dreadful income year and are hanging on! At year end, we only had one 2/2 unit for sale, priced at $625,000, and four in escrow. We now also have one studio priced at $375,000, and two 1-bedroom units priced at $450,000 and $469,000.
Maui condo sales have picked up, and although inventory levels have increased, the market seems balanced and prices have continued to strengthen overall. 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. And watch your inbox for monthly market updates!
From October 1 to December 31, there were 15 listings and 4 closed sales. There were 5 cancelled listings, 3 of which later relisted, and 0 expired listings at the end of the quarter. There were 4 active listings and 5 pending sales at the end of the quarter.
For further information, contact Lee Potts at firstname.lastname@example.org or (808) 276-8776 or Barb Potts at email@example.com or (808) 344-5008. You can visit our website at AlohaGroupMaui.com for real estate information and surf all the active listings on Maui anytime you like.
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.