Aloha from your resident experts!
Activity at Aina Nalu picked up in the 1st Quarter, with 9 listings, 5 closed sales, and 3 pending sales at the end of the quarter. This compares to 4 listings and 3 closed sales in the last quarter of 2018.
Prices continue to hold where they left off in 2018, with 2 bedroom 2 bath units selling between $520,000 and $540,000. There was a 1 bedroom downstairs unit (G106), that sold for $410,000.
Of the 5 closed sales, only 1 was financed, 2 were cash, and 2 were 1031 exchanges.
Interestingly, the sold prices for upstairs and downstairs units are pretty similar, as opposed to the historically higher prices for upstairs units when they were new. Pricing is now influenced more by the condition of the unit and its location within the project – is it near the pool, facing a parking lot, etc?
At the end of the 1st quarter there was only one active listing, unit H205, a 2 bedroom 1 bath upstairs unit listed for $510,000. The last 2 bedroom 1 bath unit that sold was a foreclosure overlooking the small pool, and it sold for $506,000 with multiple offers. So unit H205 is priced well at $510,000 and won’t last long.
Interest rates seem to have stabilized, with experts saying that rate hikes are not expected in the near term. It seems that guest bookings are still pretty strong, too, so we don’t expect prices to drop anytime soon.
Overall, Maui condo prices seem to have stabilized, with a median price of $520,000 in the 1st quarter. Available inventory is still low compared to the same time last year, and days on market have dropped, with the average days on market for sold condos down to 119 in March 2019. All 5 of the condos sold in Q1 2019 were listed by agents with Keller Williams Realty Maui.
We are here to help you if you are interested in selling your Aina Nalu listing!
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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 business people, 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 2019 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.
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