Maui Real Estate

By , April 20, 2010
Kihei, Hawaii
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The Maui  market is starting to show signs of recovery after months of stagnation and outright decline. Some parts of the island in particular are showing strength, according to a March 4, 2010 article in the Lahaina News. The piece found that “From September 2009 to February 2010, 11 vacant lots sold, six vacant lots went into escrow, and 25 vacant lots became active for sale. Properties are selling, and it seems to be vacant land sales!” The article, written by Debbie Arakaki of the West Maui Land Company, continued to note that “In keeping with this movement, there are currently six more lots under escrow in the Launiupoko area…Buyers are looking at acquiring the deals while the market is in their favor…Land loans are still available with a decent-size down payment, and buyers taking advantage of this are still moving forward.”

Other examples of Maui homes for sale still remain stagnant, especially in Southern Maui. According to a February 24, 2010 article in the Maui News, “When Towne Development of Hawaii started selling affordably priced homes in its 2,000-home Kehalani subdivision in Central Maui in the 1990s, customers would wait in line for hours to get on the buyers’ list. Fast-forward to Tuesday, and the developers went before the Maui Planning Commission to ask for their own wait: They want to hold off, up to two years, on finishing their almost completed Ke Ali’I Ocean Villas and Moana Estates residential housing subdivision in Kihei.” The piece, composed by Chris Hamilton, continued to state that “While the housing market shows signs of improvement, Towne Development still wants more time before its must complete 144-unit condominium and 90-lot single-family home projects, said Christopher Lau, president of Towne Development of Hawaii in Honolulu.”

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Foreclosures affecting Maui homes for sale also declined recently, according to a March 11, 2010 article in the Honolulu Star-Bulletin. This piece, by Allison Schaefers, noted that “Hawaii foreclosures dipped in February for the second month in a row since problems began ramping up, but double-digit year-over-year gains suggest that there are still plenty of distressed isle homeowners.”

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