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We toured two wonderful oceanfront listings this evening.
Maluhia home number 4 is a 4800 square foot jewel with 4 bedrooms, 4.5 baths, koa floors, hand carved mahogany staircase railings, a huge kitchen, a wonderfully private pool and spa and access to an exclusive beach club. The home is gated and sits on nearly a half-acre. A perfectly executed home. This property is listed for $11.2 million.
A new study by economic research firm Global Insight has found that the median home price in Oahu is overvalued by 45% and is in the "extreme" category:
In today's Wall Street Journal
We have some new information on the timing of the tear-down of the Renaissance and what is going to replace it. (The following dates and pricing are only approximations and are subject to change.) The hotel will close around September 6 and demolition will commence around October 1. Construction on Baccarat Wailea will begin around January 1, 2008. Starwood Capital and Kobyashi are co-developing the site and Starwood is branding a new line of five-star properties with the Baccarat name.
We are pleased to announce the listing of 3136 Kikihi Street in Wailea Kialoa. This wonderful, single level, three bedroom, three bath property has ocean views, a wonderful flowing and open floorplan and is in excellent condition. The kitchen has been updated with GE Profile appliances and the courtyard features a retiled pool and spa, unusual privacy and lush landscaping. Listed for $2.395 million, this lovely home is one of the best values in Wailea.
The average selling price for a Wailea condominium not located on the ocean is approximately $825 per square foot. So the question then becomes, what is a brand new condominium, with an ocean view, sharing no walls with neighbors, excellent materials and a two car garage worth? Seems like it would be more, right? Well, 96 Poa'ilani, unit 30 in Kanani Wailea is listed for $816 per square foot or $1.875 million. Four bedrooms, 4.5 baths, Cherry cabinets, granite countertops, tiled bathrooms and brand new!
In the spring of 2006, Maui condos for sale were averaging approximately 135 days from initial listing to closing. That number was up a few weeks from 2005. Maui condominiums on the market today are averaging over 150 days on the market already. Condominium sales in May averaged 158 days on the market. So the sales cycle continues to extend.
The Alakai has left her Alabama shipyard and is on her way! The trip will take three weeks or so. Travel among the islands should begin shortly thereafter.
The headline on CNN.com reads Mortgage rates: biggest spike in 4 years. Sounds like a bit of a catastrophe doesn't it? The data is actually much more benign. 30 year rates are around 6.75% right now. That is up almost a 1/4 of a percent from a week ago and over 1/2 a percent since mid-May. But what was it a year ago? 6.8%. So not good news, but hardly a huge issue. Looking forward, inflation data remains benign. According to today's Wall Street Journal:
Things remain quiet at Wailea Point with no new sales this year. Six units are currently for sale.
2010 Wailea Point Real Estate Report Now Available!
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