About Lahaina's Kaanapali

Aloha!

Condo sales on Maui increased slightly in 2011 over 2010. Condo sales in Kaanapali, however, were down by 30% and it was a slow year at Kaanapali Shores as well. And while Kaanapali Shores may be the best value in the whole area, sales were down and prices were down in every category.

There were 3 studios sold in ’10. That dropped to only 2 last year, and both of those units sold early in the year. There are currently 12 studios for sale including leasehold units. Showings do seem to be picking up.

One bedroom units didn’t fare much better. There were 7 ocean view one bedroom units sold in ’10 and 6 in ’11. The important thing is that the median selling price in ’10 was $404,000 and decreased to $352,500 in 2011.

But if things were slow for studio and one bedroom units, 2 bedroom unit sales were dead. There was one leasehold unit sold for $400,000, and there was one unit sold in the “short stack” that was never listed in the MLS. There were zero sales of the more standard “A” or “B” units.

Based on current activity and the rest of the market, I expect that prices for studios and one bedroom units are stabilizing. However, that more stable new selling price may still be below what most sellers are asking. The 2 bedroom units on the market seem to be priced well above what current buyers are willing to pay. So, for those sellers waiting for prices to come back, see you next year.

Total number of units for sale at Kaanapali Shores (2011) : 69

Total number of units sold at Kaanapali Shores (2011) : 12
Total number of units ACTIVE for sale at end of 2011: 43

Number of Studios for sale: 7
Number of 1 Bedrooms for sale: 24
Number of 2 Bedrooms for sale (including specials): 12

At the end of 2011, there were 7 pending sales. During 2011, 6 listings were canceled and 10 of the listings expired. The average number of days on the market for listings during this time was 366 days.

Copyright 2012 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.

Aloha!

It is a strange year at Kaanapali Shores. So far this year there have been just 9 sales. By this time last year there had been 17 sales, but then there was just one more for the rest of 2010.

This quarter there were 3 sales; all of them were one bedroom units, and all were the 717 square foot D floor plans. One of them, the one on which Lee represented the buyer, was a short sale.

We handle a lot of shorts sales, more often than not representing the seller. They all have their challenges, but all things considered, they generally go pretty smoothly.

This one did not go smoothly. It took over a year to finish and there were plenty of times it looked like it wasn’t going to happen. But thanks to a very patient buyer, who hung in there the whole time, it got closed.

A short sale can be a good thing for all parties. The seller gets rid of a payment that has become an unbearable burden and avoids foreclosure. The buyer, a patient buyer, gets a bargain and the association gets someone who can make the AOAO payments.

We’re not expecting to see that many more distressed properties at K. Shores. There are a few, but compared to some complexes, not that many. It’s a great place, we love spending time there and hope to see you at the upcoming owners meeting.

Total number of units for sale at Kaanapali Shores (Q3 2011) : 55
Total number of units sold at Kaanapali Shores (Q3 2011) : 3
Total number of units ACTIVE for sale at end of Q3 2011: 44
Number of studios for sale : 8
Number of 1 bedrooms for sale : 22
Number of 2 bedrooms for sale (incl specials) : 14

At the end of September 2011, there were 2 pending sales. During Q3 2011, 2 listings were canceled and 4 of the listings expired. The average number of days on the market for listings during this time was 382 days.

For further information on properties at Kaanapali Shores or anywhere on Maui, contact Lee or Barbara at lee@alohapotts.com or barb@alohapotts.com, or call 808.276.8776. You can visit our website at www.alohapotts.com for real estate information and surf the listings on Maui anytime you like.

1. Surf the Hawaii MLS
2. Find me on Youtube video walk through
3. Find Maui Foreclosures Auctions on Youtube Foreclosure videos
4. Find me on Twitter Twitter
5. Find me on Flickr Fotos
6. Realty Trac
7. Reliable Posting & Publishing
8. USA foreclosures
9. Notice of Defaults in the Star-Advertiser
10. Also The Maui news paper though on line they do not publish Notices of Intent
11. Notice of Defaults in the Pacific Business news.

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