Mele Kalikimaka from Aloha Potts Realty
Every year Lahaina turns into a winter wonderland under the world famous banyan tree. Instead lighting a giant pine tree, Lahaina lights up the banyan tree in Banyan tree park. This tree was planted in 1873 to mark the 50th anniversary of Christian missionary work in Lahaina. Our banyan is supported by several major trunks and covers over 2/3's of an acre.
Of course, even in Maui we dream of a white Christmas, so bring in snow. It's quite a site to see the keiki, and some adults acting like kids, having a snow ball fight while wearing shorts and slippas (flip flops).
After the tree lighting ceremony and snow ball fight we make our way to the Wharf Center across Front Street for Christmas Hula. We would like to share it with you.
Aloha, Lahaina Lee and Barbara
Tis the Season
But is anybody buying anything?
Since our last newsletter in October, things have changed significantly. The election is, at long last, over. We, of course, expected that. What we didn't expect was the economic news and fallout. It was stunning to say the least. And would-be buyers are stunned and waiting.
Maui real estate buyers are behaving just like our great green turtles when they sense a shark is in the area. They hide under a rock, bring their head and limbs inside their shell and close their eyes until they sense the danger has passed.
So it might seem counterintuitive (wow, a 6 syllable word) that we would be expecting a busy winter real estate season in Maui, but we are.
There are 3 reasons why: interest rates, airlines and pent up demand.
For weeks we've been hearing that interest rates on home loans should be coming down. Now they have. A Google search of interest rates shows that Quicken Loans is advertising loans starting 4.875%. Freddie Mac reports an average 30 year fixed rate at 5.53% down from 6.03% just 2 weeks ago.
When oil hit $140 a barrel last summer, everyone feared the worst. It has long been said that the only thing that can really stop real estate sales on Maui is if the planes stop flying in. When average airfares flew up to around $1,000 it was almost like the planes stopped flying.
Now, air fares are back to normal. I've heard of rates as low as $382 round trip from Seattle and fares of $450 are fairly common from San Francisco.
And there is a sense we get from talking to potential buyers that they really want to buy, they are just afraid to take the step. You can almost feel the frustration from those waiting and eagerness to move forward. That is pent up demand.
With some prices dropping back to 2004 levels, record low interest rates and low airfares...
It's a great time to buy real estate in Maui.
Get complete sales statistics and read the rest of the story on homes, condo and land sales in Maui in the Maui Real Estate Advisor.
Mele Kakalikimaka from Lee and Barb
Maui tourism is down
So great deals abound
Now you don't have a reason
To stay home this season
So get thee to the net
You'll find a package I bet
And we will see you in Maui, Lahaina
I ask you, what could be finer?
Happy Holidays from your Realtor in Maui
Lahaina Lee Potts
808-276-8776
Sunshine with chance of whales
The one thing I look most forward to every year on Maui is the return of the humpback whales. We had reports of sightings from Pacific Whale Foundation all the way back in October. Tom, my brother-in-law, was out in his boat in November and came up on a pod.
I kept looking. I would listen for their song on my Sunday morning snorkels at Airport Beach. Alas, nothing.
Until Monday. Now I've seen whales 3 days in a row.
Today, I'm holding an open house at Hale Kai 213. It's an oceanfront, dead on ocean view unit and it's a fixer upper. It's priced at $439,000, more than $100,000 below the next lowest priced non-ground floor unit. But that's the subject of another blog.
There is a whale in front of the open house right now. So come to Maui, see the whale and, who knows, maybe you'll find a fabulous deal on an oceanfront condo in this buyer's market.
808-276-8776
When we go on vacation we take time to take in the beauty every day. We think, "how wonderful would it be to live here?"
Then we live there and go to work and our busy lives take over. That's what happens. But this Friday, we took time and walked across Front Street to watch sunset and we thought we would try to share it with you with this video
click and watch.
Aloha from Lee & Barb
Lee and the Aloha Potts Team at Aloha Realty Group are experts in distressed properties including short sales and REO'S.
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