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Two headlines are on the Maui News today, side by side . One is titled “Mayors ask Lingle to join union talks on Monday” and the other one states “Maui real estate total dreadful“. Because this is a Maui Estate and Development Blog, we should discuss the real estate headline, shouldn’t we?
The news about the “bad” state of Maui’s real estate is not really a big surprise. We knew that all along. And yet when I read the word “dreadful” on the headline associated with Maui real estate, it still gave me an anxious feeling, a feeling of despair. One might think, maybe the writer was exaggerating. I can tell you, he is not. I work in the real estate and development industry and I hear this depressing news everyday.
However, the important thing to ask is “what can we do about it?”
Going back to the news, it stated that “halfway through 2009, the Maui Real Estate market is nearly 57 percent of the size it was the same period last year. Number of sales are way down and prices are down significantly.” Although they also pointed out that these low prices are still not worse compared to other parts of the mainland. A single-family sales averaged $761,252, which was $125,000 or 14 % less than a year ago. There were 285 closings on a single-family homes for the first six months of the year, giving the turn over of $217 million, which is 49% off of last years mid year sales of $425 million.”
The complete report on Maui Real Estate for the month of June is available at www.RAMaui.com
Now I am curious to hear what others think about this news. What do the Realtors think? what do the homeowners think? Any suggestions on what to do at this time?
[...] case you don’t know yet, I also blog at Maui Real Estate and Development Blog (MREAD) and Lahaina Dot Com. Recently I talked about the June Report of Maui Real Estate at MREAD and shared my “riding [...]
Though depressing, it’s not all that depressing for those looking to buy. For those struggling to buy a home, now’s the time to save a little more up before getting in cheap.
Another headline on Maui News today (Sunday) on this global economic crisis affecting Maui. They talked about foreclosures and bankruptcies. It stated that Maui had the highest number of bankruptcies of any neighbor islands in May. Honestly, I do not think it’s going to turn around quickly.
To those who still have their jobs, and have not yet bought a house, now is the time to save for that down payment, and buy at this all time low. Like what they say, “buy low, sell high”. It seems like a lot of people bought during the high season (because the banks made it easy for them buy) and now they can’t sell. The value of many properties are way lower that what is was originally bought for.
There will never be another maui- It is a magical place- it has gone through cycles before and it will again. It is a great time t buy and I am not a REALTOR. I havent seen prices this low in a long time