Welcome back to the Surfing Realtor's Maui Real Estate Update. 

As we move into our summer selling and buying season we have had some big changes in the Maui real estate market that all buyers and sellers should be made aware of.

Act 48, signed in to law in May 2011 is going to have a major impact on the Hawaii real estate market over the next few years.  Most property foreclosures have historically been non-judicial in nature.  A non-judicial foreclosure is done in an attorney’s office and then put to auction on the court house steps.  Act 48 takes the non-judicial foreclosure option off the table for banks and lenders.  Lenders are now required to meet and negotiate with borrowers prior to initiating “judicial foreclosure” proceedings.  Judicial foreclosures are done in the courts and certified true and just by a judge.  These proceedings historically have taken up to one year to complete.  With the advent of Act 48 the courts are going to be overwhelmed by the requests of banks and lenders filing judicial foreclosures.  Many experts are estimating that these judicial foreclosures could easily take two to three years to complete.

What is the fall out for buyers and sellers?  As REO listings sell off very few new REO properties will be coming on the market.  This temporary reduction in inventory of properties coming on the market could have a short term effect of increasing the value of some types of properties.  This shortage of inventory will be temporary and will create a back log of REO properties coming on the market with in the next few years. The real effect many are predicting is going to extend the current low values of properties out for at least three more years. 

Over the short term Act 48 is also going to encourage banks and lenders to pursue short sales by owners in default on their mortgages.  This may create an advantage to both buyers and sellers in the short sale markets. I do have some ideas on this so please give me a call.

The sun is shining, the wind is blowing and Maui is a great place to be.  When you are ready to get serious about making the move – up, down or sideways – give me a call so we can get to work making sure all your real estate needs are handled perfectly.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

This is going to be a record month for Moffett Properties.  We have over 7 closings this month ranging from $250,000 to $3,000,000.  Although the business has slowed down some what as many of our winter visitors (whales and human alike) head back to their spring time feeding areas, Maui still feels like the place to be.

Both short sales and REO properties continue to lead the way in volume sales with no end in sight.  As REO sellers become more motivated with their sales prices, hard negotiating buyers are finding that these properties are not selling for more than 4% to 5%  under the asking prices.  Ask me to prove this and I will!  When looking at REO sales in 2011 on South and West Maui we have found that 40% of the sales sell for an average of 3% under the asking price, 40% of the sales sell for an average of 3% over the asking price and 20% of the sales sell for the asking price.  The numbers do not lie.  When looking at REO listings; the key is to be aggressive in your offers and realistic in your goals.  Many times REO companies do not counter, they accept, reject or ask for the buyers highest and best offer. 

Having just completed a record setting sale in the North Kihei area I can attest that terms do make a difference.  When a seller is looking to maximize the sales price offering seller financing is a must.  Interest rates on these seller financed purchases are negotiable but we are finding that buyers in these situations are looking at rates way under 5%.  For sellers this can make sense as the lost income on the interest rate (taxed as income) is made up for in the sales price (taxed as capital gains).

Buz "due diligence" Moffett - due diligence being my middle name - was put to the test this month as an oceanfront buyer had us research a property back over 50 years.  Some of the items that this included were - historic surveys, historic pictures, historic property deeds and easements, building permits, zoning, water and electrical upgrades, shore line setbacks, archeological consultations, coastal erosion engineer consultations, architectural renderings, home inspections, contractor opinions, multiple site visits and a complete review of the package by two attorneys!  It was a fun project that ended up with close to 5 inches of documentation.  Although this amount of work is not cheap, when buying oceanfront it is always a smart move.

Give me a call so we can chat about the market or the surf, I am your man on Maui.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Is the season every going to stop?????

As we come to the end of April even the whales are finding it hard to leave.  Although the lines to get into the best eating establishments have decreased a bit, Lahaina town is still packed on Friday and Saturday nights.  Visitors seem to be staying longer and enjoying more of what Maui has to offer. 

The Real Estate market has continued to move with lots of sales in the under $2 million dollar range.  We are starting to see a trend of appraisals not keeping up with the current market.  Many buyers of properties with conventional loans in the over $800,000 price range are finding that to secure financing with minimum down payments is becoming more difficult.  As the market inventory tightens up on quality second homes Sellers are finding that they can hold out for a bit higher prices than they could only 2 or 3 months ago.  This is translating to appraisers having difficulty finding comparable sales to justify these new higher purchase contract sales prices.  We have recently had two sales fall apart due to this.  At some point there are going to be a few cash sales and I am predicting the market in selected areas making a bit of a move up.

As we end the first quarter of 2011 our sales volume is indicating that 2011 is going to a record year.  MAUI IS BACK!!!!!!

We have had our first few South swells of the season with glassy conditions and head high to head and a half high waves at the best spots.  As the days get longer the sweet dawn patrol sessions with my son before school have been great!

Please remember - when looking at Maui Real Estate finding a quality full time Broker is the key to quality representation.  With over 25 years experience working for Buyers and Sellers of Maui properties my team at Moffett Properties is bar none one of the best you will find.  When you hire Moffett Properties to work for you - you are getting over 70 years of combined Broker experience.  Tom Guthrie, Curtis Robb, Ellie Forest and my self, Buz Moffett along with our team of Home Inspectors, Escrow Officers, Architects, Contractors and Attorneys create an unbeatable team.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

As we come to the end of our normal winter season for our visitors and whales alike neither seem to be too excited to leave!  The overall business is still at a 3 or 4 year high and all the business on Maui are counting their lucky stars. 

Many of the properties that had gone under contract early in the winter are now closing and the sales values continue to be 30 to 40% off the peak.  The best deals continue to be in the REO and short sale segments of our market.  Many of these are going under contract within 14 days of coming on the market and although short sales continue to take 4 to 6 months minimum to close, the wait is worth it.  Many REO buyers seem to be coming in with cash on the best deals so that they can do fast closings - the selling banks love that. 

We just had a $14 million dollar home close in Kapalua that proves my point that the super high end is still alive and well in Kapalua.  It seems to me that many of these high end buyers are younger and younger.  The average age that I am seeing is in their mid 50's to early 60's as compared to 60's and 70's in years past.  As the Buyers become younger the activities that they enjoy change as well.  Hiking, running, water sports and biking are starting to compete with golfing at some of the major resorts.  Of course we all love a good meal and Maui has no shortage of fantastic dinning experiences.  Some of the ones that I have been enjoying are Merrimans in Kapalua, Star Noodle in Lahaina and David Paul's on Front Street.  You do pay for the goods but - life is short - let’s have some fun!

The surf has been consistent and fun with a few good swells in March but the winds seem to have kicked in - good for keeping it cool but bad for some of the more exposed locations.  As we move into our spring time we are all looking forward to taking a break and enjoying so much of why we live on Maui.  Come and join us - Maui in the off season is a great place to be.

As always, when considering property on Maui, please consider using a life long resident that knows the market and is ready, willing and able to secure you the best possible property at a price that you can not beat.

Looking forward to hearing from you.

Your Surfing Realtor - Buz

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

What a winter we are having!  As we moved into our prime season for visitors, sales and surf, it looks like Maui is back.  With solid sales numbers across the board and visitor counts way up things could not be better.  The weather has been perfect with lots of light wind days and some great surf.  It has been hard to stay off the beach - but - with the amount of buyers in town and the willingness of sellers to step up to the current market we are seeing some dramatic improvement over the past few years.

With REO sales again leading the way as far as values and volume many buyers are finding that the time to buy is now.  Many buyers, both investors and second home buyers have been very aggressively pursuing this market as values continue to be 30% to 40% under the peak values of 2006.  With interest rates low and lending practices easing up somewhat, Buyers are finding great long term buys that are really starting to make sense. 

Another of the great things that is also happening is that the entry level buyers are finding opportunities for home ownership as well.  With FHA and USDA loans available for owner occupants in the under $500,000 price range, many long time residents that had been priced out of the market are stepping up and enjoying the benefits of the current low prices as well.  I have been very successful in assisting these first time and entry level Buyers with incredible deals that moves them out of rental properties into homes many times with monthly payments less than they were paying in rent.  Many of these programs have as little as 3.5% cash down payments and loan terms over 30 years with fixed rates.

High end buyers of luxury properties have also been taking advantage of this market.  From what I am seeing many of these high end second home buyers have been waiting on the side lines for "the right time to buy" and it is now.  As these buyers have been making offers and closing on homes in the over $3 million range we have seen some incredible sales, many under replacement cost (less than you can buy the land and build for).

Over all Maui is a wonderful place to be in 2011!  When you are ready to explore this exciting market be sure to contact a quality, professional, aggressive Realtor - like yours truly - that can point you in the right direction and find you the property that fits your needs at a price that will protect your investment for the future...

Aloha for now - Your Surfingrealtor - Buz

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

January 2011 will go down as the start of the road back to stability.  Buyers are buying - Sellers are being realistic and the weather is perfect.  We had a big rain early in the month and it just greened up the island and got us ready for the rush. 

Many quality properties that had been sitting on the market have gone under contract and the Buyers are very exited about it.  We are seeing a more mid to high end buyer in town this year. 

The REO properties have started to move again as these companies have completed their audits.  We have closed multiple short sales, REO sales and traditional sales in January. 

We are seeing more quality REO listings come on the market and these properties are receiving multiple offers and if priced right are being bid up over the asking price.  Investors are coming in now and really making a move on some of these properties.  We are seeing many properties selling at 30 to 40 % off the peak values.  This together with low interest rates and low property taxes makes Maui a great buy right now.

We welcomed in our new mayor Allan Arakawa this month and it was a breath of fresh air compared to the restrictive administration of Charmain Tavares.   Good luck Mr Mayor and we are behind you!

Ok now to the other most important item - THE SURF - it has been great year so far!!!  A long period train of West North West swells have kept us in waves almost all month long.  Light winds and sunny sky's have made it just perfect.  There have been some cool mornings that got  down into the lower 60s - but that just made for good sleeping weather. 

If you are on the fence about getting out there and seriously consider buying property on Maui now may be a great time to start looking into the market.  Give me a call and I will work hard to find you the perfect property.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

As in many markets around the world the first three weeks of December are the slowest time for selling real estate.  It is a time to relax - regroup and get ready for the holidays.  This year I took a quick trip to Indonesia to get some off season empty waves.  The surf was great and actually got caught up on some work that I had been putting off. 

The REO debacle is still in full force and most of these escrows are in a holding pattern as these companies move to complete their audits of the foreclosures to make sure they were done correctly.  So far I have not heard of any former owners getting there homes back.  We did have a great month for short sales - these lenders must have wanted to clean their books for the end of the year.  A few of these sales had been in process for over six months. 

As we moved into the holiday period we got slammed.  This has been the busiest Christmas season in at least two if not three years.  Sweet sound of people spending money on Maui.  We love our visitors as they are the life blood of our economy.  We also had a lot of properties go under contract during the last week of the year.  This is a bit unusual as in the past the weeks after new years were the best for sales.

The surf on Christmas day was absolutely perfect - state wide.  It was a present that we all enjoyed.

I am predicting that 2011 is going to be a great year for both the economy and Buyers of Maui properties.

Give me a call if you would like to talk about your future real estate needs or to just check the surf.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

November was a month to get back to basics - The REO sales have slowed to a crawl and the short sales are well - anything but short time wise. 

Traditional sales seem to be becoming more and more common with sellers coming down in their prices being more in line with market values.  This has had  an effect on the over all market place. Over the past six months REO properties were setting the pace in regards to value.  With home owners now moving into the market with realistic asking prices we should see some stagnant inventory start moving.

We are starting to see some luxury bank owned properties come on the market.  We have not seen much of this so far as the vast majority of our foreclosures have been on modest family homes and apartments owned by owner occupants.  The majority of these properties were purchased at the peak of the market in 2006 and 2007 with bad loans.  It looks to me like we are now seeing these more expensive homes come on the market due to the same reasons.  These are not second homes they are primary residences that the owners either over paid for, over leveraged or just had a bad loan.  

I have one of these currently in escrow in Kaanapali, It is a 5 bedroom 5 bath 4800 square foot home on the golf course with a large pool and spa.  The home needs some clean up and is a bit dated as it was built in 1988 but it has a huge view and a great value at an asking price of $850,000  I am predicting we will see more of these in the future.

Land sales are almost non existent and if you are looking for a real deal look at land. 

Molokai has been hit very hard by this current economy and the values in some areas are down to thirty cents on the dollar.  Buying a home on Molokai can now be done for under $100,000.  Again REO bank owned properties are driving this lower end.  Vacant lots out on the West side of Molokai are just not moving at any price.  As we make our way through this economic period we will see some great deals available on Molokai.  Historically Molokai is the last place to increase in value during a good economy and the first place to go down in value in a bad economy.  Buyer beware - buy it only if you love it!

Life on Maui has been great - wonderful weather and some good surf so far this season - fishing has been a bit slow but you cant have it all.

Please let me know when you are ready to make the move and start seriously looking into a property investment in Hawaii.  I am here for you.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

As October comes to a close many of the items that I predicted in September have come to be.  Short sales have started to close again and we have had a major shake up in the REO sales.  As I am sure that most of you have heard on the news, foreclosure procedures are now in question by the Feds and many banks have voluntarily started auditing their books to insure that these foreclosures were done correctly. 

This has had a huge impact on the REO sales nation wide and here on Maui as well.  Many properties that are in escrow now are having their closings delayed by these audits.  Buyers are loosing their rate locks and the REO market seems very unstable right now.  The over all feeling is that many of these foreclosure banks have made some mistakes - how could they not - look at their track record when they made many of these loans.  The bottom line comes back to how will this effect the Real Estate market here on Maui.  Over all I do not believe that we will have a huge amount of former owners coming back to the banks to get their properties back. Most of them had zero equity in the properties and really just walked away.  The home owners that tried and tried to make their payments but could just not keep up on a monthly payment basis may have some real recourse if these foreclosures were not done 100% correctly. 

I do not believe that Maui Real Estate is going to increase across the board in value due to these issues in the short run.  It could tighten up the market at some levels and we may even have pockets of value increases, mostly in the low end. 

The big news is that I feel the market over all is bottoming out right now.  And - I am not alone.  We have had a huge amount of buyers come into the market place over the past two months looking for values and finding them.  With interest rates at 50 year lows and property values at 7 to 10 year lows it makes it a very attractive time to buy.  The reality of future appreciation being high and payments low is really driving a buying spree here on Maui.  I do not see any indication of this slowing down.  There are some areas of the Maui market that I feel the sellers have not gotten realistic on values thus they have not had any sales - or very few.  But this is just a function of time - market value is based on sales not asking prices and eventually these properties will start selling - thus determining the true value. 

As always the buyer that has an aggressive quality agent watching the market daily for them will end up with the best deals.  I have over 25 years experience in both up and down markets and I know what it takes to find value in a down market such as this.   I would love to chat with you about your future needs here on Maui and look forward to providing you the best service available.

PS.  We have now had two good North West swells so it looks like winter is finally kicking in and I am hopeful to get some big ones over the next few months!!!

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Welcome to the Surfing Realtor’s September update.  What a rollercoaster ride we had this past month with buyers bidding on REO properties, some very large closings and serious changes to the short sale atmosphere.

The over all trend of bank owned REO sales leading the market continued here on Maui.  Buyers are finding out the hard way that it is not all a buyers market right now.  Multiple offers and bidding wars have become common place for the best properties.  The issue has really become the appraisals and the ability of the buyers to negotiate the banks down on the sales price if the appraisal comes in low.  To combat this some companies are requiring that the buyers sign an agreement that if the appraisal comes in lower than the purchase price and the buyer has bid the purchase price above the original asking price that the buyer agrees to pay the difference in cash at closing between the purchase price and appraised value.  As you can imagine with most of these buyers going for FHA loans with 3.5% cash down - this has had a big effect on some of the buyers.   There is a very nice niche market of fix and flips going on right now and many buyers do not even see it happening.  Homes that do not qualify for FHA financing are being purchased for cash or with conventional financing and then being renovated so that they conform to FHA guidelines.  They are then put back on the market and sell fast - this is a very good strategy in this market.  If you would like to learn more please contact me.

We have seen some incredible deals on foreclosed properties over the past month in the $1 million range - these are properties that had been valued at over $3 million at the peak of the market.  I would have to say that the best equity plays are now in the $700k to $1.2 million range.

Over the past few months we have started to see a few more short sale closings.  This was predicted by a few of my friends on the West Coast - and sure enough it has moved across the ocean to us.  I have started to recommend to potential buyers to get their feet wet by making a few short sale offers and see what happens? 

As always I am working hard to provide my clients with the most up to date information and current market strategies.  If you are even remotely thinking of getting into this market NOW is the time that you should be positioning yourself for a future purchase.  Things are moving quickly and you do not want to be left in the dust.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

As August comes to a close the real-estate market is making a move as well.  The largest change in the market is the amount of buyers that have come in looking for value!  We have seen REO properties go on the market and have up to 10 offers within the first few days.  Many of these properties are being sold for above asking price.  This has created a simi bidding war on the best quality and priced properties.  The values are not going crazy by any means and are still 30 to 40% off the peak values but, it does show that there are qualified buyers ready, willing and able to purchase the right priced properties.  Most brokers that work with REO (foreclosure) properties, such as me, are solid professionals and know the market thus are pricing these properties to sell fast.  One of the side issues that this has created is that some of these over bid properties are having trouble appraising.  When a property is bid up over 5% above the asking price the appraisers come out and can not find the comparable sales to justify this higher value.  This shows that the Brokers are doing their jobs by pricing these homes at the right price for both the market and the lenders to get these properties sold. 

There are a group of buyers in the market place now that we like to refer to as sharks.  They come in and low ball on lots of properties looking to find the sellers that are in trouble.  These buyers are having some success in this market.  Most of these sales tend to be in the higher end properties (over $700,000).  These buyers normally use cash and fast closings to persuade the sellers – and it does work!

Kapalua has had a few super high end sales in the past month.  This is great news for Kapalua and West Maui as a whole.  This shows me that West Maui is still the place to be.  With sales over $7,000,000 in this economy – the big money says – “yes West Maui is a viable market and will come back in the future!”

With over 25 years of real estate experience selling properties on Maui, successfully working with four REO companies, being the authorized bankruptcy broker for Maui county and having competed over 1,000 transactions in my carrier I have knowledge, know how and experience to get the job done.  If you are looking for an aggressive agent to best represent you – why not go to the one that the courts, banks and high end clients choose? 

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Welcome back to the Surfing Realtors monthly blog.  Things are selling here on Maui!  With values at a 7 year low and part time residents and investors seeing the opportunity we have had some nice sales in July.  Currently there are 200 homes on the market on West Maui with 11 sales priced from $299,000 to $3,000,000.  We currently have 23 homes in escrow priced from $275,000 to $8,500,000.  This is good news – over 5% of total inventory sold in July and over 10% currently in escrow!  These are the best numbers we have had in a long time!

We are starting to see some of the more expensive homes go under contract and sold now.  This is good news as when the top end starts moving it means that the most sophisticated buyers are thinking we are getting close to the bottom.  The over all market is still declining here on Maui as the REO bank owned properties keep coming on the market at very low prices.  These properties are driving the entire market lower at this point and until this trend stops I do not see the bottom – but – I could be wrong.  Many of the REO properties are getting multiple offers within the first few days of listing and some are selling for above asking price.   We do have buyers out there right now and they are picking up the best deals FAST.

Short sales are over for the most part – the lenders are just not negotiating down to market value so the buyers are walking away. 

It looks to me like the end of the summer and into the fall is going to be great for buyers as long as the banks continue selling below market.

If you are looking for an agent that returns calls, has his finger on the market and gets deals closed give me a call – I am ready to get to work for you.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Things they are a changing!!!!!!

With  the low values and the onset of summer we have seen some high ticket items go under contract both on south and west Maui.  This is great news - when the high end shows some movement that means that the most sophisticated buyers are thinking we are at or very close to the bottom of the market.  These by no means that the low end has hit bottom but I believe that we are getting close. 

Moffett Properties has had a great month with four good closings and five scheduled for July.  The properties that again seem to be setting the market are the bank owned REO sales.  Over all these sales are continuing to drive the market further down and as more and more of them come on the market this trend will continue.  

For  the 6th straight year (since they started keeping track) Moffett Properties has been named as one of the top 100 volume Brokers in the state of Hawaii.  I know that many of you are asking why not in the top 10?  Well with over 20,000 agents state wide and the reality that many of the Brokers in the top 100 are using office numbers not individual agent numbers it is almost impossible for a small company such as Moffett Properties to compete.  But, if you look at actual agent numbers yours truly is very near the top.

This is not luck this is hard work and a dedication to making the deal happen and getting the job done.

If you are considering buying or selling in the current market please contact me as I am sure I can provide you some useful information to better facilitate your transaction.  As I have said before, If you are looking for an aggressive agent that gets things done give me a call, you will not be disappointed.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Wow what a month of nothing.  Things have slowed to a crawl here on Maui over the past 30 days.  We have seen some properties close that were put into escrow in February and March but no new large escrows opening all month.  We are continuing the trend of REO bank owned properties setting the market as far as values go.  Short sales are dead in the water again this month as banks continue to non-negotiate on then.

Over all the market is continuing to drop County wide.  There is a bit of bright news and that is that we have got to be getting close to the bottom.  When buying becomes less expensive than renting, and it is very close now, I believe that we will see a turn around.

Many of the deals I am doing now are Bank owned and bankruptcy sales - these are priced to move.  I am watching these deals very closely so if you would like an up to the minute report on these types of properties let me know - they are the best deals for sure.

As always, if you are looking for an aggressive broker that is in touch with the current market and ready willing and able to find you the best value on Maui, Molokai or Lanai give me a call!!!!

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Welcome back to the Surfing Realtors April 2010 Market update!  April turned out to be a great month for real estate sales here on Maui.  With 88 residential sales we had a nice variety of price levels.  The majority of sales continue to be in the under $500,000 range but we did have 13 sales over $1,000,000 during the month of April.

The highlight is that we still have some high end buyers making the move with a sale of a Makena beachfront home closing at $19,850,000.  This is one of the highest sales in years. 

The REO properties continue to set the pace on Maui in both sales and values.  Short sales have continued to be like fighting with a 5000 pound gorilla.  It is a very very hard fight to win.

As the market continues to decline in value (the current pace is approximately 1% per month), many buyers are picking carefully the properties that they are making offers on.  Individual sellers are having to constantly adjust their asking prices to stay competitive as the REO sellers keep moving the market lower by demanding quick sales. 

As we move into May we have seen a big slow down in inquiries by mainland buyers but on island buyers are keeping us busy.   May was a great month for Moffett Properties as we closed quite a few properties with total sales volume of well over $2,000,000. 

One of the niche markets that I have had some great success with is Bankruptcy property sales.  I am the Maui County court authorized Broker for all bankruptcy properties.  This combined with the three REO companies that I am currently working with have provided me some great listings and a constant flow of new properties to market and sell. 

The advantage for a Buyer is that I have in house properties and can provide expert service in regards to these properties.  The advantage for Sellers is that with the volume of Buyer inquiries that I receive there is always a good possibility that I will be contacted by a Buyer looking for a property that I currently have listed.  I always promote my listings first to any Buyer.

In order to keep fully informed as to the current listings and or sales it is more important than ever to be working with an aggressive agent.  I AM AN AGGRESSIVE AGENT!!!

Give me a call, drop me an email or stop by the office – I always look forward to meeting new people and talking about Real Estate (or the surf!)

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

March turned out much as expected, with the exception of the weather.  Many of the properties that had gone under contract in January and February closed with some exciting values for buyers.

The big news is that Honua Kai condominium (the newest development in Kaanapali) has continued to show solid sales with many closings above the $2,000,000 mark.  Although many of these values where determined 2 to 4 years ago with buyers being locked in with non-refundable deposits, just having them perform and close on the sales shows a strong confidence in Maui’s real estate market.

As the market continues to decline in value the volume of sales has continued to increase.  Buyers are rushing in to pick up great deals as fast as they come on the market.  As has been the case in the past few months REO bank owned properties are setting the market trend while short sales have become a thing of the past from a value and smoking deal perspective. 

For some reason the banks are not negotiating on short sales as it seems all the guidelines have changed after January 2010.  In fact many lenders are choosing to go straight to foreclosure rather than negotiating out the offers that they are receiving on these short sale properties. 

REO properties have been the strongest portion of the market as they are the best priced.  To get a smoking deal on a REO property it is critical to have all your financing in place and be ready to move the minute they hit the market.  Many of these properties are being bid above asking price.  The under $500,000 market is by far the strongest sector here on Maui and I see that as continuing.

As far as Molokai we have closed on two oceanfront lots on the West end in the Papohaku Subdivision in the Kaluakoi area.  The lots that closed were both on the rocks but great building lots of over 5 acres each.  One sold for $550,000 and the other for $650,000.  Both all cash.  These sales are the first in over two years on the ocean on Molokai and I am proud to say I was the agent for both sales.

I expect to see more action over the next couple of months then a slow down as we move into May and June as less people are traveling.

As always if you are looking for an aggressive agent that stays on top of current listings and market conditions, please contact me – you will not be disappointed.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

THANK GOD THAT WINTER IS FINNALY HERE!!!!!!!!!!!!!!!!!!!

After a dismal January everyone was a bit concerned that business was going to continue to slide all winter.  Well that was not the case.  As the West and East coasts of the mainland where getting slammed by back to back snow and rain storms our weather was calming down and the market was heating up!

It was almost like someone turned on the switch as we rolled into February.   Both buyers and sellers started stepping up to the table and making deals happen.  It takes two to tango and we are seeing some great dancers out there right now – lol...  For the first time in over two years we put multiple properties under contract in the over a million price range in less than a week.  And Moffett Properties was not alone.  We had a flurry of things go into escrow in February and it will be very exciting as they start closing in mid to late March. 

The properties that stand out as great sales are some of the more expensive vacant land parcels that have gone under contract.  These are 2 to 5 acre luxury properties with asking prices above a million dollars.  With little to no financing available for these types of properties we are looking at cash only buyers.  This is great news for the Maui economy as we have not seen these types of properties move for some time.   The other properties that made a move are the mid to upper range residential homes.  Buyers are seeing deals and they are negotiating hard to get the best values possible.  The things that seem to matter most are location (who would have guessed that – lol..) and size.  Buyers do not seem to be too afraid of taking on a project as compared to over paying for the property.  Lahaina and Wailea have seen some great sales and pending properties and I see more on the way. 

As we move into our prime winter season we have seen a huge increase in visitor traffic as well.  Lahaina is packed with tourists and the shops seem to be doing better than they have in a couple of years.  We even had to make reservations to go out to dinner last week!!  I had forgotten how to do it!!!!  Good news for all.  Over all I still predict the low end prices to continue falling but the best locations and condition properties are going to sell fast when priced correctly.  It seems about half the bankers have come back to work but short sales are still a real pain in the butt as no one on the bank side is willing to make any real decisions in regards to sales and when they do they come back with values that are 6 months old (the market is changing guys - keep up or get out!).  Again the REO properties are setting the pace as far as value goes in most areas and we are finally back to the days where you can buy and entry level home on Maui for under $300,000.  This is great news for every one! 

Ok I know a lot of people have been wondering what is going on with Molokai??? Here you go - yes we have some pending sales!!!  Finally - I have been lucky (or smart?) enough to put two oceanfront parcels under contract on the West side over the past few weeks.  The prices are way, way down but as we had not had a sale in over 20 months - any news is good news.  It has created a price reduction and rethinking by many of the sellers and for the first time in almost 10 years you can buy 5 + acres of ocean front property for under $700,000.   Again these are cash purchases as financing is unavailable.  I predict we will see more seller financing over the next few months and more sales - as in any economy the best lots sell first and that is exactly what we are seeing.  Now is the time to move if you want to get a smoking deal on some oceanfront on Molokai.

On a personal note - I have had a wonderful month of work and surf with many light wind days and lots of opportunities to enjoy friends and family.  The weather has been great (with the exception of the last week - first week of march) and we are looking forward to lots more whales, surf and fishing. 

As always, if you are looking for an aggressive agent that gets the job done and cuts to the chase give me a call or drop me an email.  I am always available to talk about my favorite things - surfing and real estate!

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

WELCOME 2010!

January turned out to be a just ok month in real-estate sales here on Maui.  We had a few nice closings thanks to the action that we received in late November and early December.   Over all it was a slow slow slow month.

Some of the excitement was the panic that many of the buyers in the Honua Kai condominium complex were dealing with when being pressured to close on units that they had gone under contract with 2 to 4 years ago.  For many of these buyers it came down to how much money  are they willing to lose.  The values are not what they were 1, 2 and 4 years ago.  There have been a lot of closings so far this year and it is a beautiful complex although many of the units have average to below average ocean views. 

Again the REO Bank owned properties continue to set the market with aggressive pricing bringing down the sales prices of both residential and condominium properties.  So far these REO properties have been limited for the most part to the low end but we are seeing a few creep up to the mid range (over $600,000).  Any serious buyers looking for the best bang for their buck in the low to mid range market should be tracking these properties on a daily basis.  The best ones go under contract within a few days of the list date.

Short sales are a nightmare at this point- it seems that all the bankers have all taken off work for the month of January - we will see if any one shows up for February!

Investors have been poking around a bit over the past 30 days but not writing any offers that I can see - they look, they ask but then they walk.  We are hoping that they are just doing some due diligence and planning on coming back to get serious later this winter.

The Moffett Properties marketing machine is primed and humming right along, we have been working hard to answer all questions and concerns in regards to all types of properties here on Maui and Molokai.   My gut tells me the values are still falling across the board but please keep in mind MAUI VALUES CAN CHANGE AT THE DROP OF A HAT!
 
If you are ready to buy, sell or just chat about the surf give me call or drop me an email  (this has been an outstanding January for surf so it all worked out for me just fine!) 

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

HAPPY NEW YEAR!!!!!!!!!!!!!!!!

I am sure many of you are ready to say good by to 2009 and welcome in 2010 with hopes of a brighter economic future for the USA. 

Just a quick international note.  I have made short trips to Europe and Asia over the past two months and I could see little or no impact on these economies from the “global economic melt down”.  This tells me that the next wave of real estate appreciation will come from over seas investors – get ready!

With the holidays many transactions have been delayed into the New Year – but this is normal and to be expected.  I was hopping for a few more high-end sales to close out 2009 but the market did not cooperate.  With the SBC Kapalua Championship golf tournament right around the corner West Maui will get a boost in visitors and hopefully high-end buyers – we need it.

I would like to chat a bit about Internet marketing – currently 87% of buyers are coming through Internet marketing in my firm. That means that only 13% are coming off of signage and paper adds – what a change from 2 – 5 and 30 years ago when the Internet was non-existent.  I am finding that buyers today are the most educated that I have experienced in my 28 years in business.  They are doing their homework before ever contacting the agent.  With the tools available on line many buyers know more than the average agent about a property prior to ever making a call.  This is good – no this is great!  Education and information is key to making good solid investments and the more you get the easier you make my job.  Of course there is no substitute for local knowledge but it has to be part of the package. 

As in November the best deals still seem to be the REO bank owned properties – they are priced right and for the most part can close quick.  We have seen some increase in lookers at high-end properties – many of these are foreign investors – but no big sales so far. 

I am still predicting that the over all market is going to continue to fall slightly over the next 6 months and see some leveling off through the remainder of 2010 with the possibility of a slight increase in values of some of the more desirable areas.

We had a wonderful Christmas party at my house this year with a few hundred people attending and loads of food, music and fun – This is a Simi open party for my staff, clients and friends so if you are in town during the holidays please hit me up and come enjoy this fun event with me and my family – we have been doing it for 20 years.

I hope you all have a wonderful New Year and that health, wealth and happiness dominate your lives.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

As the over all market continues to adjust down all the closings happened just as predicted.  At the current time we are seeing all the best-distressed properties being bought up at a rapid pace.  Not to say we have a lot of transactions going on but the best properties are being sold quickly (with in 10 days of coming on the market).

I believe that a lot of the inventory that is on the market today will be sold at the bottom of the market when we look back at the values.  Many many properties are still so over priced that they may never sell.  We are dealing with a lot of sellers that are just not living in the reality of 2009 values.  And it is still going down!!!!

The majority of activity is happening in the under $400,000 price range as buyers are looking for the best quality properties at rock bottom prices.  REO properties (bank owned) are by far the best deals in today’s market.  Short sales are still taking so long that by the time the lender approves the sale the value has dropped an additional 1% to 5% and the buyers are renegotiating or walking from the deals.  

Having an agent that is on top of this market is critical at this point as things are moving quickly.  If you are looking for a smoking investment on a quality property you may want to start looking for that top quality agent to help you. 

Moffett Properties is ready willing and able to make it happen for you in this dynamic new market.  Give me a call and I would be glad to discuss your options.

Aloha

Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Now come the closings!!!!!!!!!!!!!  We have been telling you about the deals in the works for months, now you will see the results as many of the best properties under contract come to closing in October and early November 2009. 

Investors from around the world have now been zeroing in on the Maui market place.  As a world class destination for over 20 years Maui has been on the radar for high end investment, but the most conservative and best investors have been waiting for the best market conditions – they seem to have arrived.

At the peak high end construction costs where coming in at over $800 per square foot of living area from the best of general contractors.  These same properties are now being offered for under $600 per square foot – this is like getting the land for free on many purchases. 

So far it has remained a foreign investor’s hay day as the dollar looses value against the top world currencies.  Many of the top forecasters feel that this trend will continue into 2010.  As in any market place – individual values – top quality values and of course location has been the main focus of these investors.

REO properties continue to dominate the under $1 million market but we are seeing a few in the under $2 million market as well, but with limited success as the maintenance of these properties comes into question.  Short sales have become more and more difficult to negotiate and at this point I would have to steer my clients away from aggressively pursuing these as we have in the past.  Fast clean and cash is the way to go for the best values in today’s market. 

We have some great lenders making conforming loans so call for my updated list of recommended lenders and mortgage brokers.  We have also had great success in the referral of quality contractors for home improvements, remodels and new construction.  Their business is down – so is their price.  Just a note to touch on unimproved land – this could be the best investment over the next few months as no lender wants to touch it – good for the cash buyer???? 

I am committed to providing you the best in Maui Real Estate advice, service and expertise.  Put my experienced team of full time professionals to work for you – I am personally involved in each and every transaction and look forward to helping you make your Maui Real Estate dreams / investments come true!  Call now for my private client list of the best current buys on Maui.

Sincerely

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Welcome back to the wonderful world of Maui Real Estate!  Wow – what a ride we are taking – sales have been all over the map – with the exception of the high end.

Single family Maui homes that we expected to close at under $500,000 have come in at or over market and condominiums have been dropping like a rock.

We feel that this is due in part to the lag time of Maui appraisers coming in high on the value of single family homes and the complete lack of buyers in the vacation condo market. 

Loans are still available and the rates have improved dramatically over the past 30 days with many lenders dropping below 5% for conforming limits.  Jumbo loans are a thing of the past at this point so cash is king.  Whether a large down stroke with cash to get buyers into conforming limits on the loans or all cash purchases – deals are happening and there are buyers that are going to be sitting in the drivers seat over the next three to five years.

Foreclosures and bankruptcies are way up here on Maui and many sellers are running for the hills i.e. letting their bad investments go and trying to hold on to any equity they have left in the remaining properties. 

REO properties continue to show the best value in regards to sales prices as banks have been unwilling to negotiate down on the outstanding balance on short sale properties as far as needed to meet the current market conditions.  Appraisers are continuing to drive this action and many appraisals at this time are not worth the paper that they are printed on.  The market continues to fall.

At Moffett Properties we have continued to write offers, secure loans and close deals for aggressive buyers.  We are committed to making deals that make since over the long run and advice buyers to consider working with cash as much as possible as speed is the issue for many sellers facing default and REO investors trying to get out of these investments as fast as possible

For aggressive representation in this declining market consider using an expert; Moffett Properties is here to advise you with over 25 years of Maui Real Estate experience and a great staff of professionals at your disposal.

Call me for the best deals now

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Welcome back to the wonderful world of Maui Real Estate!  Wow – what a ride we are taking – sales have been all over the map – with the exception of the high end.

Single family Maui homes that we expected to close at under $500,000 have come in at or over market and condominiums have been dropping like a rock.

We feel that this is due in part to the lag time of Maui appraisers coming in high on the value of single family homes and the complete lack of buyers in the vacation condo market. 

Loans are still available and the rates have improved dramatically over the past 30 days with many lenders dropping below 5% for conforming limits.  Jumbo loans are a thing of the past at this point so cash is king.  Whether a large down stroke with cash to get buyers into conforming limits on the loans or all cash purchases – deals are happening and there are buyers that are going to be sitting in the drivers seat over the next three to five years.

Foreclosures and bankruptcies are way up here on Maui and many sellers are running for the hills i.e. letting there bad investments go and trying to hold on to any equity they have left in the remaining properties. 

REO properties continue to show the best value in regards to sales prices as banks have been unwilling to negotiate down on the outstanding balance on short sale properties as far as needed to meet the current market conditions.  Appraisers are continuing to be driving this action and many appraisals at this time are not worth the paper that they are printed on.  The market continues to fall.

At Moffett Properties we have continued to write offers, secure loans and close deals for aggressive buyers.  We are committed to making deals that make since over the long run and advice buyers to consider working with cash as much as possible as speed is the issue for many sellers facing default and REO investors trying to get out of these investments as fast as possible

For aggressive representation in this declining market consider using an expert – Moffett Properties is here to advise you with over 25 years of Maui Real Estate experience and a great staff of profecionals at your disposal.

Call me for the best deals now!

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Well the current market conditions could not be much worse on Maui – We have had a slew of sales fall out of escrow and very few new ones to take their place.  The lenders have been making some good loans but requiring 30+% cash down for qualified buyers.

The loan limits seem to be dictating the market some what, with conforming loans of under $625,000 being made but over that we are having some real difficulty.

Over the past few months short sales had been the way to go for Buyers looking to get the best below market prices on Maui investments – those days are now over as banks have started to aggressively negotiate them selves out of many market priced deals.  Appraisers are running 60 to 180 days behind the market and are keeping values higher than the current market dictates.

The current trend to receive the best deal is with REO properties – these are properties that the banks have foreclosed on that are now being sold to private money investors at a discounted rate from the original loan amount then resold to the general public,

Many of these investors are looking to turn these properties within 30 days – so cash, clean and quick are the key words in pursuing these deals.

Here at Moffett Properties we have been aggressively pursuing these listings and have found some great deals for our clients.  As in any market – there is always an upside.

For an aggressive Broker to represent you while taking advantage of these market trends please give me a call – I am making deals that make since.

Aloha

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

The summer doldrums have arrived and it is being felt on Maui more than any place else in the State of Hawaii – kind of!

Maui continues to see a drop in value across the board – many Real Estate Appraisers have been using comparable sales from late 2008 to achieve values for today’s sales.  Does this sound right to you?  Me neither!!!  In order for the economy to repair its self we need some new appraisal guide lines set in place from the state or federal governments.

Molokai is going down the tubes – yep that is what I said DOWN THE TUBES.  Values and sales are so low they are beating the stock market at this point (look at 2002 DOW Jones and I will explain the rest).  Associates on the Big Island of Hawaii report the same over there – “not a thing, nada, nothing happening” from one of the best brokers on the island.  Kauai values are dropping and the traffic is still out of control – no sales with traffic wow!!!!

Oahu has continued to be the bright spot in the states economy.  With close to one million people, Honolulu County is the largest by over six fold from the other counties in the State.  With this many people, business and economy, buyers are moving up – moving out and building more, with some real success. 

We have had some real issues with short sales over the past 30 days and I am afraid that the days of under market short sale negotiations may be over at this point.  Even with the best negotiating and pressure the banks are not making deals happen – they are wasting everyones time

There are some increadible values right now on Maui and I have a gut feeling that they are going to start selling soon.  It is always the best of the best that will sell first and the worst of the worst will be the last to sell.  Don’t get cought waiting for the next perfect house to come on the market – make aggressive offers today and make it happen.

I am an aggressive Broker with an aggressive staff that is ready to serve all your Real Estate needs.  Lets work together to make some magic happen!

Sincerely

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Aloha to all my investors and market watchers!

The overall market is continuing to drop and many of the properties going under contract at this time are either smoking deals or families taking advantage of low interest rates and quality properties. 

One thing that has been a reoccurring trend is buyers making low ball offers on REO, bank owned properties.  You would think that these companies would be willing to deal but that is really not the case.  By the time that these REO properties have made it on the market the banks have paid for the cost of foreclosure and are writing down the outstanding balance and interest owed on the property.    Thus they have higher costs and will receive a lower bottom line net.  Most of these REO properties are priced to sell within 30 days of coming on the market.  The REO companies typically will not accept offers under 95% of the asking price.  If the property does not go under contract within 30 days they drop the price to reflect the new market conditions.  One thing that they tend to accept is seller credits for up to 3% of the sales price - this can be used for closing costs, repairs or any other items.   

The properties that seem to be setting the pace right now are short sales.   Short sale properties are selling for right around 60% of the outstanding loan amounts.  They are the best deals across the board.  They are more difficult to purchase and you cannot even look at the asking price.  But with the right agent working for you (guess who) we can tailor contracts that the banks will accept.   If you would like to investigate the possibility of purchasing a short sale property contact me and I can walk you through it.

I have done some interesting investigation into the West Maui property market for you this month.  

Current condo listings 741 / average days on market 211 / 30% under $500k / 30% - $500k to 1 mill / 30% over a mill.
Current condos in escrow 24  (3%)/ average days on market 300 / 50% under $500k / 3 units over a million
Current condo sales for 2009 - 69 total (5%) - of these 26 were at Honua Kai (new development on North Kaanapali Beach)
Average days on market 200 / 26  units under $500k / 25 units $500k to 1 mill / 14 units 1 to 2 mill / 4 over 2 million.

Current home listings 232 / average days on market 206 / 5 under $500k / 51 - $500k to 1 mill / 82 - 1 to 2 million and the balance of 94 over 2 million dollars (wonder why things are not selling???)
current homes in escrow 19 (8% of the total) 25% under $500k / 25% from $500k to $1 million / 25% from 1 to $2 million and 25% from 2 to $4 million.
Current home sales for 2009 - 17  (7% of total) / 0 under $500k / 9 from $500k to $1 million / 4 from $1 to $2 million / 4 from $2 to $9 million.

Interesting?????????????????????  I think so.  Any way if you are looking for an aggressive agent and you are ready to make the move - give me a call - I can save you thousands.

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

What a year - just when you think things cannot go any higher - boom - it does!  Values both on Maui and Molokai have reached new highs and are still growing.  We have seen properties flip within 6 months of sales for 30 to 40% higher sales prices. 

The market here on Maui is being driven by all you baby boomers (me included) that are setting them selves up for vacation/part/full time homes on Maui.  With interest rates remaining at low levels and the boom in the building business (not to mention the time it takes to get a home constructed) single family home sales are the strongest part of the market from what I can see.  I had a great friend and client in town a few weeks ago and although he has bought and sold many homes on Maui over the years he still said that compared to Southern California we are still under valued.  Wow - what a shocker - can you imagine - undervalued!  I still can't.  Not only are the low to mid range homes moving ($700,000 to $2,000,000) but the high end as well.  We have seen 2 sales on West Maui over five million this summer and one in escrow.  This is a real indication of a strong market when all levels are moving.  I know that many economic forecasters are predicting a bubble in the current real-estate boom but with the amount of baby boomers out there coming up on retirement age, we may have some staying power in the Maui market.

Regarding Molokai - over the past six months we saw a large slow down in sales as many owners felt that their properties had increased in value up to 300%.  They did not!  They went up 200 to 250% - as if that is not enough.  With the unrealistic asking prices buyers just shut down on buying for a few months - as some owners have come back to reality and lowered the prices we have seen some strong sales in the past 60 days and it looks like that trend is continuing.  We have had multiple offers on some of our ocean front properties on the West side of Molokai and with the strong demand for quality locations I expect this to continue.  Molokai is still the best value in the State of Hawaii if you are looking for a quality area with fantastic natural beauty and great surf! 

Please let me know when you are ready to dive into some of the quality of life that we enjoy here on Maui and Molokai and I promise to do my best to make sure you land on a very special place in paradise!

Aloha, Buz Moffett Your surfing realtor

2004 ended with a big bang rather than a fizzle - the market had a few slow periods right before and after the election but for the most part was strong to the end of the year. The over all feeling seemed to be "this is Maui, why would we not want to be here" and I agree. 

I sent out an interestingholiday greeting to many of the homeowners on West Maui this year and had a lot of laughs with people that I had not talked to for years.  I was in the process of ordering refrigerator magnets (you know the ones that say "think of me when buying or selling real-estate") and realized that I did not have
time to get the order in and the magnets sent out before Christmas.  I also went through the letters that I had received and counted 7 magnets (and or mini calendars) that had made their way to the trashcan.  Well the decision had been made at that point - I sent out a crisp one-dollar bill to each homeowner on west Maui with the explanation that they may have better use of the buck than the refrigerator magnet that I had planed on sending out. It made quite a stir in the community and I even got a write up in the Lahaina News.  I guess it goes to show how easily we are all entertained.

On to Molokai - 2004 was a record year for the friendly isle and I do not expect it to be repeated for some time - we have seen the property values more than double in the past 12 months and sales slow to a crawl as sellers try and market properties at over three times what they paid just last year. The oceanfront properties are by far the best value on the island right now as they are still in the one to two million-dollar ranges for five acres and in my humble opinion have not "made the move".  A comparable lot on Maui would push ten million dollars, and although I do not believe that Molokai will reach that level in my lifetime I would say the potential is good.  As always the main reason for investing on Molokai has to be quality of life - if you are looking for a quick return I have a condo on Maui just waiting for you!  A vocal few on the island of Molokai have been speaking out on the speculation going on and they have some real issues with it and I do
understand their position.  As residential values increase so do the rents and property taxes and when you have no plans on moving or selling this can be a hardship.  Lets all keep this in mind when we visit their beautiful island "bring your aloha but leave your kala ($)". 

Maui is going off as I write - we have more and more island residents selling their homes and moving into larger nicer homes and neighborhoods.  We have the mainlanders coming in and buying into the dream of an island retirement and many investors realizing that although Maui may not be the best investment in the
world (I get the same question asked of me almost every day "what's the best investment you have?" and my standard answer is buy the house next door to the house you live in (where ever that may be) it is the safest best investment you can make) but if you are looking for white sand beaches and clear water and whales and lots of sun and fun - Maui No Ka Oi (Maui is the best). 

I still have the best group of clients in the world and am gaining more all the time –

Curtis Robb (my main agent) is doing great and is looking forward to building his dream house in Kaanapali Golf Estates and has been having a great year –

Paul Halberg - my #1 assistant and good buddy has been on the monster weight loss program and is doing unbelievable – keep it up Paul we are hoping to see less of you in 2005!

When we had the increase in the interest rates happen in August – I thought ok here we go – things will start slowing down and prices will stabilize. How wrong I was – buyers rushed in to secure their loans before the rates went up higher. We had a rush of sales and the momentum has not stopped. With the limited inventory and highly motivated buyers just waiting to pounce this has made for an incredibly active market. I have clients that are just waiting for a unit in some of our favorite complexes to come on the market so that they can get right on them – well let me tell you – if we don’t act the day they come on the market we may not be in the running for the unit! I know a lot of you (including myself) loved the Kuleana complex. We just had a one-bedroom unit sell at full asking price ($399k) with 6 days on the market, unbelievable.

The complex that I like the best right now is the Puamana resort on the South side of Lahaina. This resort, with over one mile of oceanfront property and units ranging from one to four bedrooms has it all. Great beaches, three surf spots (ask for details) three pools and one of the most classic buildings in all of Hawaii. The Puamana Club house is over 100 years old and was the sugar plantation manager’s home for over 50 years. It has been lovingly restored and is now used as a party and meeting area for the owners and guests in Puamana. Ask me about this property as units only rarely come on the market.

Lets talk Molokai – We have been selling like mad on the “Most Hawaiian Island” for about the last 6 months. Where else in the country can you buy a five acre home site with views of the surf breaking on a white sand beach with incredible sunsets and underground utilities for under $200,000 – only on Molokai – If you think that you can deal with the remote, peaceful, slow moving lifestyle give me a call.

I am hoping to have pictures of my Indonesian adventure this summer up on the site in the next few weeks so please check back often and thank you for making it possible for me to rejuvenate myself in some serious surf this past summer!

Don’t forget about Matt – I am proud to announce that I have added a new valuable member to the Moffett Properties team – Matt Imhoff, Realtor, Salesman. Matt is a great guy, smart as shi%#$@ and has an incredible work ethic. Please give the kid a chance – you will not be disappointed! Please drop me a note or give me a call and I will get right to work finding you the most perfect, incredible property in the whole world!!!

Aloha,

Buz Moffett
Your Surfing Realtor!
Owner / Broker
Moffett Properties

The past few months have been out standing! We have just finished a great winter of perfect surf and some incredible real estate opportunities. This year will go down as one of the best for sales and purchases in the West Maui and Molokai areas of Maui County in the past 10 years - I guarantee it. With the interest rates at an all time low and inventory hovering between scarce and non existent buyers have been jumping on new properties as soon as they come on the market. Having sold off most of my listings in the first few months of the new year I have been working hard to find the best locations and deals for all my very special buyers, like you! Beachfront condos have been the strong sell with most of the better units selling in the $300k to $800k range but believe me there are some deals out there. One of the complexes I like the best right now is the Kuleana Resort in the Mahinahina area of West Maui (check out my surf spot properties for more information). It has everything but size in the units so if you can handle a small unit check these out. Another of the under performers right now I feel are the Kapalua Bay Villas. Comparable properties are selling for well over a million dollars but the Bay villas still have some deals available. Don't let me leave out all the great residential properties that have sold in the past few months! Many of these properties just do not come on the market very often so they where very popular. Being that the sales prices have been pushing $700k for some of the better locations in residential beach communities we have seen some of the classic homes that never come on the market available just because the owners can't resist this great market.

We just had our first South swell of the season and the surf was off the scale up and down the South shores of West Maui. The main spots did get packet but there was lots of unridden waves to be had and every one had a great time. Lots of sun burnt faces and big smiles for the past week. It looks like we may be gearing up for some good surf this summer but I am
still thinking about getting away for some good South Pacific Juice in the early part of the Summer so if you are planning your trip let me know early so we can hook up. Right now it is looking like Fiji in mid June - I just ordered a new board and that always makes me smile.

Molokai is finally starting to pick up some speed as we have sold five lots this year so far and there are four others in escrow right now. Molokai has never been much of an investment over the past twenty years or so, I have always said it is really a quality of life purchase but with the current activity you never know.

Well it is getting late and I have an early day tomorrow so I hope you enjoyed this first of many updates from the Surfing Realtor and please - please - please post something in my guest book - I know you are looking at the site and I would love to hear some of your comments (positive please as I am not sure how to delete the junk ones yet!) Only joking - but lets keep in touch.

A Hui Ho from your Surfing Realtor,
Wm. Buz Moffett
Owner / Broker
Moffett Properties