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!

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