Gary's Blog

Saturday, March 8, 2014

Keeping You in the Know
  
Welcome to another glorious year in paradise. Winter has been a particularly active year for our beloved ocean friends from Alaska. The waters are full of magical behaviors; tail slapping, dives and the ever coveted full breach. 

Meanwhile the land folks have had their own busy-ness with condo sales up 48 percent since last year, and a median sales price of $440,000.   Single family homes sales prices increased by 36% from the prior January, leaving the median priced home at $691,500

When tourism is active on Maui, business booms for homeowners of vacation rental properties, activity sales, restaurants and of course real estate agents. Visitors spent 8% more here in 2013 than in 2012, reporting a $3.7 billion year for hospitality businesses on Maui.  Individual spending was $1,582 per trip, up 5.5% from 2012.  "Owning a piece of the rental market is a great place to be today."   

Speaking of growth.  Pu'unene Shopping Center held its blessing ceremony announcing the forthcoming Target store, expected to employ up to 300 personnel when it opens in the first quarter of 2015 .  "Hmmm, where will all those new executives, managers and employees live? Now is the time to take action on owning a piece of Paradise."

Maui Hotel Four Seasons received a 4.8 (out of 5) ranking in 2013 and was ranked as an outstanding resort for those who love sport, by Hotel.com.

Fairmont Kea Lani on  Maui was recognized once again by Conde Nast Travel Magazine with the prestigious Platinum Circle recognition.

 
What Sells a Property?
  
Forever homeowners have asked themselves and others, the simple question of what makes some homes sell so quickly and others grow tired and lost on the MLS?  One thing we know about human nature and that is it likes excitement, newness and yet familiarity.  Isn't that perplexing?  People tend to buy something similar to what they have owned, rented, grew up in or visited once and experienced great times. Occasionally there are those buyers that are numbers-oriented and don't dabble in the emotions or the use of the Ben Franklin scale of pros and cons.  But, to the typical buyer four elements are on their mind when making a real estate business purchase:
 
1) Function- a good make-sense floor plan and of course the location of the property

2) Aesthetics- it looks and smells great, or it can with the right adjustments

3) Market conditions and competition

4) Price- determining price based on the first 3 elements is the classic way a prospect debates the purchase transaction in their mind.  

If any one of the four are unusually off step with the norm then the prospect needs more encouragement to accept the "uniqueness" of the property.  Typically we see this adjusted in the price.  The value of a trained real estate agent is like having a guide; someone who has walked the path many times, seen hundreds of different styles and types of transactions, familiar with the resale market and the needs of buyers and sellers. Today to be a successful real estate broker part-time doesn't cut it; it requires daily tracking, marketing and knowledge acquired over years of experience.  If you own today and want to move your property efficiently and effectively, call me.  If you want to buy a property and are looking for a leading real estate industry leader, call me. 
 
REO Listings Down!
 
Only 16 REO (bank-owned) listings are currently listed on the MLS in Maui County, which includes the islands of Maui, Lanai and Molokai.  5 of those listings are on Molokai.  The distressed inventory is shrinking, partly because of increasing prices, and partly because Short Sales are so successful.
 
Interestingly, the number of Short Sale listings have increased from 29 in December to 39 today.  There are still good opportunities out there.  Don't hold back, this market is just getting started!
 
 
Sincerely,
 
Gary Mooers
 



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