Realtors say that NOW is the time to buy. Maui Seller's have had a formula that if they paid $1M. 4 years ago that the home is now worth $1.4M.

That $100,000 a year rule of the past just does not work any more. Maui prices were greatly over inflated (Bubble) and now those properties that are selling are receiving a price on Wailea Homes $200k to 400k less than the listing price. Yes, prices will go up again in a year or two, who knows? The bubble is bursting even in Hawaii.

Real Estate agents with that 6% attitude can say the "medium" price is up, but that does mean that a $10,000,000 Sale and a $750,000 Sale have any relationship to what that house down the street will now sell for? Maybe an increase in sales activity till the end of August, but after the tourist season, prices are going to fall>>>>>

Aloha Karl:
I have a Maui Report if you would like one. Please email me at Mauigina@gmail.com or visit my website listed below and under the Maui Information tab you will find the latest published statistics, MLS search and more.
Aloha, Gina Duncan, R (S), ABR, e-Pro, Keller Williams Realty Maui

Hi Frank,

Do you have a Maui report ?

Thanks

Stats are out:
http://hicentral.com/pdfs/OHT_2Q08.pdf

It's getting really strange now. A drop of 50% in sales in some areas, but with the same or higher prices. Overall, prices dropped across the board from a year ago. Lots of buyers are looking a little closer now.

Amazing deals in the Palm Springs area of California. There are a lot of foreclosures on the market, median prices are down significantly - yet "snow birds" still flock there during the season - Nov-Mar. A lot of folks bought second homes with ARMS that have adjusted...they could no longer afford the payment..and foreclosures/short sales are flooding the market.

I have buyers who look for second homes in various locations, and particularly in the high end. But, they are particular, and a bit inconsistent in their patterns. While they are qualified and sincerely interested, it is not a top priority. Their interest levels move up and down the latter and one must be ready on the day it is on the top of their page. For tomorrow, it might not be. Again, not that they are not qualified or serious, it's just that it depends on what else is taking their time on a given day. But, yes, in the high end, buyers are still buying. In the middle range, not so. Those buyers are waiting for better market conditions.