Voted "Best Island In The World" by Conde Nast Traveler Magazine, the Hawaiian Island of Maui, is showing rapidly rising prices in houses and condominiums, particularly for ocean-view homes.
"Maui home prices shot up in 2002," says Realtor Randolph M. Antonio, "Average single-family home resales finished $86K higher than last year. The number of sales declined slightly, from 1,005 to 978, due to lack of inventory, and condos showed an increase of sales from 1,348 units in 2001 vs 1,551 units in 2002, a 15 percent increase."
Advises Antonio, "Most new listings are still pricing higher than last year average prices although we're also seeing longer days on market on these properties. Continued lower interest rates and investors burned out on volatile stock market activity continue to fuel the buyers demand for Maui real estate. Maui has also seen some high-end properties go into escrow in the last several months, thus giving hope for the higher-end market which has experienced a very sluggish growth since Sept 11 events."
Says Realtor Linda Weatherholt, "The island of Maui is a tropical paradise, from the dry, sandy desert of Kihei, to the tropical rain forests of Hana, to everything in between. Maui is sure to have the topography and climate to please every visitor."
Weatherholt advises, "The average price for a home on Maui is $494,130 which is up 20 percent from a year ago for the same time period according to the Realtor Association of Maui statistics for the year to date ending 9/30/02. Vacationers who travel here year after year may find it wise to put their investment dollar into a Maui vacation rental condominium. You will have a place to enjoy while you are here and then an income-producing rental property to help defray the costs when you are not here. The current inventories are low which have caused prices to increase somewhat. However, with interest rates staying low, it is still a very good time to buy. This is one of the rare times when buyers and sellers both benefit."
"Maui has been identified as having some 70 different micro-climates (mostly caused by the massive Geological and topographical features of Mt. Haleakala)," says Realtor Jack S. Fisher. "One can find every kind of living environment: warm and dry beach communities, sub-tropical rainforests, sweeping foothills, temperate deciduous forests, magnificent resorts, smaller urban communities with arts, entertainment, sophisticated shopping and fine dining."
"The market here on Maui is hot!," advises Fisher. "This is not a "bargain hunter" market."
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Published: February 18, 2003
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