Aloha!

It continues to be a buyer’s market, with plenty of inventory, great prices and good interest rates (when you can qualify for a loan).

As of May 31st, there are 39 units available for sale and 6 pending sales, compared to 40 units for sale and 3 pending sales at the end of Q1 2010, when our last bulletin was published. Three of the six pending units are distressed properties.

During April and May, there were 3 units sold—compared to 6 units sold in all of Q1.  The units sold were #341– 1BD garden view for $330,000; #339- 1BD garden view unit for $365,000; #304– 2BD ocean view unit for $594,900. The Aloha Potts team sold units 341 and 339.

There are currently 4 short sale units listed, with 3 of those units being in escrow. There is also 1 bank-owned (foreclosure) unit on the market.

At the current sales pace (averaging 1.5 - 1.8 sales per month), the 39 available units  in inventory would take 22—26 months to sell.

Kaanapali Shores continues to be one of the best values in Maui.  So, if you’ve been thinking about picking up a 2nd or 3rd unit, now is the time.

Kaanapali Shores Sales Activity - April/ May 2010 Summary

4/1/10- 5/31/10	Studio		1 Bedroom		2 Bedroom		Special Ocean View 2/2
Fee Simple	Ocean View	Garden View	Ocean View	Garden View	Ocean View	Garden View
For Sale	5	2	16	6	3	3	8
Sold	0	0	0	2	1	0	0
Asking Price High	$399,000	$349,000	$650,000	$599,000	$825,000	$380,000	$1,950,000
Asking Price Low	$269,900	$319,000	$370,000	$390,000	$415,000	$350,000	$999,900
Median Asking Price	$319,000	$334,000	$487,000	$432,000	$599,900	n/a	$1,800,000
Median Sold Price	n/a	n/a	n/a	$347,500	$594,900	n/a	n/a
Median For Sale	$319,000	$349,000	$507,000	$439,000	$825,000	n/a	$1,850,000

4/1/10 - 5/31/10	Studio		1 Bedroom		2 Bedroom		Special Ocean View 2/2
Leasehold	Ocean View	Garden View	Ocean View	Garden View	Ocean View	Garden View
For Sale	2	0	6	0	2	0	0
Sold	0	0	0	0	1	0	0
Asking Price High	$269,000	n/a	$460,000	n/a	$824,900	n/a	n/a
Asking Price Low	$259,000	n/a	$299,000	n/a	$480,000	n/a	n/a
Median Asking Price	$264,000	n/a	$412,500	n/a	$652,450	n/a	n/a
Median Sold Price	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Median For Sale	$264,000	n/a	$430,000	n/a	$824,900	n/a	n/a

Total number of units for sale at Kaanapali Shores (Apr - May):    53
Total number of units sold at Kaanapali Shores (Apr - May):    3
Total number of units ACTIVE for sale at end of May:    39
# of Studios for sale: 8
# of 1 Bedrooms for sale: 22
# of 2 Bedrooms for sale (including Special View units): 9

At the end of May, there were 6 pending sales. From April 1st to May 31st, 4 listings were canceled and none of the listing expired. The average number of days on market for the listings during this time was 183 days.