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|
aina nalu 2010 Sales Statistics How did 2010 look for sales at aina nalu in Lahaina? |
| 1/1/10 - 12/31/10 |
STUDIO | 1 BD/ 1 BA |
2 BD/ 1 BA
|
2 BD/ 2 BA |
||||
| upstairs | downstairs | upstairs |
downstairs |
upstairs |
downstairs |
upstairs | downstairs | |
| Units For Sale | 0 | 0 | 2 | 4 | 4 | 1 |
15 | 19 |
| Units Sold | 0 | 0 | 1 | 0 | 1 |
1 |
4 |
7 |
| Asking Price High | n/a | n/a | $ 329,000 | $375,000 |
$589,000 |
$229,900 | $545,000 |
$469,000 |
| Asking Price Low | n/a | n/a | $ 219,900 | $199,900 | $230,000 |
$229,900 | $215,000 |
$215,000 |
| Median Asking Price | n/a | n/a | $ 274,450 | $294,000 |
$262,000 |
$229,900 | $349,000 |
$280,000 |
| Average Asking Price | n/a | n/a | $ 274,450 | $290,725 | $335,750 | $229,900 | $354,367 |
$300,032 |
| Median Sold Price | n/a | n/a | $219,900 | n/a | $225,000 | $229,900 | $254,500 | $227,000 |
| Average Sold Price | n/a | n/a | $219,900 | n/a | $225,000 | $229,900 | 249,750 |
$249,143 |
| Median List Price of Units for Sale at End of 2010 |
n/a | n/a | n/a |
$259,000 |
$279,000 | n/a | $392,000 |
$289,500 |
| Average List Price of Units for Sale at End of 2010 |
n/a | n/a | n/a | $259,000 | $279,000 | n/a | $378,250 |
$294,125 |
Aloha from your resident experts!
2010 was a recovery year for aina nalu real estate. We needed it, but it was a mixed blessing. After just one sale in 2009, a studio that closed at $195,000, we saw 14 closings in 2010. That was a blessing, but for those of us who bought back in the day, it was painful to watch.
Of the 14 sales all but 2 were either short sales or REO’s (bank owned). The prices of 2/2’s ranged from a low of $215,000 to a high of $325,000. The median price for upstairs and downstairs 2/2’s was just over $249,000.
While that is a far cry from the $525,000 - $625,000 that most of us paid for 2/2 units, there are three very good things that come out it.
1. Before we can get selling prices going in the right direction, we have to get the distressed properties that are depressing the market off the market.
2. From the standpoint of our operating budget, it gets the non-fee paying units out and gets paying owners in.
3. It has given the property new credibility and desirability in the eyes of the real estate community.
In this first month of 2011 we are seeing, communicating with and showing units to potential buyers daily, and so are other Realtors. We know that units that are priced well are beginning to receive multiple offers. That should help get prices on the way to recovery.
But buyers aren’t stupid, especially today’s buyers that are coming in with cash. They know that prices in real estate in general are not increasing. They frequently ask why there is so much difference in asking prices. Is the unit for over $400,000 really that much better than the $200,000+ units? All we can do is show them and let them decide for themselves.
From January 1 to December 31, there were 45 listings (13 were short sale and 9 were REO/bank owned) and 4 partial ownerships listed. Out of 45 listings, 13 were taken off the market or expired. And 1 was pending by the end of the year. As of February 2, there are only 15 active listings—so our market at aina nalu is beginning to normalize!
For further information on properties at aina nalu or anywhere on Maui, contact Lee or Barbara at lee@alohapotts.com or barb@alohapotts.com, or call 808.276.8776. You can visit our website at www.alohapotts.com for real estate information and surf all of the listings on Maui anytime you like.
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