Since July 1st, there have been 3 accepted offers and 6 new listings.  No units closed escrow in the months of July and August, but two closed escrow in September (H210—a 2/1 unit, and D102—a 2/2 unit); both sold for $225,000.

Two of the new listings offer owner financing. We continue to see prices drop where sellers are motivated to sell and need to compete with distressed properties.

As of 9/28/10 there are 21 active listings, and there have been 9 sales this year.  At this rate, it will take 21 months to sell the current inventory.

Here’s a comparison of average asking prices—6/30/10 to 9/28/10:

· Studio—n/a

· 1/1 upstairs—$329,000 (June) to $329,000 (current)

· 1/1 downstairs—$327,667 (June) to $239,450 (current) -27%

· 2/1 upstairs—$258,000 (June) to $299,000 (current) +16%

· 2/1 downstairs—229,900 (June) to n/a (current)

· 2/2 upstairs—$382,423 (June) to $369,722 (current) -3%

· 2/2 downstairs—$343,632 (June) to $350,750 (current) +2%

From July 1 to August 31, there were 25 listings (7 were short sale and 2 were REO/bank owned) and 4 partial ownerships listed. At the end of August, there were 17 active listings (3 short sale, no REO) for whole units. Out of 25 listings, 2 were taken off the market or expired by the end of August. There were no sales during the time period of July 1st through August 31st.   As of September 29 three new listings had been posted to the MLS:  A106 (1 bed) priced at $199,900 (not a short sale or REO), A-110 (2/2) priced at $230,000 (REO), and I-102 (2/2) priced at $280,000 (not a short sale or REO).

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.