How much is that view worth?
April 16, 2008 | That is a question we have all asked when we are looking to buy or sell real estate on Maui or any scenic area, for that matter. There is no definitive answer. You cannot put an absolute dollar value on a view because a great view is a very subjective matter.
On Maui we are blessed with so many beautiful views; we have the ocean, the mountains, the outer islands, the Iao Valley rain forest, and so many more. On this Island Paradise an expansive ocean view which includes views of the outer Islands seems to command the greatest value.
My experience shows that as a general rule an ocean view is worth more than a non-view property and I would estimate an ocean view increases the value of a property at least 10%. However, that could escalate much higher up to or exceeding 25% depending on the how great the view really is! It all becomes relative to the surrounding properties and the views from the comparable listings. For instance, if you are looking in a area where most the homes have a 180 degree view and the property in question only has a 90 degree view it may lessen its value compared to it neighbors. Conversely, that same view in a different area may command a premium because it would be considered much better than the neighbors’ views.
This value is ultimately determined by the buyer and what premium they are willing to pay to see the ocean. Other factors also play a roll in the value of the view and they are important to be aware of when you are looking for a property with a view. These factors include: are there homes and rooftops in your line of site; are there vacant lots between you and the ocean that can be built upon and, if so, are there height limitations; will your neighbors trees some day grow into your view or maybe out of the view. Check the trees between you and the view - have they recently been trimmed to help sell the house? If so, whose trees are they and who pays to have them trimmed? (In other words, which neighbors get Christmas presents every year?) If you are buying in a condominium, when & how is the landscaping maintained and how will it impact your view in the future, and, most importantly, is there a landscaping committee you can go to get them trimmed?
One last thing to keep in mind when it comes to the view - the tree that is blocking your view may be providing your neighbor privacy and shade that they don’t wish to give up. So when you see that awesome view take a moment look at the surroundings and make a wise decision on what that view is really worth!
Warmest aloha,
tt
direct cell 808-280-2055
toll free 866-752-4663
Tom@TomTezak.com
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| | Show Comments |  | Should I to wait to sell my property until the market goes back up?
Thoughts on when to sell your property based on market conditions
March 03, 2008 | Should I to wait to sell my property until the market goes back up?
That may be a great option, however it may be flawed as well. If you are currently in the situation of owning a property in this stabilizing market, it is unknown when the market will begin to escalate again. With that in mind it is important to consider the cost to carry the property. If you purchased the property with the hopes of renting it out and having the tenants pay your mortgage and you are currently experiencing a negative cash flow it is helpful to consider your long term costs of holding the property and compare it to the hopeful appreciation which has no guarantee of actually showing up. If you calculate your yearly negative and balance that against the return you need to get in hopeful appreciation it will help to give you a clearer picture of weather it is worth wile to hold on or cut your losses. If you hold on you are counting on an unknown to which no one knows the absolute answer - “when will the market accelerate again and at what pace or worse will it go downward and how far?”. If you go the other direction and sell at break even or a loss, although it is painful it is predictable and comes with less risk. If you are currently in this situation don’t wait till it is to late, get guidance from a professional Realtor in your market area so that you have the ability to make the best choice for your situation. For more info on Maui real estate visit my website at www.tomtezak.com.
Aloha from Maui
tom tezak
808-879-4663 direct
866-752-4663 toll free
Luxury Real Estate Salesperson
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| | Show Comments | | Some thoughts on South Kihei & Wailea Vacation Rental Condos
February 29, 2008 | Aloha,
Recently several of my clients have asked me to rate the different condo complexes in South Kihei & Wailea between $400K - $1M. Although any kind of a rating is very subjective I do think outlining a few of the strengths & weakness of the prominent complexes is helpful when comparing apples to oranges in the South Maui Real Estate Market. Before my clients purchase and put down their capital on their new vacation home I endeavor to make my clients “akamai” (smart, intelligent, knowledgeable) about the market in which they are buying. This way they are more likely to be pleased with their purchase and enjoy their vacation home for many years to come. Below are some of the vacation rental condos I like by price range highlighting what I think are some of the more important considerations in looking at a complex.
$600K - $1.4M
1. Palms at Wailea - really spacious floor plans best construction, Wailea address, one of my personal favorite complexes of all. Complex has 1 pool, & hot tub. Values have been softening due to a lot of inventory.
2. Wailea Ekolu - the best views of all, older buildings (1979), but if renovated they can be outstanding. Least dense of all condo complexes. Complex has 2 pools. Values have been holding solid.
3. Grand Champions - entry into Wailea, ok construction, spacious floor plans. Currently some deals in this complex are a 1 bedroom at $559K and a 3 bedroom with ocean view at $795K. Complex has 2 pools. Values have been softening due to a lot of inventory.
$400K-$800K All in Kihei
1. Kamaole Sands - strong rentals, large complex (400+ condos), very hotel-like atmosphere, have always held their value, across the street from a great beach. Complex has 1 pool, 2 hot tubs, kiddy pool and tennis courts. Values have been holding solid.
2. Maui Kamaole - this is a really nice Kihei condo complex that goes as high as $1.2M but at that higher price point I would rather see you in Wailea. The 2 bedrooms are all upstairs, lofted units & the one bedrooms are all ground floor. There are currently two 2 bedroom units in the $600K - $700K price range with garden views that I think are really good deals. Complex has 2 pools and tennis courts. Values have been softening due to a lot of inventory.
3. Hale Kamaole - this is an older complex but it is really fun and in a great location across from Kamaole Beach Park III. The 2 bedrooms are all upstairs, lofted units and can have additional loft space added. The 1 bedrooms are good sized but only have 1 bath. Complex has 2 pools and a tennis court. Values have been holding solid.
4. Maui Banyan - I like the 2 bedroom units. Spacious considering the smaller square footage due to no interior hallways. As for the 1 bedroom units, I don't like the lanais (porch/balcony) - they are too small. The complex runs perpendicular to the ocean and ocean views are marginal. Located across from a great beach in South Kihei. Currently there are no units available in the complex that I like. Complex has 2 pools and 2 tennis courts. Values have been holding solid.
In addition to the complexes I have highlighted there are a handful of smaller complexes that have very attractive individual units. I will also address the other market values in Wailea, Makena & Kihei. I hope this is helpful, please call or email to get more details on the complexes or with any questions you may have.
Warmest aloha,
tt
direct cell 808-280-2055
toll free 866-752-4663
Tom@TomTezak.com |
| | Show Comments | | How do I pick a Realtor?
February 26, 2008 | How do I pick a Realtor?
Or maybe the question is do I even need to? The answer is an absolute Yes. As you start your quest to buy or sell it is important to have the guidance of a professional full time real estate agent.
It is a good idea to find a Realtor that you can communicate with and understands your needs. It is ultimately in your best interest to work with one agent that is actively doing business in the market area where you are looking to buy or sell. To use an analogy you wouldn’t go to a heart doctor for brain surgery even if he was the best heart doctor in the world. Likewise, when picking your Realtor it is important to pick a Realtor that specializes in the market area you are interested. For instance you wouldn’t pick a Realtor from Hana to buy or sell a property in Wailea or vice versa.
When buying you may be asking what if I want to look at all parts of Maui to find my property, while that pose’s a good question, my recommendation is select a Realtor in your main area of interest and share with him or her what you have in mind. Any professional Realtor with their clients best interest in mind will tell you their area of expertise as well as be happy to refer you to a Realtor in the other market areas that specialize in those communities. By doing this you get the best of all worlds and most importantly the best representation when you purchase or sell.
If an agent tells you he can show you properties anywhere on the island, be cautious. That requires a great amount of knowledge and experience to be successful and effective. To revisit the earlier analogy, you surly wouldn’t go to a general practitioner for that brain surgery when a specialist is available.
Feel free to contact me for a referral in the area where you are looking to buy or sell. I can help you to find a professional Realtor through my various networks that will be best suited to help you. Please contact me or visit my website www.TomTezak.com for more information.
Here are some other articles on picking a Realtor that I found helpful:
http://realtytimes.com/rtpages/19990907_transferree.htm http://lakemartinvoice.com/2007/04/01/lake-martin-sellers-dont-pick-this-realtor/
http://therealestateconsultant.ca/4a_custpage_9033.html
A warm aloha,
tt
808-280-2055 direct cell |
| | Show Comments | | Maui real estate; Two units at Ho'olei in escrow - Third on the way
February 23, 2008 | While the high end Maui Real Estate market continues to move on with two units recently going under contract and the third on its way according to my sources.
Ho'olei is a luxury resort rental condominium located in the heart of Wailea right across the street from The Grand Wailea Resort. The unique thing about Ho'olei is the large three bedroom floor plans it offers, starting at over 2500 square feet of interior living space and as much as 3300 square feet plus lanai & garage. All Ho'olei units also feature a private elevator and very spacious floor plans.
The best thing of all about Ho'olei is the spectacular tropical oasis pool with its sandy beach and waterfalls...it is pretty impressive. Go to www.tomtezak.com and search for Ho'olei to see what is available. Prices start $2,925,000 and go to around $4 Million. There are currently eight units available from the developer as well as several resale units currently on the market.
Please email me for more info on any Maui real estate questions at tom@tomtezak.com.
On another note I had the pleasure of visiting Matteo's Pizzeria www.matteospizzeria.com in Wailea on Thursday evening and I must say the meatball sandwich is so "ono" (wonderful)! Be sure you check it out next time you are in the neighborhood. You won't be disappointed!
Warmest aloha for now,
tom tezak 808-280-2055 direct cell |
| | Show Comments | | Wailea, Maui, Hawaii, New lots for sale
February 21, 2008 | Today was another beautiful day on Maui. The humpback whales that visit us every winter have been jumping all over the place right off our shoreline.
This afternoon I had the pleasure to check out 12 new residential building lots on the top of Wailea. All the lots were a half acre or larger and offer some spectacular views. The new development is located right below the Gateway Center, the newest shopping center in Wailea. Prices are starting at just over $1.3 Million and will be as much as $4 Million for the premier lot which is over one acre and fronts the Golf Course offering unstoppable views.
The new development is called "The Bluffs at Wailea" and they have released six of the lots for sale. They anticipate being able to close on these first six lots sometime this summer if all the permits and county approvals go as planned.
Let me know if you would like more information.
A hui hou...tom tezak |
| | Show Comments | | Aloha from Maui!
February 19, 2008 | Aloha from Maui!
This my first foray into blogging and I look forward to a new experience. I am a Realtor on Maui and live and work in the South Maui Resort District that encompasses Wailea, Makena and Kihei. From my perspective, it is one of the most beautiful places in the world with great weather, unbeatable scenery and most of all some of the greatest people to live with.
There sure is something to be said for the aloha spirit it is an amazing thing. One of these days I will blog about where I think it comes from. I would love to know if there are any questions about Maui that have been keeping you awake at night, let me know & I will try and answer them.
Warmest aloha,
tom tezak |
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