We'll be light on the blogging updates over the next few days and we'll pick it up after Christmas.

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Maui Meadows saw two closings and one new listing this week. A vacant lot at 553 Mikio closed for only $575,000 after having been initially listed for $809,000. That represents a per square foot value of $26, substantially less than comparable lots had sold for earlier this year. 3106 Akala, a 1600 square foot home and large cottage sold for only $875,000 after having been initially listed for $1,075,000 nearly seven months ago. Again, on a per square foot basis (including the cottage)  that represents less than $400. 3403 Akala, a small, but very nice and private two-bedroom home with a small cottage has been listed for $1.18 million.

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An important commentary from Freddie Mac's Chief Economist today provides an argument that says yes. His argument is predicated upon recent data that shows retail sales in November were better than expected demonstrating continuing economic strength and that therefore it is less likely that the Federal reserve will cut rates anytime soon

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Several readers have told us they would like to see photos and more detailed descriptions of new homes on the market and recent saleS in Maui Meadows. So we are going to do just that. Every few days we will detail another property. 3442 Malina sits on almost an acre of park-like grounds and has panoramic ocean views. The home is a Wailea style property, built in 1997, of 4000 square feet with four bedrooms and three baths. The main floor has the kitchen, living room, master suite and guest room, laundry and garage while downstairs are the other guest rooms a family room with a bar and an attached ohana. The materials and finishes in the home are excellent. The huge yard is three flights of stairs down from the main floor and has a small pond. The home has reduced its asking price and is listed for $1.795 million.

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Today at 2pm, Matteo Mitsura of Matteo's Italian Restaurant in Wailea selected the winner of the 4MauiMeadows.com iPod drawing. The lucky winner was Thomas Luten! Tom and Sean would like to thank everyone who took the time to respond to our survey and to telling us what other information we should focus on providing. You have helped our efforts at becoming even more effective realtors and we appreciate it.

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The crispness of the early mornings, the wonderful breezes off the Pacific and the increase in traffic are all telling us "The Season is here!" The million dollar question (literally) is what is it going to bring South Maui's real estate market. While nobody knows, here are some things to think about. Wailea/Makena condominium inventory remains manageable and prices this year, no matter how you slice them, have increased. Not at the rate of past years certainly, but increased in the low double digits nonetheless. The Kihei market, especially condominiums that offer nothing unique or special, have been flat to down a bit this year and inventory for that product remains uncomfortably high. On the residential side homes are moving more slowly although following the same general price and inventory trends as condominiums. The wild card is what mentality the visitors from the West Coast will bring with them this year. The California markets vary depending on one's zip code and so that influences any particular person's view of the market. We remain upbeat on what this year will bring us given how special we believe Maui is, the relatively strong US economy, the low level of interest rates and the continuing concentration of wealth in the hands of the Baby Boomers.

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This past week was uncomfortably quiet in Maui Meadows. We hope it is the calm before the storm, but…The only activity was a new listing at 3403 Akala, very small, but lovely sanctuary type property with a cottage. Three bedrooms and two baths that is listed for $1.180 million. Twenty five properties remain for sale in Maui Meadows, five lots and twenty homes. The average days on the market has risen to over 160 days and nothing has closed since October. For more information, click on Current Lisitngs above.

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Sure dealing in Maui real estate is fun. But better yet are the cultural events always going on at the Maui Arts and Cultural Center, one of the island’s treasures. Right now, First Light is showing an array of great first run movies which can be found here. Can Rocky Balboa still fight? Will Helen Mirren recreate Queen Elizabeth’s reaction Diana’s death with her usual style and grace? Dreamgirls features a cast of all-stars, is it as good as the hype? Can Children of Men possibly be as good as the PD James book?

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According to this Maui News article, Maui is enjoying a banner year in Tourism. Some key tidbits:

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Not according to this PNC Wealth Management Survey. While almost half of the survey group are pessimistic about real estate prices in 2007, only 15% expressed concern over potential declining home prices. Read More »