Maui Condo Market On Rise

The high-end sector of the Maui condo market has seen a significant increase in activity on the first half of 2013, when compared to the same time period in 2012.  The first half of 2012 saw 43 sales of $1M+ condos, increasing by 74% in 2013 to an impressive total of 75 sales - sales volume rose accordingly, from $86.94M to $129.74M!

A question often brought up by potential buyers of luxury Maui condos is in regards to financing - or the lack thereof.  Of the applicable 43 sales in the first half of 2012, only 21% were financed, whereas for the 2013 sales, 43% were financed - which is reflective of lenders loosening their lending criteria to be less restrictive than it has been in the past few years.  It is worth noting that only a handful of lenders (mostly Hawaii-based) will underwrite mortgages on properties zoned for short-term rentals (regardless of the borrower's qualifications). For those interested in financing such purchase, contact us for details.

Our team encompasses some of the leading experts in the Maui luxury real estate market; buyers and sellers of high-end properties in Hawaii are encouraged to contact us for more information.