We are pleased to announce the sale of Makena Surf Unit B-107. This two-bedroom gem fronts a sandy beach and has been beautifully remodeled. The property sold for $3.55 million. We represented both the buyer and the seller. For details, and for all your Maui real estate needs, contact us! 

If you are wondering whether today is a good time to buy Maui real estate, consider the current level of interest rates. They are the lowest in 50 years. On a $400,000 mortgage, a 1% reduction in interest rates means a $100,000 savings over the life of a 30 year mortgage. For details, contact us.
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We suppose that the Maui County Council reconsidering the  ridiculously ineffective Affordable Housing Law is a good thing. Number of affordable homes created by the law? Zero.

One of our favorite mortgage professionals in the Maui real estate business is Tricia Morris at Premier Mortgage. She's professional, thorough, creative and reliable. Here is her most recent newsletter on the mortgage market.

The attached chart is form our friends at Calculated Risk and summarizes the economic forecasts of Merrill Lynch, Northern Trust, the UCLA Anderson School and a consensus view of some other Wall Street economists. The current quarter is likely the worst we will see. Nearly everyone expects a rebound to one degree or another in the second half of 2009. David Rosenberg at Merrill Lynch, historically a real bear, is the most bullish with his rebound predicated on the tax cuts contained in the stimulus package. 

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The new York Times printed a useful article regarding mortgage backed bonds and the issues facing the Federal Government and the banks themselves in valuing these securities. While this might seem an esoteric topic, it lies at the core of the problems in the banking system. This doesn't affect the Maui real estate market directly in a major way, but it does impact buyers' thinking. Here are some key snippets:

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