Maui Real Estate News

The Maui Real Estate Investor and a 1031 Exchange

2008-07-02T10:34:00.006-10:00

Many people have heard about a 1031 exchange, but aren't quite sure what it is, or how it works. I hope to shed some light on the subject. Important to note is that there is a tax exemption on the sale of your primary residence, and while a 1031 exchange can be applied to any property, it's most commonly applied to investment properties, where the owners tax burden is not protected by a primary residence status.

The basic principle of doing a 1031 exchange, forward or reverse, is to defer the taxes on the sale of the house that you own (relinquished property). In a forward 1031 exchange, the seller of a house transfers the proceeds from the sale of his house directly into an account with a 1031 exchange company. Note the proceeds are not realized by the seller, they go directly into an account at the exchange company. The seller then has 45 days to identify a new property (replacement property), and 180 days to close on it. The seller can identify upto three replacement properties, as not every escrow is successful, and the seller has the specified time in which to close on one of the identified properties. The seller can choose to identify more than 3 properties, but if he chooses to do so, the total value of the identified properties can not exceed two hundred percent of the sales price of the relinquished property. So, by doing the forward 1031 exchange, the seller defers the taxes due on the relinquished property, identifies a replacement property, and closes on it in a specified time period. A forward exchange will cost roughly $600.00.

In a reverse 1031 exchange, the owner of a property (relinquished property) can go about acquiring a new property (replacement property) before the the relinquished property is sold. In this case, the seller deeds the exchange company title to the relinquished property, which is held in a Limited Liability Company (LLC) at the exchange company. The owner goes about acquiring the replacement property in the regular fashion, with cash, or some cash and a mortgage, and can begin enjoying his new property. From the time the reverse exchange is established, the owner has 180 days to sell the relinquished property. When the relinquished property is sold, the proceeds from that sale are credited towards the acquisition of the replacement property, and the seller of the relinquished property is credited that amount. If for whatever reason, the relinquished property doesn't sell within the 180 days, the exchange company deeds the title back to the owner. In this case, the owner is not entitled to any refund of the roughly $ 4000.00 cost of setting up the reverse 1031 exchange.

If you have any questions about this post, please contact me by email: SA7@PeterSlate.com or by phone: 808 276 4017.

Thank you for reading my blog.

Aloha,

Peter Slate R(S)
Haiku Properties

Canadians are King

2008-05-20T08:36:00.004-10:00

The Vancouver Sun picked up on an article I wrote about Canadian arrivals on Maui, and since the article published, I've had a great response, with many inquiries into Maui Real Estate, especially ocean view condos.

Looking through the Canadian visitor arrivals for the first quarter of 2008, I arrived at the conclusion ..... Canadians are King ! The following figures are published by Hawaii's Department of Business Economic Development and Tourism (DBEDT). Below is a summary of Canadian visitors to Maui, and to the Hawaii Islands in general for the first quarter of 2008.

14 737 Canadian visitors arrived on Maui in January 08, up 38 % from the 10 654 Canadian arrivals in January 07. Canadian travel to the Hawaiian Islands for Jan. 08 was up 27%, with a daily average census of 20 500 visitors.

15 453 Canadian visitors arrived on Maui in February 08, up 68 % from the 9 156 Canadian arrivals in February 07. Canadian travel to the Hawaiian Islands for Feb. 08 was up 31%, with a daily average census of 21 168 visitors.

17 114 Canadian visitors arrived on Maui in March 08, up 23 % from the 13 862 Canadian arrivals in March 07. Canadian travel to the Hawaiian Islands for March. 08 was up 16%, with a daily average census of 18 877 visitors.

Thank you Canadians ! and thank you for reading my blog.

Aloha,

Peter Slate R(S)
Haiku Properties

Maluhia Country Ranches ..... Kahakuloa's Finest !

2008-04-03T18:09:00.017-10:00

Imagine your dream home on this spectacular view lot in a very upscale, gated community, Maluhia Country Ranches. This 2.954 acre lot offers incredible views of Haleakala, Maui's North Shore and Kahului Town. A 20 minute drive from Maluhia Country Ranches gets you to the airport and Kahului's town center. Private, secure and spacious, this Maluhia Country Ranches lot is being offered at $ 549 500. For more information, please contact Peter Slate R(S) Haiku Properties Tel- 808 276 4017.

Thank you and Aloha !

Kula, Keokea, and Ulupalakua .... Maui Real Estate's new high end market

2008-03-25T09:12:00.012-10:00

It's easy to understand why high net worth people gravitate towards resort areas such as Wailea and Kapalua. Given the manicured golf courses, and the presence of large, high end hotels to help secure the value of their investments, this clientele finds their comfort zone in these areas. However, with new development adding to the traffic congestion and living density, buyers are looking past the typical resort areas, and toward other options ..... and there's plenty to see !

Maui's Kula, Keokea and Ulupalakua areas are the exact opposite of your Wailea / Kapalua resort area, and until recently lacked the large scale marketing and awareness necessary to bring peoples attention to a particular area. Coming online shortly is a 1800 acre development in Lower Kula which will be heavily marketed and promoted by one of the biggest real estate brokerage firms in the world. Given the attention that will come with such a large scale development, and the promise of the long awaited highway that will connect Kula and Kihei with a 20 minute commute, I looked at some of the houses available on the Kula / Keokea market that would benefit from large scale marketing. The results were surprising! I found that what was once considered sleepy old "Upcountry" was, in fact, now, a very high end area, with very desirable Gentleman's estates ! Take for example this 4000 sqft, "Hamptons" style house on almost 4 acres in Keokea, or this incredible 5000 sqft plus house on 8.6 acres complete with pool and exquisite library built in Omaopio Ridge. The most recent Kula mansion on the market boasts over 7100 sqft of living area, a pool, a tennis court, a separate 958 sqft cottage, and every upgrade imaginable !

With all the marketing and roadways aimed at connecting Kula, Keokea and Ulupalakua with the high end resorts, it's my prediction that more and more high net worth people will begin to realize the true value of Maui's Upcountry Gentleman's estate. Click on this Kula, Keokea, Ulupalakua link to see a complete list of incredibly beautiful homes.

Should you have any questions, please leave a comment, or call me directly on 808 276 4017. Thank you for reading my blog.

Aloha !

Makena Property on Maui

2008-03-02T09:07:00.007-10:00

This incredible piece of Makena property is up for sale, but few understand its full potential.

With the current agricultural (Ag) zoning, and leaving the lot lines as they are, the property could be developed into five main houses and three 1000 sqft cottages. Total acquisition $ 26.5MM for the land, plus a $ 30MM (estimated) build out of all the house and cottages, totals $ 56.5MM. Total gross form the sale of the house and cottages would come in anywhere between $90 MM - 100MM (based on current comps), which allows significant profit margin. Expected permitting and build out to take 5-6 years to complete. With water meters and power available on all four lots, a buyer would be able to start planning right away. An SMA (Special Management Area) is required as part of the building permit condition.

To expand on the development possibilities: If the current Ag zoning were changed to match the Rural zoning called for in the General Plan, the owner would be able to subdivide the total property into fourteen, one acre lots, with the possibility to build a main house and a cottage on each lot. The down side being additional fire protection (water) would need to be brought to the property, a major SMA, and sub-division final approval, would need to be completed before any construction could start. With fourteen new lots, an affordable housing component would need to addressed. The upside being an even higher profit margin.

Another option would be four families who acquire this 4 lot, 14.15 acre, magical Makena property, each take a lot, and build their dream homes with ultimate privacy and space!

Click this Wailea Makena Real Estate link for a complete list of luxury properties in the Wailea / Makena area.

Thank you for reading my blog. If you have any questions, please leave a comment, or call me on 808 276 4017. I look forward to speaking with you soon.

Aloha !

Real Estate Agents Fiduciary Responsibilites Questioned

2008-01-22T22:39:00.000-10:00

2008 started with stock markets plummeting around the world. This distracted many people from the ongoing credit crises, and brought about fear and a panic sell off, which resulted in huge losses over only a few days trading.

In the Campaign debates there is much reference to what can be done to keep homeowners in their homes, and who is most likely to achieve it. As many homeowners, feeling poor from the loss of equity in their homes, and the loss of asset value in the stock market, sit and watch all this going on around them, they have begun to ponder: how did I get here ?

With home prices falling in almost all parts of the country over the last eighteen months, in some places double digit declines, here comes the the next question: Was my realtor negligent, or did he/she fail in their fiduciary responsibilities when representing the value, or the future value of a home ? If so, what can I do about it ?

Well, articles like these are seen more frequently, and if there is ever a conviction, then realtors, watch out, and be very careful of what you say !

Stay tuned ......

Reale Estate sentiment in 2008 ...

2008-01-13T21:19:00.000-10:00

There has been so much attention given to the sub-prime mortgage mess, crumbling lenders, falling real estate prices, and rapidly increasing foreclosure, its no surprise that buyer sentiment is dazed ..... confused, and buyers are possibly more than a little freaked out! I've heard seasoned real estate agents say the next cycle won't start until 2009. I disagree.

The Countrywide bomb exploded last week, with Bank of America diving on top of it just before it was too late. In the same way JPMorgan will come to the rescue of Washington Mutual, the time has come for the big banks to bail out those in need. Federal regulators are not going to stop these mergers, as there is simply too much at stake. There is no longer any need to speculate on the extent of the Sub-prime mess ... it went all the way to the top ! with Countrywide having to merge with Bank of America to stay afloat ! How much damage was there along the way ? 218 banks and lending institutions (50 000 jobs) have gone out of business in the last 15 months !! Yeah, I'd say there was some damage.

Looking forward, the Bush Administration is discussing a stimulus package, Federal Reserve Chairman, Mr. Bernanke, has assured the Nation (and the World) that the Federal Reserve will do whatever is necessary to maintain liquidity in the banking system, and the Feds are on the verge of dropping interest rates again. Fantastic ! The stock market is all over the map, which is another indicator that real estate may come back into favor sooner rather than later.

My disagreement with above mentioned realtor's is that the there is now consolidation in banking, investment groups have already taken their write-downs, and while prices will remain soft for some time, there is more incentive for buyers to put pen to paper. You gota remember, opportunity is constant.

Time will tell, stay tuned.

Real Estate up in 09 ?

2008-01-13T21:07:00.000-10:00

With articles like this one suggesting real estate prices won't recover nor will buyer sentiment change until 2009 .....I disagree.

Maui and Canadians .......

2007-12-12T22:09:00.000-10:00

Changing tracks a little, I did some research into visitor arrivals. Looking through The Department of Business, Economic Development and Tourism (DBEDT) figures, it's the Canadians who are bring the most Christmas cheer to Hawaii, and Maui in particular. According to DBEDT figures, Canadian arrivals are up 10% in Oct 2007 for the State, at 18 797 people, compared with 17 089 Canadian arrivals in Oct. 2006. There is a 14.8 % increase in Canadian arrivals (4 657) on Maui for Oct 07 vs Oct 06. The Oct. 07 DBEDT numbers show they are vacationing longer, and spending more money during their stay. With the Canadian dollar is off its high of 91 Canadian cents to the US dollar, and is now $1.01 to the US dollar, we have seen Canadians showing more and more interest in Maui real estate, and not only in the Kihei / Wailea condo market.

The influx of Canadians, lower interest rates, referenced by the Feds 1/4 point rate cut announced earlier today, plus volatility in the stock market, are all factors in setting the stage for a real estate come back on Maui. After months watching Maui real estate prices deteriorate, or in some cases remain flat, we believe prices will firm, with buyers realizing the bottom is near. Most significantly, is the increase in buyers ready to put pen to paper, and make an offer.

We want to thank you for support, and wish you a Merry Christmas, and a Happy New Year.

Ordinance Closes Makena

2007-12-04T17:13:00.000-10:00

As reported in the Maui Times, the discovery of unexploded ordnance in the Ahihi-Kinau Natural Area Reserve last week led state officials to close the road to the reserve on the southern flank of Haleakala.

The road will remain closed until the area is cleared by an Army explosives-disposal team, said Deborah Ward, spokeswoman for the state Department of Land and Natural Resources.

Members of that team were busy Monday removing an unexploded bomb on Oahu, she said. It was not known when the disposal team would be able to fly to Maui to handle the ordnance found late Friday in the reserve's aa lava fields by the U.S. Army Corps of Engineers.

Ward did not have details on the type or size of the four objects found at Ahihi-Kinau, but she said officials were concerned enough about the discovery to close the area, at least temporarily, out of concern for public safety.

Mortgage Woes include Wells Fargo

2007-11-27T22:12:00.000-10:00

Wells Fargo, known for its tighter guidelines and conservative practices, is not exempt from the mortgage dilemma which continues to unfold day after day. Wells Fargo, the fifth largest U.S. bank, said it will recognise $ 1.4 billion in loses for the fourth quarter. Despite this fourth quarter loss, Wells Fargo is getting off lightly compared with some of its peers like Countrywide and Washington Mutual, which has suffered tens of billions of loss over the last year. To give you some perspective, Wells Fargo originated roughly $ 2 trillion since 2001, recording incredible profits during that time.
For the complete story, click on the link provided.

http://biz.yahoo.com/ap/071128/wells_fargo_charge.html

Maui Builders of Affordable Housing Fees Waived

2007-11-14T15:33:00.000-10:00

The Land Use Committee has paved the way for builders of affordable housing to save thousands of dollars in county fees. For the full story, click on this link.

http://www.mauinews.com/story.aspx?id=35987

Maui Real Estate Sales Activity October 2007

2007-11-14T15:02:00.000-10:00

Aloha,

Thanks for your comments and feedback.

Instead of analyzing the October sales figures, I've attached a link to the Real Estate Association of Maui's sales summary:

http://www.mauiboard.com/complete_stats.mv

Particularly interesting are the sales figures from 2002 and 2003, which show the total number of sales month to month, and year to year, dating back to Jan. 2002. By looking at these figures, you'll see there were many more sales, month to month, andyear to year in 2003, 2004 and 2005 than in 2006 and 2007. I've often wondered about the mental tug of war between buyers and sellers, and now I get to see the transition in action. Considering the large number of new developments that have come on line in the last three years, combined with the growing number of people listing their properties, its no surprise Maui's real estate market is anxious. Listed in Maui County, today, any buyer has the choice of 1086 homes, 1333 condos and 519 pieces of vacant land. There are 153 homes (14 %) in escrow, 116 condos (9 %) in escrow and 50 pieces of land (9.7%). These escrow numbers are sobering, no question.

More rate cuts are expected when the Fed meets on 11 December. Should this happen, it will total three rate cuts in four months. Sound familiar ? Remember April of 2002 ? Given that real estate movement lags rate cuts anywhere between three to six months, we anticipate buyers to return soon (Dec/ Jan) based on the half point September rate cut. Interestingly enough, I recently spoke with a Canadian couple this weekend who bought on Maui a year ago. They wanted to know the current state of market. After a short explanation, the wife, head in hands, said "Oh s...t, now is the time we should have bought!" With a weak dollar, "very motivated" sellers, and excessive inventory on the market, foreign money could very well turn this market this winter. Now is the time to do your due diligence and position yourself to buy. Looking forward the next six months, we could see one of the great buying opportunities for years to come.

Please note, if you'd like to opt out of this letter, simply reply to this mail telling me so.

Thank you,

John Papazian R(B) Peter Slate R(S)

Haiku Properties Haiku Properties

808 878 6800 808 276 4017

Big Banks carrying Bad Debt

2007-11-07T12:24:00.000-10:00

In all the credit turmoil among major banks and lending institutions, real estate transactions are held hostage by borrowers ability to borrow money. I submit that real estate agents get together and say a small prayer for the credit crisis to be over, and for jumbo loans, with loose guidelines to return, as soon as possible !
Shares of Washington Mutual fell rapidly to their lowest levels in 20 years after the company issued its latest forecast. By midday in the session, the lender's stock had dropped more than 19% on nearly twice its average daily volume. Washington Mutual Inc. said on Wednesday that 2007 credit losses could amount to between $2.7 billion to $2.9 billion, almost double the estimates it made in July when the subprime meltdown began wreaking havoc in U.S. mortgage markets.
During presentations, the savings and loan cited Fannie Mae data that suggest U.S. mortgage origination in 2008 will fall to $1.5 trillion for the industry. That would be a substantial decrease from $2.8 trillion from all lenders in 2006. Earlier projections were that new mortgage-loan volumes would slump to around $2.4 trillion. Kerry Killinger, Washington Mutual's chief executive, refused to speculate on whether the company's board of directors would raise dividend rates. He pointed to a lack of visibility over market conditions, liquidity issues and even earnings.
"We don't always have great certainty around the future," Killinger said during the daylong conference. "We just don't know how long this level of lower performance will remain."
Adding to the uncertainty are comments from Chief Financial Officer Thomas Casey, who warned that overall expenses in 2007 could turn out to be greater than a broad range Washington Mutual had given in its third-quarter conference call.

Kauai and Big Island Home Resales Down

2007-11-06T21:59:00.000-10:00

Home resales on the Big Island and Kaua'i last month were down by 24 percent to 56 percent, as Hawai'i's residential real estate market continues to soften. The softening real estate market is everywhere with other resort destinations such as Florida being hit particularly hard. As winter approaches, and the U.S. dollar weakens, many real estate agents are looking to Canadians and Foreign Nationals to help support their local real estate market. Stay tuned

HR 3648: Capital Gains Tax Exemption Proposal

2007-11-06T21:41:00.000-10:00

When 2008 rolls around, HR 3648, a bill making its way through Congress, will limit investors exemption on "primary residences" ..... this is to say houses that are second homes and claimed as their primary residences.

Under current laws, if an investor lives in a residence for 2 of 5 years they are eligible for a full tax exemption: $ 250 000 for a single person, and $ 500 000 for married people. If HR 3648 passes, it will pro-rate the tax exemption for time an owner lives in a primary residence. Hence, an investor who lives in one of his houses for 2 years over a 5 year period will only be eligible for 40% of the full tax exemption.

The Pines of Koele and The Palms of Manele on Lana'i

2007-11-02T12:41:00.000-10:00

The Pines at Koele are located "Upcountry", above Lanai City, and very close to the Four Seasons Lana'i, the Lodge at Koele. The Pines will offer twenty separate, fee simple, dwellings. Currently Phases 1 and 2 are on the market, priced from $ 1.150 000 to $ 1 559 250. There are two basic floor plans, a single story 2 or 3 bedroom and a two story 4 bed floor plan, settled alongside a lake, and adjacent the 2nd and 7th holes of the Experience at Koele Golf Course designed by Greg Norman. The Pines at Koele offer a fantastic second home opportunity. Residents of The Pines can purchase a membership in the Island Club, which, in addition to providing a full residential concierge staff, affords them use of facilities at both Four Seasons Resorts, the Lodge at Koele and Manele Bay, as well as preferred pricing at the restaurants and shops.

The Palms at Manele consist of eight duplex condominiums, located above the 18th fairway of the Challenge at Manele and offering stunning views of Hulopo'e Bay. The Palms feature ten foot ceilings and quality finishes range in price from $2.3 to $ 2.895 million. Single story and two story plans are available. As with the Pines, Owners may purchase a membership in the Island Club and enjoy the hotel, its amenities and preferred pricing.

In addition to The Palms and The Pines, there are 3 absolutely gorgeous, ocean front lots available which overlook Hulopo'e Bay.

For more information regarding Lanai property, please contact me directly: 808 276 4017, or visit my website: http://www.peterslate.com/

Honua' ula advances another round.

2007-11-01T19:48:00.000-10:00

After months of hearings and open discussion, the County Council Land Use Committee seems ready to make a recommendation on the Honua'ula project, also known as Wailea 670.
Land Use Chairman, Mike Molina was quoted "I sense the members are ready to bring this to some resolution, and I know that the public is also awaiting our decision."
"We're definitely on the home stretch," Molina said.
Despite these upbeat comments, Molina was also quoted as saying "This is just a small step, literally a small step." Should the Land Use committee agree to approve the Honua'ula project, the project would require two readings by the full council, during which changes can still be proposed.
Stay tuned.

Rate cuts need to be bigger to stir housing market

2007-10-30T20:27:00.000-10:00

Many speculate that a Fed rate cut on 31 October will not be enough to stir the Nations housing market, and start this sector of the Nations economy. Directly affected are developers such as: D.R. Horton Inc., Lennar Corp. and Pulte Homes Inc as there are fewer buyers. Similarly, housing prices have soared over the last 6 years, and many homeowners took advantage of growing equity in their homes, by means of a cash out refinance. Today's financial environment makes it difficult for these homeowners to refinance as many of the Stated / Stated programs are no longer available. Borrowers now need to document income and verify assets, and homeowners are no longer able to take advantage of growing equity in their homes. Will the Fed continue to cut rates ? ....we'll have to wait and see.

Investment property rental income vs. inflation vs. property values

2007-10-29T10:11:00.001-10:00

A widely held theory by many realtors is that rents will increase alongside inflation. This theory maintains that increasing rents will increase the value of the property at rates similar to the rate of inflation. Rents that increase at the same rate of inflation are nothing more than a coincidence. Supply and demand relationships are what change rents. Rents will increase when the supply/demand ratio changes. As an example, given any rate of inflation, if you have excess supply, high vacancy, and jobs declining, rents will not increase. Quite the contrary, they will decrease. Another comparison would be the double digit gains in real estate values from 2001 through 2005, and the subsequent significant softening of real estate values from 2006 through 2007, yet rents remain fairly stable.

Countrywide looks past more than a Billion dollar loss....

2007-10-26T12:39:00.000-10:00

Despite more than a billion dollar loss ($1.2 Billion) in the 3^rd quarter, Countrywide Financial Corp, said it expects to be profitable in the 4^th quarter, and into 2008. Chairman and Chief Executive Angelo Mozilo said, "We continue to be bullish about the longterm prospects of both Countrywide and our industry." Countrywide shares jumped $4.23 on this news, to close at $17.30 on Friday after rising as high as $17.51. The stock is down 64 percent from its 52-week high of $45.26.

Considering how many Maui Realtors rely on Countrywide to fund real estate transactions, seeing Countrywide's position and confidence, is very encouraging.

Maui County Council and Transient Vacation Renatls have no agreement "contract"

2007-10-25T16:01:00.000-10:00

The Maui Vacation Rental Association's (MVRA) position that they have a "contract" to operate with the Maui County Council based on the county's loose zoning enforcement, was denied by U.S. District Court, Deputy Corporation Counsel (DCC) Jane Lovell, who wrote the MVRA does not have sufficient foundation to sue for an injunction. The MVRA argued that an agreement outlined in a letter from former Planing Director John Min, as a "contract," but the (DCC) countered that all county contracts must be reviewed for form and legality by the corporation counsel and signed by the mayor, and that the agreement Min noted in writing were merely minutes of a meeting, and not a "contract".

The controversy continues .... stay tuned.

Honua'ula needs more water for affordable units.

2007-10-24T14:14:00.000-10:00

Honua'ula (formerly known as Wailea 670) needs more water to service a proposal of 250 rental units, which is part of its affordable housing commitment. The affordable rental project is proposed for a 13-acre site off Ohukai Road in an area zoned light industrial. As proposed, it would count against the 700 affordable housing units that the Honua'ula project is committed to provide. The affordable rentals are aimed at providing for lower-income families in an apartment complex.
The Dept. of Water director, Jeff Eng said it could be several years before the department develops a new source of water. Eng explained that a 2-inch would not be enough water to service peak usage times. A 2-inch line would only allow 64 showers out of at least 250 total showers at one time.
The Land Use Committee continues to review the project, and there will be more meetings regarding possibilities in Honua'ula and its affordable housing commitment soon.

COUNTRYWIDE REACHES OUT TO ITS BORROWERS.

2007-10-23T08:17:00.000-10:00

Countrywide said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008.
Countrywide has been under pressure since early July -- it has had difficulties with loan financing, its had to tap its lines of credit, and lay off 1000s of jobs.
Countrywide plans to contact borrowers of some $2.2 billion who are late on their loans and having trouble paying as a result of their Adjustable Rate Mortgage (ARM) adjusting. So far this year, Countrywide has completed about 20,000 loan modifications -- a figure that represents less than 5 percent of the more than 500,000 loans the lender reports were behind in payments as of last month. The figure amounts to about 24 percent of the roughly 82,000 loans the company said were in foreclosure as of September. Still, the company notes that its efforts to help troubled borrowers through refinancing, loan modification, repayment plans and other loan workouts, have kept some 40,000 borrowers from losing their homes.
Under the initiative announced Tuesday, Countrywide plans to offer an estimated 52,000 borrowers with subprime loans refinancing into prime rate loans or federal assistance mortgage loans insured by the Federal Housing Administration.
The company estimates some 10,000 borrowers with subprime loans who are now behind on their payments due to their mortgage interest rate resetting will be offered rate reductions by the end of the year. If your Adjustable Rate Mortgage is getting ready to adjust, contact your local lender, and know your new payment schedule.

Lanai - The Pines and The Palms

2007-10-22T11:12:00.000-10:00

I was recently invited to attend a Brokers open on Lanai show casing two developments - The Pines at Koele, and The Palms at Manele.

The Pines at Koele are located "Upcountry", above Lanai City, and very close to the Koele Lodge. The Pines offer twenty separate, fee simple, dwellings that price between $ 1.150 000 and $ 1 559 250. There are several different floor plans ranging from 4 bed 3 bath to 2 bed 3 bath. Settled alongside a lake, and adjacent the 2nd and 7th holes of the golf course, The Pines at Koele offer a fantastic second home opportunity. Residents of The Pines can purchase a membership to the Lodge at Koele, which affords them use of the Lodge and preferd pricing.

The Palms at Manele are 16 condominiums located near the ocean, and offer stunning views of Hulopo'e Bay. The Palms are connected by roof line. There are no common walls, which means less transferred noise from your neighbors. The Palms prices range from $2.3 to $ 2.595 million for the single story units, and $2.8 million for a two story unit. Residents can purchase a membership to the prestigious Four Seasons Resort and enjoy the hotel, its amenities and prefered pricing.

In addition to The Palms and The Pines, there are 3 absolutely gorgeous, ocean front lots available which overlook Hulopo'e Bay.

For more information regarding Lanai property, please contact me directly: 808 276 4017, or visit my website: http://www.peterslate.com/

Thank you.

Peter Slate R(S)
Haiku Properties