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Maui & Molokai Oceanfront Specialist / Wm "Buz" Moffett, Principal Broker
5029 Lwr Honoapiilani Road Napili
4,004 Sqft
6 bed / 5 bath
$1,675,000
14,562 SqFt
Buz's Surf Pics
Buz's Indo 2008 Picture Galleries
CONTACT BUZ MOFFETT, R(B)
Cell: 808-870-6794 / Office: 808-669-0454
Toll Free 888-381-6205
Fax: 808-442-0761
CONTACT FORM
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Indo Summer 2005
Surf Spot Properties
BUZ MOFFETT: A REALTOR THAT SURFS
OR A SURFER THAT SELLS REAL-ESTATE?

Being raised in Lahaina in the 70's was fun, to say the least. Everything was happening, the building boom, the tourist industry, the waves, Maui was becoming a world class destination. With my family being heavily involved in the building industry of the late 60's and into the 70's and 80's I could see that things where changing fast. Life is full of compromises, but where do you draw the line? Leaving Hawaii was mine. After surfing through high school at Lahainaluna and moving to the Big Island for two years at UH Hilo I finally made it to Oahu and the University of Hawaii. Three years later and lots of surf, I was back on Maui ready to make a name for myself. Having come to the realization that surfing for a living was out of the question (the pros at that time made less than waiters) my mom convinced me that to have a real-estate license couldn't hurt. 1982 seems like a life time ago now but you know what they say "always listen to your mother".

Real-estate has been good to me. What other industry can you work in that mandates fun. I used to joke that I made my best contacts while in the water. Guess what, its true. I have been blessed with meeting some of the most incredible people through my work and having the pleasure of helping them purchase their dream properties. Don't get me wrong, I have a strict business ethic, WORK HARD PLAY HARD. After setting up my own office in 1991 I soon learned the down side of being the boss of a real-estate firm, if you spend all your time keeping your sales people busy you don't have time to make any sales. You may remember the early nineties were not that friendly to realtors, or any one for that matter. Back to basics, I downsized my office and started doing what I love, meeting fantastic people and helping them purchase their dream.

It sure is easy to fall into that rut called reality. Home, office, cars, mortgages, kids (love the Kids) and all the responsibilities that come with "success". Is there still time to surf? Oh Ya, you make time. Having made a yearly migration chasing the big ones through the South Pacific and the Indian Oceans I can tell you from experience that nothing motivates me to work harder than a good surf trip.

Where am I now? I still spend most of my time helping friends, new and old, buy into the dream here on Maui, but I have been spending more and more time on Molokai "The Most Hawaiian Island". Just remember the next time you are in the waters of Maui or Molokai and see a guy with a big smile on his face you might be looking at the SURFER THAT SELLS REAL-ESTATE!

Your Surfing Realtor’s May 2009 Update

Aloha to all my investors and market watchers!

The overall market is continuing to drop and many of the properties going under contract at this time are either smoking deals or families taking advantage of low interest rates and quality properties. 

One thing that has been a reoccurring trend is buyers making low ball offers on REO, bank owned properties.  You would think that these companies would be willing to deal but that is really not the case.  By the time that these REO properties have made it on the market the banks have paid for the cost of foreclosure and are writing down the outstanding balance and interest owed on the property.    Thus they have higher costs and will receive a lower bottom line net.  Most of these REO properties are priced to sell within 30 days of coming on the market.  The REO companies typically will not accept offers under 95% of the asking price.  If the property does not go under contract within 30 days they drop the price to reflect the new market conditions.  One thing that they tend to accept is seller credits for up to 3% of the sales price - this can be used for closing costs, repairs or any other items.   

The properties that seem to be setting the pace right now are short sales.   Short sale properties are selling for right around 60% of the outstanding loan amounts.  They are the best deals across the board.  They are more difficult to purchase and you cannot even look at the asking price.  But with the right agent working for you (guess who) we can tailor contracts that the banks will accept.   If you would like to investigate the possibility of purchasing a short sale property contact me and I can walk you through it.

I have done some interesting investigation into the West Maui property market for you this month.  

Current condo listings 741 / average days on market 211 / 30% under $500k / 30% - $500k to 1 mill / 30% over a mill.
Current condos in escrow 24  (3%)/ average days on market 300 / 50% under $500k / 3 units over a million
Current condo sales for 2009 - 69 total (5%) - of these 26 were at Honua Kai (new development on North Kaanapali Beach)
Average days on market 200 / 26  units under $500k / 25 units $500k to 1 mill / 14 units 1 to 2 mill / 4 over 2 million.

Current home listings 232 / average days on market 206 / 5 under $500k / 51 - $500k to 1 mill / 82 - 1 to 2 million and the balance of 94 over 2 million dollars (wonder why things are not selling???)
current homes in escrow 19 (8% of the total) 25% under $500k / 25% from $500k to $1 million / 25% from 1 to $2 million and 25% from 2 to $4 million.
Current home sales for 2009 - 17  (7% of total) / 0 under $500k / 9 from $500k to $1 million / 4 from $1 to $2 million / 4 from $2 to $9 million.

Interesting?????????????????????  I think so.  Any way if you are looking for an aggressive agent and you are ready to make the move - give me a call - I can save you thousands.

Aloha Buz Moffett, Broker / Owner
Moffett Properties
est. 1992
808-870-6794

Contact Buz at buz@surfingrealty.com or search the mls at www.mauimls.biz
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Buz Moffett, R(B) 808-870-6794 buz@surfingrealty.com
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