The Stice Team is very pleased and grateful that after almost a year and a half, we finally sold our 38 acre vacant land listing in Haiku on Maui’s North Shore.
480 Kekoanui Rd. (MLS# 341958) is a 38 acre parcel that we originally listed at $2,000,000 and just closed today at $900,000 cash. Although the seller would have liked to have gotten more for their property, this is an extremely challenging seller’s market (especially for vacant land) it allowed them to move on in their respective lives and the buyer got a great deal.
This was an all cash transaction which is becoming increasingly popular in today’s Maui market and in fact, during 2011 82% of the vacant land transactions have been all cash. Read about how Cash is King in The Maui Market in one of my previous blogs.
The main reason that prices have dropped so drastically for vacant land on Maui has to be attributed that there is very little financing available to buyers and thus the demand has dropped which in turn, correlates to lower prices.
Local banks like First Hawaiian Bank and American Savings Bank are the only lenders that I know of that are doing vacant land loans, or construction loans. These banks want extremely well-qualified buyers with stellar credit scores, 60% down payments, and strong compensating loan factors.
I want to express a big Mahalo to Bob Horcajo, a long time and very well respected Maui broker, for bringing in the buyer. I also want to pat my dad and business partner, Tracy Stice, on the back, who did just an amazing job marketing, negotiating, and dealing with the very convoluted issues that challenged this property and the transaction itself. His perseverance, determination, and expertise were on display at all times. Sometimes my dad just amazes me and this is one of those times, I am very proud of him.
- For Sellers: The Stice Team has the experience, expertise, energy, and exposure to get your property listed properly and sold. We would be honored to interview for your services.
- For Buyers: We are all about helping you find the best deals and assisting you throughout the entire purchasing process. Tracy Stice, a 32 Year Maui Broker Says, “Your Time is Now.”
On this note, check out our latest best buys:
- Our April Deals of the Month
- Our Top Maui Foreclosure Picks
- All Maui Foreclosed Homes
- All Maui Foreclosed Condos
- All Maui Foreclosed Vacant Land
The Stice Team loves our Maui life and we would love to share it with you. Contact us today, and let’s get started on accomplishing your individual goals or needs.
Gary Bland R S
April 29, 2011
Aloha Jeremy- Great Deal for the Buyer at that price! You are right about land loans, very hard to get!
Gary Bland R S
April 29, 2011
Aloha Jeremy- Great Deal for the Buyer at that price! You are right about land loans, very hard to get!
Katie Minkus, R(BIC)
April 30, 2011
Congratulations, Jeremy and Tracy! Land sales are indeed challenging in this market – the only financing we’re seeing on land sales is seller financing through a PMM. We’ve been quite successful with them, but of course, not every seller can afford to carry paper. The fact that you persevered through this one and met and exceeded all the challenges speaks to your professionalism and client care. Great job!!
Katie Minkus, R(BIC)
April 30, 2011
Congratulations, Jeremy and Tracy! Land sales are indeed challenging in this market – the only financing we’re seeing on land sales is seller financing through a PMM. We’ve been quite successful with them, but of course, not every seller can afford to carry paper. The fact that you persevered through this one and met and exceeded all the challenges speaks to your professionalism and client care. Great job!!