How to Afford a Home on Maui: Mastering the Market with Assumable Mortgages - Expert Insights by Gray Marino
Aloha! I'm Gray Marino, your Maui real estate expert with 18 years of experience, particularly in Title & Escrow. In this blog, I delve into how assumable mortgages can be a key strategy in making Maui homeownership a reality, especially in today's dynamic market. Maui's Real Estate Challenge: Maui's housing market is as beautiful as it is challenging. With soaring prices, buying a home here requires more than just a dream; it requires a strategy. That's where I come in, offering a blend of local expertise and practical advice. The Rising Relevance of Assumable Mortgages: In a climate of escalating interest rates, assumable mortgages have resurfaced as a viable solution. These unique loans allow you to take over the seller's mortgage terms, including historically lower interest rates. A Closer Look at the Numbers: Let's dive into the math to understand the impact of current interest rates versus those from a few years ago. Consider a $600,000 mortgage: 3% Interest Rate (Past Rate): Monthly payments are around $2,530, totaling approximately $910,665 over 30 years. 7% Interest Rate (Current Rate): Monthly payments jump to about $3,992, totaling around $1,437,053 over the same period. The difference is a staggering $526,388 over the life of the loan, illustrating the significant savings possible with an assumable mortgage. Current Market Trends and Assumable Mortgages: In today's market, where interest rates are hovering around 7%, finding a seller with a lower-rate mortgage who is willing to let you assume it can be a golden opportunity. Acting in a Timely Manner: The window for assumable mortgages is often narrow, as their attractiveness hinges on the current economic landscape and interest rate forecasts. Acting now could secure you a rate that might not be available in the near future. Step-by-Step Guide to Assuming a Mortgage: Agreement: Reach a mutual understanding with the seller. Lender Engagement: Discuss terms with the existing lender. Documentation: Prepare and submit all required financial documents. Approval: Undergo lender's credit check and approval process. Closing: Complete legal and financial formalities to finalize the transfer. Considerations for Long-Term Success: While assumable mortgages offer immediate benefits, it's essential to consider the long-term implications, like future rate changes and the impact on your overall financial plans. Conclusion: In Maui's challenging real estate market, assumable mortgages present a strategic approach to home buying. My experience in Maui's unique real estate landscape equips me to guide you through these intricate decisions. Your Maui Home Awaits: Explore the latest Maui listings and take a step closer to your dream home. Visit Gray Marino's Listings. Reach Out for Expert Advice: For tailored guidance on navigating Maui's real estate market, contact me at 808-745-7445 or via email at Gray@GrayMarino.com. Together, we can turn your Maui homeownership dreams into a reality. Gray Marino Real Broker, LLC. RS-86136
Discover the Vibrant Oceanfront Property Market in Maui: A 6-Month Recap
If you're captivated by the allure of oceanfront living in Maui, you're not alone. Over the past six months, from May to October 2023, the oceanfront property market on this breathtaking island has been buzzing with activity. In this blog, we'll delve into the exciting details of eight recent closed sales of oceanfront residential properties, providing valuable insights for both prospective buyers and curious enthusiasts. So, let's dive in! Maui's Oceanfront Treasure Trove From the serene shores of Kaupo to the captivating coastline of Hana, here's a glimpse of the recent sales, ranked by their sale price: 37760 Pi'ilani Highway, Kaupo - $725,000 - This hidden gem boasts 6.9 acres of paradise and a 400 sq. ft. off-grid structure, all for just $725,000. It took just 61 days to find its lucky new owner. 194 Lower Waiehu Beach Road, Wailuku - $790,650 - Despite being in need of some TLC, this bank-owned property generated significant buzz. With 0.26 acres of land, it sold for $790,650 after just 35 days on the market. 35 Kapohue Rd, Hana - $3,300,000 - For those seeking a tranquil retreat, this single-level 3-bed, 3.5-bath home on 1.1 oceanfront acres in Hana is a dream come true. It found its new owner in just 33 days. 490 + 497 Lilihua Place, Wailuku - $3,500,000 - This incredible property offers a custom 3-bed, 3.5-bath home along with a detached 1-bed, 1-bath cottage on 4.55 flat acres. Originally listed at $5,500,000, it sold after 315 days on the market. 1816 Halama Street, Kihei - $3,900,000 - A beautifully remodeled single-level 2-bed, 2-bath home with a detached garage on 0.32 acres. It found its new owner in just 39 days. 580 N. Holokai Place, Haiku - $4,075,000 - Perched high above the ocean on 7 acres, this property features a spacious 3-bed, 3-bath home, a detached 928 sq. ft. cottage, and a swimming pool. After 144 days on the market, it was a steal from its original $4,500,000 listing price. 11505 Honoapiilani Highway, Olowalu - $7,500,000 - This contemporary 4-bed, 4.5-bath masterpiece comes complete with an oceanfront pool, artistic details, and full furnishings, all on 0.54 acres of prime land. It took 223 days to find its fortunate owner. 1498 Halama Street, Kihei - $10,000,000 - Luxury knows no bounds in this 5,036 sq. ft., 2-story, 4-bed, 4.5-bath marvel with a heated pool and hot tub on 0.41 acres. Despite its original listing price of $16,500,000, it finally found its match after 350 days on the market. The Current Oceanfront Opportunities But the excitement doesn't end there. Maui's oceanfront property market is still brimming with incredible opportunities. Currently, there are 23 active and pending listings, ranging from $989,000 to $36,000,000. Four of these gems are located on the enchanting islands of Moloka’i and Lana’i, with prices ranging from $989,000 to $20,000,000. The median price for these oceanfront treasures is $6,950,000, and among them, ten are beachfront and thirteen are oceanfront. You'll find a variety of land sizes, from about 1/4 acre to 20 acres, with the majority being under 1 acre. The best part? None of them are bank-owned, so you can explore your dream of oceanfront living without any added complications. For those seeking a unique living experience, there's even a residential condo or CPR priced at $16,750,000 in Makena. Days on the market for these listings range from just 7 days to 439 days, so act swiftly if you find your perfect slice of paradise. Ready to Make Maui Your Home? As you can see, Maui's oceanfront property market is alive with possibilities. Whether you're considering a sale or searching for your own piece of oceanfront paradise, Maui offers a world of opportunity. To view the current oceanfront listings, including those on Moloka’i and Lana’i, simply click the link below and take the first step toward realizing your oceanfront dreams: Explore Maui's Oceanfront Listings Now About Gray Marino: My name is Gray Marino, and I'm a Realtor here on Maui with 18 years of experience in the real estate industry, primarily in the Title & Escrow sector. This deep understanding of the intricacies of real estate transactions in Hawaii allows me to provide expert guidance to my clients. If you have any questions or would like to explore the Maui real estate market further, feel free to reach out to me: Cell: 808-745-7445 Email: Gray@GrayMarino.com Website: www.GrayMarino.com
Should I Still Visit Maui? Your Comprehensive Guide to Exploring Maui's Untouched Beauty and Resilient Charm
Should I Still Visit Maui? Exploring the Island's Untouched Beauty and Charm Introduction If you're asking yourself, "Should I still visit Maui?" following the recent fires in Lahaina and Kula, the answer is a resounding "Yes." Although Lahaina Town has faced unimaginable damage, the island of Maui still offers a cornucopia of wonders waiting to be explored. In fact, the resilience and charm of Maui's untouched corners stand as testament to why your visit could be more meaningful than ever. Below, we delve into top activities and experiences that make Maui an irresistible destination despite recent challenges. Table of Contents Dine Out to Support Local Eateries Uncover the Magic of Upcountry Maui and Haleakala The Road to Hana: A Scenic Marvel Embrace South Maui’s Blissful Beaches Set Sail from Alternative Harbors Savor a Luau in South Maui Discover the Quaint Paia Town Visit the ‘Iao Valley for a Natural Retreat Wander Through La Perouse Bay’s Lava Fields Horseback Riding with Scenic Views Immerse Yourself in South Maui Gardens Dive Into Education at the Maui Ocean Center Sip Your Way Through Local Breweries Consider a Helicopter Tour for a Bird’s Eye View Plan Your Destination Event in Maui Make an Impact by Volunteering Dine Out to Support Local Eateries: A Gastronomic Adventure "Should I still visit Maui?" If your love for food is a major travel motivator, Maui's diverse culinary scene makes the answer an absolute yes. The island is home to a variety of local eateries that could really use your support now. By dining out, you're not just satisfying your taste buds but also helping local businesses recover. Indulge in a Maui Food Tour: It’s a great way to discover small, local eateries you might otherwise miss. My family and I will make a day out of visiting South Maui restaraunts and splitting one fabulous plate at each one. Maui Dessert Expedition: Make it a mission to find the island’s best shave ice, malasadas, or lilikoi pie. The Quest for Fish Tacos and Poke: Here is a hint, Foodland in Kihei or Pukalani, has the best Poke you can find ;). Uncover the Magic of Upcountry Maui and Haleakala: More Than Just a Volcano For those wondering, "Should I still visit Maui?", Upcountry Maui offers an immediate affirmation. The high-elevation area presents a different kind of Hawaiian experience. Beyond exploring Haleakala National Park, you can: Engage in Agrotourism: Visit local farms and even a lavender farm. Support Kula: This area was affected by wildfires too, so your visit is a statement of solidarity. The Road to Hana: A Scenic Marvel A journey on the Road to Hana is among the Maui activities unaffected by the Lahaina fires. This drive is an Instagrammer's paradise, but remember to stop at the local businesses you come across and tag them in a photo or two on your adventure. Embrace South Maui’s Blissful Beaches: Sun, Sand, and Serenity South Maui's beaches like Wailea and Ulua offer calm waters ideal for snorkeling and family outings. The Kamaole beaches are also picnic-friendly, with grassy areas that are perfect for relaxation. Set Sail from Alternative Harbors: Ocean Adventures Await Though Lahaina Harbor was destroyed, Ma’alaea Harbor and other South Maui launch points are available for ocean activities such as snorkeling and whale-watching. Personally I highly recommend the Alii Nui Sailing Catameran. www.AliiNuiMaui.com and who knows, you may even have me as your Captain that day. Savor a Luau in South Maui: A Cultural Feast Should you still visit Maui for its luaus? Absolutely. Luaus offer a cultural spectacle that encapsulates the spirit of Aloha. Though ticket prices might be on the higher end, the experience is worth every penny. Discover the Quaint Paia Town: North Shore's Hidden Gem This small town is more than just a starting point for the Road to Hana. Paia offers unique shopping and dining opportunities, making it a must-visit. Visit the ‘Iao Valley: A Retreat Into Nature The ‘Iao Valley offers a slice of natural paradise and historical significance, away from the hustle and bustle of Maui's more tourist-centric areas. Bring your bathing suit to take a dip in the river if conditions are right. Wander Through La Perouse Bay’s Lava Fields: Maui’s Geological Wonders La Perouse Bay offers hiking trails that allow you to walk through Maui's history, etched in its ancient lava flows. Horseback Riding with Scenic Views: Equestrian Delight Horseback riding tours can be a unique way to see Maui's diverse landscapes, from mountain terrains to coastal trails. Immerse Yourself in South Maui Gardens: A Floral Fantasy South Maui Gardens is not just about plants; it's also a hub for community events and local food trucks. Dive Into Education at the Maui Ocean Center: Beyond Just Fish Tanks If you're wondering, "Should I still visit Maui?", the educational offerings at the Maui Ocean Center offer another compelling reason. Sip Your Way Through Local Breweries: An Ale of a Time From Maui Brewing in Kihei to Mahalo Aleworks in Upcountry, the craft beer scene is alive and well. Consider a Helicopter Tour: Maui From the Skies For an expansive view of Maui's untouched beauty, a helicopter tour is highly recommended. Make an Impact by Volunteering: Travel with Purpose Various organizations, such as the Maui Food Bank and Maui Humane Society, welcome volunteers. Your visit could be about more than tourism; it can be a way to give back. I hope this guide helps convince you that you should indeed, come visit Maui! My name is Gray Marino and I am a Realtor here on Maui. As I said above, I am also a Coast Guard Captain. So I have the unique view to see our island from both the real estate side, as well as the tourism side. If you would like more information about our island, please reach out to me directly at any time. With the warmest Aloha, Gray Marino 808-745-7445 Real Broker LLC, RS-86136
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