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
ROAM Maui: Luxury Travel to Maui with Private Plane Access
Are you seeking a luxurious and convenient way to travel to Maui for your real estate ventures? Look no further than ROAM Maui and their private plane access to the island. Offering an unparalleled experience, ROAM Maui allows you to enjoy a seamless journey, exceptional services, and exclusive amenities. In this blog post, we'll delve into the advantages of flying privately to Maui with ROAM Maui and how it can elevate your real estate experience. The Ultimate Convenience of ROAM Maui When it comes to traveling to Maui for real estate purposes, time is of the essence. ROAM Maui's private plane access ensures that you make the most of your valuable time. By bypassing the commercial terminals, you can avoid long security lines and crowded spaces. Instead, ROAM Maui utilizes private airport Fixed Base Operations (FBOs), offering a more personalized and efficient travel experience. Arrive just minutes before your flight and enjoy a relaxed departure time of your choosing. Unparalleled Comfort and Amenities with ROAM Maui ROAM Maui provides unmatched comfort and amenities, allowing you to travel in style. Their VIP-configured Boeing 737-700s feature spacious all-first-class seats designed for maximum comfort. With a seat pitch of 56 inches, you'll have ample legroom and space to unwind during your flight. Experience the luxury and comfort of ROAM Maui's accommodations while soaring to your destination. Entertainment is also at your fingertips with ROAM Maui. Their onboard Stage™ On Demand system lets you stream movies, TV shows, and stay updated with news, stock updates, sports, and weather information. Immerse yourself in a world of entertainment while cruising towards the beautiful shores of Maui. Exceptional Services Tailored to Your Needs ROAM Maui is dedicated to providing an extraordinary travel experience. From the moment of booking to your arrival in Maui, their Member Experience Team ensures that every aspect of your journey is meticulously taken care of. With a passenger-to-service professional ratio designed to deliver five-star service, you can expect unparalleled attention to detail and personalized care throughout your flight with ROAM Maui. Elevating Your Culinary Experience with ROAM Maui Indulge in a remarkable culinary experience curated by renowned chef Charlie Palmer during your journey with ROAM Maui. Chef Palmer's expertise, including multiple Michelin stars and recognition from the James Beard Foundation, shines through in the carefully crafted menus. Delight in delectable dishes paired with prestigious wines and specialty craft cocktails. Prepare to savor every bite and raise a glass to an unforgettable journey with ROAM Maui. Pets Accompanied with Style (PAWS) Program by ROAM Maui For pet owners, traveling to Maui with ROAM Maui is a breeze. Their unique PAWS program, in partnership with the Maui Humane Society's Direct Release program, allows your furry companions to accompany you from your mainland home to your Maui residence without quarantine restrictions. Travel with peace of mind knowing that ROAM Maui will ensure your pets are well taken care of throughout the journey. Discover the Luxury of ROAM Maui's Private Plane Access to Maui ROAM Maui revolutionizes the way you experience real estate endeavors in Maui. Enjoy the convenience of avoiding commercial terminals, revel in the utmost comfort and amenities, and savor exquisite culinary creations during your flight. With dedicated service professionals attending to your every need, your journey with ROAM Maui becomes an unforgettable part of your real estate experience. To learn more about ROAM Maui's private plane access to Maui and how it can enhance your real estate ventures, visit their official website and explore the exclusive services and amenities offered by ROAM Maui.
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