The Kaanapali real estate market, found on the Valley Island of Maui, is a portion of the larger Lahaina real estate housing market. The Kaanapali housing market, along with the rest of the island and state's markets, has been facing some contradictory signals during the most recent tracking period. For example, although home sales have been relatively static, condominiums sales have fallen off dramatically. On the bright side, commercial real estate and foreclosures seem to be moving in a positive direction. According to an August 13, 2010 report from the Maui News, "awaii has broken its streak of more than three years of rising real estate foreclosure filings. Irvine, Calif.-based RealtyTrac reports that there were 930 foreclosure actions statewide in July, a 6 percent decline from the 990 in the same month last year. It was the first year-over-year drop for any month since May 2007, a string of 37 straight months. This report comes after RealtyTrac said last month that foreclosures in Honolulu increased 72 percent in the first half of the year compared to the first six months of 2009. July's foreclosure count was the lowest for any month since 872 filings in November. The peak was 1,534 in December."
Hopefully, Kaanapali condos for sale will follow the larger trend of commercial real estate in Hawaii and on Maui, which has been faring better than the housing market. For example, an August 20, 2010 report from the Honolulu Star Advertiser noted that "Hawaii commercial real estate sales appear to be rebounding, according to a new report forecasting an end this year to a four-year downturn. Acquisitions of the Continental Surf Hotel in April and the Hotel Hana Maui in May were among 56 sales that helped generate $354 million in commercial property transactions during the first half of the year, a 17 percent rise from $302 million in the first half of last year. Stronger activity in the second quarter erased what had been a 10 percent reduction in sales volume through the first three months of the year, according to the report by Colliers Monroe Friedlander...Second-quarter sales included Hotel Hana Maui for $6.8 million, Continental Surf Hotel for $14.7 million, Waianae Mall for $25.5 million and land under the Iwilei Home Depot for $23.2 million."