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SINGLE FAMILY RESIDENCE CONDOMINIUM 2013 Median Price 2014 Median Price Median Price % CHANGE 2013 Median Price 2014 Median Price Median Price % CHANGE Central $404,098 $408,515 -1% $160,000 $216,000 -26% Haiku $722,500 $587,450 23% - - - Hana $750,000 - - - - - Kaanapali $2,565,000 $2,500,000 3% $820,000 $623,750 31% Kahakuloa - - - - - - Kapalua $1,700,000 $1,795,000 -5% $1,250,000 $957,500 31% Keanae - - - - - - Kihei $585,000 $461,000 27% $335,000 $325,000 3% Kipahulu - - - - - - Kula/Ulupalakua/Kanaio $712,500 $595,000 20% - - - Lahaina $1,187,500 $550,000 116% $490,000 $330,000 48% Lanai $495,000 $550,000 -10% $1,725,000 $102,350 1585% Maalaea - - - $477,500 $345,000 38% Makawao/Olinda/Haliimaile $500,000 $389,950 28% - - - Maui Meadows $1,050,000 $907,500 16% $164,995 $91,000 81% Molokai $250,000 - - - - - Nahiku - - - - - - Napili/Kahana/Honokowai $587,450 $790,000 -26% $335,000 $370,000 -9% Olowalu $1,425,000 - - - - - Pukalani $663,500 $507,500 31% - - - Sprecklesville/Paia/Kuau $4,000,000 $497,000 705% - $200,000 - Wailea/Makena $2,197,500 $1,999,999 10% $1,085,000 $775,000 40% MAUI SUMMARY $585,000 $550,000 6% $390,000 $344,000 13% SINGLE FAMILY RESIDENCE CONDOMINIUM 2013 Median Price 2014 Median Price Median Price % CHANGE 2013 Median Price 2014 Median Price Median Price % CHANGE Puna $128,000 $165,000 29% - - - South Hilo $291,250 $289,500 -1% $129,500 $110,000 -15% North Hilo $382,250 $340,000 -11% - - - Hamakua $405,000 $380,000 -6% - - - North Kohala $449,000 $775,250 73% - - - South Kohala $320,000 $415,654 30% $400,000 $425,000 6% North Kona $403,221 $483,560 20% $200,000 $228,725 14% South Kona $292,500 $430,000 47% - - - Ka'u $130,000 $149,000 15% - $210,000 - BIG ISLAND SUMMARY $277,750 $320,000 15% $205,500 $233,000 13% (continued from page 58) The QI, as in a forward exchange, acts as the seller, receives the proceeds and then uses the proceeds to acquire the RP. At this point, the taxpayer has completed the exchange of the RQ for the RP, but the EAT remains on title to the RQ. However, to successfully complete the reverse exchange, the EAT must sell the RQ to a buyer within 180 days. If the EAT completes this final step, it will use the proceeds to repay the loan it originally obtained from the taxpayer to first acquire the RQ (note that the taxpayer is responsible for locating a buyer and negotiating the terms of sale between that buyer and the EAT). The 180-day exchange period commences on the date the EAT acquires the RQ. Exchange Last: The Mechanics The taxpayer loans funds to the EAT to purchase the RP. The EAT purchases the RP and holds it until the taxpayer finds a buyer for the RQ and is ready to complete a forward exchange. After the taxpayer locates a buyer for the RQ, the QI, as in a forward exchange, sells the RQ, receives the proceeds and then uses the proceeds to acquire the RP from the EAT. The QI will cause the EAT to convey title direct to the taxpayer. The EAT will then use the proceeds to repay the loan it originally obtained from the taxpayer to first acquire the RP. The taxpayer has only 180 days to sell the RQ and acquire the RP from the EAT. The 180-day exchange period commences on the date the EAT acquires the RP. The reverse exchange is a valuable tool for those taxpayers who must complete the acquisition of their replacement property before they are able to complete the sale of their relinquished property. For more information about IRC §1031 e x c h a n g e s , p l e a s e v i s i t www . o r e x c o 1 0 3 1 . c o m o r c a l l 800-738-1031. Julie Tumbaga, VP Hawaii Regional Manager 900 Fort Street Mall, Suite 1900 Honolulu, Hawaii 96813 (808) 524-6737 (877) 591-1031 Toll Free Jtumbaga@orexco1031.com www.orexco1031.com Jenni Lee | Account Executive | 808.430.3022 | JenniL@ortc.com Reta Chin-Chiarella | Business Development | 808.268.6554 | rchinchiarella@ortc.com MAUI BIG ISLAND Year to Date Median Sales Prices By Island As of February 2014 www.ortc.com Our Promise "We increase the value of real estate transactions for all participants by identifying, underwriting and managing each transaction with the highest standards of technical skill, client service and professional integrity" All information taken from Hawaii Information Services. MLS Sales Data information shown herein, while not guaranteed, is derived from sources deemed reliable. All information taken from the Realtors Association of Maui. MLS Sales Data information shown herein, while not guaranteed, is derived from sources deemed reliable.