FOURTH QUARTER GDP BLOWOUT!
January 31st, 2007The Department of Commerce announced today that in the fourth quarter of 2006, Gross Domestic Product, the broadest gauge of economic activity, grew at a remarkable 3.5%.
SURFS UP!
January 30th, 2007WAILEA EKAHI UPDATE
January 27th, 2007The most important piece of news to come out of Ekahi in this slow week was the large price reduction for 20H. After only 60 days on the market, the seller has decided to offer a more than 10% reduction to $1.995 million. This is a clear indication of the glacial pace of the market today.
STILL BURNING
January 27th, 2007250 acres of the Poli Poli forest on Haleakala continue to burn and this morning we could see flames leaping above the treeline for the whole story click here.
TOURISM UPDATE
January 27th, 2007In today's Honolulu Advertiser, the headline reads "Tourism Remaining Steady."
MAUI LIKE ASPEN?
January 26th, 2007A colleague sent us a fascinating article from New West today. In it the author cites a number of major trends that make Aspen real estate expensive today and likely more so tomorrow. Here's a snippet:
A MAUI TREASURE RETURNS
January 23rd, 2007KEALI`I REICHEL , singer, songwriter and keeper of Maui's cultural flame returns to the Maui Arts and Cultural Center on February 9th and 1oth. Reichel will be leading his halau in traditional chants and hula in addition to his warm and uplifting music. His enthusiasm, passion and committment to his heritage and his home comes through in his lyrics and his voice. His shows the last few years have been nothing short of sensational. Don't miss this.
WAILEA EKAHI REAL ESTATE UPDATE
January 23rd, 2007This past week at Wailea Ekahi brought two closings and one new listing. Unit 8-D, a one bedroom, upper floor unit with some ocean views sold for $1.02 million after being listed at $1.29 million for almost four months. Unit 52-D, a remodeled one bedroom with a garden view sold for $660,000 after five months on the market. Both of those prices are 10% or more below asking. Unit 30-D, a one bedroom with excellent views is asking $1.290 million.
SWELLING WAILEA CONDOMINIUM INVENTORY
January 21st, 2007Just prior to Christmas, Wailea condominium inventory for sale stood at just below 85 units for sale. As of today, there are 107 units for sale, a more than 25% increase in a month. That does not include the resales now available in complexes like Kai Malu and Kanani Wailea. If one includes those, inventory is more like 112-115 units for sale. At 2006 absorption rates, that represents almost exactly one year's worth of inventory. Since January 1, only two Wailea condominiums have gone into escrow, compared to thirteen a year ago in the same period.
GRAND WAILEA RESORT SOLD
January 19th, 2007Investment banking giant Morgan Stanley is buying CNL Hotels and Resorts, owner of the Grand Wailea Resort and Spa, for $6.6 billion.
