TERRIBLE HOMEBUILDER CONFIDENCE
June 18th, 2007In today's Wall Street Journal
BACCARAT WAILEA
June 16th, 2007
We have some new information on the timing of the tear-down of the Renaissance and what is going to replace it. (The following dates and pricing are only approximations and are subject to change.) The hotel will close around September 6 and demolition will commence around October 1. Construction on Baccarat Wailea will begin around January 1, 2008. Starwood Capital and Kobyashi are co-developing the site and Starwood is branding a new line of five-star properties with the Baccarat name.
ANOTHER TOM AND SEAN LISTING
June 16th, 2007We are pleased to announce the listing of 3136 Kikihi Street in Wailea Kialoa. This wonderful, single level, three bedroom, three bath property has ocean views, a wonderful flowing and open floorplan and is in excellent condition. The kitchen has been updated with GE Profile appliances and the courtyard features a retiled pool and spa, unusual privacy and lush landscaping. Listed for $2.395 million, this lovely home is one of the best values in Wailea.
A DEAL IN WAILEA
June 15th, 2007The average selling price for a Wailea condominium not located on the ocean is approximately $825 per square foot. So the question then becomes, what is a brand new condominium, with an ocean view, sharing no walls with neighbors, excellent materials and a two car garage worth? Seems like it would be more, right? Well, 96 Poa'ilani, unit 30 in Kanani Wailea is listed for $816 per square foot or $1.875 million. Four bedrooms, 4.5 baths, Cherry cabinets, granite countertops, tiled bathrooms and brand new!
DAYS ON MARKET RISING
June 15th, 2007In the spring of 2006, Maui condos for sale were averaging approximately 135 days from initial listing to closing. That number was up a few weeks from 2005. Maui condominiums on the market today are averaging over 150 days on the market already. Condominium sales in May averaged 158 days on the market. So the sales cycle continues to extend.
HERE COMES THE SUPERFERRY!
June 15th, 2007The Alakai has left her Alabama shipyard and is on her way! The trip will take three weeks or so. Travel among the islands should begin shortly thereafter.
THE PRESS AND MORTGAGE RATES
June 14th, 2007The headline on CNN.com reads Mortgage rates: biggest spike in 4 years. Sounds like a bit of a catastrophe doesn't it? The data is actually much more benign. 30 year rates are around 6.75% right now. That is up almost a 1/4 of a percent from a week ago and over 1/2 a percent since mid-May. But what was it a year ago? 6.8%. So not good news, but hardly a huge issue. Looking forward, inflation data remains benign. According to today's Wall Street Journal:
THE WEEK AT WAILEA FAIRWAY VILLAS
June 14th, 2007It was another quiet week at Wailea Fairway Villas with no new listings or sales. Thus far this year three units have sold while fifteen are for sale. There are two real "deals" in the complex right now.
GOOD ECONOMIC NEWS
June 13th, 2007Today several very good things were reported. From the Wall Street Journal :
THE STATE OF THE NATIONS HOUSING
June 11th, 2007Each year Harvard University's Joint Center for Housing Studies releases their research on The State of the Nation's Housing. The 2007 report is now available. If that is too much, you can try the Executive Summary. Here are some of the key findings.:
