Well there certainly is a lot going on in the national housing market and economy

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Tom and Sean are pleased to announce their latest piece of research SELLING MAUI REAL ESTATE. This twelve-page, proprietary piece of research contains the latest information from various demographic and real estate research organizations and applies it specifically to Maui. The second half outlines THE LEADING EDGE Marketing approach which has been designed in direct response to this research.

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There were no new listings or sales in Wailea Fairway Villas this past week.

The negative drumbeat continues in the national press. Two major pieces of bad news today. First S&P announced that it may downgrade $12 billion of securities backed by sub-prime mortgages

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Located on the site of the present Renaissance Wailea, Baccarat Wailea is the latest development by Starwood Capital and its founder Barry Sternlicht. The project is designed to offer a five-star experience. There will be 193 units in thirteen buildings set on 15 acres. The units will be the kind of quality one would expect of a new Maui beachfront development. The complex will include a large spa, two restaurants and amenities superior to those available anywhere on Maui. Private butlers etc. There will be adults and children's pools, a health club and of course the beautiful beachfront. A site plan is available here. Floorplans and descriptions can be obtained by clicking here for beachfront, here for the central resort and here for the upper resort. The 1,2,3 and 4 bedroom floorplans are all very, very large. This unique product will commence sales in two weeks and prices range from $1.8 million to over $ 9 million.

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One of the themes we have been harping on has been the increase in Canadian visitors to Maui. Well, this trend can only help.

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This could be important news for Maui property owners.

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Given the ongoing negativity on the national housing market, it is nice when good news closer to home comes out. Oahu's June real estate numbers are out:

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The National Association of Realtors has released its latest Pending Home Sales Index. The way the headlines are reporting the news, it is another ugly piece of data for the housing market. CNN is headlining it Home sale index hits 6-year low

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As it usually is, June was a very slow month for condominium sales throughout Wailea and Makena. Five units sold, one each at Makena Surf, Wailea Beach Villas, Palms at Wailea, Wailea Palms and Wailea Ekahi. There simply aren't enough data points to draw pricing conclusions. Things we can say are sellers, on average, accepted 90% of their initial listing price and that these units average 140 days on the market. Currently, twenty units are in escrow and inventory remains very full at over 130 units for sale. The units for sale are already averaging 120 days on the market. It is still a buyer's market at this point.