March 9th, 2007
The local humpbacks are at their most active in the month of March. Why? The naturalists tell us it is because those still here have yet to mate and are getting, um, anxious before their return to Alaska to feed. This is among the very best times to get on a whalewatch boat and spend half a day in the presence of these magnificent beasts. If you're fortunate you'll see them breach (photo 1) or a competition pod fighting over a female (photo 2). The last photo was taken by gifted local photographer Monica Sweet. For more of Monica's extraordinary work go here. Don't let the season end without seeing Maui's gigantic treasures up close.
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March 9th, 2007
Normally the President's Council of Economic Advisers' Weekly Bulletin is only distributed within the Administration. For some reason, this week's is available online. Here are the key thoughts:
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March 8th, 2007
As usual, there is a difference of opinion. Subprime lenders are frequently special purpose companies set up for the express purpose of making mortgage loans to people with credit scores which are too low to qualify for an ordinary mortgage. Such subprime lenders charge higher interest rates and fees to lenders who use them and hope that the higher default rate that necessarily comes with higher risk lending is more than overcome by the higher rates and fees. Like most financial institutions, these companies are very heavily leveraged and rely on the capital markets for additional financing to assure growth. In the past few weeks, as the default rates for some of these firms have become uncomfortably high, the equity markets have killed their stocks and lenders have stopped making loans. As a result, several of these subprime lenders will probably seek bankruptcy protection.
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March 8th, 2007
Finally!
Unit 1605, a two-bedroom with some ocean view, listed for $950,000, has gone into escrow after nine months on the market. 407, a remodeled one-bedroom has reduced its asking price to $860,000 from $895,000.
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March 8th, 2007
The Villas at The Royal Lahaina will be built on the 27 acres that the Royal Lahaina Hotel now occupies at the north end of the Ka'anapali Resort. The hotel itself, having just gone through a major renovation will continue to operate. The new development will consist of approximately 125 condominiums in seven buildings. The floorplans will be very, very large. The largest will be approximately 8000 square feet of interior and lanai space with most others exceeding 3000 square feet. Owners of the condominiums will likely have access to the facilities of the Royal Lahaina Hotel as well as several private pools, a gated entries, underground parking and top of the line materials and finishes. While no prices can be discussed yet, we note that comparable kinds of properties have sold recently for between $1500 and $2000 per square foot.
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March 6th, 2007
This is a snippet from a Citigroup Research investor note from this morning
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March 5th, 2007
We are pleased to announce the listing of Palms at Wailea 1304. This one-bedroom unit is in excellent condition, feels very private, generates excellent rental income and enjoys all the amenities of the Palms. Two things make this a very unusual offering. This unit boasts a second, large, covered lanai. The location high in the complex also provide exceptional ocean views. The three following photos show the living room, the view from the main lanai and then a shot of a competition pod of whales taken from the bedroom lanai. This unit is special. The asking price is $899,000.
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March 4th, 2007
Preliminary findings in the largest-ever study of endangered humpback whales throughout the Pacific show that the healthiest populations seem to be in Hawaii and Alaska.
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March 4th, 2007
Thus far this year fifteen condominiums in Wailea/Makena have gone into escrow. That compares to twenty-three in the same period in 2006. That is a decline of 35%. The median sale price thus far this year is $1.65 million, an 18% increase over the same period a year ago. The per square foot average is $1,867, a 48% increase. Most of that can be attributed to three of this year's sales being Wailea Beach Villa's prized "Villa" units which have had an average selling price of over $7 million. Mountainside complexes (Palms, Wailea Ekolu etc.) have seen a median sale price and a per square foot value decline of 18% compared to the same period last year. The busiest complex has been the Palms at Wailea and Wailea Beach Villas while Wailea Point has seen no activity. Currently, Wailea and Makena have an outstanding inventory of almost 120 condominium units. They are averaging 122 days on the market.
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March 2nd, 2007
Aloha!
The Wailea Community Association held its annual meeting this morning at the Wailea Marriot. Here are some of the high points:
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