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.
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June 16th, 2007
We 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.
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June 15th, 2007
The 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!
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June 15th, 2007
In 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.
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June 15th, 2007
The 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.
June 14th, 2007
The 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:
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June 14th, 2007
It was a quiet week at Wailea Ekolu with no new listings or sales. Four units have sold this year, two more are in escrow and nine are currently for sale.
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June 13th, 2007
In today's New York Times, Amy Gunderson has a short piece on Attracting Vacation Home Renters:
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June 13th, 2007
Today several very good things were reported. From the Wall Street Journal :
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June 11th, 2007
Each 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.:
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