Over the past few weeks the housing and financial markets have seen numerous important announcements. In no order they include solid August retail sales, limited funding for large LBO's, Alan Greenspan predicting housing prices will decline "significantly," a record set by homebuilder Hovnanian, Bank of America, Citigroup and other Wall Street firms taking major earnings hits due to dislocation in the credit markets, increased foreclosure activity, record low homebuilder confidence, of course the larger than expected Fed rate cut, declining housing starts, terrible reports on sales prices for existing homes, slowing number of home sales and ten months of for sale inventory nationally and a stronger stock market and modestly rebounding credit markets.

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In September only six condominiums sold in Wailea and Makena. While September is typically a slow month, that is still a weak number. Of the six, three were oceanfront complexes. The overall average per square foot price was a strong $1,153 and the median sale price was $1.34 million. But if you break down those figures, the mountainside complexes saw a weak $751 per square foot while the oceanfront obtained a robust $1,641. Seven more condominiums went into escrow including two at Wailea Beach Villas and at Wailea Point. Inventory for sale remains approximately where it has been with just over 130 units for sale.

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