Unemployment Rate Lower in Maui County

Unemployment rate lower in county

March 8, 2011
Article from: The Maui News

The unemployment rate for Maui County fell one percentage point in January from the same month a year ago to 7.9 percent, the state Department of Labor and Industrial Relations reported Monday.

That jobless rate for January was higher than the state’s 6.4 percent (not seasonally adjusted) but the best for the Neighbor Islands. Kauai logged an unemployment rate of 8.5 percent and the Big Island 9.3 percent. Oahu’s jobless rate was 5.4 percent.

The national unemployment rate for January (not seasonally adjusted) was 9.8 percent.

By island in the county, Lanai had the lowest rate of joblessness, at 5.3 percent, down from 8.7 percent in January 2010, followed by Maui island at 7.9 percent, down from 8.6 percent, and Molokai at 12 percent, down from 15.5 percent.

Unemployment rates in December were higher on Lanai (6 percent) and Molokai (12.7 percent) but lower on Maui island (7.3 percent). The Maui increase was likely due to an end in holiday employment, said Kevin Kimizuka, Maui County branch manager of the labor department’s Workforce Development Division, on Monday morning.
Anecdotally, Kimizuka said that his division has seen more jobs for part-time work and at the entry level, such as salesclerks, receptionists and warehouse laborers. However, the more career-oriented and managerial-level jobs are not opening up. Most opportunities are temporary in this sector, he said.

He added that his division is seeing fewer people seeking unemployment claims.

Looking at the different sectors statewide, the biggest gain came in trade, transportation and utilities, which was up 2,100 jobs, the Labor Department reported. This comes on the heels of two straight months of declines. Retail trade posted a 2,300-job gain in the month.

Government (1,500) and leisure and hospitality (1,300) sectors also showed gains in the labor department report.

On the other side of the ledger, construction shed 1,000 jobs in January, after seeing three months of growth. All sectors fell, including residential construction and work for trade and framing contractors. From January 2010 to this January, 1,700 jobs were lost in construction.

There were 590,800 employed and 39,650 unemployed people in January, for a seasonally adjusted labor force of 630,450, the report said. Last January, the seasonally adjusted work force was 628,650.

Maui Search Updated to a NEW System

• We now have our own complete copy of the Maui MLS on our web server. • It’s fast. Real Fast! No more waiting. • Although our website looks like it did yesterday, the entire site has been re-programmed to work with the new system. Other updates: • You can now search by Neighborhood             • You can search by neighborhood via a selection box or the type ahead/autocompletion method • You can now search for vacation rentable condos via a simple checkbox • You can search for condos via a selection box or the type ahead/autocompletion method • Created a “Popular Subdivisions” section in main navigation menu • Included several dozen new small features and design improvements • We still have a few images that are not showing up. We expect to have this resolved within 24 hours. • The Beach Cam page now has a map that shows the locations of everyone currently on our website.

Rare Improved Kihei Commercial Lot Opportunity

HARD TO FIND IMPROVED KIHEI COMMERCIAL LOT

***MLS #343898***

132 KIO LOOP

-11000+ sf fully graded, level, and fenced with ornate stainless steel entry gate commercial lot

-Utilities to site include telephone, tv cable, underground 220 electricity and County water

-B-2 Zoning

Priced to sell at $450,000

Call Clint Hansen at (808)280-2764 for more information or for a showing.

Hawaii Commercial Property Sales Surge

Commercial property sales surge

Investors spent about $1.5 billion last year on real estate ranging from retail to hotels

By Andrew Gomes

Article from: Star-Advertiser

Commercial real estate investors returned to Hawaii in a strong way last year, spending more than twice as much money buying property such as hotels and shopping centers compared with the year before, a new report shows.

Investors acquired about $1.5 billion in commercial property statewide last year, up from $630 million in 2009, according to the report by local commercial real estate firm Colliers Monroe Friedlander that tracks sales of more than $1 million.

The rebound occurred after four consecutive years of declines but still represents a relatively nascent recovery compared with transaction volume that varied from $2 billion to $4 billion between 2003 and 2007.

Colliers said last year’s pickup was driven by the availability of more financing and a relatively healthy commercial property market in Hawaii where not much overdevelopment happened during the economic boom years.

Colliers expects the positive trend to continue this year, with close to $2 billion in commercial property sales.

“Optimism seems to be the prevailing investment market attitude heading into 2011,” Colliers said in the report released yesterday. “As the economy gains firmer footing and there is a corresponding rise in business and consumer confidence, commercial real estate investment activity should benefit from both property appreciation and improved tenant demand.”

Last year, purchases were fairly diversified among property types — retail, office, resort, industrial, multifamily apartments and undeveloped land.
The bulk of the sales involved retail property, which accounted for 40 transactions totaling $441 million. This category had the largest single sale, Pearlridge Center, which was bought by a mainland investment partnership for $245 million.

Office property was the second-biggest category, representing 17 transactions for a combined $314 million, including the second-biggest single sale, Bishop Square, which sold for $230 million to a mainland firm.

Ten hotels sold for a combined $262 million. There also were 41 industrial property sales for $197 million, 22 land parcel transactions for $190 million and 27 apartment sales for $79 million.
The total number of sales last year was 157, which was more than the 113 a year earlier but less than 166 in 2008 when transaction value reached only $788 million.

The average sale price last year was $9.4 million, up from $5.6 million the year before.

Colliers said it had anticipated that more distressed property would be among sales last year, but in several cases lenders have been holding onto foreclosed property to wait for more improvement in the market.

Mark Bratton, a Colliers agent, said in the report that lenders foreclosed on six Hawaii hotels, but only two of those are for sale: the Sheraton Keauhou and Kauai Sands. At the same time, investor demand for hotels is high, Bratton said. “We receive a call a day from someone interested in acquiring a 100-room fee-simple beachfront hotel,” he said.

Airline Has Taken Next Step Forward in Plans to Offer Regular Nonstop Service Between China and Hawaii

Airline maps out China-Hawaii runs

The carrier that flew the first direct charters to the isles hopes to add scheduled flights

By Allison Schaefers
Article from: Star-Advertiser

China Eastern Airlines, the carrier that brought the first direct charter flights from China to Hawaii last month, has taken the next step toward offering regularly scheduled nonstop service between the destinations.

China’s second largest carrier has applied with the administrative body of the People’s Republic of China for permission to operate direct flights between China and Hawaii, Michael Merner, managing director for Hawaii Tourism Asia, told members of the visitor industry yesterday.

The Shanghai-based carrier took the step after successfully partnering with China CYTS Tour Holding Co., one of China’s leading tour operators, to bring about 777 visitors here on three inaugural charter flights during the Chinese New Year holiday, Merner said.

“They sold out these flights in just 14 days,” said David Uchiyama, the Hawaii Tourism Authority’s vice president of brand management. “They would definitely like to come back.”

The carrier would still need to obtain permission from the U.S. Department of Transportation to begin the service. Merner said the airline also plans additional charters this year.

Members of Hawaii’s visitor industry and business community who heard the news at a spring marketing update at the Hawaii Convention Center were pleased. They have been trying to expand Chinese air service since 2007 when the U.S.-China Memorandum of Understanding made leisure travel from China possible.

“There are over 170 cities in China with over 1 million visitors,” said Keith Vieira, senior vice president and director of operations for Starwood Hotels & Resorts in Hawaii and French Polynesia. Vieira said he is looking forward to welcoming President Hu Jintao at the Asia Pacific Economic Cooperation meeting in November. “We are looking at it (China) as a market with huge potential based on sheer volume.”

While there is a lot of interest in Hawaii from Chinese tourists, a lack of direct flights and a difficult visa process have tempered demand.

Arrivals from China would grow if leisure travelers who wanted to visit the islands could fly nonstop, said Benny Wang, director of Xinhua Travel’s international department in Beijing.

Even with these impediments, Merner said that China’s outbound travel to Hawaii grew 57 percent last year to 66,047 arrivals. This year, arrivals are expected to grow another 16 percent, he said.

“Hawaii is outperforming all other major overseas destinations in the China market,” Merner said. “Visas are getting more predictable.”

Direct air service will only make the market stronger, he said.

However, Uchiyama said its hard to determine whether China Eastern’s plan will take off.
“We’ve been here before,” he said.

Hainan Airlines, China’s largest private carrier, was expected to begin direct service between Honolulu and Beijing in 2009, but postponed plans.

The state then began eyeing new prospects.

“We’ve been talking to China Eastern for some time,” Uchiyama said, adding that the carrier’s dominance in the market and its connections with the Chinese government, a majority owner, could help it overcome challenges. State tourism officials have also discussed direct routes with China Southern and have continued to seek a start date from Hainan Airlines, he said.

Joel Chusid, general manager for North America for Hainan Airlines, has said that “visa issues” and “tour operators who were hesitant to guarantee enough business to make the route profitable” were among the chief reasons for the delay.

The success of the charters may help bridge that hurdle, Vieira said.

“China is heavily wholesaler dominated,” he said. “If they have confidence that they can book the business, the airlines will be confident.”

Hawaii Hotel Occupancy Continues to Rise

State hotel occupancy continues to rise

Article from: Maui Weekly

Pacific Business News – According to a weekly report by Smith Travel Research and Hospitality Advisors, eight out of 10 hotel rooms in Hawai‘i were occupied during the week ending Saturday, Feb. 12, and most islands’ average room rates were higher than during the same week last year. The weekly report is based on a daily hotel survey of about 100 properties, representing 40,744 rooms, which represent 71.5 percent of the state’s total hotel rooms for properties with 20 units or more.

The average statewide hotel occupancy rate was 81 percent, a 2.7 percent increase from the same week a year ago. O‘ahu recorded the state’s top occupancy rate at 87 percent—4.2 percentage points higher than the same week in 2010. Maui’s occupancy rate of 82.9 percent was 1.7 percentage points higher than last year, and Hawai‘i Island’s 67.9 percent occupancy rate was 3.7 percentage points higher than the same week last year. Kaua‘i’s occupancy rate of 63.5 percent was 4.9 percentage points lower than the same week last year.

Room rates averaged in at $187.12 across the state, which is a 3.9 percent increase compared to the same week a year ago. O‘ahu saw the largest increase with an average room rate of $162.38—7.7 percent higher than the same week a year ago. Maui’s average rate was $236.68—0.7 percent lower than the same week in 2010.

March 2011 eNews Update & Market Report

March 2011 eNews
Compliments of Anne Diola at Old Republic Title & Escrow

THE BUZZ
The word for spring may be “Buy Now.” Favorable housing affordability conditions are having a positive effect on the real estate market. Statistics released last month show that existing-home sales increased 2.7% from December to January of this year. Even more impressive is the fact that real estate sales activity rose 5.3% from January 2010 levels. A recent NAR survey for January 2011 gives more insight into the market:

29% of purchases were made by first-time home buyers

23% were made by investors

48% were made by repeat buyers

Cash sales rose to 32% of all transactions

The Western region of the U.S. led real estate gains:

In the West, sales rose 7.9%

In the South, sales rose 3.6%

In the Midwest, sales rose 1.8%

In the Northeast, sales fell 4.6%

Historically, real estate enjoys a positive spurt in the spring. One thing buyers face now are more stringent lending standards. Lawrence Yun, Chief Economist for the National Association of Realtors, said, “There are abnormally high levels of all-cash purchases due to unnecessarily tight credit.” It is important to get pre-qualified to take advantage of the deals available. There may never be a better time to buy.

JUST ASK

Q: What is this trend of “man-caves” and “mom-caves”?

A: Most men have a designated space at home for their manly pursuits. They claim that space as their “man-cave.” It could be a workshop in the garage, a basement game room, or a book-filled den. Women are starting to follow suit by staking out a space of their own. Elaine Griffin, a designer with Home Goods, calls it a “functional, restorative place where the mom nurtures herself.”

This space could be an extra bedroom used for scrapbooking, sewing, blogging, or reading. Kim Mules, an HGTV designer, says it can also be as simple as a corner in a room designated as a woman’s personal area, furnished with a comfortable chair, a side table and a reading lamp.

When I show potential buyers a home, they are trying to envision how they would live there. Finding extra spaces for the “man and the mom” makes a home more desirable.

MY TOWN

On March 17th, thousands of people flock to church, a local pub or the family dining room to celebrate St. Patrick’s Day. The origins of St. Patrick’s Day hail back to the 4th century when a 16-year-old man named Patrick from a wealthy British family was kidnapped by Irish pirates and taken to Ireland as a slave. He escaped, claiming later in confession that he was told in a vision by God to flee captivity to the coast where he’d find a boat to take him back to Britain. After returning to England he began his pursuit to become a priest.

In 432, Patrick returned to Ireland as a bishop to share Christianity with the Irish people who were mostly polytheistic at the time. According to Irish legend, he used the three-leaf shamrock to explain the Christian doctrine of the Trinity. He spent the balance of his adulthood alongside chieftains and tribes in Ireland until his death in 461. By the ninth and tenth centuries, St. Patrick’s Feast Day was being celebrated by the Irish throughout Europe on the anniversary of his death and was later put on the Catholic liturgical calendar. St. Paddy’s Day celebrations have included festivities and parades in the United States since 1737.

FYI

DIY is short for “do-it-yourself” – a term used to identify projects done without the help of a professional. If you’re a DIYer, painting (especially interiors) is something you can tackle without a professional’s help. But to start, you’ll need a good knowledge of the products out there.

Water-based latex paints are by far the most popular on the market. They’re less likely than oil-based paints to yellow or fade, they dry much quicker, clean up with soap and water and are low in VOCs (volatile organic compounds – the bad stuff that’s in paint fumes). Manufacturers are now making eco-friendly latex paints with zero VOCs – better for you, better for the environment.

Alkyd or oil-based paints are still revered by purists for their superior finish in a glossy sheen. These paints aren’t as prone to flake or peel and are more durable than latex. They may be preferable for areas that receive a lot of wear and tear, such as the exterior and floors of your home. But their fumes are noxious, requiring the use of a breathing mask when applying in closed-in areas, and you need a solvent, such as turpentine, to clean the paint from brushes and pails. Furthermore, environmental regulations are making them harder to purchase in many states. Paint manufacturers are reformulating them to keep in step with new laws, which can compromise the qualities that customers most appreciate about oil-based paints, or phasing them out altogether.

Next month we’ll cover the different kinds of paint sheens and their uses.

Contact Info:

Anne Diola
Real Estate Marketing Specialist
Old Republic Title & Escrow of Hawaii
33 Lono Ave, Ste 195
Kahului, HI 96732
W: (808) 281-8430
M: (808) 281-8430
adiola@ortc.com