Maui April 2011 Sales Statistics
Brief Maui Statistics Overview:
April’s Sales Volume – April’s Residential Sales held steady at 87 homes sold, while Condo Sales retained most of last month’s gain at 119 units sold. Land sales came in at 14 lots sold.
April’s Median SALES prices – Home median prices rose again to $500,000 while Condo median prices rose to $340,000. Land median price dipped to $382,500.
Days on Market for Residential homes = 146 DOM, Condos = 141 DOM, Land = 362 DOM.
(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also – Short Sales transactions can often take 4-6 months to close thereby extending the
marketplace’s average DOM.
“Year to Date Sales” numbers only compare January-April 2011 to January-April 2010. Short timeframe (monthly) views do not necessarily reflect the longer timeframe trends. Year to Date: Comparing January-April 2011 to January-April 2010 Residential unit sales rose (+8%), average sold price = $670,632 (-9%), median price = $460,000 (-2%) and total dollar volume sold = $192,471,469 (-1%). This reflects the bump up last year due to 2009-2010 Federal Tax Credit programs and 2011 numbers will probably catch up as the year progresses. Condo unit sales increased (-6%), average sold price = $499,628 (-32%), median price = $321,250 (-25%). Total Condo dollar volume sold = $213,840,740 (-37%). Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales decreased (-11%), average sold price = $720,201 (+27%), median price = $350,000 (-33%), Total dollar volume = $29,528,241 (+13%). Also, total sales for immediately past 12 months: Residential = 837, Condo = 1,121, Land = 121.
May 11, 2011 – Active/Pending/Contingent status inventory:
May April Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. July June May
Homes 935 958 964 953 963 974 976 1,001 981 994 1,008 1,007 1,040
Condos 1,203 1,305 1,331 1,379 1,383 1,371 1,347 1,394 1,455 1,503 1,412 1,423 1,449
Land 547 554 557 566 569 601 596 601 620 604 601 591 579
Current Absorption Rate base on this month’s Active inventory divided by April Sales is:
Residential = 9.6 months, Condo = 10.1 months, Land = 39 months.
IN A NUT SHELL…… the good, the bad….. AND THE ROAD AHEAD ……
Strong buyer-showing activity is now evidenced in actual reported sales. Residential and Condo unit sales for March and April show sustained increase over the previous six months. The next few months will reveal if this is just an uptick or a trend that lasts. Inventories have declined somewhat over the past 12 months and include many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead to a more normal marketplace. Interest Rates are remaining near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Current World and US events will have ripple effects on cost of living, consumer confidence, and eventually our Real Estate Market.
FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell. UNLESS- you are motivated to Upsize, Downsize or Upgrade – While selling now will net less, your next property will cost less. Sharpen your pencil, talk to your CPA and Realtor® to explore the hidden benefits or consequences. Make no assumptions that will sting later. To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor. BEST Deals are selling, everything else is getting old. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.
FOR BUYERS: Low interest rates may start to inch up. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). More “short-sales” and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are much more stringent in requirements for loan approval. First-Time Home Buyers – Many programs are available….. attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could own a home, and are glad they did. This low point in the market is your rare chance, so check it out carefully.
Disclaimer: Zooming in on the figures of a specific geographic area or property type may lead to different conclusions than the overall view. Maui’s market place is much smaller than Oahu’s, and a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another.
The above statistics and commentary were provided by RAM (The Realtors Association of Maui). For specific questions or to discuss your Maui real estate goals and needs please call The Hansens at (808)879-3667 any time. As always, we look forward to hearing from you.
Thursday, May 12, 2011
Friday, May 6, 2011
Lehman Brothers Tops Other Bidders For Control Of Ritz Carlton Kapalua
Lender wins bid for troubled Ritz-Carlton
Lehman Brothers will aim to maintain the foreclosed Kapalua luxury resort’s value
By Kristen Consillio
Article from: Star-Advertiser
Lehman Brothers Holdings Inc. topped two other qualified entities with a $75 million credit bid to claim the 404-room Ritz-Carlton Kapalua.
The lender for the Ritz-Carlton Kapalua scooped up its investment in a foreclosure auction yesterday on Maui, with a $75 million credit bid on the luxury hotel.
Lehman Brothers Holdings Inc. outbid two other qualified bidders for the 404-room luxury property, which was foreclosed in September after institutional investors and Maui Land & Pineapple Co. defaulted on a loan, most recently valued at $268 million.
Lehman Brothers filed for bankruptcy in September 2008 and is in the process of being liquidated.
The auction was held at the state courthouse building in Wailuku with local real estate executive Chris Lau serving as foreclosure commissioner. A confirmation hearing by a Circuit Court judge hasn’t been scheduled. It is possible for a judge to reopen bidding if someone offers 5 percent above Lehman’s bid, Lau said.
“I think it’s a good possibility,” he added.
However, if the bid is confirmed, the investment banking firm will focus on ensuring the hotel continues to operate and the value of the property is preserved, according to Barry Sullivan, an attorney for Lehman.
“When lenders take a property back, they’re looking to maximize the value for it to try to recover their loan,” he said. “The idea is to do what’s in the best interest of the property so that we can do the best we can to recover the investment that was made.”
While the five-star hotel is a high-quality asset, it carries significant debt, so the lender will likely wait for the property’s value to rise and sell it when the market’s stronger, said hotel consultant Joseph Toy.
“The lenders don’t really want to be hotel owners,” he said.
“At some point in time they’ll want to sell the asset,” likely in a private sale where the owner can get more value through negotiations, he added.
Like other hoteliers, the Ritz-Carlton’s owners fell into trouble when the downturn in the economy and real estate market hindered sales of 107 residential condominium units.
Condominium sales were to pay down debt accrued for a $180 million renovation in 2008. Lehman initially issued $232 million in loans to finance the renovation and condominium conversion plan.
If no other bidders emerge at a confirmation hearing, Lehman would be in a position to resume condo sales efforts or restructure the existing operating plan.
Yesterday’s auction included the bulk sale of 73 unsold condo units, 297 hotel units, common areas, commercial space and 21 acres of undeveloped land.
The Ritz-Carlton Kapalua was built in 1992 by Japan-based Nissho Iwai Corp., Ritz-Carlton Co. and Maui Land for $206 million.
Lehman Brothers will aim to maintain the foreclosed Kapalua luxury resort’s value
By Kristen Consillio
Article from: Star-Advertiser
Lehman Brothers Holdings Inc. topped two other qualified entities with a $75 million credit bid to claim the 404-room Ritz-Carlton Kapalua.
The lender for the Ritz-Carlton Kapalua scooped up its investment in a foreclosure auction yesterday on Maui, with a $75 million credit bid on the luxury hotel.
Lehman Brothers Holdings Inc. outbid two other qualified bidders for the 404-room luxury property, which was foreclosed in September after institutional investors and Maui Land & Pineapple Co. defaulted on a loan, most recently valued at $268 million.
Lehman Brothers filed for bankruptcy in September 2008 and is in the process of being liquidated.
The auction was held at the state courthouse building in Wailuku with local real estate executive Chris Lau serving as foreclosure commissioner. A confirmation hearing by a Circuit Court judge hasn’t been scheduled. It is possible for a judge to reopen bidding if someone offers 5 percent above Lehman’s bid, Lau said.
“I think it’s a good possibility,” he added.
However, if the bid is confirmed, the investment banking firm will focus on ensuring the hotel continues to operate and the value of the property is preserved, according to Barry Sullivan, an attorney for Lehman.
“When lenders take a property back, they’re looking to maximize the value for it to try to recover their loan,” he said. “The idea is to do what’s in the best interest of the property so that we can do the best we can to recover the investment that was made.”
While the five-star hotel is a high-quality asset, it carries significant debt, so the lender will likely wait for the property’s value to rise and sell it when the market’s stronger, said hotel consultant Joseph Toy.
“The lenders don’t really want to be hotel owners,” he said.
“At some point in time they’ll want to sell the asset,” likely in a private sale where the owner can get more value through negotiations, he added.
Like other hoteliers, the Ritz-Carlton’s owners fell into trouble when the downturn in the economy and real estate market hindered sales of 107 residential condominium units.
Condominium sales were to pay down debt accrued for a $180 million renovation in 2008. Lehman initially issued $232 million in loans to finance the renovation and condominium conversion plan.
If no other bidders emerge at a confirmation hearing, Lehman would be in a position to resume condo sales efforts or restructure the existing operating plan.
Yesterday’s auction included the bulk sale of 73 unsold condo units, 297 hotel units, common areas, commercial space and 21 acres of undeveloped land.
The Ritz-Carlton Kapalua was built in 1992 by Japan-based Nissho Iwai Corp., Ritz-Carlton Co. and Maui Land for $206 million.
Thursday, May 5, 2011
2014 Being Looked At For Transformational Commercial Algae Facility On Maui After Cellana Starts Algae-to-Oil Production In Kona
Kona company starts algae-to-oil production
Cellana says it will be able to make 3,800 gallons of oil per acre annually for biofuels
By Alan Yonan Jr.
Article from: Star-Advertiser
Cellana’s 6-acre facility at Keahole Point in Kona is capable of producing up to 60 tons of oil-rich algae a year. Cellana’s goal is to produce 3,800 gallons of oil per acre per year to be used for biofuels, animal feed, cosmetics, nutritional oils and industrial chemicals.
Cellana Inc. said it has begun producing oil from algae grown at its Kona facility and is on track to begin commercial production by 2014.
The Big Island company is harvesting up to one ton of algae a month in ponds at its 6-acre facility at Keahole Point. The company estimates it will be able to grow up to 60 tons of algae capable of producing 3,800 gallons of oil per acre per year.
The oil can be refined into a variety of products, including biodiesel for automobiles and power generation plants. Other uses include animal feed, cosmetics, nutritional oils and industrial chemicals.
Oil-rich algae is considered an attractive crop for biofuel production because of its relatively high yield compared with other crops. Algae can produce up to 11 times more oil per acre than the oil palm nut, the next-highest yielding feedstock, according to the U.S. Department of Energy. Algae yields are as much as 145 times higher than soybeans, the department said.
“Over $100 million has been invested to date in our Kona demonstration facility, our algae strains and the process we use to grow, harvest and separate our algae biomass, which puts Cellana on a very short list of leading companies in the emerging algae-based biofuels and bioproducts industry,” said Martin Sabarsky, Cellana’s chief executive office.
Cellana’s parent company, Cellana LLC, last month changed its name from HR BioPetroleum, which was founded in 2004. HR BioPetroleum in 2008 signed a memorandum of understanding with Maui Electric Co. and Alexander & Baldwin Inc. to develop a commercial algae facility on land next to MECO’s Maalaea power plant.
“It is a pioneering effort with tremendous potential, and we are now looking at 2014 for the construction and operation of this transformational facility on Maui,” Sabarsky said.
Cellana also announced yesterday that it has received a $5.5 million federal grant to develop animal feed from the algae grown at the Keahole Point facility.
The grant from the U.S. Department of Agriculture will be combined with $1.6 million raised by Cellana for the project titled “Developing a new Generation of Animal Feed Supplements,” according to a news release from the office of U.S. Sen Daniel Inouye.
The project began Sunday and runs through April 30, 2014.
The senator praised “Cellana’s efforts to move Hawaii away from the use of imported fossil fuels while developing innovative new products form one of our most readily available resources.”
Cellana says it will be able to make 3,800 gallons of oil per acre annually for biofuels
By Alan Yonan Jr.
Article from: Star-Advertiser
Cellana’s 6-acre facility at Keahole Point in Kona is capable of producing up to 60 tons of oil-rich algae a year. Cellana’s goal is to produce 3,800 gallons of oil per acre per year to be used for biofuels, animal feed, cosmetics, nutritional oils and industrial chemicals.
Cellana Inc. said it has begun producing oil from algae grown at its Kona facility and is on track to begin commercial production by 2014.
The Big Island company is harvesting up to one ton of algae a month in ponds at its 6-acre facility at Keahole Point. The company estimates it will be able to grow up to 60 tons of algae capable of producing 3,800 gallons of oil per acre per year.
The oil can be refined into a variety of products, including biodiesel for automobiles and power generation plants. Other uses include animal feed, cosmetics, nutritional oils and industrial chemicals.
Oil-rich algae is considered an attractive crop for biofuel production because of its relatively high yield compared with other crops. Algae can produce up to 11 times more oil per acre than the oil palm nut, the next-highest yielding feedstock, according to the U.S. Department of Energy. Algae yields are as much as 145 times higher than soybeans, the department said.
“Over $100 million has been invested to date in our Kona demonstration facility, our algae strains and the process we use to grow, harvest and separate our algae biomass, which puts Cellana on a very short list of leading companies in the emerging algae-based biofuels and bioproducts industry,” said Martin Sabarsky, Cellana’s chief executive office.
Cellana’s parent company, Cellana LLC, last month changed its name from HR BioPetroleum, which was founded in 2004. HR BioPetroleum in 2008 signed a memorandum of understanding with Maui Electric Co. and Alexander & Baldwin Inc. to develop a commercial algae facility on land next to MECO’s Maalaea power plant.
“It is a pioneering effort with tremendous potential, and we are now looking at 2014 for the construction and operation of this transformational facility on Maui,” Sabarsky said.
Cellana also announced yesterday that it has received a $5.5 million federal grant to develop animal feed from the algae grown at the Keahole Point facility.
The grant from the U.S. Department of Agriculture will be combined with $1.6 million raised by Cellana for the project titled “Developing a new Generation of Animal Feed Supplements,” according to a news release from the office of U.S. Sen Daniel Inouye.
The project began Sunday and runs through April 30, 2014.
The senator praised “Cellana’s efforts to move Hawaii away from the use of imported fossil fuels while developing innovative new products form one of our most readily available resources.”
Tuesday, May 3, 2011
Hawaii Bankruptcy Filings Continue To Drop ~ First Four Months of 2011 Have Shown A 6% Decline
Isle bankruptcies continue to drop
The first four months of 2011 have shown a 6 percent decline, a sign of stabilization
By Alan Yonan Jr.
Article from: Star-Advertiser
The number of bankruptcy cases filed in Hawaii fell in April for the fourth time in five months, setting the stage for what could be the first yearly decline in bankruptcy filings since 2006.
U.S. Bankruptcy Court said 342 cases were filed in April, 12.5 percent fewer than the 391 cases filed the same month a year earlier. With the exception of a scant 0.3 percent increase in March, bankruptcy filings have declined on a year-over-year basis in every month since December.
With bankruptcy filings still averaging more than 300 a month, however, there are still a considerable number of Hawaii residents and businesses trying to dig themselves out of debt accumulated during the recession that officially ended in the summer of 2009.
Still, the gradual reduction in filings shows that “things are definitely stabilizing at a minimum,” said David Farmer, one of three federal bankruptcy court trustees operating in the District of Hawaii.
An improving economy appears to be having a positive impact on household finances, he said. “It’s premature to say we are out of the woods, but the trend is going in the right direction,” Farmer said.
Bankruptcy filings through the first four months of 2011 are running 6 percent behind the year-ago pace, making a decline for the entire year a distinct possibility.
“It may not be a huge decline, but we have a good shot at it,” Farmer said.
The bankruptcy court figures show that Oahu had the biggest decline in April cases, dropping to 203 from 250 the same month a year ago. The number of cases filed on Maui fell to 69 cases from 70, while filings on Kauai fell to 23 in April from 24 a year earlier. Big Island filings were unchanged at 47.
The first four months of 2011 have shown a 6 percent decline, a sign of stabilization
By Alan Yonan Jr.
Article from: Star-Advertiser
The number of bankruptcy cases filed in Hawaii fell in April for the fourth time in five months, setting the stage for what could be the first yearly decline in bankruptcy filings since 2006.
U.S. Bankruptcy Court said 342 cases were filed in April, 12.5 percent fewer than the 391 cases filed the same month a year earlier. With the exception of a scant 0.3 percent increase in March, bankruptcy filings have declined on a year-over-year basis in every month since December.
With bankruptcy filings still averaging more than 300 a month, however, there are still a considerable number of Hawaii residents and businesses trying to dig themselves out of debt accumulated during the recession that officially ended in the summer of 2009.
Still, the gradual reduction in filings shows that “things are definitely stabilizing at a minimum,” said David Farmer, one of three federal bankruptcy court trustees operating in the District of Hawaii.
An improving economy appears to be having a positive impact on household finances, he said. “It’s premature to say we are out of the woods, but the trend is going in the right direction,” Farmer said.
Bankruptcy filings through the first four months of 2011 are running 6 percent behind the year-ago pace, making a decline for the entire year a distinct possibility.
“It may not be a huge decline, but we have a good shot at it,” Farmer said.
The bankruptcy court figures show that Oahu had the biggest decline in April cases, dropping to 203 from 250 the same month a year ago. The number of cases filed on Maui fell to 69 cases from 70, while filings on Kauai fell to 23 in April from 24 a year earlier. Big Island filings were unchanged at 47.
Friday, April 29, 2011
Higher Demand, Improved Buyer Confidence & Prices Help Drive Rebound In Resort Home Sales
Lower prices drive rebound in resort home sales
Higher demand and improved buyer confidence also helped the boost
By Andrew Gomes
Article from: Star-Advertiser
Buyer demand for Hawaii homes broadly rebounded last year, and a new report shows that the same was true for one segment of the state’s housing market: resort residences.
Sales of condominiums and single-family homes — new and previously owned — as well as house lots at master-planned resorts such as Wailea on Maui, Mauna Lani on Hawaii island and Princeville on Kauai ended a four-year slide with a 42 percent surge to 1,473 properties last year from 1,040 the year before.
The surge was in line with home sale increases for all homes on the neighbor islands, where gains last year ranged roughly from 20 percent to 60 percent. Most resort home sales were on the neighbor islands as opposed to Oahu, where the rebound for all home sales last year was closer to 10 percent.
The report by local market researcher Ricky Cassiday of Data@Work said the rebound in resort home sales was aided by improved confidence among buyers and the slow economic recovery, though the big driver appeared to be lower prices.
“No way around it,” Cassiday said in the report. “This strong rebound in activity is thanks to dramatically falling prices.”
The average sale price was $1.1 million last year, down 14 percent from nearly $1.3 million the year before.
Cassiday’s report said the average peaked in 2008 at nearly $1.6 million, which put the cumulative decline since then at 29 percent.
It’s uncertain whether prices will rebound this year. The 2009-10 price decline was a record. The previous record drop for resort home average prices in Hawaii occurred in a single year, 1977, when the average fell 27 percent, according to Cassiday.
Cassiday said Hawaii’s resort home market this year likely will either see prices stabilize, which could slow sales, or further price drops that would help sales continue rising. He said he’s betting more on prices rising slightly.
Last year, many resort home sellers were dropping prices. In other cases, lenders were pricing property attractively after foreclosure.
Cassiday’s report said 9 percent of resort home sales last year were foreclosures that sold for an average $737,343 compared with an average $1.35 million for nonforeclosure resort home sales. A report by RealtyTrac released earlier this year said 11 percent of all home sales in Hawaii were foreclosures last year.
Another factor in the average price decline has been developers cutting back on building high-end homes amid the economic downturn.
Developers sold 371 new resort homes last year, an 11 percent decline from the year before, the report said.
The divergence helped pull down the average sale price for all resort homes last year, as the average new home sold for $1.5 million compared with $971,277 for the average previously owned home.
Cassiday expects developers will have a smaller share of resort home sales this year if buyer demand grows ahead of home production by cautious developers slowly resuming construction.
In some cases, developers are offering incentives to spur sales.
Earlier this year, Castle & Cooke tried auctioning all its unsold inventory of resort property on Lanai. The company offered 11 homes and three lots, and ended up selling five condos at Manele Resort for close to $1.2 million each on average, or about 80 percent of the price for the most recent previous sale at Manele last year.
Last month, Brookfield Homes Hawaii publicized efforts to sell three golf course homes in its KaMilo subdivision at Mauna Lani with prices starting at $799,000. Last week, Brookfield announced an incentive of up to $50,000 in free designer furnishings for buying select KaMilo homes before May 15.
According to Cassiday’s report, there were 386 sales last year at the least expensive end of the market, between $250,000 and $499,000. At the high end, there were 358 sales for properties of more than $1 million.
Near the height of the market in 2006 and 2007, there were about 150 sales under $500,000 in each year compared with about 800 sales over $1 million.
$1.1 million. The Valley Island has held the top spot since at least 2006. The average on the Big Island was $704,328, followed by $465,369 on Oahu and $428,690 on Kauai.
Maui also had the most sales at 562. Hawaii island was next at 401, followed by Kauai at 345 and Oahu at 162.
Higher demand and improved buyer confidence also helped the boost
By Andrew Gomes
Article from: Star-Advertiser
Buyer demand for Hawaii homes broadly rebounded last year, and a new report shows that the same was true for one segment of the state’s housing market: resort residences.
Sales of condominiums and single-family homes — new and previously owned — as well as house lots at master-planned resorts such as Wailea on Maui, Mauna Lani on Hawaii island and Princeville on Kauai ended a four-year slide with a 42 percent surge to 1,473 properties last year from 1,040 the year before.
The surge was in line with home sale increases for all homes on the neighbor islands, where gains last year ranged roughly from 20 percent to 60 percent. Most resort home sales were on the neighbor islands as opposed to Oahu, where the rebound for all home sales last year was closer to 10 percent.
The report by local market researcher Ricky Cassiday of Data@Work said the rebound in resort home sales was aided by improved confidence among buyers and the slow economic recovery, though the big driver appeared to be lower prices.
“No way around it,” Cassiday said in the report. “This strong rebound in activity is thanks to dramatically falling prices.”
The average sale price was $1.1 million last year, down 14 percent from nearly $1.3 million the year before.
Cassiday’s report said the average peaked in 2008 at nearly $1.6 million, which put the cumulative decline since then at 29 percent.
It’s uncertain whether prices will rebound this year. The 2009-10 price decline was a record. The previous record drop for resort home average prices in Hawaii occurred in a single year, 1977, when the average fell 27 percent, according to Cassiday.
Cassiday said Hawaii’s resort home market this year likely will either see prices stabilize, which could slow sales, or further price drops that would help sales continue rising. He said he’s betting more on prices rising slightly.
Last year, many resort home sellers were dropping prices. In other cases, lenders were pricing property attractively after foreclosure.
Cassiday’s report said 9 percent of resort home sales last year were foreclosures that sold for an average $737,343 compared with an average $1.35 million for nonforeclosure resort home sales. A report by RealtyTrac released earlier this year said 11 percent of all home sales in Hawaii were foreclosures last year.
Another factor in the average price decline has been developers cutting back on building high-end homes amid the economic downturn.
Developers sold 371 new resort homes last year, an 11 percent decline from the year before, the report said.
The divergence helped pull down the average sale price for all resort homes last year, as the average new home sold for $1.5 million compared with $971,277 for the average previously owned home.
Cassiday expects developers will have a smaller share of resort home sales this year if buyer demand grows ahead of home production by cautious developers slowly resuming construction.
In some cases, developers are offering incentives to spur sales.
Earlier this year, Castle & Cooke tried auctioning all its unsold inventory of resort property on Lanai. The company offered 11 homes and three lots, and ended up selling five condos at Manele Resort for close to $1.2 million each on average, or about 80 percent of the price for the most recent previous sale at Manele last year.
Last month, Brookfield Homes Hawaii publicized efforts to sell three golf course homes in its KaMilo subdivision at Mauna Lani with prices starting at $799,000. Last week, Brookfield announced an incentive of up to $50,000 in free designer furnishings for buying select KaMilo homes before May 15.
According to Cassiday’s report, there were 386 sales last year at the least expensive end of the market, between $250,000 and $499,000. At the high end, there were 358 sales for properties of more than $1 million.
Near the height of the market in 2006 and 2007, there were about 150 sales under $500,000 in each year compared with about 800 sales over $1 million.
$1.1 million. The Valley Island has held the top spot since at least 2006. The average on the Big Island was $704,328, followed by $465,369 on Oahu and $428,690 on Kauai.
Maui also had the most sales at 562. Hawaii island was next at 401, followed by Kauai at 345 and Oahu at 162.
Thursday, April 28, 2011
Loved Home in Pukalani
Spectacular Views!
Tucked away at the end of the cul-de-sac you will find this very loved single level home with 3 bedrooms and 2 baths, a den, and large living room overlooking great views.
Lots of storage. Two car carport. Easy to view with a little notice. Convenient location!
Contact Bob Hansen, BROKER, 808-283-9456 or
Donna D. Hansen, Realtor (S) 808-280-1650 for a showing today!
Wednesday, April 27, 2011
Marriott Slated To Break Ground For New 138 Room Courtyard Hotel On Maui Next Week
Marriott to break ground for new hotel on Maui
A new 138-room Courtyard by Marriott hotel is expected to cost $16.5 million
By Andrew Gomes
Article from: Star-Advertiser
A decade-old plan to build a hotel near Maui’s main airport in Kahului is finally moving forward.
Participants in the venture led by Alexander & Baldwin Inc. announced that construction is slated to begin next week on a 138-room Courtyard by Marriott hotel. A groundbreaking ceremony is scheduled for today.
The project has long been desired by tourism officials who lament the lack of visitor accommodations near the airport, Maui’s commercial core and county government offices. But economic factors stalled development for several years.
A&B discussed the project publicly in early 2001, but after obtaining county approvals including a zoning change in 2002, the company declared in 2004 that it had deferred the project because of high construction costs.
Now A&B said the timing is right to build the hotel, which is estimated to cost $16.5 million.
“The economy is coming back,” Grant Y.M. Chun, vice president of the real estate subsidiary of A&B, said in a statement. “We are confident this hotel — long anticipated, for sure — will be a welcome and convenient option for short-term visitors from the neighbor islands, government officials desiring proximity to Wailuku offices and, quite possibly sports event or family reunion attendees.”
Marriott expects the hotel will appeal to business guests, travelers and visitors interested in exploring Central and Upcountry Maui.
The four-story complex will include a business center, meeting rooms, a pool, fitness center, bar and lounge. The hotel also will include a guest laundry, surfboard storage and a convenience store.
The hotel will be the third Courtyard hotel in Hawaii. The others are in Waikiki and on Kauai. One is also planned for Laie. Overall, Marriott presently manages 14 hotel and time-share properties in Hawaii under the Courtyard and other brand names.
The Kahului hotel will be on a 3-acre site at the intersection of Dairy Road, Haleakala Highway and Keolani Place, which leads to the airport.
R.D. Olson Construction, an Irvine, Calif.-based firm that has built Marriott hotels, is the contractor for the Maui project. A&B estimates that more than 50 jobs, including some for local subcontractors, will be needed to build the hotel.
A new 138-room Courtyard by Marriott hotel is expected to cost $16.5 million
By Andrew Gomes
Article from: Star-Advertiser
A decade-old plan to build a hotel near Maui’s main airport in Kahului is finally moving forward.
Participants in the venture led by Alexander & Baldwin Inc. announced that construction is slated to begin next week on a 138-room Courtyard by Marriott hotel. A groundbreaking ceremony is scheduled for today.
The project has long been desired by tourism officials who lament the lack of visitor accommodations near the airport, Maui’s commercial core and county government offices. But economic factors stalled development for several years.
A&B discussed the project publicly in early 2001, but after obtaining county approvals including a zoning change in 2002, the company declared in 2004 that it had deferred the project because of high construction costs.
Now A&B said the timing is right to build the hotel, which is estimated to cost $16.5 million.
“The economy is coming back,” Grant Y.M. Chun, vice president of the real estate subsidiary of A&B, said in a statement. “We are confident this hotel — long anticipated, for sure — will be a welcome and convenient option for short-term visitors from the neighbor islands, government officials desiring proximity to Wailuku offices and, quite possibly sports event or family reunion attendees.”
Marriott expects the hotel will appeal to business guests, travelers and visitors interested in exploring Central and Upcountry Maui.
The four-story complex will include a business center, meeting rooms, a pool, fitness center, bar and lounge. The hotel also will include a guest laundry, surfboard storage and a convenience store.
The hotel will be the third Courtyard hotel in Hawaii. The others are in Waikiki and on Kauai. One is also planned for Laie. Overall, Marriott presently manages 14 hotel and time-share properties in Hawaii under the Courtyard and other brand names.
The Kahului hotel will be on a 3-acre site at the intersection of Dairy Road, Haleakala Highway and Keolani Place, which leads to the airport.
R.D. Olson Construction, an Irvine, Calif.-based firm that has built Marriott hotels, is the contractor for the Maui project. A&B estimates that more than 50 jobs, including some for local subcontractors, will be needed to build the hotel.
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