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
Wednesday, March 2, 2011
Tuesday, March 1, 2011
Volunteers and Researchers on Maui Tallied 1,607 Humpback Whale Sightings on Saturday
1,607 whales sighted
Article from: The Maui News
MAALAEA – Volunteers and researchers on Maui tallied 1,607 sightings of humpback whales Saturday, a 33 percent increase from last year, the Pacific Whale Foundation reported.
Last year’s total was 1,208 humpbacks. There were 12 counting stations in the Great Maui Whale Count.
Greg Kaufman, founder and president of PWF, which organized the count, said the sighting conditions were “fantastic,” with calm seas and light winds.
“Because we have conducted the count systematically at the same time each year, it provides a valuable look at Hawaii’s winter whale population. In general, we are seeing evidence of a growing number of whale sightings in recent years,” Kaufman said in a news release.
He said the increase in sightings correlates to research that shows the humpback whale population in the North Pacific increasing at a rate of 7 percent or 8 percent each year.
An estimated 20,000 humpback whales live in the North Pacific, and about 60 percent of that population is believed to come to Hawaii each year to mate, give birth and care for their young, a release said.
The counting stations were positioned along Maui’s south and western shores, in an area extending from Makena to Kapalua. There also was a station at Hookipa Beach Park on Maui’s north shore.
Last year’s count took place a week later than usual because of a tsunami warning on the originally scheduled day. In 2009, 1,010 whale sightings were recorded. In 2008, 1,726 were tallied on a day with ideal conditions such as Saturday’s.
Of Saturday’s sightings, 154 were calves, compared to 149 sighted last year.
Puu Olai in Makena recorded the most whale sightings with 311 during the counting window, which was open from 8:30 to 11:55 a.m.
The count was conducted by 100 volunteers who worked alongside Pacific Whale Foundation researchers and staff and was done along lookout posts from the shorelines.
The count is part of the Maui Whale Festival, a series of whale-related events taking place from November through mid-May.
Article from: The Maui News
MAALAEA – Volunteers and researchers on Maui tallied 1,607 sightings of humpback whales Saturday, a 33 percent increase from last year, the Pacific Whale Foundation reported.
Last year’s total was 1,208 humpbacks. There were 12 counting stations in the Great Maui Whale Count.
Greg Kaufman, founder and president of PWF, which organized the count, said the sighting conditions were “fantastic,” with calm seas and light winds.
“Because we have conducted the count systematically at the same time each year, it provides a valuable look at Hawaii’s winter whale population. In general, we are seeing evidence of a growing number of whale sightings in recent years,” Kaufman said in a news release.
He said the increase in sightings correlates to research that shows the humpback whale population in the North Pacific increasing at a rate of 7 percent or 8 percent each year.
An estimated 20,000 humpback whales live in the North Pacific, and about 60 percent of that population is believed to come to Hawaii each year to mate, give birth and care for their young, a release said.
The counting stations were positioned along Maui’s south and western shores, in an area extending from Makena to Kapalua. There also was a station at Hookipa Beach Park on Maui’s north shore.
Last year’s count took place a week later than usual because of a tsunami warning on the originally scheduled day. In 2009, 1,010 whale sightings were recorded. In 2008, 1,726 were tallied on a day with ideal conditions such as Saturday’s.
Of Saturday’s sightings, 154 were calves, compared to 149 sighted last year.
Puu Olai in Makena recorded the most whale sightings with 311 during the counting window, which was open from 8:30 to 11:55 a.m.
The count was conducted by 100 volunteers who worked alongside Pacific Whale Foundation researchers and staff and was done along lookout posts from the shorelines.
The count is part of the Maui Whale Festival, a series of whale-related events taking place from November through mid-May.
Saturday, February 26, 2011
Hawaii’s Unemployment Rate Dipped to 6.6% in 2010 ~ Seventh Lowest in the Country
Isles’ unemployment rate dipped to 6.6% last year
Hawaii ranks seventh lowest in the country; 6 percent joblessness forecast for this year
By Star-Advertiser staff
Article from: Star-Advertiser
Hawaii’s unemployment rate fell slightly in 2010 to 6.6 percent, the seventh lowest rate in the country.
Last year’s rate was down from 6.8 percent in 2009, but up from 4.1 percent in 2008, the U.S. Bureau of Labor Statistics reported yesterday.
Hawaii’s job market should continue to strengthen this year, knocking the rate down to 6 percent, according to the University of Hawaii Economic Research Organization. The UHERO forecast released earlier this month calls for the rate to drop further to 5.3 percent in 2012 and 3.8 percent in 2013.
Hawaii’s rising unemployment rate from 2007 through 2010 was the result of the recession and a weak recovery that was not robust enough to “generate satisfactory job creation,” UHERO economists wrote in a report.
The economists said they expect the labor market to pick up, in part, because of the jobs that will be generated by the city’s rail project.
“The feeble job gains of the past year do not portend continuing labor market stagnation. Instead, more broadly based improvement will be seen in 2011 and 2012 as the Hawaii recovery strengthens and Oahu rail transit construction gets under way,” they wrote in the report.
The bureau report included revisions to the monthly unemployment data for 2010. Hawaii’s rate was higher in five months and lower in three months than originally reported. It was unrevised in four months.
One of the downward changes was for December, in which the bureau revised the rate to 6.3 percent from the 6.4 percent reported last month.
THE LOWDOWN
10 lowest unemployment rates in 2010
1. North Dakota 3.9%
2. Nebraska 4.7%
3. South Dakota 4.8%
4. Iowa 6.1%
5. New Hampshire 6.1%
6. Vermont 6.2%
7. Hawaii 6.6%
8. Virginia 6.9%
9. Kansas 7.0%
10. Wyoming 7.0%
U.S. average 9.6%
Hawaii ranks seventh lowest in the country; 6 percent joblessness forecast for this year
By Star-Advertiser staff
Article from: Star-Advertiser
Hawaii’s unemployment rate fell slightly in 2010 to 6.6 percent, the seventh lowest rate in the country.
Last year’s rate was down from 6.8 percent in 2009, but up from 4.1 percent in 2008, the U.S. Bureau of Labor Statistics reported yesterday.
Hawaii’s job market should continue to strengthen this year, knocking the rate down to 6 percent, according to the University of Hawaii Economic Research Organization. The UHERO forecast released earlier this month calls for the rate to drop further to 5.3 percent in 2012 and 3.8 percent in 2013.
Hawaii’s rising unemployment rate from 2007 through 2010 was the result of the recession and a weak recovery that was not robust enough to “generate satisfactory job creation,” UHERO economists wrote in a report.
The economists said they expect the labor market to pick up, in part, because of the jobs that will be generated by the city’s rail project.
“The feeble job gains of the past year do not portend continuing labor market stagnation. Instead, more broadly based improvement will be seen in 2011 and 2012 as the Hawaii recovery strengthens and Oahu rail transit construction gets under way,” they wrote in the report.
The bureau report included revisions to the monthly unemployment data for 2010. Hawaii’s rate was higher in five months and lower in three months than originally reported. It was unrevised in four months.
One of the downward changes was for December, in which the bureau revised the rate to 6.3 percent from the 6.4 percent reported last month.
THE LOWDOWN
10 lowest unemployment rates in 2010
1. North Dakota 3.9%
2. Nebraska 4.7%
3. South Dakota 4.8%
4. Iowa 6.1%
5. New Hampshire 6.1%
6. Vermont 6.2%
7. Hawaii 6.6%
8. Virginia 6.9%
9. Kansas 7.0%
10. Wyoming 7.0%
U.S. average 9.6%
Friday, February 25, 2011
Hawaii Visitor Spending and Arrivals Increased in January for the 11th Consecutive Month
Visitor arrivals up 12% in January, spending up 20%
By Allison Schaefers
Article from: Star-Advertiser
Hawaii achieved its eleventh consecutive month of increased visitor spending and arrivals in January, according to preliminary statistics released today by the Hawaii Tourism Authority.
A high-single digit increase from the U.S. East and double-digit arrivals growth from the U.S. West, Japan, Canada and cruise ships helped boost visitor arrivals last month to 597,487, up 12.2 percent from a year ago. Likewise, visitor spending rose to $1.2 billion, a 19.8 percent gain from the prior year. January’s gain represented the 9th consecutive month of double-digit increases in overall spending.
The return of the Pro Bowl coupled with a slight pickup in meetings, convention and incentive traffic were behind the industry rebound, said Mike McCartney, HTA’s president and CEO. Stronger airplane passenger loads and increased flights also contributed, McCartney said.
“We look forward to taking advantage of rebounds in this market, as well as continued growth and interest in Hawaii as a global meetings destination as we draw closer to hosting the 2011 APEC Leaders Summit in November,” he said.
By Allison Schaefers
Article from: Star-Advertiser
Hawaii achieved its eleventh consecutive month of increased visitor spending and arrivals in January, according to preliminary statistics released today by the Hawaii Tourism Authority.
A high-single digit increase from the U.S. East and double-digit arrivals growth from the U.S. West, Japan, Canada and cruise ships helped boost visitor arrivals last month to 597,487, up 12.2 percent from a year ago. Likewise, visitor spending rose to $1.2 billion, a 19.8 percent gain from the prior year. January’s gain represented the 9th consecutive month of double-digit increases in overall spending.
The return of the Pro Bowl coupled with a slight pickup in meetings, convention and incentive traffic were behind the industry rebound, said Mike McCartney, HTA’s president and CEO. Stronger airplane passenger loads and increased flights also contributed, McCartney said.
“We look forward to taking advantage of rebounds in this market, as well as continued growth and interest in Hawaii as a global meetings destination as we draw closer to hosting the 2011 APEC Leaders Summit in November,” he said.
Thursday, February 24, 2011
Heavy Traffic From Thursday and Friday’s Elton John Concerts Anticipated
Heavy traffic from Elton John concert anticipated
Article from: The Maui News
February 23, 2011
KAHULUI – The Elton John concert is expected to generate heavy traffic Thursday and Friday when concert-goers converge on the Maui Arts & Cultural Center.
Gates to the concert area will open at 6 p.m. Thursday and 5:30 p.m. Friday.
Reserved parking passes for the center’s lot have been sold for $25 each. If extra spaces are available, those will be sold for $25 cash, according to the center.
Parking in the main lot at the University of Hawaii Maui College also has been pre-sold for $15. Parking also will be available on the day of the show for $15 cash at the college’s drive-in field parking lot off Wahinepio Avenue and at Keopuolani Park, which will be closed to the public.
Parking lots will be open at 3 p.m., and spaces will be available on a first-come, first-served basis.
Article from: The Maui News
February 23, 2011
KAHULUI – The Elton John concert is expected to generate heavy traffic Thursday and Friday when concert-goers converge on the Maui Arts & Cultural Center.
Gates to the concert area will open at 6 p.m. Thursday and 5:30 p.m. Friday.
Reserved parking passes for the center’s lot have been sold for $25 each. If extra spaces are available, those will be sold for $25 cash, according to the center.
Parking in the main lot at the University of Hawaii Maui College also has been pre-sold for $15. Parking also will be available on the day of the show for $15 cash at the college’s drive-in field parking lot off Wahinepio Avenue and at Keopuolani Park, which will be closed to the public.
Parking lots will be open at 3 p.m., and spaces will be available on a first-come, first-served basis.
Saturday, February 19, 2011
Tourism in Hawaii Forecasted to Exceed 2006 Peak Level By 2013
Tourism in Hawaii Forecasted to Exceed 2006 Peak Level By 2013
Economy will grow 2% this year, state predicts
A Hawaii economist forecasts employment to rebound only after other sectors improve
By Kristen Consillio
STAR-ADVERTISER
The state expects visitor spending to jump 9.2 percent this year. “We are encouraged by the continued improvement in our economy, especially with respect to our construction industry,” DBEDT Director Richard Lim said yesterday in a statement.
Hawaii’s economy will grow slightly faster this year than previously expected, but job recovery won’t be realized until 2014, according to a state economist.
Boosted by a strong rebound in visitor spending and construction jobs, the state revised yesterday growth projections for overall gross domestic product — the broadest measure of economic activity in Hawaii — to 2 percent this year, according to a quarterly report released yesterday by the Department of Business, Economic Development and Tourism. That’s up from the 1.8 percent increase predicted in November.
IMPROVED OUTLOOK
Percentage changes forecast through 2013:
2011 2012 2013
Visitor arrivals 4.0 2.5 2.5
Visitor spending 9.2 5.6 5.4
Honolulu inflation 2.2 2.3 2.3
Wage and salary jobs 1.3 1.5 1.8
Personal income* 1.0 1.7 1.9
Gross domestic product* 2.0 2.1 2.4
* Adjusted for inflation
Source: State Department of Business, Economic Development & Tourism
However, it will take three years for jobs to return to the 2007 peak level of about 631,000, Eugene Tian, acting state economist, said yesterday.
“Employment is still lagging the economic growth,” he said. “The job recovery will be coming later than the other indicators in the economy.”
The biggest upward revision among the various economic indicators was visitor spending, which DBEDT now predicts will grow 9.2 percent to $12.66 billion in 2011, as a result of a boost in tourists from higher-spending markets such as China and South Korea, as well as higher hotel room rates. DBEDT previously forecast an 8.4 percent increase.
Tourism will exceed the 2006 peak level of 7.6 million visitors by 2013, moving the economy from recovery to expansion, according to the report.
The job market also is improving, with the growth in payroll jobs revised upward to 1.3 percent this year from the 1.1 percent rise previously forecast, primarily due to new building projects.
The construction industry reversed 29 months of declines when it began to add jobs in October. The value of commercial and industrial building permits increased 32.5 percent last year, DBEDT Director Richard Lim said yesterday in a statement.
“We are encouraged by the continued improvement in our economy, especially with respect to our construction industry,” he said.
Economy will grow 2% this year, state predicts
A Hawaii economist forecasts employment to rebound only after other sectors improve
By Kristen Consillio
STAR-ADVERTISER
The state expects visitor spending to jump 9.2 percent this year. “We are encouraged by the continued improvement in our economy, especially with respect to our construction industry,” DBEDT Director Richard Lim said yesterday in a statement.
Hawaii’s economy will grow slightly faster this year than previously expected, but job recovery won’t be realized until 2014, according to a state economist.
Boosted by a strong rebound in visitor spending and construction jobs, the state revised yesterday growth projections for overall gross domestic product — the broadest measure of economic activity in Hawaii — to 2 percent this year, according to a quarterly report released yesterday by the Department of Business, Economic Development and Tourism. That’s up from the 1.8 percent increase predicted in November.
IMPROVED OUTLOOK
Percentage changes forecast through 2013:
2011 2012 2013
Visitor arrivals 4.0 2.5 2.5
Visitor spending 9.2 5.6 5.4
Honolulu inflation 2.2 2.3 2.3
Wage and salary jobs 1.3 1.5 1.8
Personal income* 1.0 1.7 1.9
Gross domestic product* 2.0 2.1 2.4
* Adjusted for inflation
Source: State Department of Business, Economic Development & Tourism
However, it will take three years for jobs to return to the 2007 peak level of about 631,000, Eugene Tian, acting state economist, said yesterday.
“Employment is still lagging the economic growth,” he said. “The job recovery will be coming later than the other indicators in the economy.”
The biggest upward revision among the various economic indicators was visitor spending, which DBEDT now predicts will grow 9.2 percent to $12.66 billion in 2011, as a result of a boost in tourists from higher-spending markets such as China and South Korea, as well as higher hotel room rates. DBEDT previously forecast an 8.4 percent increase.
Tourism will exceed the 2006 peak level of 7.6 million visitors by 2013, moving the economy from recovery to expansion, according to the report.
The job market also is improving, with the growth in payroll jobs revised upward to 1.3 percent this year from the 1.1 percent rise previously forecast, primarily due to new building projects.
The construction industry reversed 29 months of declines when it began to add jobs in October. The value of commercial and industrial building permits increased 32.5 percent last year, DBEDT Director Richard Lim said yesterday in a statement.
“We are encouraged by the continued improvement in our economy, especially with respect to our construction industry,” he said.
Friday, February 18, 2011
Borders Bankruptcy Won’t Affect Maui Stores
Borders bankruptcy won’t affect Maui stores
Two branches on Big Island, Kauai will be shut down
By MELISSA TANJI, Staff Writer
Article from: The Maui News
KAHULUI – Maui shoppers are pleased that the two Borders bookstores on the island would not be closing despite Borders’ parent company filing for bankruptcy protection Wednesday.
The Borders Books Music Movies & Cafe at Maui Marketplace and the Borders Express store at the Queen Ka’ahumanu Center will remain open and are not affected by the bankruptcy, store officials said Wednesday morning.
Kevin Tanaka, the service manager at the Maui Marketplace store, said it was “business as usual,” and customers were waiting outside the store’s door before it opened, which is a common occurrence.
Only two stores in Hawaii will be closed, one in Kailua-Kona on the Big Island and the other in Lihue on Kauai, according to a bankruptcy filing.
The company said it will close about 200 of its 642 stores in the next few weeks. It cited cautious consumer spending, negotiations with vendors and a lack of liquidity as reasons for its troubles.
Kihei resident Stella Saadnia, who visits the Maui Marketplace Borders about once a week, said she likes the store’s variety of CDs, books and magazines and enjoys its cafe, where she can meet people and hang out.
“I like that it has a lot of different things,” she said outside the store Wednesday morning.
She also said it would be sad if the store were on the chopping block, noting that she still likes to read books despite the trend of people turning to electronics to read stories.
“I like the old-fashioned way,” she said.
Pukalani resident Robert Tomlinson said he feels the same way.
“I have a library at home,” he said outside the Maui Marketplace store. He added that he reads five books at a time and loves to give books away as gifts. Tomlinson said Borders has a good selection of Buddhist books as well as other religious books.
The Borders stores in Kahului and the Barnes & Nobles bookstore in Lahaina are the only two large major bookstore chains on the island.
Borders store officials said the Borders Express store at Piilani Village in Kihei closed about a month ago. Borders Express stores at the Whalers Village in Kaanapali and Lahaina Cannery Mall closed in January 2009.
Two branches on Big Island, Kauai will be shut down
By MELISSA TANJI, Staff Writer
Article from: The Maui News
KAHULUI – Maui shoppers are pleased that the two Borders bookstores on the island would not be closing despite Borders’ parent company filing for bankruptcy protection Wednesday.
The Borders Books Music Movies & Cafe at Maui Marketplace and the Borders Express store at the Queen Ka’ahumanu Center will remain open and are not affected by the bankruptcy, store officials said Wednesday morning.
Kevin Tanaka, the service manager at the Maui Marketplace store, said it was “business as usual,” and customers were waiting outside the store’s door before it opened, which is a common occurrence.
Only two stores in Hawaii will be closed, one in Kailua-Kona on the Big Island and the other in Lihue on Kauai, according to a bankruptcy filing.
The company said it will close about 200 of its 642 stores in the next few weeks. It cited cautious consumer spending, negotiations with vendors and a lack of liquidity as reasons for its troubles.
Kihei resident Stella Saadnia, who visits the Maui Marketplace Borders about once a week, said she likes the store’s variety of CDs, books and magazines and enjoys its cafe, where she can meet people and hang out.
“I like that it has a lot of different things,” she said outside the store Wednesday morning.
She also said it would be sad if the store were on the chopping block, noting that she still likes to read books despite the trend of people turning to electronics to read stories.
“I like the old-fashioned way,” she said.
Pukalani resident Robert Tomlinson said he feels the same way.
“I have a library at home,” he said outside the Maui Marketplace store. He added that he reads five books at a time and loves to give books away as gifts. Tomlinson said Borders has a good selection of Buddhist books as well as other religious books.
The Borders stores in Kahului and the Barnes & Nobles bookstore in Lahaina are the only two large major bookstore chains on the island.
Borders store officials said the Borders Express store at Piilani Village in Kihei closed about a month ago. Borders Express stores at the Whalers Village in Kaanapali and Lahaina Cannery Mall closed in January 2009.
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