December 02, 2011

The numbers are in for the month of October on visitor spending in Hawaii, and the news is good. According to the Hawaii Tourism Authority, spending was up 15.6 percent year-over-year to $1.1 billion. Daily spending was $177 in October of 2010, but this year, it was $199.

Arrivals only rose by a scant 2.3 percent to 587,711 visitors. It’s all part of a continuing trend involving little growth in arrivals, while those that do come for a visit have more money to spend here. While the first ten months of 2010 racked up $9 billion in spending, we’re up to $10.3 this year.

The small growth in arrivals came not from air travel, but from the cruise ship market, which saw an astonishing 62 percent jump compared with the same month last year.

The year-to-date arrivals have totaled 6 million, which is 2.6 percent higher than the 5.88 million arrivals in 2010. A 10 percent increase in visitors from Canada has helped progress, and there was also a small increase in arrivals from Japan.

The Hawaii Tourism Authority remains optimistic that this year’s trends toward economic recovery for the visitor’s industry will continue.

As for real estate, if you are in the market for an oceanfront Maui home, there are plenty of beautiful choices to browse through in the menus to the left. There is also a handy section on Maui information to help you familiarize yourself with points of interest on the island. If you need assistance, you’ll find my contact information at the bottom of the page. Mahalo!

November 25, 2011

According to the latest issue of Forbes Travel Guide, there are only two resorts in Hawaii that made their 5-star list, and yes, one of them is on Maui.

Maui’s Four Seasons Resort in Wailea was selected, along with the Four Seasons Resort Hualalai at Historic Kaupulehu on the Big Island. There were a total of 57 five-star hotels on their list, which was not limited to the United States. Nine were located in California.

There was also a four-star list, including six Hawaii resorts. One was the Ritz-Carlton, Kapalua on Maui, and the other five were located on Oahu, Kauai and Lanai.

The Forbes Travel Guide didn’t just provide lists of accommodations, it also provided a list of excellent restaurants and spas. On their four-star dining list were five Hawaii establishments. Two of these were located on Maui. They were Spago in Wailea and Gerard’s in Lahaina. As for spas, there were seven in Hawaii on their four-star list. Maui’s were the Spa Grande at the Grand Wailea Resort, and the Spa at the Four Seasons Resort in Wailea.

If you would like to peruse all of the star ratings, visit www.startle.com. This should be particularly helpful to those of you who travel and enjoy the very best in accommodations, dining and relaxation.

Shane O’Flaherty, the president of inspections and ratings for Forbes Travel Guide stated that, “Our annual Star Ratings represent the best of the best in hotels, restaurants and spas. They serve as guideposts for discerning consumers who are looking for exceptional travel and hospitality experiences.”

Just as Maui boasts some of the most exceptional restaurants, accommodations and spas, we also offer the same level of quality in Maui real estate. If you are in the market for an oceanfront Maui property, you can browse my website for listings or try out the Maui real estate search tool to select real estate according to your own criteria. If you need assistance, you’ll find my contact information at the bottom of the page. Mahalo!

November 18, 2011

Foreclosures in Hawaii fell by an astonishing 66 percent last month, compared to the same month last year. What an enormous change. According to data from RealtyTrac, there were a total of 427 properties with foreclosure notices in October, which includes notices of default, public auctions and bank repossessions.

The number of foreclosures was 3 percent higher than in September, but there were three times more in October of 2010. The 427 properties accounts for one out of every 1,208 housing units.

As far as an explanation of why foreclosures have fallen so steeply, analysts point to the new state law that was passed in order to reform the nonjudicial foreclosure process in Hawaii, which went into effect in May.

National filings fell by 31 percent, meaning Hawaii saw twice the improvement that the national average saw. Also, the national average in foreclosures was 7 percent higher compared with September, as opposed to our 3 percent.

It’s great to hear that Hawaii is ahead of the curve, and there was another bit of heartening news recently. According to a poll by Harris Interactive, which surveyed 2,463 adults in the U.S., Hawaii is the number one state that people would prefer to live in, aside from the state in which they currently reside. California was first for a long time, but we’ve finally passed them up, and it’s no surprise.

As far as the Maui real estate market is concerned, all of this is good news. If you are one of those considering a Maui real estate purchase, you’ll find my contact information at the bottom of the page. I would be happy to assist you in finding the right Maui property for your needs. Mahalo!

November 11, 2011

There are those that are skeptical as to the economy’s recovery, not just in Hawaii of course, but throughout the nation. Tourism, however, has been climbing, not just because of visitors from other countries, but from the U.S. as well. The number of visitors isn’t particularly impressive, but visitor spending is significantly higher than it was last year. Economists report that Maui’s economy has improved because of that increase in spending, and despite lags in construction, but construction is also expected to improve as there are several large developments in the works for the island.

Believe it or not, there is still more good news. Bankruptcy filings here in Hawaii have fallen by 12.5 percent in October, compared with the same month last year. That data comes from the U.S. Bankruptcy Court, so the information is reliable.

Not only did filings fall in October, but they have been falling every month this year, or at least remaining steady. There’s still a long way to go, but these numbers represent a steady progress toward recovery.

There were just 260 filings in October, including all the bankruptcy codes. This was a little higher than the 234 filings of the month before, but still lower than the 297 cases filed in October of last year.

Progress has been stable so far this year, and hopefully that stability will hold.

Looking for oceanfront Maui real estate? Browse Maui condo information, a very handy tool, or you can search Maui real estate for any kind of criteria that you are looking for. If you need any assistance, you’ll find my contact information at the bottom of the page. Mahalo!

November 04, 2011

According to the Global Wealth Monitor, Hawaii ranks number two in the country for the largest number of millionaires in the state per capita. Maryland came in first this year, but only by a tiny margin. According to the report, 7.22 percent of Maryland homes belonged to millionaires and Hawaii had 7.21 percent.

Hawaii is actually number one most of the time, and has held that position every year since 2006, with the exception of 2007 where it was pushed down to #4 by New Jersey, Maryland and Connecticut.

If you are wondering what the criteria is for the millionaire ranking, a millionaire household is considered one in which members have $1 million or more in investable, liquid assets such as retirement plans and real estate.

Despite Hawaii’s drop to the number two spot on the list, our ratio of millionaire households has been consistently increasing since 2009. But according to the Global Wealth Monitor, all the top ten states on the list have increased their millionaire ratios over the past year, indicating that the wealthiest states are still getting wealthier.

Another interesting detail is that the Global Wealth Monitor calculates its data from mid-year to mid-year, and as of June, the number of millionaires in the U.S. grew by 6.9 percent compared to the same period in 2010.

If you are in the process of choosing where in the U.S. to buy oceanfront real estate, Maryland, New Jersey and Connecticut will have a hard time competing with the beautiful Maui listings when it comes to pure natural beauty. If you need any assistance purchasing a Maui home, you’ll find my contact information at the bottom of the page. Mahalo!

October 28, 2011

Halloween is officially back on Front Street. Maui Mayor Alan Arakawa has announced the full return of Halloween celebrations in Lahaina this year, and for the first time since 2007, the roads will be closed off for the safety of the revelers.

The festivities will start with the 33rd Annual Lahaina Halloween Keiki parade, followed by live music in the Campbell and Banyan Tree Park, which will feature Eighteen Ten and the Sounds of Addiction. There will be keiki activities a Halloween in Lahaina costume contest that will include a one thousand dollar grand prize. The contest is being sponsored by Honu Seafood & Pizza.

You can also purchase “Back on Front” t-shirts, if you’d like to show your support for the return of these festivities to Lahaina. The County of Maui and the Lahaina Town Action Committee support a fun, safe, and family friendly Halloween in Lahaina event, and encourage revelers to keep their appearances respectful.

Front Street will be closed from 3:30pm-midnight on Halloween. If you haven’t experienced Halloween on Front Street yet, this is a great opportunity to immerse yourself in a night of festive fun. The elaborate and lavishly creative costumes you will see there are sure to astound you, so if you plan to wow the crowds yourself, you’ve got some competition!

Keep it safe, have fun, and enjoy your Halloween! If you need more information call 808-667-9175 or 808-667-9193.

Halloween in Lahaina is just one of the many attractions that make West Maui a favorite area for both visitors and local residents alike. Some of the most beautiful oceanfront real estate on Maui can be found here. If you need assistance finding the right Maui real estate to meet your needs, you’ll find my contact information at the bottom of the page. Mahalo!

October 21, 2011

In an interesting twist for the Maui County real estate market, single family home sales increased by a substantial 20 percent in September this year, while condo sales fell by 22 percent, according to the monthly statistics released by the Realtors Association of Maui.

There were two sales on Molokai, two on Lanai, and 74 sales on Maui in single-family homes. The total number of sales in September of last year was 65, as opposed to the 78 that sold this September. The median price fell 6 percent from $440,000 to $414,000 year-over-year.

Condo sales have generally been stronger than home sales this year, so the way home sales have pulled ahead is interesting. As for those condo sales, there were 76 in Maui County, including one on Molokai. There were 98 condos sold during the same months last year. The price of a condo was just two percent down from $315,635 to $310,000 year-over-year.

The rise of home sales is encouraging, but as always, you should keep in mind that the Maui County housing market is a small one, and therefore, percentage changes are subject to bigger swings than a larger housing market.

If you are in the market for an oceanfront Maui home, or any Maui real estate, you’ll find my contact information at the bottom of the page. I would be happy to assist you. Mahalo!

October 14, 2011

Hawaii unemployment just keeps dropping. When we report encouraging statistics, you always get that warning that you have to look at the big picture over time, rather than encouraging little spikes here and there. Well these statistics are consistently encouraging, and have been for a long time. There’s no guarantee that recovery won’t stumble, and we still have a way to go, but things are looking good.

According to the state Department of Business, Economic Development & Tourism, during the week that ended on October 1st, there were 1,788 initial jobless claims filed throughout the state of Hawaii. Over the same week last year, there were 2,192 claims. That’s an 18 percent drop.

As for the breakdown by island, Kauai led the way with a 36 percent drop in jobless claims, from 170 to 109. We are proud to report that Maui was close behind, with a 30 percent drop from 366 filings to 256. As you can see, our overall numbers are higher because the population in Maui County is much, much larger than Kauai’s. That makes our 30 percent improvement even more impressive, because the sample is larger, and therefore less prone to large swings in percentages.

Oahu experienced an 18 percent drop from 1,185 to 972 and the Big Island saw a 6 percent drop from 398 to 374 filings.

As far as Maui is concerned, recent reports have indicated that while tourism is providing a fantastic boost to the economy, construction is lagging. Although the economy is up, it would be a lot further up if construction got some momentum. On that note, there are some large scale commercial projects in the works for the island that are expected to give us just the boost we need. Given all these developments, this is looking good for Maui real estate. If you are in the market, try out our Maui real estate search tool so you can narrow down results based on your own specific criteria. Otherwise, you might like to browse oceanfront maui home listings. If you need any assistance, you’ll find my contact information at the bottom of the page. Mahalo!

October 07, 2011

The U.S. is consistently investing more time and effort in establishing alternative energy sources under the current administration, but the state of Hawaii is a special case. Energy is more expensive thanks to our isolation and limited space, which is why nations like Japan have invested in alternative energy projects on Maui. They too are isolated, with limited space, so it is in their best interest to involve themselves in the quest that our state is so deeply enmeshed in.

We’ve heard a lot about wind energy and solar energy, the most popular of the alternative energy sources, but there is another that most people haven’t heard of. Researchers are in the process of refining the use of algae as a biofuel that could replace petroleum, without the harmful byproducts.

Interesting news has recently come down the pipeline that Hawaiian Electric Co. (HECO) will be purchasing 150,000 gallons of biofuel made from algae that was grown on Oahu by April of 2014. This purchase is based on an agreement with Phycal Inc. and is subject to approval by the Hawaii Public Utilities Commission, which will include input from the state Consumer Advocate. HECO’s plan is to use the biofuel for testing at the Kahe power plant on Oahu. They also indicated that the price of the biofuel will not be tied to the cost of oil, meaning that we’re all going to find out soon how fiscally viable this energy source is going to be in its early stages of use.

Depending on how things go, HECO may begin a full-scale demonstration project that will involve the purchase of up to 3 million gallons of fuel per year from Phycal Inc. for a further three years. Looking forward to seeing how the project goes.

If you are in the market for a Maui oceanfront home, you have found the right specialist. There are plenty of luxury Maui real estate listings to browse on this website, but if you’d rather, you can use our Maui mls search. You’ll find our contact information at the bottom of the page. Mahalo!