Gary's Blog

Tuesday, August 25, 2009

Cruise Industry Adds Cruises to Schedule

The cruise business here rose and peaked in 2007. It was great for merchants, and our economy in general. Since then we have watched the number of cruise ships visiting the islands slowly decrease. Princess Cruises just announced that they will be adding four or five sailings for the 2010-11 season, which will account for about a 30% increase! Hopefully Princess will be the leader in increasing ships to Hawaii.

In other good news, we saw the Dow rise 370 points last week, on the heels of Chairman Ben Bernanke's declaration that the economy is on the verge of recovery.

At Coldwell Banker Island Properties, we just had our best week since 2007, 27 new escrows in one week! One year ago, we were doing 2-3 escrows per MONTH! This is exciting news for those of us who own real estate here, and for buyers with cash. The sellers are negotiating more than we have seen in 10 years, interest rates are at record lows (below 6%!), and prices are at 2003 levels.

When is the best time to buy? When we are at the bottom of the market, but the sellers don't know it yet! Could we be there today?

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