Gary's Blog

Friday, September 11, 2009

Maui Visitor Arrivals Up!

Maui hotels maintained their occupancy rates in July, while visitor arrivals were up. They didn't stay as much at hotels, however: Instead, they stayed with friends and family (up 17.3%), on cruise ships (up 12.6%), and in time shares (up 12.4%). Although that may not directly be good news for the hotels, it is good news for the economy! More visitors means more visitors' dollars coming to Maui!

In a separate report, the Federal Reserve "Beige Book" study showed that 11 of the 12 Federal Reserve regions in the united states idicated economic activity was either "stable", "showed signs of stabilization" or had "firmed". Analysts predict the economy is growing in the current quarter, which ends September 30, at an annual rate of 3 to 4 percent.

Prices are down in Maui Meadows. A foreclosure at the top of Maui Meadows, on Kupulau Drive, listed at 650k, had four offers! One of those offers was my clients' offer for 700k. Our offer was the third best offer on the table!! Looks like there are buyers out there when the property is priced enough below market. Looks like the bottom to me.

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