Gary's Blog

Friday, February 18, 2011

The Economy Keeps on Growing!

Good Economic News Continues

-Retail sales are up 0.3% in January. Sales have risen more than 14% from the recession low in December 2008.
-Unemployment is down to 9.0%
-The stock market refuses to drop, with the DJIA over 12,000.
-Buyers purchased 329,000 new homes in December, a 17.5% increase from November 2010.
-The median price of a new home nationwide rose to $241,500 in December, up from a median of $215,500 in November. For all of 2010, the median sales price was up 2.4% from 2009.
-The Gross Domestic Product growth in the fourth quarter of 2010 was a robust 3.2%, according to the Commerce Department. That was up from 2.6% the previous quarter. For the whole year, GDP growth was 2.9%, the most robust growth since 2005. All told, the U.S. economy produced about $13.4 trillion worth of goods and services in 2010, a record.
-Consumers increased spending by 4.4% in the fourth quarter.
-Factory output had it's best month in seven years last month. It was the highest reading since May 2004, and the 18th straight month the sector has grown.
-Gary Mooers has more activity than ever in recent history, with twelve properties currently in escrow.

Six months ago, people would say "I think the economy is still dropping". I would respond by saying "Maybe, I'll tell you in six months."

Well, it is now six months later, and I can confidently tell you this: They were wrong!

Kihei Villages condos, which once sold for $350,000 dropped to $100,000. They have risen in the past six months, you can't get one for under $140,000.

Ho'olei, the new 2500 sf condos across the street from the Grand Wailea, was giving their front row units away for $1.7 million a year ago. Today there are three in escrow priced at $2,695,000, $2,788,000 and $3,100,000. The four most recent closed sales in Ho'olei were all over $2 million.

Jennifer Anniston set the record for the highest paid price for a home on Maui last year, at $18.9 million. The same month, another Makena house sold for $17.5 million. Shortly after that, we closed a Wailea Beach Villa for $12.5 million.

So the market is hot in every sector.

If you are thinking of buying in Maui, this reporter thinks you will never see these prices and this opportunity again, as long as you are on this planet.

Take advantage today of the relatively low prices, and get your flag planted on the "#1 Island Destination in the World"!

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