Hot Pick of the Day Plus Maui's Good News
Hot Pick of the DAY!
Papali Wailea is a truly unique 24 single family home community of exceptional construction quality. This is a low density enclave situated on a terraced 10.466 acre site providing expansive views. The single-story, copper-roofed homes with attached private garages and storage rooms feature a spacious 3 bedroom, 3.5 bath floor plan, high volume ceilings, custom cabinetry, premium finishes, fixtures/hardware, and appliances. Each residence allows privacy from neighbors and enjoys unparalleled common amenities including lush landscaping, an exquisite 75-foot infinity pool/spa pavilion and fitness center, and an on-site property manager.
The last several closed sales at Papali considerably exceed the list price of this home. Unit #19 is an exceptional value at $2,595,000.
Maui Occupancy Up Again
April hotel occupancy was 69.2% on Maui, up from 66.7% a year before. That is especially good news considering the 20+% drop in Japanese tourism after the earthquake and tsunami.
Hawaii Island's rate was only 54.6% in April, and Kauai's was 57.8%.
The Maui rack rate rose $30 a night, to $259. That coupled with the occupancy increase rose the RevPAR (revenue per available room) about 10%.
U.S. mainland and Canadian markets continue to show pent-up demand that has been fueling Hawaii's double-digit recovery rate in room revenue through the first four months of this year.
Four Seasons Resort Maui Rated Nation's 2nd-best
According to a report by U.S. News and World Report, The Four Seasons Resort Maui at Wailea is the second-best hotel in the U.S. "Boasting luxurious rooms, prime beach access and a serenity pool so beautiful it made the cover of the June 2011 edition of Conde Nast Traveler, this hotel easily earns the number-two spot on our list."
Oahu - Shanghai Flight in the Works
As China begins to become a viable economic factor for Hawaii, the state is working with China Eastern Airlines to establish a direct flight between Honolulu and Shanghai. It is expected to run twice a week beginning August 9.
Tourism officials estimate the new flight to provide up to $60 million in annual visitor expenditures and stimulate new jobs in Hawaii.
Maui Unemployment Rate Continues to Fall
The unemployment rate for Maui County was 7.2% in May, a decline of one percentage point from the same time last year.
Statewide, unemployment is down to 5.9%, from 6.4% a year ago.
Within Maui County, Molokai continues to drag the numbers down for the County, with unemployment at 10.2%. That is a huge improvement from the 13.5% rate a year ago, however.
Lanai had the lowest rate at 4.7% (down from 6.1% a year ago).
Fewer Homes were Repossessed in May
The number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006. Mortgage lenders also took back fewer properties in May. According to foreclosure listing firm RealtyTrac Inc., banks are on track to repossess about 200,000 fewer homes this year than in 2010.
More Encouraging Economic News
Unemployment benefit applications fell to a seasonally adjusted 414,000, the second drop in three weeks. Unemployment applications grew to 478,000 in April, and they have declined slowly since then.
Home construction rose last month to a seasonally adjusted annual rate of 560,000 units, according to the Commerce Department.
Food prices at the wholesale level fell 1.4% in May, the Labor Department said.
Overall, the Producer Price Index rose only 0.2% in May, much lower than April's 0.8%.
Excluding a seasonal drop in car sales, retail sales rose 0.3% in May. That gain seemed to please investors- triggered a 123 point rise in the DJIA that day.
The Business Roundtable, which represents CEOs for the 200 biggest U.S. companies, said 51% of chief executives plan to step up hiring in the second half of the year.
The Commerce Department said businesses added to their inventories for the 16th straight month in April, another sign that companies are confident people will spend more in the second half of the year.