Hot Pick in Makena, and Other Maui News
Hot Pick of the DAY- 7155 Makena Road
Two meticulously landscaped acres in one of the most prestigious locations in the world, overlooking the blue Pacific just south of Big Beach in Makena.
A rare Makena Private Resort, highlighting contemporary Asian design Created with privacy in mind, the 7,600 square foot total living area home stretches over two acres in a one-of-a-kind design. Seven buildings all single level, or pods, feature a main living with private home theater, kitchen and dining area, the Master Suite with office and fitness room, two cozy guest suites, a separate caretakers residence and a three car garage. Features include: quartzite stone floors, curved vaulted ceilings lined with cedar planks, hand-finished Venetian plasterwalls and copper roofing. State of the art Lutron audio/visual, security and lighting systems integrated throughout the home. Designed for minimal maintenance. Two acres of tropical landscaping with bananas, papayas, mangoes and more, a lighted tennis court with covered entertainment pavilion, solar heated infinity pool and separate 25 meter lap pool, one spa and outdoor showers. Perfectly peaceful garden settings with incredible ocean vistas of Kaho'olawe, and the sounds of the soothing waves.
Hawaii Bonds get S&P's AA Rating
Standard & Poor's has assigned a AA rating to $800 million in Hawaii general obligation bonds. S&P's credit analyst Gabriel Petek said that state revenue has begun to improve, and that tax collections were great in July through September compared to the past two fiscal years. He noted that the tourism industry is also showing signs of growth.
The Hawaii Tourism Authority reported Tuesday that September saw a gain of 4.7% in visitor count over the same month in 2010. For the first nine months, Maui County has welcomed 4.5% more visitors than the same period of 2010.
Molokai is up 14.9%, and Lanai is up 14.1%.
International traffic has recovered better than domestic.
International visitors, which only make up about one-sixth of Maui's count, in September were up 38.3%, and year-to-date were up 17.3%.
Maui vacation condos and hotels were two-thirds full in September, not unusual for one of the dullest months of the year, but hotel operators were able to boost their rack rates by more than $15 a night. So far this year Hawaii's lodging business is doing 12.8% better than last year, and 20.9% better than in 2009, measured in room revenue. For the first nine months of 2011, Maui had the highest average daily rate of $246.52, up 9.3%. Occupancy rates are up about the same amount in each county so far this year. YTD, Maui is up to 71.2% from 68.8% last year.
Hawaii foreclosures drop 66% year over year
According to an article in Pacific Business News (Click here for entire article), there were a total of 427 properties with foreclosure notices in October - including notices of default, public auctions and bank repossessions - which was one per every 1,208 housing units, RealtyTrac said. That was a 66% drop from October 2010.
Nationwide, foreclosures were down 31% in October.
Hawaiian Airlines Adds More Aircraft
The airline announced Thursday that it had ordered five more Airbus A330 aircraft to be completed within the next four years. This will bring Hawaiian Airlines' total order of that aircraft to 13. The airline says it has been meeting an increased demand for service to Honolulu from other cities. The A330 will be used for flights between New York City and Honolulu beginning June 5, 2012.
Other Good News
The four week average which economists check because it smoothes out the week-to-week fluctuations in the job market, dropped below 400,000 for the first time in seven months. The number of Americans receiving unemployment benefits fell to 3.6 million, the lowest number since September 20,2008 - the week that Lehman Brothers went bankrupt and started the financial meltdown.
Employers posted more job openings in September than at any other point in the past three years, nearly 3.4 million jobs, the Labor Department said Tuesday. That's the most since August 2008, one month before the financial crises intensified.
The U.S. trade deficit narrowed to $43.1 billion in September, its lowest point of the year, the Commerce Department said. The deficit has narrowed for the last three months.
Consumers are giving the economy a boost- they spent more on trucks electronics and building supplies in October, to boost retail sale for the fifth straight month. Retail sales rose 0.5% from September to October. A rebound in consumer spending is a key reason why the economy grew at an annual rate of 2.5% in the July-September quarter, the best quarterly performance in a year.