Maui News, and Pick of the Day
Hot Pick of the DAY- Palms at Wailea #2101
This one-bedroom home boasts 1022 square feet, and a stone's throw from the famous Keawakapu Beach, named the "#1 Beach in the World" by Conde Nast Travel Magazine. The Palms enjoys concrete construction, beautiful low-density design, and huge lanai. The unit has new appliances, tile floors, and a partial ocean view from the living room and master bedroom. You can't beat the price of $549,000.
Honolulu Approves $760 Million Project
The Honolulu City Council has approved a $760 million project that would nearly double the number of time-share units at the Hilton Hawaiian Village over the next 10 years. This newest expansion project includes more than 500 time-share units, swimming pools and parking.
Hawaii Bankruptcy Filings Drop 26%
Hawaii bankruptcy filings dropped last month for the eighth month in a row, according to data released by U.S. Bankruptcy Court. There were 242 filings in November, down 26% from 327 filings in the same month last year.
Through the first 11 months of the year, Hawaii filings are down 14.6% from the dame period a year ago, supporting the overwhelming evidence that Hawaii is coming back to good times economically.
November Oahu Real Estate Sales Rise
Sales of Oahu houses and condominiums were up last month and sold more quickly compared to last year. The Honolulu Board of Realtors announced there were 251 single-family homes sold last month, up 1.2%, and condo sales increased by 5.4% with 333 units sold.
Maui's Hotel Room Rate State's Highest
Maui led the state with the highest average daily hotel room rate, nearly $210 in October, an 8.1% jump over the same month last year. Occupancy for the month dropped 1% to 66.1%. For the year to date, Maui's occupancy rate increased from 68.7% to 70.7%, the average daily rate was $243.02, up from $222.41 for the first ten months of the year.
More Good News
CONSUMER CONFIDENCE: has surged to its highest level since July, the Conference Board reported. The holiday shopping season has supported that statistic, with sales from November through Saturday up 2.5% from last year. The Consumer Confidence Index climbed 15 points in November to 56, the biggest one-month jump since April 2003. Most economists think the economy will grow at an annual rate of more than 3% from October through December.
JOBS: The number of people applying for unemployment benefits came in at 366,000 last week, down from a peak of 659,000 in March 2009. In good economic times, the figure would be between 280,000 to 350,000. Employers have added 100,000 jobs five months in a row, the longest streak since 2006. And the unemployment rate fell from 9% to 8.6% last month.
INVENTORIES: Businesses are restocking shelves and warehouses, more confident that customers will buy their products. In October, their inventories were up 8.7% from a year earlier. Housing is even showing signs of recovery. Home construction rose more than 9% in November from October, driven by apartment building. And the National Association of Realtors said wednesday that sales of previously occupied homes rose 4% in November.