Gary's Blog

Wednesday, June 27, 2012

Pick of the Day, and More Maui Good News

Hot Pick of the DAY- Wailea Golf Estates
3885 Wailea Ekolu Drive, $3,990,000

Breathtaking Views

Breathtaking 5 Island views from this Tim Farrington designed home located in prestigious Wailea Golf Estates on the 16th fairway of the Wailea Blue Golf Course. Year round sunset views from this superiorly constructed home built by
renowned builder, James Colt. Finishings include travertine floors, infinity pool, outside shower, 3 car garage and expansive use of sliding doors that disappear in the walls combining both inside and outside living areas for that tropical feeling. The gourmet kitchen has a huge granite island, stainless steel appliances, ocean views, desk area and large butler's pantry. Combine pool bar and kitchen through a sliding glass wall for easy serving and that open air feeling. A beautiful glass elevator and bamboo stairs connect the different living areas of the home to the 3 bedroom suites. New solar water heaters, 4 new air conditioner compressors, new pool heater, new state of the art security system, immaculately maintained. This stunning property comes fully furnished.

US Builder Confidence at 5-Year High

Confidence among ticked upthis month to a five-year high, an indication that the housing market is slowly improving.

The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007.

The index has risen in seven of the past nine months.

This month builders reported seeing the highest sales level since April 2007, according to a separate measure in the survey.

Cheaper mortgages and lower home prices in many markets have made home buying more attractive. As a matter of fact, here in Maui, our inventory of entry-level homes is the lowest we have seen in years.

For example, I just ran a search for a couple who wanted a Kihei single family home, under 500k. There are ten listings that meet those criteria.

Folks, the market is heating up here, many of these homes are seeing multiple offers, and over-full-price sales. If you want to buy at the bottom of the cycle, don't wait. I predict we won't see these prices again in our lifetimes.

In a separate study, new-home sales increased 3.3% in April from March, the Commerce Department said. Sales rose sharply in every region of the country but the South.

Sales of previously occupied homes rose to a near two-year high in April.

Hawaii Unemployment at 6.3%

While the nationwide rate went up last month to 8.2%, Hawaii held steady at 6.3% unemployment.

HI Foreclosures are Fewest Since 2008

Hawaii foreclosures last month were down 70% to the lowest level since July 2008.

According to RealtyTrac, there were 267 filings last month, compared with 900 in May 2011.

Mooers Receives Top Honor

I am proud to announce that my daughter, Katrina Mooers, was chosen as the Maui News 2012 MIL Water Polo Player of the Year.

I am very proud of my girl!

That's My Girl!

Oahu Home Sales Prices Up

The median price for an Oahu single family home last month was $664,000, an 11.6% increase compared to May 2011. The Honolulu Board of Realtors says that's a high since June 2007.

The median condo price last month was $300,000, a 2.4% increase from May 2011.

April Record Month for Visitor Industry
April was a record-setting month for Hawaii in visitor expenditures and arrivals, and Maui County shared in the good news, according to the Hawaii Tourism Authority.

Total expenditures by visitors who came to the state in April climbed 26.8% over the previous year, to $1.17 billion. That was the highest total expenditures on record for the month, HTA said.

The record number of visitors plus higher daily spending for the month - up 10.4% to $194 per person - helped fuel the record total.

Arrivals to Maui rose 4%, while daily spending was noticeably higher, up 20.8% to $216.80 compared to April 2011. The daily spending figure was the highest in the state; the statewide average was $193.80, up 10.4% form the previous year.

Consumer Confidence UP
A better hiring outlook and lower gas prices pushed the U.S. consumer confidence index up to 79.3 in May, up from 76.4 in April. That's the best reading since October 2007 - two months before the recession began. These numbers are according to The Thomson Reuters/University of Michigan research index.

In a separate study, U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years, and the number of troubled banks fell for the fourth straight quarter.

The FDIC said the banking industry earned $35.3 billion in the January-March period. Thats up from $28.7 billion in the first quarter of 2011, and the highest level since the second quarter of 2007. About 67% of U.S. banks reported improved earnings.
Gary Mooers

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