Gary's Blog

Thursday, December 6, 2012

GM Maui News and Hot Pick of the Day

22 Ualei Place, One Palauea Bay, Makena
LOCATION! LOCATION! LOCATION! Luxurious One-Acre Makena Estate with privacy and convenience! NEW single level furnished residence completed in 2012 consisting of over 6,000 interior square feet including six bedrooms, two of which are masters, six full baths and two 1/2 baths, media room, office, extensive covered lanais, heated pool and spa, three-car garage, lush landscaping situated in One Palau`ea Bay gated community. Spacious custom kitchen featuring granite counters, custom cabinets with Monkeypod inserts and Roasted Birch trim, dual ovens, warming drawer, Viking gas cook top, refrigerator and dishwasher. Amenities also include Stone and Oak wood floors, rich unique wood combinations of Wenge, Knotless Cedar, Roasted Birch and Monkeypod to accentuate the quality throughout including high in-laid ceilings. Only minutes walk to white sandy beach for remarkable ocean activities and to the Fairmont Kea Lani Resort for dining, shopping and all the amenities the Wailea and Makena Resorts offer.

 Click Here for Customer Synopsis

Ritz Carlton Kapalua Foreclosure Auction
The highest bid at a foreclosure auction Monday for dozens of luxury condominiums and hundreds of time-share interests at the financially trouble Ritz-Carlton Club and Residences at Kapalua Bay came through at $55 million.  The bid was made by Island Acquisitions Kapalua LLC.  The court-appointed commissioner in the foreclosure case said that the LLC is tied to a lending entity that purchased a  portion of the original lenders' interests.  Lehman Brothers had been the initial lender for the $370 million project.

The $55 million bid still needs approval from a judge.  Project developer Kapalua Bay LLC owes more than $304 million in principal and interest on the property, which opened in mid-2009.  The combined land and buildings are assessed at $284.4 million for tax purposes.

There is a possibility the sale could be reopened if another bid comes in at 105% of the current bid, or $57,750,000.

Monday's auction included 56 residential condos, five commercial apartments and 567 fractional-ownership interests in 62 time-share units at the Ritz-Carlton Club and Residences.  The sale also included leasehold interest in The Shops at Kapalua.

Hawaii Hotel Revenues Hit Record
Hawaii hotels generated a record $2.45 billion in room revenues during the first nine months of the year, representing a 15% gain over the same time frame last year.

Maui reported the highest average daily rate in the state for September, at $213.  Maui's average daily rate for the year came in at $259.

Maui hotels were 73.3% full for the year through September, a 3% improvement over the first nine months of 2011.   This ranked Maui #3 among more than 38,000 "island and sun" destinations worldwide.  Oahu occupancy ranked highest at 85.6%, followed by Puerto Rico at 74.5%.  Phuket, Thailand and Bali rounded out the top five.

Visitor Spending up 19%

Maui visitor expenditures through October have reached $2.9 billion, up 19% from the same period last year.

A total of 1.9 million visitors have come to Maui through October, a 5.6% increase over the same period last year.  Of those, about 62% of them stayed exclusively on Maui.

Home Sales Quickening in Maui

The number of homes sold in Maui County last month hit a five-year high, likely the result of buyers getting in before prices return to those seen in a more normal marketplace.

Maui sold 98 single family homes in October.  That marked the highest volume since June 2007.  Year-over-year, the number of homes sold is up 32%.  Homes sold for a median price of $487,000.

Condo sales rose 22% last month to 94 units sold.  The median sales price of a condo increased 13% to $351,495. 

Ultra Luxury Honolulu Condos Coming Soon

The Hughes Corp. unveiled its plans for the 206-unit tower to be called ONE Ala Moana.

Plans call for having one- to three-bedroom units with 760 square feet to 4100 square feet of living space.  Prices range from $500,000 to a little more than $9 million.

Sales are slated to begin before the end of this year.

Andaz Condos for Sale in December

Wailea Resort Villas LLC soon will be launching the sale of 12 luxury condo residences currently under construction as part of the Andaz Maui at Wailea resort.  The launch is anticipated for late December.

Prices for the homes will start in the $6 million range.

Floor plans include 3-bedroom/4-bath layouts and 4-bedroom/6-bath plus den layouts, with gross interior and exterior area totaling between 3300 and 5200 square feet.

National Statistics also Encouraging

  • U.S. economy grew at 2.7% in summer
  • Previously occupied homes sales rose 11% in October from one year prior, a five-year high 
  • Builder sentiment index at highest reading since 5/06
  • Consumer confidence in November at highest level since February, 2008, to 73.7 from a low of 25.3 in 2/09
  • S & P/ Case-Shiller 20-city index of home prices rose 3% in past year.  Prices increased in 18 of the 20 cities.
  • Capital goods orders rose 1.7% in October
  • Mortgage holders at least 2 months behind on their payments fell in the 3rd quarter to 5.41%, the lowest since the first quarter of 2009
  • U.S. Banks earnings are up 6.6% for the 3rd quarter 2012, the best profits in six years
  • U.S. home prices rose 6.3% in October compared with a year ago, the largest gain since July 2006.  Prices increased in 45 states, with the highest increases in Arizona (21.3%) and Hawaii (up 13.2%) 


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