Maui Real Estate Going STRONG
Residences at Kapalua set to be luxury hotel and residences
The time-share Residences at Kapalua Bay will be converted to a combination residences and hotel, and will undergo a name change. Montage Hotels and Resorts, based in Laguna Beach, CA, was selected to manage the property for the owners Island Acquisitions Kapalua LLC. Island Acquisitions Kapalua won an auction for the property following a bankruptcy proceeding completed this year.
The new name of the resort will be Montage Kapalua Bay. The project will be converted to a 56-residence-unit complex and a 50-room, all-suite Montage hotel.
Maui Hotel Occupancy up 2.3%
Maui hotel occupancy for June rose to 69.7%, the only island in the state to register a gain for the month, according to Hospitality Advisors and Smith Travel Research.
Overall statewide occupancy fell for June to 75.4%, nearly a 1% decline from last June. Oahu led the islands in occupancy, at 84.6%.
June visitor spending on Maui grew 12.3% in June 2013 from June 2012 to $329 million, the Hawaii Tourism Authority reported. Visitor arrivals on Maui were up 1.6% from June 2012. Increased daily spending of 7% to $199 per person and a longer length of stay (up 3.3% to 7.85 days) boosted Maui's total visitor spending.
Hawaii Happy and Healthy
The Associated Press noted that 65-year-old Hawaii residents are likely to live another 21 years with 16 of them in good health, higher numbers than in any other state. The worst state for longevity and health was Mississippi - 17.5 more years of live with seven of them in good health.
The story cited such factors as rates of obesity, smoking, diabetes and heart disease as contributing factors to life expectancy.
I think there is another factor that was not directly mentioned in the article - the happiness of the citizens of a state.
The Gallup-Healthways Well-Being Index ranked Hawaii's citizens the happiest in the country in 2012. That index measures such things as emotional health, physical health, healthy behaviors and job satisfaction.
It is interesting to note the correlation between happiness and life expectancy. Hawaii is No. 1 in both - Mississippi is last in life expectancy and 48th in happiness of its citizens.
Of course, one could not simply move to Hawaii at age 65 and expect to achieve the state's average life expectancy...
National Good News
U.S. new-home sales jumped to the highest level in 5 years in June, up 8.3% to 497,000, the Commerce Department said. That's the highest since May 2008. Sales have risen 38% in the past 12 months. That's the biggest annual gain since January 1992.
U.S. home prices jumped 12.2% in May, the biggest annual gain since March 2006. The Standard & Poor's/Case-Shiller 20-city home price index also surged 2.4% in May from April, the highest month-over-month gain on record.
Consumer sentiment in July, according to The University of Michigan survey, as 85.1, up one point from June, but nearly 13 points higher than a year ago.
The unemployment rate fell in July to a 4.5 year low of 7.4% in July from 7.6% in June. For the year, job growth has remained steady, with an added 200,000 jobs a month since January.
Consumer spending rose 0.5% in June compared to May, and factory orders rose 1.5% in June compared to May. This is the second month that factory orders have been at an all-time high, surpassing the previous record set in June 2008.
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