Gary's Blog

Thursday, June 5, 2014

Makena Resort Plan Clears Big Hurdle

Keeping You in the Know
Well, the busy winter season is history, the whales have gone home, and so did the snowbirds.  We are in a typical quiet time here on Maui, it is a nice break to be able to drive down South Kihei Road and make a left turn without waiting!

Our winter was solid, sales were brisk.  Our inventory got absorbed about as quickly as it listed, so we are in a healthy market right now.  Properties are appreciating at a healthy pace, but not at a crazy pace as we saw in the first decade of the millennium. 

Year to date figures, January 1 thru April 30, 2014:

YTD - Residential average sold price =
$1,055,947 (+35%YTD), 
median price = $585,000 (+14%YTD).

YTD - Condo average sold price = $611,956 (+15%YTD),
median price = $403,750 (+9%YTD). 

For complete stats, both year to date, and 2013 vs 2012, click here .

Visitor Numbers UP
Visitor arrivals to Maui County edged up 2.3% in Aril compared with the same month last year.  Maui island visitor arrivals were up 2.7%, while there were declines of 8.3% on Molokai and 6.3% on Lanai.
Makena Resort Plan Clears Commission
A proposal to redevelop the Makena Beach and Golf Resort cleared a major hurdle last week.  Resort owners said they plan to redevelop the existing 310-room hotel into 46 apartment units, and adding a 76-room hotel, 12 multi-family condo units, five spa hale and nine beach cottages.

The owner is ATC Makena Holdings LLC, a consortium involving AREA Property Partners of New York, Trinity Investments out of Honolulu, and Maui native Stanford Carr's development firm.  The purchase the property, formerly known as the Maui Prince Hotel, after it went into foreclosure.

If you would like to be informed on this and/or future developments on Maui, please let me know, and I will add you to a special list of prospective buyers of these exclusive properties.
April Jobless Rate Declines again
April unemployment for Maui island fell to 4.5%.  Molokai also dropped, to 8.4%.  Lanai had the lowest unemployment rate in the state, at 2.1%.
Nationwide, unemployment rates fell in 21 U.S. states, as hiring has improved for much of the country.  Rates increased in 17 states, and were unchanged in the remaining 12.  Hiring increased in 34 states and fell in 16.  Rates ranged from 2.6% in North Dakota to 8.7% in Rhode Island.

30-year mortgage rate down to 4.12%
15-year rate is also down, to 3.21%.  These rates are not going to last long- if you are considering a purchase that will require financing, don't delay- take advantage of them now, before the Federal Reserve stops buying up bonds to artificially lower the cost of borrowing.

U.S. Consumer Confidence jumps to 9-month high

This index is currently the almost at the highest level since the recession began in 2007 as Americans reported greater optimism about their financial situation and the economy..
The University of Michigan says its index of consumer sentiment rose to 84.1 from 80 in March.  That's just a point lower than the 85.1 reached last July, which was the highest in nearly 7 years.

Growth Picks up in most of U.S. and the World

A Federal Reserve survey shows economic growth picking up across most of the U.S. over the past two months.  Ten of the Fed's 12 regions reported an increase in economic activity.  Only Cleveland and St. Louis reported slower growth.  Confident that the economy is improving, the Fed has been scaling back bond purchases meant to push long-term interest rates down.

The world's top finance officials at the IMF also expressed confidence last month that the global economy finally has turned the corner to stronger growth.  The IMF in its latest economic forecast predicted global growth would strengthen to 3.6% this year and an even better 3.9% in 2015.

That growth is being supported by a stronger recovery in the U.S., which private economists believe could grow this year at the fastest pace in five years.


Gary Mooers

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