http://www.bizjournals.com/pacific/news/2012/12/10/home-sales-prices-jump-in-maui-county.html
Maui County home and condominium sales saw double-digit increases
last month with a 10 percent spike in single family homes and a 24
percent jump in condominium purchases, according to statistics from the Realtors Association of Maui.
There were 84 single-family homes sold in November, compared with 76
sales during the same month last year. The median price for a
single-family home in Maui County jumped 10 percent to $467,500 last
month. The price was $422,500 in November 2011.
Meanwhile, there were 96 condo sales last month, compared to 77 the
same time last year. The median sales price for condos rose 47 percent
to $390,945, from $265,000 in November 2011.
Wednesday, December 19, 2012
Tuesday, December 11, 2012
Hawaii Real Estate Paradise Returns With Goldman Sachs Loan Bloomberg BusinessWeek
http://www.businessweek.com/news/2012-12-11/hawaii-real-estate-paradise-returns-with-goldman-loan-mortgages
Goldman Sachs Group Inc. (GS)
last month announced a $1.85 billion loan for a once-distressed hotel
portfolio that has five Hawaiian properties, including the Sheraton
Waikiki and the Westin Moana Surfrider in Honolulu. Companies from Walt
Disney Co. to Starwood Hotels & Resorts Worldwide Inc. (HOT)
are expanding resorts. On the Big Island, the first new residential
development in at least five years is starting construction.
Property investors and lenders are seeking to take advantage of increased demand from affluent Asian travelers and visitors from Northern California enriched by the technology- industry boom, according to Honolulu-based Hospitality Advisors LLC, an industry consulting firm. Oahu, which attracts the most visitors of Hawaii’s eight major islands, has the highest hotel occupancy among the top 25 U.S. markets, research firm STR said.
“What’s driving Hawaii now, particularly Oahu, is the resurgence of the Japanese market -- there was a lot of pent-up demand after the tsunami -- and substantial growth in Chinese and Korean numbers because of the increase in wealth in those regions,” said Joseph Toy, president of Hospitality Advisors.
Lodging and tourist-industry revenue, including room rentals and food and retail sales, rose 15 percent to a record $3.62 billion this year through Sept. 30, according to Hospitality Advisors. That compared with a low of $2.59 billion in the first nine months of 2009, when the U.S. was in a recession after the credit crisis.
“Tourism bounced back sooner than expected,” she said in an e-mail last week. “The Japanese tourism decline was not as great as originally expected. In addition, other markets, particularly China and Korea, had a large increase in travel to Hawaii.”
The average property value for Oahu hotels probably will climb 24 percent to $547,764 a room by 2015, according to HVS and STR, developers of an index that tracks supply and demand, profit and loss forecasts, and investment yields. Oahu’s projected per-room value is the second-highest among 65 major U.S. markets, after New York City, the firms said.
That deal involved hotels owned by private-equity firm Cerberus Capital Management LP and known as the Kyo-ya portfolio in the commercial-mortgage backed security market. The loan backed by the properties was sent to special servicing in April 2011 after the hotels’ value dropped. Special servicers negotiate with landlords on behalf of bondholders and decide whether to modify a loan or foreclose.
Cash flow at the properties has almost doubled since 2009, Deutsche Bank AG (DB) analysts said in a May research note. That month, Cerberus sought to replace debt after a deal struck with New York-based Goldman Sachs in 2011 failed to close, three people familiar with the transaction said at the time.
The extra yield investors demand to own top-ranked CMBS rather than Treasuries has dropped to 0.98 percentage point from 2.47 percentage points on Jan. 3, according to the Barclays CMBS Aaa Super Duper index. That’s the narrowest spread since at least January 2008.
Many lodging investors are limited to redeveloping existing hotels, rather than constructing new ones, because of strict environmental and zoning laws meant to prevent overbuilding in Hawaii, especially near beaches, Mellen said.
“It is the highest barrier of entry market I can think of,” she said. “People say New York is a high-barrier market or San Francisco, but I think Hawaii is much worse.”
In August, Walt Disney (DIS) announced plans to expand its Aulani Resort on Oahu, just one year after its opening, for an undisclosed amount. The Burbank, California-based company plans to add a third swimming pool and a splash zone for kids, and has already added more lawn space for weddings. The new pool and splash zone are scheduled for completion in mid-2013.
The work is intended to help meet “the increased demand for high-quality accommodations as business and leisure travel to the Hawaiian islands continues to grow,” the Stamford, Connecticut-based company said in a statement.
This year through September, total seats on flights to Hawaii rose 7.3 percent, including a 47 percent increase in scheduled seats from Asian countries, according to data from the Hawaii Tourism Authority. Seats from the Oceania region, which includes Australia and New Zealand, climbed 30 percent, and from Japan they rose 13 percent. Scheduled seats from the U.S. West Coast rose 4.1 percent.
Any airline cutbacks or economic slumps in countries such as China or Japan may quickly upset Hawaii’s recovery, according to Stephen Hennis, a director at Boulder, Colorado-based STR Analytics.
The state’s visitor arrivals this year through September climbed 9.6 percent to 5.97 million, according to a Hawaii Tourism Authority study. The biggest increases came from Japan, with a jump of about 16 percent, and the category that includes China and Korea, which had a 27 percent gain.
Hawaii’s gross domestic product is expected to rise 2.4 percent next year, compared with a projected 1.6 percent increase in 2012 and a decline of 0.2 percent in 2011, according to data from the state Department of Business, Economic Development and Tourism. GDP probably will climb 2.5 percent in both 2014 and 2015, according to the agency.
“The ripple effect on other aspects of the Hawaiian economy is phenomenal,” said Mellen of HVS. Building-permit volume in the state, including residential and industrial applications, climbed 33 percent to $1.2 billion worth of projects this year through September, according to data from Colliers International, a Seattle-based real estate services company. That’s the highest level since 2007, when permits for a record $1.35 billion worth of development were filed in each of the comparable periods.
In Honolulu, construction of a dozen condominium projects with a total of about 3,000 units is expected to begin in the next three years -- about the same growth pace as in the peak years of 2006 and 2007, said Michael Hamasu, a Honolulu-based director of consulting and research at Colliers.
Residential Communities
Hawaii, buffeted in
the aftermath of the U.S. recession and Japan’s tsunami, is benefiting
from a travel rebound that’s sent tourism revenue to a record and
spurred real estate investments across the islands.
Property investors and lenders are seeking to take advantage of increased demand from affluent Asian travelers and visitors from Northern California enriched by the technology- industry boom, according to Honolulu-based Hospitality Advisors LLC, an industry consulting firm. Oahu, which attracts the most visitors of Hawaii’s eight major islands, has the highest hotel occupancy among the top 25 U.S. markets, research firm STR said.
“What’s driving Hawaii now, particularly Oahu, is the resurgence of the Japanese market -- there was a lot of pent-up demand after the tsunami -- and substantial growth in Chinese and Korean numbers because of the increase in wealth in those regions,” said Joseph Toy, president of Hospitality Advisors.
Lodging and tourist-industry revenue, including room rentals and food and retail sales, rose 15 percent to a record $3.62 billion this year through Sept. 30, according to Hospitality Advisors. That compared with a low of $2.59 billion in the first nine months of 2009, when the U.S. was in a recession after the credit crisis.
Japan Tsunami
Travel was also reduced by the March 2011 Japanese earthquake and tsunami that killed thousands of people and led to the worst nuclear crisis since Chernobyl, according to Hawaii’s tourism board. Mary MacNeill, managing director at Fitch Ratings, predicted at the time that the disaster would set back a recovery by one to two years.“Tourism bounced back sooner than expected,” she said in an e-mail last week. “The Japanese tourism decline was not as great as originally expected. In addition, other markets, particularly China and Korea, had a large increase in travel to Hawaii.”
The average property value for Oahu hotels probably will climb 24 percent to $547,764 a room by 2015, according to HVS and STR, developers of an index that tracks supply and demand, profit and loss forecasts, and investment yields. Oahu’s projected per-room value is the second-highest among 65 major U.S. markets, after New York City, the firms said.
Strong Comeback
“This market has come back so strongly after the downturn,” Suzanne Mellen, a San Francisco-based senior managing director at hospitality-consulting firm HVS, said in a telephone interview. The firm conducted appraisals of the hotels for the Goldman Sachs financing.That deal involved hotels owned by private-equity firm Cerberus Capital Management LP and known as the Kyo-ya portfolio in the commercial-mortgage backed security market. The loan backed by the properties was sent to special servicing in April 2011 after the hotels’ value dropped. Special servicers negotiate with landlords on behalf of bondholders and decide whether to modify a loan or foreclose.
Cash flow at the properties has almost doubled since 2009, Deutsche Bank AG (DB) analysts said in a May research note. That month, Cerberus sought to replace debt after a deal struck with New York-based Goldman Sachs in 2011 failed to close, three people familiar with the transaction said at the time.
CMBS Demand
The new financing will include a mortgage and mezzanine loans. A portion of the debt may be sold as bonds as investor demand for CMBS surges. Wall Street banks issued about $16 billion of securities tied to everything from mobile home parks to skyscrapers in the fourth quarter, a post-credit-crisis record, according to JPMorgan Chase & Co. Sales are on pace to reach $46 billion in 2012, almost 50 percent more than last year, the analysts said.The extra yield investors demand to own top-ranked CMBS rather than Treasuries has dropped to 0.98 percentage point from 2.47 percentage points on Jan. 3, according to the Barclays CMBS Aaa Super Duper index. That’s the narrowest spread since at least January 2008.
“We’re going to let
the financing speak for itself,” Michael DuVally, a Goldman Sachs
spokesman, said in an e-mail. John Dillard, a spokesman for Cerberus
with Weber Shandwick in New York, didn’t return a telephone call and
e-mail seeking comment.
‘Completely Irreplaceable’
“These properties are completely irreplaceable because of the restrictive Waikiki zoning laws that make any new builds nearly impossible, and they are incredible cash cows,” Mellen said. “You can’t be better located than these hotels, sitting right on the beach in Hawaii.”Many lodging investors are limited to redeveloping existing hotels, rather than constructing new ones, because of strict environmental and zoning laws meant to prevent overbuilding in Hawaii, especially near beaches, Mellen said.
“It is the highest barrier of entry market I can think of,” she said. “People say New York is a high-barrier market or San Francisco, but I think Hawaii is much worse.”
In August, Walt Disney (DIS) announced plans to expand its Aulani Resort on Oahu, just one year after its opening, for an undisclosed amount. The Burbank, California-based company plans to add a third swimming pool and a splash zone for kids, and has already added more lawn space for weddings. The new pool and splash zone are scheduled for completion in mid-2013.
Hawaii Flights
Starwood Hotels last month said it completed work at four properties: the $188 million redevelopment of the Sheraton Waikiki, the $6.5 million renovation of the Sheraton Maui Resort & Spa, the $16 million upgrade of the Sheraton Kauai Resort and the $20 million refurbishment of the Sheraton Kona Resort & Spa at Keauhou Bay.The work is intended to help meet “the increased demand for high-quality accommodations as business and leisure travel to the Hawaiian islands continues to grow,” the Stamford, Connecticut-based company said in a statement.
This year through September, total seats on flights to Hawaii rose 7.3 percent, including a 47 percent increase in scheduled seats from Asian countries, according to data from the Hawaii Tourism Authority. Seats from the Oceania region, which includes Australia and New Zealand, climbed 30 percent, and from Japan they rose 13 percent. Scheduled seats from the U.S. West Coast rose 4.1 percent.
Any airline cutbacks or economic slumps in countries such as China or Japan may quickly upset Hawaii’s recovery, according to Stephen Hennis, a director at Boulder, Colorado-based STR Analytics.
Very Susceptible
“The fact that you can only get to Hawaii by plane or boat makes it more susceptible to cutbacks by airlines,” he said. “And its dependence on discretionary spending makes it very susceptible to economic changes in the regions it gets most of its visitors from.”The state’s visitor arrivals this year through September climbed 9.6 percent to 5.97 million, according to a Hawaii Tourism Authority study. The biggest increases came from Japan, with a jump of about 16 percent, and the category that includes China and Korea, which had a 27 percent gain.
Hawaii’s gross domestic product is expected to rise 2.4 percent next year, compared with a projected 1.6 percent increase in 2012 and a decline of 0.2 percent in 2011, according to data from the state Department of Business, Economic Development and Tourism. GDP probably will climb 2.5 percent in both 2014 and 2015, according to the agency.
Ripple Effect
While Hawaii’s recovery is driven largely by tourism, real estate categories other than lodging also are improving.“The ripple effect on other aspects of the Hawaiian economy is phenomenal,” said Mellen of HVS. Building-permit volume in the state, including residential and industrial applications, climbed 33 percent to $1.2 billion worth of projects this year through September, according to data from Colliers International, a Seattle-based real estate services company. That’s the highest level since 2007, when permits for a record $1.35 billion worth of development were filed in each of the comparable periods.
In Honolulu, construction of a dozen condominium projects with a total of about 3,000 units is expected to begin in the next three years -- about the same growth pace as in the peak years of 2006 and 2007, said Michael Hamasu, a Honolulu-based director of consulting and research at Colliers.
Residential Communities
On
Maui, two residential communities -- Kehalani and Maui Lani -- are
under construction, and on Oahu, a couple of large residential projects
are being developed, including Ho’opili, a planned community by Fort
Worth, Texas-based D.R. Horton Inc. (DHI)’s Schuler division, Hamasu said.
“Everything
in Hawaii is hitting on all cylinders,” McMorrow said in a telephone
interview. “It’s an opportune time to deliver product to the Hawaiian
market.”
Kohanaiki is the Big Island’s first new residential development in at least five years, said Saul Pinto, CEO of Kohanaiki Shores LLC, the property’s developer. The 500-unit, 500-acre (200-hectare) project received permits in 2004, then stalled during the slump, he said. Lots and units will be marketed at $1.7 million to $6 million “and up” toward the end of 2013’s first quarter, Pinto said.
One of the biggest names in the technology industry, Oracle Corp. founder Larry Ellison, earlier this year bought 98 percent of the island of Lanai for an undisclosed price. The sale included two resort hotels, two championship golf courses and club houses, and more than 88,000 acres of land.
The sales volume for commercial-property transactions of at least $1 million is likely to reach about $2 billion this year in Hawaii, the highest level since 2007, when sales totaled $3.04 billion, according to Colliers. Real estate investments are likely to increase for the foreseeable future, said Toy of Hospitality Advisors.
“We see a lot of capital that is in search of acquisitions in Hawaii,” he said. “My phone rings a lot these days.”
To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net. To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net; Rob Urban at robprag@bloomberg.net
A joint venture of real estate investor Kennedy Wilson (KW)
and Irvine, California-based IHP Capital Partners is spending about
$300 million on Kohanaiki, a new golf-and-residential development on the
Big Island of Hawaii’s Kona Coast, said William McMorrow, chairman and
chief executive officer of Beverly Hills, California-based Kennedy
Wilson. The companies expect the project to have a value of about $1
billion when it’s fully completed, in 10 to 15 years, he said.
Kohanaiki is the Big Island’s first new residential development in at least five years, said Saul Pinto, CEO of Kohanaiki Shores LLC, the property’s developer. The 500-unit, 500-acre (200-hectare) project received permits in 2004, then stalled during the slump, he said. Lots and units will be marketed at $1.7 million to $6 million “and up” toward the end of 2013’s first quarter, Pinto said.
California Buyers
“I would say 80 percent of buyers on the Big Island come from California, and to a lesser degree from Seattle and Portland,” Oregon, McMorrow said. “The majority of California buyers are from Northern California, and they have benefited from the success in the tech and venture-capitalist sectors. It’s a big driver.”One of the biggest names in the technology industry, Oracle Corp. founder Larry Ellison, earlier this year bought 98 percent of the island of Lanai for an undisclosed price. The sale included two resort hotels, two championship golf courses and club houses, and more than 88,000 acres of land.
The sales volume for commercial-property transactions of at least $1 million is likely to reach about $2 billion this year in Hawaii, the highest level since 2007, when sales totaled $3.04 billion, according to Colliers. Real estate investments are likely to increase for the foreseeable future, said Toy of Hospitality Advisors.
“We see a lot of capital that is in search of acquisitions in Hawaii,” he said. “My phone rings a lot these days.”
To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net. To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net; Rob Urban at robprag@bloomberg.net
Saturday, December 8, 2012
Singapore Government to Buy Grand Wailea
Singapore Government to Buy Grand Wailea | Maui Now
According to bankruptcy proceedings today in the US Bankruptcy Court for the Southern District of New York in Manhattan, the Government of Singapore Investment Corp will buy the Grand Wailea and three other luxury resorts.
After no bidders stepped up to bid on the bankrupt resort properties owned by the New York-based Paulson & Co., the resort properties sold for $1.5 billion to The Government of Singapore Investment Corp., according to a new report by the Pacific Business News today.
Apparently, an auction had been scheduled for today but was canceled after no other competing bids were received by the Monday deadline.
Other properties included in the deal: the La Quinta Resort & Club and PGA West golf course in La Quinta, Calif. and the Arizona Biltmore Resort & Spa in Phoenix. All three resorts are managed by Waldorf Astoria Management under Hilton Worldwide’s Waldorf Astoria Hotels & Resorts brand. A fourth property included in the deal is the Claremont Resort & Spa in Berkeley, Calif.
According to bankruptcy proceedings today in the US Bankruptcy Court for the Southern District of New York in Manhattan, the Government of Singapore Investment Corp will buy the Grand Wailea and three other luxury resorts.
After no bidders stepped up to bid on the bankrupt resort properties owned by the New York-based Paulson & Co., the resort properties sold for $1.5 billion to The Government of Singapore Investment Corp., according to a new report by the Pacific Business News today.
Apparently, an auction had been scheduled for today but was canceled after no other competing bids were received by the Monday deadline.
Other properties included in the deal: the La Quinta Resort & Club and PGA West golf course in La Quinta, Calif. and the Arizona Biltmore Resort & Spa in Phoenix. All three resorts are managed by Waldorf Astoria Management under Hilton Worldwide’s Waldorf Astoria Hotels & Resorts brand. A fourth property included in the deal is the Claremont Resort & Spa in Berkeley, Calif.
Wednesday, December 5, 2012
Delaware entity bids $55M for Ritz-Carlton Club and Residences at Maui’s Kapalua Bay
Delaware entity bids $55M for Ritz-Carlton Club and Residences at Maui’s Kapalua Bay Pacific Business News Date: Wednesday, December 5, 2012
A lending entity registered in Delaware bid $55 million at a foreclosure auction on Maui for 61 residential and commercial units and more than 500 club interests at the Ritz-Carlton Club and Residences at Kapalua Bay.
The Maui News reports Island Acquisitions Kapalua LLC offered the highest bid at Monday's auction for the property. The newspaper reports the entity is a lending entity that purchased a portion of the lender's interests, according to Honolulu attorney George Van Buren, the appointed commissioner in the case, who said the winning bid must still be confirmed by a judge.
Island Acquisitions Kapalua LLC was registered in Delaware on Nov. 28, according to that state's Division of Corporations website.
A total of $304 million was owed in principal, interest and fees on the 56 residential units and five commercial units at the Ritz-Carlton Residences and the 567 club interests in the Ritz-Carlton Club.
The Maui News reports that the resort's management company Ritz-Carlton, which is owned by Marriott International (NYSE: MAR) recently extended its deadline to pull out of the project to Dec. 31.
A lending entity registered in Delaware bid $55 million at a foreclosure auction on Maui for 61 residential and commercial units and more than 500 club interests at the Ritz-Carlton Club and Residences at Kapalua Bay.
The Maui News reports Island Acquisitions Kapalua LLC offered the highest bid at Monday's auction for the property. The newspaper reports the entity is a lending entity that purchased a portion of the lender's interests, according to Honolulu attorney George Van Buren, the appointed commissioner in the case, who said the winning bid must still be confirmed by a judge.
Island Acquisitions Kapalua LLC was registered in Delaware on Nov. 28, according to that state's Division of Corporations website.
A total of $304 million was owed in principal, interest and fees on the 56 residential units and five commercial units at the Ritz-Carlton Residences and the 567 club interests in the Ritz-Carlton Club.
The Maui News reports that the resort's management company Ritz-Carlton, which is owned by Marriott International (NYSE: MAR) recently extended its deadline to pull out of the project to Dec. 31.
Friday, November 30, 2012
Hawaii Hotels See Occupancy, Rate Gains During Thanksgiving Week
Hawaii hotels see occupancy, rate gains during Thanksgiving week
Hawaii hotels were 75 percent full last week, a 4.1 percentage point increase from the same week in 2011, according to a report from Hospitality Advisors LLC and Smith Travel Research.
Average daily room rates during the Thanksgiving week of Nov. 18 to Nov. 24 were $209.79, an increase of 5.3 percent from the same week last year.
All of the state’s major islands had an increase in occupancy, and all but the Big Island had an increase in average daily room rates when compared to the same week in 2011. The Big Island did, however, lead all islands in occupancy increases, up 12.1 percentage points to 62.9 percent, but still the lowest occupancy of all islands. Average daily room rates at Big Island hotels decreased by about 1 percent to $206.55.
Oahu was the only island to have average daily room rates below $200 per night. At $190.29, the average daily room rates were a 9.4 percent increase from the same week in 2011. Occupancy increased by only 1.6 percentage points — the lowest increase of all islands — to 79.3 percent.
Kauai hotel occupancy increased by 8.7 percentage points to 65.1 percent, and average daily room rates increased by 4 percent to a rate of $212.
Maui hotel occupancy increased 2.7 percentage points to 76.7 percent, and average daily room rates increased by 1.1 percent to $252.94, the highest rate of all the major islands.
Hawaii hotels were 75 percent full last week, a 4.1 percentage point increase from the same week in 2011, according to a report from Hospitality Advisors LLC and Smith Travel Research.
Average daily room rates during the Thanksgiving week of Nov. 18 to Nov. 24 were $209.79, an increase of 5.3 percent from the same week last year.
All of the state’s major islands had an increase in occupancy, and all but the Big Island had an increase in average daily room rates when compared to the same week in 2011. The Big Island did, however, lead all islands in occupancy increases, up 12.1 percentage points to 62.9 percent, but still the lowest occupancy of all islands. Average daily room rates at Big Island hotels decreased by about 1 percent to $206.55.
Oahu was the only island to have average daily room rates below $200 per night. At $190.29, the average daily room rates were a 9.4 percent increase from the same week in 2011. Occupancy increased by only 1.6 percentage points — the lowest increase of all islands — to 79.3 percent.
Kauai hotel occupancy increased by 8.7 percentage points to 65.1 percent, and average daily room rates increased by 4 percent to a rate of $212.
Maui hotel occupancy increased 2.7 percentage points to 76.7 percent, and average daily room rates increased by 1.1 percent to $252.94, the highest rate of all the major islands.
Tuesday, November 20, 2012
State Forecasts Strong Economic Growth
State Forecasts Strong Economic Growth | Maui Now
In its fourth quarter 2012 economic report, the Department of Business, Economic Development and Tourism (DBEDT) projected higher growth of visitor-related indicators and more optimistic growth of most other economic indicators in 2012.
DBEDT expects positive economic growth in Hawaii for the rest of 2012 and expects to see continued positive growth in 2013.
“We remain cautiously optimistic with regard to the state’s immediate economic future,” said Richard C. Lim, the director of DBEDT, in a written statement.
“Despite political uncertainties often inherent in election cycles and recent natural disasters, the visitor industry is projected to remain strong.”
Overall economic conditions were mostly positive across counties in the second quarter of 2012. The unemployment rate decreased in all neighbor island counties, and increased only slightly in Honolulu. The unemployment rate in Maui County decreased 1.1 percentage points from 7.9% to 6.8%.
DBEDT expects total visitor arrivals to increase 9.4% in 2012, 0.8 of a percentage point higher than the previous forecast. The forecast for the growth of visitor days in 2012 remain unchanged compared with the previous forecast.
Total visitor arrivals by air and visitor days increased in all counties. In the second quarter of 2012, visitor arrivals by air increased 14.2% in Honolulu, 8.0% in Hawaii County, 6.5% in Maui, and 6.6% in Kauai.
Following a higher-than-expected growth in visitor arrivals in the first three quarters of 2012, DBEDT projects that overall visitor arrivals will increase by 9.4% for 2012, 0.8 of a percentage point higher than its previous forecast. Total visitor spending is now projected to increase 18.8% in 2012, 3.6 percentage points above the previous forecast.
Total non-agricultural wage and salary jobs also increased in all counties. Maui County saw a net gain of 2,250 jobs or 3.4% increase in the second quarter of 2012 from the same quarter of 2011.
Lim also noted that construction jobs increased 1.4% during the third quarter of 2012 after 17 consecutive quarters of decline.
“The construction industry has turned a corner and we hope to see greater growth in that sector next year,” Lim said.
In the second quarter of 2012, the growth rates of the values of total private building permits were positive for all counties with second quarter building permits data. In this quarter, private building permits increased $131.9 million or 42.1% in Honolulu; increased $29.5 million or 76.0% in Maui; increased $2.6 million or 15.8% in Kauai.
State Capital Improvement Project spending increased 32.9% during the first nine months of the year, and the private building permit value increased 39.1% during the same time period. The value of private building permits increased in Honolulu, Maui, and Kauai.
For the local economy, DBEDT increased the forecasted growth rates of most of the economic indicators such as real personal income, GDP, and jobs compared with its forecast in August 2012.
For other major economic indicators, the current forecasts are mostly more optimistic compared with the previous forecasts. DBEDT expects the Honolulu Consumer Price Index (CPI), a proxy for inflation, to rise 2.5% in 2012,0.3 of a percentage point below the previous forecast.
The DBEDT Quarterly Statistical and Economic Report contains more than 100 tables of the most recent quarterly data on Hawaii’s economy as well as narrative explanations of the trends in these data. The full report is available at:
http://www.hawaii.gov/dbedt/info/economic/data_reports/qser.
In its fourth quarter 2012 economic report, the Department of Business, Economic Development and Tourism (DBEDT) projected higher growth of visitor-related indicators and more optimistic growth of most other economic indicators in 2012.
DBEDT expects positive economic growth in Hawaii for the rest of 2012 and expects to see continued positive growth in 2013.
“We remain cautiously optimistic with regard to the state’s immediate economic future,” said Richard C. Lim, the director of DBEDT, in a written statement.
“Despite political uncertainties often inherent in election cycles and recent natural disasters, the visitor industry is projected to remain strong.”
Overall economic conditions were mostly positive across counties in the second quarter of 2012. The unemployment rate decreased in all neighbor island counties, and increased only slightly in Honolulu. The unemployment rate in Maui County decreased 1.1 percentage points from 7.9% to 6.8%.
DBEDT expects total visitor arrivals to increase 9.4% in 2012, 0.8 of a percentage point higher than the previous forecast. The forecast for the growth of visitor days in 2012 remain unchanged compared with the previous forecast.
Total visitor arrivals by air and visitor days increased in all counties. In the second quarter of 2012, visitor arrivals by air increased 14.2% in Honolulu, 8.0% in Hawaii County, 6.5% in Maui, and 6.6% in Kauai.
Following a higher-than-expected growth in visitor arrivals in the first three quarters of 2012, DBEDT projects that overall visitor arrivals will increase by 9.4% for 2012, 0.8 of a percentage point higher than its previous forecast. Total visitor spending is now projected to increase 18.8% in 2012, 3.6 percentage points above the previous forecast.
Total non-agricultural wage and salary jobs also increased in all counties. Maui County saw a net gain of 2,250 jobs or 3.4% increase in the second quarter of 2012 from the same quarter of 2011.
Lim also noted that construction jobs increased 1.4% during the third quarter of 2012 after 17 consecutive quarters of decline.
“The construction industry has turned a corner and we hope to see greater growth in that sector next year,” Lim said.
In the second quarter of 2012, the growth rates of the values of total private building permits were positive for all counties with second quarter building permits data. In this quarter, private building permits increased $131.9 million or 42.1% in Honolulu; increased $29.5 million or 76.0% in Maui; increased $2.6 million or 15.8% in Kauai.
State Capital Improvement Project spending increased 32.9% during the first nine months of the year, and the private building permit value increased 39.1% during the same time period. The value of private building permits increased in Honolulu, Maui, and Kauai.
For the local economy, DBEDT increased the forecasted growth rates of most of the economic indicators such as real personal income, GDP, and jobs compared with its forecast in August 2012.
For other major economic indicators, the current forecasts are mostly more optimistic compared with the previous forecasts. DBEDT expects the Honolulu Consumer Price Index (CPI), a proxy for inflation, to rise 2.5% in 2012,0.3 of a percentage point below the previous forecast.
The DBEDT Quarterly Statistical and Economic Report contains more than 100 tables of the most recent quarterly data on Hawaii’s economy as well as narrative explanations of the trends in these data. The full report is available at:
http://www.hawaii.gov/dbedt/info/economic/data_reports/qser.
Thursday, November 15, 2012
October 2012 Sales Statistics - Source: Realtors Association of Maui
Window of opportunity may be closing for first-time
homebuyers. Well priced properties are attracting multiple offers making
for a quick sale. Inventories have declined 17-20% over the past 12
months in Residential and Condo classes.
https://www.facebook.com/notes/maui-real-estate-808/october-2012-sales-statistics-source-realtors-association-of-maui/444226542300549
https://www.facebook.com/notes/maui-real-estate-808/october-2012-sales-statistics-source-realtors-association-of-maui/444226542300549
Wednesday, November 14, 2012
Warren Buffett Just Made A Huge Bet On The US Housing Market
Warren Buffett Just Made A Huge Bet On The US Housing Market
Perhaps the most bullish indicator for U.S. housing is Warren Buffett.
The legendary investor has been buying up real-estate brokerages around the country as he bets on a housing turnaround. Now, he is partnering with Brookfield Asset Management, a Canadian real-estate investor, to more than double the size of his brokerage business.
Perhaps the most bullish indicator for U.S. housing is Warren Buffett.
The legendary investor has been buying up real-estate brokerages around the country as he bets on a housing turnaround. Now, he is partnering with Brookfield Asset Management, a Canadian real-estate investor, to more than double the size of his brokerage business.
Wednesday, November 7, 2012
Maui Home Sales Reach 5-Year High, Prices Rise
Maui Home Sales Reach 5-Year High, Prices Rise | Maui Now
October 2012 residential home sales rose to a 5-year high of 98 homes sold, a 33% increase over one year ago, according to new statistics released by the Realtors Association of Maui.
October 2012 residential home sales rose to a 5-year high of 98 homes sold, a 33% increase over one year ago, according to new statistics released by the Realtors Association of Maui.
Thursday, November 1, 2012
Bank Economist Forecasts Bright Future for Maui
Bank Economist Forecasts Bright Future for Maui | Maui Now
“Hawaii’s tourism industry continues its robust recovery and now, at last, there are other economic bright spots as well,” said economist Dr. Leroy Laney yesterday at the First Hawaiian Bank Business Outlook Forum at Blaisdell Concert Hall.
Laney also points out in the latest release of First Hawaiian Bank’s “Economic Forecast 2012-2013″ that “Maui is doing considerably better economically than the other neighbor islands.” The Economic Forecast is a periodic publication detailing the bank’s economic forecast for all the Hawaii counties by Dr. Laney.
“[This comes] thanks to stronger job creation, a continued robust visitor industry and growing strength in construction,” continues Laney.
Laney’s Maui County forecast includes:
“Hawaii’s tourism industry continues its robust recovery and now, at last, there are other economic bright spots as well,” said economist Dr. Leroy Laney yesterday at the First Hawaiian Bank Business Outlook Forum at Blaisdell Concert Hall.
Laney also points out in the latest release of First Hawaiian Bank’s “Economic Forecast 2012-2013″ that “Maui is doing considerably better economically than the other neighbor islands.” The Economic Forecast is a periodic publication detailing the bank’s economic forecast for all the Hawaii counties by Dr. Laney.
“[This comes] thanks to stronger job creation, a continued robust visitor industry and growing strength in construction,” continues Laney.
Laney’s Maui County forecast includes:
- Jobs & Construction: The level of jobs is now only 6% below the 2007 peak, due in large part to a sharp uptick in construction job growth, mostly in commercial construction, not residential, and a “striking 350% increase in private construction permits on Maui for the first quarter of 2012 compared to the same quarter of 2011.
- Tourism: “In every measured category — arrivals, visitor days, length of stay, total spending, person per day and person per trip spending — Maui continues to be up from 2011.”
- Real Estate: “Maui real estate sales have picked up as falling prices and lower mortgage rates increase affordability. Inventories have declined almost 20% over the past year for both single-family and condo units.”
Wednesday, October 31, 2012
Visitor Spending on Maui Reaches $2.7B for Year-to-Date. 19.9% more than last year!
Visitor Spending on Maui Reaches $2.7B for Year-to-Date | Maui Now
Total expenditures by visitors who came to Maui for the first nine months of 2012 has reached $2.7 billion, 19.9% more than the same time last year, according to preliminary statistics released today by the Hawaii Tourism Authority.
Momentum anticipated to continue with increases in airlift due to new routes by Hawaiian Airlines from Sapporo and Brisbane, Jetstar from Melbourne, and Allegiant from the West Coast, including a Bellingham to Kahului flight.
These new routes are all servicing secondary cities, which will provide greater ease of access for visitors to come to the Hawaiian Islands.
Festivals and events, including the EA Sports Maui Invitational, will also help to draw visitors this quarter,” continued McCartney.
Total expenditures by visitors who came to Maui for the first nine months of 2012 has reached $2.7 billion, 19.9% more than the same time last year, according to preliminary statistics released today by the Hawaii Tourism Authority.
Momentum anticipated to continue with increases in airlift due to new routes by Hawaiian Airlines from Sapporo and Brisbane, Jetstar from Melbourne, and Allegiant from the West Coast, including a Bellingham to Kahului flight.
These new routes are all servicing secondary cities, which will provide greater ease of access for visitors to come to the Hawaiian Islands.
Festivals and events, including the EA Sports Maui Invitational, will also help to draw visitors this quarter,” continued McCartney.
Thursday, October 25, 2012
Short-Term Vacation Rental Permit Workshop, Mon. 10/29, 6-8 pm in Paia
Maui Hosts Short-Term Vacation Rental Permit Workshop | Maui Now
The Maui Planning Department joins the Maui Vacation Rental Association in hosting a workshop to review the new application process for short-term vacation rental homes.
The workshop runs from 6 to 8 p.m. on Monday, October 29, 2012, at the Paia Community Center and is targeted toward property owners who may be interested in applying for permits, as well as property managers and consultants.
Since the County’s new Short-Term Rental Home law went into effect on May 23, 2012, the Planning Department has received approximately 50 permit applications.
“The County Council, the Planning Department and the MVRA worked hard to create the new streamlined short-term rental permit process, which was much needed and long overdue” said Mayor Alan Arakawa in a media statement. “These continued outreach efforts are important so that operators can understand how much easier it is now to come into compliance. Our major goal was to get these operations permitted — so that the responsible operators are legal, and so that we can enforce the few bad apples that do not comply,” said Mayor Arakawa.
Officials will discuss the new “home inspection” form and review of the STRH permitting requirements. Planning Director William Spence and staff planner Gina Flammer will also be on hand to give an overview of the application process.
More information is available at mauicounty.gov under the Planning Department link.
The Maui Planning Department joins the Maui Vacation Rental Association in hosting a workshop to review the new application process for short-term vacation rental homes.
The workshop runs from 6 to 8 p.m. on Monday, October 29, 2012, at the Paia Community Center and is targeted toward property owners who may be interested in applying for permits, as well as property managers and consultants.
Since the County’s new Short-Term Rental Home law went into effect on May 23, 2012, the Planning Department has received approximately 50 permit applications.
“The County Council, the Planning Department and the MVRA worked hard to create the new streamlined short-term rental permit process, which was much needed and long overdue” said Mayor Alan Arakawa in a media statement. “These continued outreach efforts are important so that operators can understand how much easier it is now to come into compliance. Our major goal was to get these operations permitted — so that the responsible operators are legal, and so that we can enforce the few bad apples that do not comply,” said Mayor Arakawa.
Officials will discuss the new “home inspection” form and review of the STRH permitting requirements. Planning Director William Spence and staff planner Gina Flammer will also be on hand to give an overview of the application process.
More information is available at mauicounty.gov under the Planning Department link.
Monday, October 22, 2012
New Listing! Beachfront in Ka'anapali $3,699,000
Spectacular 3 bedroom/3 bath, beachfront luxury condominium on the first
floor of the new Honua Kai development in beautiful Ka'anapali.
Boasting 2,280 square feet of living space and an open floor plan that
flows to a generous lanai and grassy area, this is indoor/outdoor beach
living at it's finest. Interior finishes including granite counters,
travertine floors, Bosch appliances, and designer custom furnishings.
Honua Kai amenities include three tropical pools and five hot tubs set
in a lush landscape, valet and underground parking, concierge services,
workout facility, Aina Gourmet Market and famous Duke's Beach House
restaurant. Step out on to the oceanfront walking path from this
exceptional residence, stroll the golden sand beaches and refresh in the
warm, turquoise waters of Ka'anapali...
Visit our website and Search MLS#353802 for more information and additional photos: http://www.mauirealestate808.com/search-mls
Visit our website and Search MLS#353802 for more information and additional photos: http://www.mauirealestate808.com/search-mls
Sunday, October 21, 2012
Pono Express expands to Lahaina
Pono Express expands to Lahaina - LahainaNews.com | News, Information, Lahaina and Western Maui, Hawaii — Lahaina News
Pono Express van service is now offering services in Lahaina to ferry passengers islandwide to and from the airport and provide private sightseeing tours, government and medical transportation.
Pono Express is unique in that it offers packages that will allow drivers to stop for up to 20 minutes or more along the way to allow passengers to do brief errands on their way to hotels, condos or the airport.
The company provides lei greetings on request and offers child seats and other amenities.
Pickups and tours can be scheduled via www.ponoexpress.com or by calling (808) 639-1188.
Pono Express van service is now offering services in Lahaina to ferry passengers islandwide to and from the airport and provide private sightseeing tours, government and medical transportation.
Pono Express is unique in that it offers packages that will allow drivers to stop for up to 20 minutes or more along the way to allow passengers to do brief errands on their way to hotels, condos or the airport.
The company provides lei greetings on request and offers child seats and other amenities.
Pickups and tours can be scheduled via www.ponoexpress.com or by calling (808) 639-1188.
Tuesday, October 16, 2012
Maui Named Top Island in the World...Again!
I think we all agree...
Maui Named Top Island in the World | Maui Now
Readers of the Conde Nast Traveler magazine have named Maui the number one island in the world for the 18th year in a row!
Maui Named Top Island in the World | Maui Now
Readers of the Conde Nast Traveler magazine have named Maui the number one island in the world for the 18th year in a row!
Friday, October 12, 2012
Aston Mahana In Ka'anapali Wins Quality Award
Check out our listing at Mahana here: Mahana Unit 311, MLS #351065
The Aston Kaanapali Shores and the Aston Mahana at Kaanapali have received quality assurance awards from MLT Vacations, which is a
subsidiary of Delta Air Lines and organizes vacation packages.
"The Quality Assurance Award recognizes hotels that achieve 99 percent customer satisfaction index and 99 percent product delivery performance with a minimum of 100 bookings," Aston Hotels & Resorts said in an announcement. "According to MLT, 2012 award results were measured against the experiences of more than 450,000 customers who traveled with Delta Vacations, Continental Airlines Vacations and Worry-Free Vacations from the U.S. and Canada."
Business / In Brief • Oct. 4, 2012 - Mauinews.com | News, Sports, Jobs, Visitor's Information - The Maui News
The Aston Kaanapali Shores and the Aston Mahana at Kaanapali have received quality assurance awards from MLT Vacations, which is a
subsidiary of Delta Air Lines and organizes vacation packages.
"The Quality Assurance Award recognizes hotels that achieve 99 percent customer satisfaction index and 99 percent product delivery performance with a minimum of 100 bookings," Aston Hotels & Resorts said in an announcement. "According to MLT, 2012 award results were measured against the experiences of more than 450,000 customers who traveled with Delta Vacations, Continental Airlines Vacations and Worry-Free Vacations from the U.S. and Canada."
Business / In Brief • Oct. 4, 2012 - Mauinews.com | News, Sports, Jobs, Visitor's Information - The Maui News
Tuesday, October 9, 2012
Back to School: 10 Vacay 'Classes' in Maui | Travel News from Fodor's Travel Guides
Back to School: 10 Vacay 'Classes' in Maui | Travel News from Fodor's Travel Guides
There are many joys of reaching the time when back to school no longer refers to you. Except when it comes to this Maui-based lesson plan. Think cocktail classes, ukelele lessons, and driver's ed on the Road to Hana.
There are many joys of reaching the time when back to school no longer refers to you. Except when it comes to this Maui-based lesson plan. Think cocktail classes, ukelele lessons, and driver's ed on the Road to Hana.
Monday, October 8, 2012
49-Member Pro Bowl Committee Announced | Maui Now
49-Member Pro Bowl Committee Announced | Maui Now
Hawai‘i Tourism Authority (HTA) in partnership with the National Football League (NFL) today announced the 49 business and community members of the Pro Bowl Committee 2013.
Hawai‘i Tourism Authority (HTA) in partnership with the National Football League (NFL) today announced the 49 business and community members of the Pro Bowl Committee 2013.
Sunday, September 16, 2012
Wednesday, March 28, 2012
Thursday, February 16, 2012
Wednesday, January 18, 2012
Wednesday, January 11, 2012
Turning foreclosures into rentals | LinkedIn
Turning foreclosures into rentals | LinkedIn
@CNNMoney January 10, 2012: 11:36 AM ET
NEW YORK (CNNMoney) -- Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.
@CNNMoney January 10, 2012: 11:36 AM ET
NEW YORK (CNNMoney) -- Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.
Subscribe to:
Posts (Atom)