By Brianne Randle
Article from KHON2
An increase in visitor arrivals, visitor spending and jobs - the state’s latest forecast shows a stronger economic growth this year, than previously estimated.
But, some say it’s too soon to call it recovery.
Instead some are calling it “stabilization,” which they argue isn’t a bad thing.
Others say, whatever you call it, they’re hopefull the positive trend keeps going.
Hawaii economic growth is expected to pick up this year. The biggest telltale sign: tourism.
The state’s Department of Business and Economic Development says visitor spending increased substantially last year compared to two years ago.
“You’re comparing to ‘09 numbers, but none the less, growth over any previous period is good news,” said Keith Vieira of Starwood Hotels & Resorts.
And travelers are expected to spend 9.2-percent more in 2011, up about 1-percent more than the state’s earlier estimate.
“Things are much better, still a lot to work to be done,” Vieira said.
The owner of Hula’s Bar and Lei Stand believes Hawaii has to stay on top of its game to keep the upward trend going.
“It’s really important for us to keep it interesting over here and the nightlife is as important the fun and the sun,” said Hula’s owner Jack Law.
Vieira says hotels and resorts are making strides to keep travelers interested while drawing higher spending visitors to the islands - especially from China and South Korea.
The state forecasts new jobs will also be added.
“We have people that have been either laid off or working part-time schedules now working back full-time and also created new jobs,” Vieira said.
It’s not just in tourism, the state says jobs in construction were also added at the end of last year. But some in the industry are hesitant to call it real growth.
“What I see is that there’s more stabilization and that what was there is coming back a little bit. I don’t see a new wave of job growth,” said real estate analyst Stephanie Sofos.
Sofos says for the economy to really recover - it will take time.
“It’s all a good thing, still going to take time we’re not back where we were still going to take a few more years,” Sofos said.
In the state’s forecast, they argue that the economy could move from recovery to expansion as early as next year.
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Bank Owned Properties on Maui
In yesterday’s newsletter we talked about the decrease in the median price of Maui condo sales from January 2010 to January 2011.
The median sold price of Maui condos in January 2010 was $404,000. Just this past month, in January 2011, that number dropped to $295,000. This drop in the median price of Maui condos can be attributed to the increase in bank owned sales. In January 2010, there were 8 bank owned condos on Maui that sold. One year later, in January 2011, that number increased to 24.
We have a new bank owned listing that we’ll be listing soon at Kihei Akahi. This is a nice 1 bedroom, 1 bath unit with ocean views from the lanai. Kihei Akahi can be used for short term vacation rentals. More about this Maui bank owned condo to come.
If you are interested in bank owned homes or condos on Maui, Here’s a complete list of all the Bank Owned inventory available as of February 8, 2011.
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- Feb
- 02
Bank Owned Homes on Maui
We’ve got several bank owned properties for sale that would be a great fit for someone looking to take on a rehab project.
The first property at 83 Alehela sits on a large 9800 square foot lot. This is a great opportunity to fix up the main house and build a separate ohana. The home needs some serious attention. Current asking price is $241,200. Don’t forget to bring your electrician and plumber. Here’s more about 83 Alehela.
The next property is 29 Waikalani in Kihei. In it’s current shape, conventional financing doesn’t seem to be an option. The property needs extensive remodel in one of its three bathrooms. Asking price is $350,000. Here’s more about the home at 29 Waikalani in Kihei.
The last project worth mentioning is 3248 Akala in Maui Meadows (Kihei). This is a neat project for the right person. This property offers over a half acre, a detached ohana and the main residence which has been converted into multiple rentals. The conversion doesn’t appear to be conforming. This property definitely needs some work, but has great potential. Did I mention the home is less than a 3 minute drive to Wailea? Here’s more about 3248 Akala Drive in Maui Meadows.
If you’re interested in any of these bank owned homes on Maui or others, give us a call at (808)572-0866. We’d be glad to help you find the right opportunity.
Mahalo,
The Smith Team
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The Grand Wailea on Maui has new ownership after it was sold at Foreclosure auction in New York this past Friday. The Grand Wailea was one of several properties previously owned by CNL Hotels & Resorts Inc, that were then acquired in 2007 by a Morgan Stanley’s real estate fund. The properties were taken back from Morgan Stanley by by investors who held junior debt on the portfolio, after Morgan Stanley defaulted on the debt.
For more from the Star Advertiser click here.
What are your thoughts of foreclosures and how they’ve affected Maui real estate? Have we seen the worst? Or is the worst yet to come? Please join the discussion. We’d be glad to hear your feedback.
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- Jan
- 26
Great deal in Maui Meadows
Looking for a great deal on a South Maui Home? Check out this Maui Meadows home with detached ohana. We mentioned this home in our most recent Maui real estate newsletter. This is a great property at a great price. Located minutes from Wailea and some of Maui’s best beaches, this home also offers spectacular views.
If you’re searching for a deal, right now there are some great opportunities to buy maui real estate. Give us a call at (808)572-0866. We’re happy to help you find exactly what you’re looking for.
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Looking to purchase a great rental property on Maui? We have a bank owned home for sale in Kihei Maui that might be a great fit.
The home is located at 3248 Akala Drive. See map here.
The home at 3248 Akala Drive features ocean views 2 bedrooms / 2 baths upstairs and 2 ohana units downstairs. There is also a separate office area downstairs by the garage. 3248 Akala Drive does need work, but could become a great property for an investor. Here’s more information about this property about the property.
We have several other Bank owned homes on Maui. If you are interested in 3248 Akala Drive or any of our other bank owned properties for sale, please give us a call at (808)572-0866.
Have a wonderful week,
The Smith Team
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Maui-based developer Betsill Brothers put over 650 acres of land on Maui for sale this week. The portfolio was valued in recent appraisals to be worth over $54.6 million dollars. The total list price of all the parcels is approximately $27.3 million. This represents a steep discount Betsill Brothers will be taking in order to relieve their debt load. The parcels are located throughout Maui including several large plots of land in Waihee as well as land in Kihei.
Here’s the article from Pacific Business News.
There are some great vacant land finds on Maui. If you are searching for the perfect plot of land, please give us a call at (808)572-0866. We look forward to helping you find what you’re looking for.
Have a great day,
The Smith Team
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There seems to be enough bad news being disseminated these days that when we see some good news, we like to tell you about it, so here goes.
William C. Wheaton, professor of economics at Massachusetts Institute of Technology, argues that the housing market is due for improvement, calling home construction, “a sleeping giant that is about to wake up.”
Wheaton believes that because there has been so little construction that demand exceeds the level of building and it will soon absorb excess inventory.
“Housing construction will not only rise, but it will stay high for a while, which didn’t happen in previous recoveries,” Wheaton predicts.
Now that is the kind of news we like to report.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. A few weeks ago we wrote about a new company that had formed, Co-Ownership Solutions, that matches up buyers and sellers who want to purchase or sell a 50% interest or sometimes less in a property. The premise is simple. Why pay 100% of the expenses for a property that you will are using less than 50% of the time? In our $1+ Million category is a home in Kapalua Plantation that is a good example of a property that is available for co-ownership. Please let us know if you have any interest in this concept. It applies not only to multi-million homes but also to homes and condos in the under $1 Million category as well.
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What the Mortgagor Needs to Know
As a mortgagor facing possible foreclosure you are probably feeling a lot of pressure. The stress of losing a home through foreclosure is also usually compounded by a variety of other life stresses and therefore can be an extremely difficult time in your life. Indeed, it’s important to understand that although you may be looking at foreclosure, you have some rights.
First of all, you have until 3 days before the sale to prevent default by paying the debt and other costs associated with foreclosure. Hawaii foreclosure law attempts to protect the borrower by ensuring that you receive ample notice about an impending foreclosure. Even when a power of sale clause exists, the bank must give you what constitutes a minimum of 4 weeks notice before they can attempt to auction your property.
More importantly, when your lender has provided you with a notice of intent to foreclose, you are free to sell your property on your own. In many cases of foreclosure, the mortgagor often gets less than the value of the property. By selling your property before foreclosure, you are more likely to get a fair price.
What the Foreclosure Home Buyer Needs to Know
Foreclosure home buyers need to understand that the process is fraught with loopholes and these sales are rarely straightforward. Nevertheless, when you purchase a foreclosed property, you often save a great deal of money.
Still, home buyers who are interested in foreclosure properties must often accept a property without having seen it and you must also accept that other parties are going to be interested in bidding on the property. Non-judicial foreclosures are usually more straightforward for home buyers as with judicial foreclosures bidding doesn’t stop until a court confirms sale. This means you may win the auction and still lose the property in the end.
The timeline for foreclosure sales is usually around 60 to 90 days but depending on the property and the legal matters involved a foreclosure sale can take up to a year to finalize. Legal complications with foreclosure sales are simply a part of the process and you must be prepared and patient when you’re shopping for foreclosure properties.
Nevertheless, foreclosure properties are fairly common throughout Maui because of the current economic climate and you may find a great deal on a beautiful property if you follow the foreclosure route.
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U.S. new home sales posted their biggest monthly gain in eight years in June (Up 11% from May), suggesting the housing market may be starting to recover from its worst slump since the Great Depression of the 1930s. Despite the large increase, sales levels are still much lower than a year ago and prices are still declining in most areas of the Country. Read more.
One of the factors leading to the increase in sales is the “Homebuyer’s Tax Credit” of up to $8000. If you or your spouse have not owned a home within the last 3 years, you may be eligible for this credit provided you meet certain income requirements and the home will be occupied as your principal residence. You must close on your purchase by December 1, 2009 in order to be eligible for this tax credit, so time is running is out. Read more.
In addition to the Homebuyer’s Tax Credit, foreclosures are also a major factor stimulating sales. Receive a current list of all Bank Owned properties on Mau when you sign up for our weekly Newsletter.
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