Here is the latest schedule for the Wailea Renaissance demolition

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Here is the latest schedule for the Wailea Renaissance demolition

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The NAR released its Pending Home Sales Index for July today and the news was not good.

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Eight Wailea units sold in August compared to ten in August of 2006. Four oceanfront complex units sold, three in Wailea Beach Villas. Those oceanfront units obtained a median sale price of $3.875 million and a per square foot average of $1824, both up considerably from August last year. Four mountainside complex units also sold, obtaining a median sale price of $948,000 and a per square foot average of $908. Again, both numbers were up considerably from last August. Sellers obtained an average sale price of 86% of their original asking price and 91% of their last asking price. While one should not draw firm conclusions from only one month’s data, we note that the discounts sellers agreed to indicates buyers continued to control this market in June and July when contracts were signed and further that these results were not impacted by the mess in the mortgage markets that occurred in August.

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The Economist magazine has released a special report on the turmoil affecting the financial markets and the US real estate market generally. You can read the whole report (42 pages) here. Here is the guts of it:

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We all knew it was coming and now it is here. A Canadian condominium developer seeking to build two projects in the Kamaole area has filed a suit in Federal Court challenging Maui's "Workforce Residential Housing Policy."

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