PRESIDENT OF FEDERAL RESERVE BANK OF ST. LOUIS SPEECH
October 9th, 2007William Poole, President of that institution gave a presentation today to the Industrial Asset Management Council Convention today. Here are some key excerpts:
STATUS OF JUMBO MORTGAGE MARKET
October 8th, 2007Fannie Mae Chief Economist David Berson released his weekly commentary today. His key concern? The state of the Jumbo Mortgage market. In Hawaii, that means mortgages in excess of $625,000.
MORGAN STANLEY SPEAKS
October 8th, 2007Some of our favorite economists are those at Morgan Stanley. Today they released the following tidbits:
SUPERFERRY LAWSUIT CONTINUES
October 7th, 2007The Superferry should find out next week if it can continue operating while an environmental impact study is completed.
WAILEA BEACH VILLAS UPDATE
October 7th, 2007In the past few weeks Wailea Beach Villas has seen one closing, two condominiums go into escrow and seven remain on the market. Penthouse unit 106, a two-bedroom unit sold for $2.062 million and Penthouse units 212 and 512 have gone into escrow. Those are three-bedroom units listed at $3.588 million and $5.495 million respectively.
DISNEY COMING TO OAHU
October 3rd, 2007Disney will build a 21 acre, 800 unit resort at Ko Olina on Oahu. There are no plans for a theme park.
ANOTHER TOM AND SEAN LISTING
October 3rd, 2007We are pleased to announce the listing of Na Hale O Makena D-102. This 2200 square foot, three-bedroom luxury unit is located in Makena's quietest complex. Na Hale offers security gates, and on-site manager, a wonderful pool and spa, and concrete construction. This unit boasts granite counters, nine foot ceilings, travertine marble floors, Gaggenau appliances and designer furnishings. This unit is a remarkable value at $1.975 million. For a private showing, contact us!
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WAILEA UPDATE
October 3rd, 2007The demolition of the Renaissance has been pushed back until early 2008. A town meeting will be held in November to discuss this further. 2008 assessments have been announced as well.
WHAT IS IT ALL ABOUT?
October 3rd, 2007Over the past few weeks the housing and financial markets have seen numerous important announcements. In no order they include solid August retail sales, limited funding for large LBO's, Alan Greenspan predicting housing prices will decline "significantly," a record set by homebuilder Hovnanian, Bank of America, Citigroup and other Wall Street firms taking major earnings hits due to dislocation in the credit markets, increased foreclosure activity, record low homebuilder confidence, of course the larger than expected Fed rate cut, declining housing starts, terrible reports on sales prices for existing homes, slowing number of home sales and ten months of for sale inventory nationally and a stronger stock market and modestly rebounding credit markets.
WAILEA AND MAKENA CONDOMINIUM UPDATE
October 2nd, 2007In September only six condominiums sold in Wailea and Makena. While September is typically a slow month, that is still a weak number. Of the six, three were oceanfront complexes. The overall average per square foot price was a strong $1,153 and the median sale price was $1.34 million. But if you break down those figures, the mountainside complexes saw a weak $751 per square foot while the oceanfront obtained a robust $1,641. Seven more condominiums went into escrow including two at Wailea Beach Villas and at Wailea Point. Inventory for sale remains approximately where it has been with just over 130 units for sale.
