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Sean Crowley

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TVR UPDATE: Good News? Maybe, Kind of....

09-03-08
Sean Crowley

The Maui County Council has come to its senses...sort of...maybe:

The Maui County Council's Planning Committee reversed itself Tuesday and voted to allow bed-and-breakfasts to be located in agricultural districts...The package of bills still needs full council approval, but the Planning Committee voted 3-2 to support repealing the bed-and-breakfast ban on agricultural land...The Planning Committee previously broadened the definition of bed-and-breakfast operations to allow a property owner with two homes on a single lot to live in one house and rent out the other as a short-term vacation rental. The committee also voted to allow bed-and-breakfasts on rurally designated land.

We applaud this which is a step in the right direction. But it is only a step. This does not address other kinds of Maui real estate like along the oceanfront, nor have the politicians yet determined whether managers will be permitted or whether this only applies to those living on-site. We will keep you apprised.

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JULY HAWAII VISITOR STATISTICS

09-02-08
Sean Crowley

The DBEDT has released the visitor statistics for July and, as expected, they were dismal. Here are the key findings and their likely impact on Maui real estate:

  • Total visitors down 22% compared to July 2007;
  • Domestic arrivals down 23%;
  • International visitors down 14%;
  • Canadian arrivals up 10%;
  • Spending per person per day down 13%;

There is no positive spin that can be put on these numbers. They stink. While Canadian arrivals are up, spending is down. We expect August to be about the same.

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BREWBAKER SPEAKS: Chief Economist - Bank of Hawaii

08-29-08
Sean Crowley

We attended a talk given today by Paul Brewbaker, Chief Economist for Bank of Hawaii. Here is a summary of the key points of his presentation and thei likely impact on Maui real estate:

  • We are not nationally in a recession nor will we see one;
  • The financial crisis has peaked and is slowly resolving itself;
  • Hawaii, particularly the Big Island and Maui, has not seen airlines fill in the load capacity lost to ATA and Aloha and is unlikely to soon;
  • As Orange County real estate goes, so goes Maui real estate with a six month lag;
  • Residential construction has declined dramatically; and

  • The Chinese are coming, the Chinese are coming!

For details, contact us!

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WHAT RECESSION?

08-29-08
Sean Crowley

According to the Commerce Department:

Gross domestic product grew at a seasonally adjusted 3.3% annual rate during the second quarter, according to the Commerce Department, which originally put growth at a 1.9% pace. The revision, released Thursday, reflects new data showing that exports were even stronger than first estimated and that business inventories weren't depleted as much as thought earlier.

This is very good news. While it doesn't impact Maui real estate directly, this does disrupt the constant "sky is falling" rhetoric that comes out of the media and the national press. Anything that gets the general public to understand that for all the problem the economy faces, that the numbers say it is in reasonable shape is good news.

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TWO MORE TOM AND SEAN SOUTH MAUI CLOSINGS

08-28-08
Sean Crowley

We are pleased to announce the sale of 3387 Kuaua in Maui Meadows. This extraordinary property sold to sophisticated buyers along Maui's oceanfront. We are also pleased to announce the sale of 50 Hoohale in Kilohana Ridge. These transactions demonstrate the power of the Leading Edge Marketing System and the value of out proprietary market research. To see how these can work for you, contact us!

3387 Maui Meadows

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