The Fed has reduced its expectations for the US economy in 2008:

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The magnificent Maui oceanfront continues to see activity heading into the high season. Three homes have gone into escrow, two on the north shore and a cottage in Makena. The North Shore properties both anticipate unusually long closings. That leaves 55 oceanfront residences for sale. Of those the most recent listing is #5 Makena Place. That is a 4155 square foot gem in immaculate condition with four bedrooms and a 16,000 square foot lot. That is listed for $14.9 million. For more information, contact us!

As you know, Bank of Hawaii's Chief Economist Paul Brewbaker is one of our favorite economic analysts. His quarterly report on Hawaii is out and here are his key findings: 

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Maui Circuit Judge Joseph Cardoza today lifted a court injunction that has kept the high-speed ferry from operating to Maui since Aug. 27. The judge ruled this afternoon, after hearing arguments from state Attorney General Mark Bennett and Wailuku attorney Isaac Hall, who is representing three groups pushing for an environmental review before the ferry can resume service. Hawaii Superferry President and CEO John Garibaldi, who is attending the hearing, told The Advertiser today that if the injunction is lifted, the company would announce a startup date by week's end.

In the last week two oceanfront properties have gone into escrow. 27 Holo Place in Sprecklesville is a 4000 square foot, thoroughly remodeled home with 175 feet of ocean frontage. It was originally listed for $7.95 million, was reduced to $6.5 million and has been on the market for well over a year. 2175 Hana Highway in Haiku, overlooking Maliko Gulch, has also gone into escrow. This five year old house is on 1.35 acres and is immaculate. It had originally been listed for $5.5 million, is now listed for $3.975 million and had also been on the market for well over a year. That leaves just over 50 oceanfront homes for sale on Maui.

The NAR today released their monthly pending sales report. Here are some key snippets:

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In Indymac Bancorp's third quarter review, they included a graph showing projections for the national housing prices. Read this chart carefully, it measures the rate of change in prices, not absolute price changes. So it shows that the worst price declines are yet to come and prices won't begin to rebound until 2009. What does this mean for Maui prices? Not much except in the mindset buyers bring to the market.
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The winter swells have begun arriving!

We will be announcing two exciting new listings here in the next week or so. The first will be a brand new home in Makena, large, private and stunning. Approximately 5000 square feet of interior living space including a separate cottage on almost an acre of land across the street from Big Beach. Twenty foot-ceilings, top of the line materials, pool and spa, an exceptional gourmet kitchen and a view of Molikini. That will be listed in the $6.5-$7 million range. The second might be the finest home ever to sell in Maui Meadows. Astounding 180 degree ocean views, a very quiet street, 3200 square feet of Wailea-quality construction, an infinity pool and spa and again a wonderful cottage. Three years old and immaculate.  That will be listed for between $3.2 and $3.5 million.

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Across Maui, there was only a single oceanfront sale. That property was a small home and cottage totalling 1500 square feet on a 17,000 sqaure foot lot on Halama Streeet in Kihei. That property fetched $4 million.

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