February's tourism numbers were released today by the Department of Business, Economic Development and Tourism. Here are the key results:

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Amidst all the Cassandra cries of the death of the real estate market nationally, those who look carefully are seeing early signs for optimism. 1) Already housing prices have dropped enough that the historical relationship between median incomes and median housing prices has been restore in many markets; 2) For the first time in seven months the number of monthly sales increased on a year-over-year basis in February; 3) The Federal Reserve has maintained an aggressive approach towards liquidity and interest rates and 4) Several funds are being organized to invest in troubled mortgages.

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In Alexander and Bladwin's latest SEC filing, the 8-K dated March 7 there were some interesting nuggets regarding Maui real estate. In Kahului, A&B is pursuing the Haile Maile subdivision, which will consist of 100-200 lot residential subdivision, a 103 residential condominium project  with 20,000 square feet of commercial space in Kahului and the redevelopment of the Kahului Town Center which will involve  440 residential condominiums and 240,000 square feet of commercial space. They are also expecting a Maui County Council vote on the second Phase of the Maui Business park in Kahului this year.

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The Leading Edge Marketing System strikes again! Na Hale O Makena unit B-302, a two-bedroom unit, unfurnished and listed for $1.975 million has gone into escrow. 

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Standard and Poor's has released their latest Case-Shiller index and the headlines don't tell the whole story. Here is the lede:
 
Data through January 2008, released today by Standard & Poor's for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show declines in the prices of existing single family homes across the United States continued into the new year, with 16 of the 20 reporting MSAs posting record low annual declines, of which 10 are in double-digits. 
 
Now this is true as far as it goes, and some markets that can impact Maui Real Estate like San Diego, San Fransisco and Las Vegas have all taken severe beatings in the last year. But markets like Denver, Portland and Seattle have been more or less flat over the same period. In addition, Canadian buyers have become increasingly important to Maui and are likely to remain so. 
 
For more details, contact us.

We are pleased to announce that our listing at 6980 Makena Road, an oceanfront home listed for $6.385 million is now under contract to be sold. The Leading Edge Marketing System continues to produce results in difficult markets.

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This New York Times article discusses the phenomenon of potential buyers bringing friends or relatives back for help with second showings.

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The University of Hawaii Economic Research Organization (UHERO) has released its latest economic research. Here arer some key snippets:

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We are pleased to announce the listing of Hale Lae at 7640 Makena Road.. Few places on earth can match the splendor of the Makena coastline. The waves lapping against the lava rock, the ever-shifting colors of the Pacific and Makena's natural solitude combine to create an extraordinary opportunity for relaxation and reflection. Within Makena, the Ahihi-Kinau Nature Reserve encompasses all the shoreline from Ahihi Bay to La Perouse Bay and is home to dolphins, turtles, whales and numerous hiking trails and fishing spots.Hale Lae sits on a private promontory within the reserve, behind a lava rock wall and security gates  and is surrounded on three sides by the Pacific Ocean which colors bursts upon one when entering the front door.. By opening the sliding doors on both the upper and lower floors, one brings the outside inside and creates a dramatic 270 degree vista that includes Kao'holawe, Molikini, Lanai and yet no other homes. Hale Lae in this configuration provides the feeling of a return to the Polynesia of yesteryear when things were simpler and mankind closer to nature. Yet from that peaceful feeling arises a hideaway built of luxury materials including Redwood, Ipe, Mahogany and limestone which is full of current conveniences. The granite and marble counters compliment the state of the art appliances including a La Cornue Gas Range and Sub Zero refrigeration. High speed Internet access, satellite television and a full security system provide a complete twenty-first century experience. More details and a virtual tour is available at www.7640makenaroad.com.  

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The Federal Reserve Board of Governors has announced a reduction of 75 basis points in the overnight lending rate.

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