Baccarat Wailea, the new project to be built on the site of the Renaissance Wailea Hotel, had there opening day of accepting sales contracts last week. Of the one hundred units offered (of the 193 in the project), they received contracts on approximately forty units. This project would likely have been fully subscribed six months ago. For more information, contact us.

Preliminary statistics released Thursday showed visitor arrivals to Maui were up 1.5 percent in June, but spending for the month was down 10.1 percent. For the first six months of 2007, arrivals were up 1.6 percent to 1.2 million, but spending was down 3.4 percent to $1.68 billion, compared to $1.74 billion in 2006.

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It has been a very busy and volatile week in the financial markets and we wanted to provide some rudimentary idea of what is going on and why. Here is a very short synopsis.

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Another ugly housing report:

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Several trends in the last week are outlined by Morgan Stanley here.

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This oughtta be fun!

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In the first half of 2007, oceanfront complexes saw a wide range of results. That is not surprising given the relatively few sales per complex. In oceanfront complexes sellers obtained an average of 97% of their original asking price. Int he chart below, the percentage change is compared to full year 2006 results. For more information, contact us!
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In the first half of 2007, condominium sales volume ran about flat to 2006's pace. Oceanfront complexes represented just over half of all units sold. Overall prices declined by 12% from 2006 levels but per square foot prices actually increased by 14%. Oceanfront values declined as no Wailea Point units sold, but per square foot values rose 2%. Mountainside complexes were just about flat in the aggregate. For more information, contact us!
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In the first half of the year, Maui's oceanfront saw eleven homes and two vacant parcels of land close. Sales had no particular geographic concentration. Trophy properties received trophy treatment. Over fifty oceanfront homes remain for sale. here is a chart reflecting total dollar volume and per square foot prices. It shows the average per square foot price is up 43% from 2006 levels. It isn't true. Are values up? yes. 43%? No way. For more data, contact us! 
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The National Association of Home Builders released their monthly survey today:

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