Hawaii Foreclosures Down by 25 Percent

Between February and January, Hawaii foreclosures fell by a full 25 percent. The rate of foreclosure was one out of every 528 households in February, which meant a drop from the 11th to the 14th in the nation for foreclosure filings between these two months alone.

National foreclosure filings dropped as well, but only by a total of 2 percent from January. This figure was still six percent higher than February of last year, however.

As the famous saying goes, there's no bell that rings when the market hits the bottom, but since foreclosure rates are slowing down, this is a great time to take advantage of incredibly low prices. Maui had a lot of home and condo sales last month, with prices still falling. They won't keep falling for long if the number of sales keeps up and foreclosure filings continue to drop. Analysts believe that home prices won't really begin to rise again until REO and foreclosure inventories are sold. Since foreclosure rates are slowing, the recovery may not be far off.

The bottom line is that if you have been waiting to find the most affordable Maui home possible, it looks like now may be the best time to buy. Considering the recent jump in Maui home and condo sales, many buyers have come to the same conclusion. Also, tax credits for home buyers are slated to expire at the end of April, so the window of opportunity to take advantage of that is narrowing quickly, unless we happen to see another extension.

Let us know if you are in need of any real estate assistance whether you are looking for anything from Maui home sales to Lanai condominiums to Molokai vacant land. Also, if you have any questions regarding some of the incredible opportunities in Maui REO sales, please contact us! We look forward to helping you find you Maui dream home. You will find our contact information at the bottom of the page. Mahalo for reading this week!

Maui's Fairmont Kea Lani in Top Ten for Romantic Getaways

Travelocity reported Maui's Fairmont Kea Lani as one of its top nine hotels for a romantic getaway. This is pretty exciting news for Maui, as it is yet another little bit of evidence to lend testimony to how great our island is. Maui has its excellent reputation for a reason. The consistency of the praise that it receives from various sources should definitely tell you something! 

According to Travelocity, the Kea Lani is an "elegant, sunset-facing resort with gorgeous pools, romantic restaurants (try candlelit dining under the stars), and a beach where you just might see a sea turtle while you swim." They also praise the hotel for the private pools offered by its villas. 

On a side note - the Kea Lani's high rank, along with all the other hotels on the list, were decided by the female staff at Travelocity. So, what do women want? To stay at the Kea Lani, apparently!

With Valentine's Day fast approaching, the island is looking forward to a nice economic boost thanks to anticipated visitors looking to spend the most romantic holiday in one of the most romantic places in the world.

Hopefully, Maui will attract a healthy number of visitors this month. After all, most of us were just visiting before we decided to move to Maui permanently and buy ourselves a lovely Maui home.

This month, I recommend a look at luxury homes for sale in Wailea as well as Lanai Condo Sales. Kapalua home sales include some incredible buys. If you have any questions, you can reach us at (808) 661-1800 or send an email to barry@barrybrownmaui.com. We'll be happy to assist you with all your Maui real estate needs.

Maui Surf is Up

Maui isn't just swaying palm trees, warm weather and tranquil ocean (although there is no shortage of that). The North Shore of the island is home to the world famous Pe'ahi, popularly known as Jaws where waves can break as high as 40-50 feet. Ho'okipa is a popular surf spot for impressive waves that are a lot more manageable. It seems there are always at least a few intrepid surfers there, no matter the conditions. Those that aren't in the water are usually watching from the shore or the convenient lookout point on the cliff above the eastern side of the beach.

Maui's north shore ocean rings in the new year with some of the best surf seen in around ten years. Jaws was boasting some of its biggest waves and the rest of the north shore drew crowds as well.

Right now, there is a high surf advisory for waves between 8-12 feet.  Now for those of you who love the placid south and west Maui shores, don't worry. Waves there are cresting at 1-3 feet and if you like really flat water, you can go early in the morning when it is usually at its calmest.

The high surf of the north shore is expected to continue later this week when a swell from a north pacific storm is expected to arrive. The waves should warrant more high-surf advisories for the swell's duration. Considering that Maui surf is so impressive and such a big part of the culture, it's worth experiencing whether you are visiting, living here or thinking about moving to Maui.

This month, I recommend a look at Molokai condos for sale as well as Lahaina condos and Kapalua resort condos. If you have any questions, you can reach us at (808) 661-1800 or send an email to barry@barrybrownmaui.com. We'll be happy to assist you with all your Maui real estate needs.

Hawaii Tourism Officials Plan Media "Blitzes"

Hawaii tourism officials are planning six media blitzes in 2010 to stimulate tourism. The idea is to implement a carefully coordinated plan involving advertising, marketing, public relations, promotions, and travel trade and sales campaigns.

Unveiled last Friday at the Hawaii Visitors Bureau's annual marketing plan meeting, the strategy was developed by the Hawaii Visitors and Convention Bureau which is the Hawaii Tourism Authority's chief marketing agency.

The goal is to increase visits as well as spending, and several cities have been selected as targets of this aggressive marketing strategy. The following cities will be targeted in each of the following months: Seattle in January, LA in February, San Francisco in March, LA again in June, Seattle again in September and Chicago in October.

Visits from the U.S. West Coast are only down 2.2 percent, according to October statistics. This is good news, seeing as that region makes up Hawaii's single largest visitor market.

Past campaigns have ranged between $800,000 and $3 million, not including outside financial support. The price tag for this plan hasn't been disclosed, however. Signs of positive change are expected in the second half of 2010.

Seeing as Hawaii's economy depends so much on tourism, growth in that industry will infuse residents with renewed prosperity. Consequently, the real estate market should adjust in a positive direction as well, once things stabilize.

Please call us if you have any questions about Maui or Molokai real estate. You can reach us at (808) 661-1800 or send an email to barry@barrybrownmaui.com. Not sure where to start looking for Maui real estate? Consider browsing through some beautiful luxury Wailea homes or perhaps peruse an assortment of lovely Kapalua Resort condos. Our main page includes my featured Maui properties and Molokai properties. As for Molokai real estate, I recommend a look at Molokai condo sales. Thanks for reading!

Existing Home Sales Continue to Rise Nationally

New home sales are lagging because home builders are slowing construction in order to drive down inventory. The ongoing credit crunch for construction loans is also responsible for this lag.

The good news is that existing home sales are still on the rise as of September, for the eight consecutive month. This is the longest such streak since 2001.

According to the National Association of Realtors' (NAR) index of pending sales, existing home sales are up 6.1 percent in September. Pending sales are up 21.2 percent from the same time last year which is the largest annual increase on record.

Of course, many people point to the first-time buyer's tax credit as the reason for the rush, including NAR chief economist Lawrence Yun. This is probably a very valid factor, seeing as the credit is slated to expire at the end of the month.

The sale of new homes fell 3.6 percent in September but existing home sales jumped 9.4 percent which was a two-year high. New home sales were down about 8 percent since the same time last year.

This month, I recommend a look at luxury homes for sale in Wailea as well as Lanai Condo Sales. Kapalua home sales include some incredible buys. If you have any questions, you can reach us at (808) 661-1800 or send an email to barry@barrybrownmaui.com. We'll be happy to assist you with all your Maui real estate needs.