Conde Naste Names Maui 2010 Top Tourist Destination

  

Maui named tourists’ top stop — again

Island finishes first 16 times out of 20

Thank you to the Maui News for the following article:  
October 14, 2010 – By HARRY EAGAR Staff Writer
As usual, Maui was named Best Island in the World by the readers of Conde Nast Traveler magazine.

And as sometimes happens, but not always, its score was the best of any tourist destination, island or not: 90.7.

Occasionally, the Maldives outscores Maui, but not in 2010. Maldives scored 86.4, good for third behind Kauai (88.8) among all islands.

Lanai scored 80.8, sixth among Best Pacific Islands.

Maui has finished first 16 times out of 20 in the magazine’s Readers’ Choice Awards for Best Island in the World and has never finished lower than first among Pacific islands in the 20 years the readers have ranked islands. (The awards are in their 23rd year.)

“After a successful summer season, this is simply more wonderful news for Maui,” said Terryl Vencl, executive director of the Maui Visitors Bureau. “We are blessed with stunning natural beauty, world-class service, top-notch activities, excellent restaurants and myriad accommodation options.”

Mayor Charmaine Tavares said: “Our cherished host culture and the gracious aloha of our residents continue to make such awards possible.”

Besides Maui, Kauai and Lanai, the Big Island (83.5) and Oahu (83.3) finished in the Pacific top 10.

Other well-regarded islands were Bermuda (83.7), Kiawah, S.C., (83.0), and Mykonos and the Cyclades (78.0).

“Best City” category winners all scored well under Maui’s total: Sydney (86.1), San Francisco (84.3), Florence (84.6), Bangkok (82.9), Capetown (83.7) and Vancouver (82.4).

Maui hotels also swept the “Top Hawaii Resorts” list.

The Four Seasons at Wailea was first, and Hotel Hana-Maui and Honua Spa was second.

Four Seasons Hualalai was third, followed by Four Seasons Resort Lanai at Manele Bay; and Four Seasons Resort Lanai, The Lodge at Koele.

Maui properties ranked in the Top 20 were Fairmont Kea Lani, ninth; the Grand Wailea, 11th; Ritz-Carlton, Kapalua, 15th; and Hyatt Regency Maui Resort & Spa and Westin Maui Resort & Spa, tied for 20th along with Kauai Marriott and Beach Club.

More than 25,000 readers participated this year, and complete results will be published in the November 2010 issue, which arrives on newsstands later this month.

* Harry Eagar can be reached at heagar@mauinews.com

Maui September Market Statistics from RAM

Brief Maui Statistics Overview

September’s Sales Volume – Residential Sales came in at 63 homes sold, while Condo Sales rose to 96 units sold. Land sales came in at 6 lots.

September’s Median SALES prices – Home median prices slipped to $440,000 and Condo median prices rose slightly to $315,635. Land median price was $285,000.

Days on Market for Residential homes = 122 DOM, Condos = 130 DOM, Land = 150 DOM.

(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it can move this indicator upward, and vice versa. RAM’s Days on Market are calculated from List Date to Closing Date [not contract date]. As such, it includes approximately 60 days of escrow time.) Also – Short Sales transactions can often take 4-6 months to close thereby extending the marketplace’s average DOM.

 “Year to Date Sales” numbers only compare January – September 2010 to January – September 2009. Short timeframe (monthly) views do not necessarily reflect the longer timeframe trends. Better overview is available from these pages at the end of each year such as 2009’s Year End (Dec. 2009) available at: http://www.ramaui.com/UserFiles/File/Stats/All-December2009.pdf

Year to Date: Residential unit sales rose (+33%), average sold price = $779,769 (+10%), median price = $461,750 (-8%) and total dollar volume sold = $480,337,722 (+47%).

Condo unit sales increased (49%), average sold price = $683,797 (-9%), median price = $394,000 (-21%). Total Condo dollar volume sold = $624,307,096 (+36%).

Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales increased (+32%), average sold price = $502,608 (-63%), median price = $430,000 (-19%), Total dollar volume = $49,758,190 (-51%).

Also, total sales for previous 12 months: Residential = 844, Condo = 1,127, Land = 135.

Oct. 10, 2010 – Active/Pending/Contingent status inventory:

             Oct.   Sept.    Aug.   July    June    May    April    Mar.   Feb.    Jan.    Dec.   Nov.    Oct.

Homes 1,001   981      994     1,008   1,007   1,040   1,059   1,043   1,040   996     1,022  1,018    1,036

Condos 1,394  1,455   1,503   1,412   1,423   1,449   1,494   1,567   1,541  1,495   1,496  1,508    1,529

Land      601     620     604       601     591      579      585      568      561    522      585     592      603

Current Absorption Rate base on this month’s inventory divided by September Sales is:

Residential = 15.8 months, Condo = 14.5 months, Land = 100 months.

Maui News reports Maui's hotel occupancy up considerably in August

Maui’s hotel occupancy up considerably in August

-firm

Every other county also gained in visitors over steady summer

October 11, 2010 – By HARRY EAGAR, Staff Writer
Maui hotel occupancy bounded up by nearly 10 percentage points as the entire state enjoyed a “relatively strong summer,” according to the consulting firm Hospitality Advisors. 

Maui’s occupancy rate was 73.4 percent, not impressive for a normal August but much better than the 63.5 percent in August 2009, which was the depth of the downturn that began more than two years ago.

Operators kept prices stable at about $238 a night. The gain in business drove revenue per available room (RevPAR) up by $25 a night to $175.

Every county gained in occupancy and in RevPAR, but none nearly as much as Maui.

Oahu’s occupancy rate rose from 77.5 percent to 83.7 percent. Rack rates rose $5 to $154, and RevPAR rose almost $13 to $129.

Hawaii County operators cut prices a little – by $3 to $192 – which they have mostly resisted doing during this downturn. Occupancy improved slightly, from 56.3 percent last year to 60.6 percent this August. RevPAR rose $6 to $116.

Kauai operators, who also have generally resisted discounting, raised rates slightly, from $190 to $193, and saw their occupancy rate rise slightly, from 61.6 percent to 62.4 percent. RevPAR rose $3 to $120.

That gave a statewide August occupancy rate of 75.7 percent and a RevPAR of $137, an improvement of almost $14.

On Maui, gains were substantial in every price category but especially so in the midprice and economy categories. Economy rooms, charging $115 a night, zoomed from 47.4 percent occupancy to 66.1 percent.

Economy is relative in the survey conducted by Smith Travel Research for Hospitality Advisors. On Oahu, an economy hotel charges an average of $73 a night and $115 will almost get you an “upscale” room – those were going for $130 in August.

Economy rooms jumped in occupancy on Oahu, but not nearly as much as on Maui, from 73 percent to 81.8 percent. But there are many more economy rooms on Oahu, so relatively big percentage increases on Maui do not translate into very many room-nights sold.

Oahu has a category even cheaper than economy, budget, whose rooms went for an average $67 in August. Smith Travel does not consider that Maui has enough budget rooms to report.

“Waikiki in particular has had several sold-out periods during the summer,” said Joseph Toy, president of Hospitality Advisers. That is “something we haven’t seen in a long while.”

He added, “A lot of capacity remains in the market that will need to be absorbed before we can start to see real growth in room revenue. Still, the market is headed in the right direction.”

* Harry Eagar can be reached at heagar@mauinews.com.

Article from: October 11, 2010 Maui News

Happy Thanksgiving from our Ohana to yours

The Hansen Ohana would like to take this opportunity to extend our Warmest Alohas for a Happy and Healthy Thanksgiving to all of our Canadian family and friends!

BofA Halts foreclosures in all 50 U.S. States

BofA halts foreclosures in all 50 U.S. States

Article by Joe Rauch – 1 hr 25 mins ago from Yahoo.com

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp expanded on Friday its suspension of foreclosures to include all 50 U.S. states as anger grows at how lenders have prepared documents to support evictions. 

BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide moratorium on foreclosures.

Previously, like Ally Financial’s GMAC Mortgage and JPMorgan Chase, BofA had halted foreclosures in the 23 states that have judicial foreclosure proceedings.

The U.S. Senate Banking Committee announced on Friday it would hold a hearing November 16 into the foreclosure furor that includes disclosures that some big U.S. mortgage processors filed false affidavits in thousands of cases.

The nationwide Bank of America halt on foreclosures will take effect on Saturday and also includes sales of foreclosed property.

Bank of America spokesman Dan Frahm did not give a specific timeline for how long the halt will remain in place, but described the review as lasting for weeks, rather than months.

“We will stop foreclosure sales until our assessment has been satisfactorily completed,” he said. “Our ongoing assessment shows the basis for our past foreclosure decisions is accurate.”

Frahm said the company is reviewing its entire foreclosure process, but is focusing on the validation of signatures on foreclosure documents.

Critics, including prominent congressional leaders, contend that banks’ use of “robo-signers” and other automated processes is unfairly pushing residents out of their homes.

Bank of America will continue to track late payments and pursue delinquent borrowers but will stop short of foreclosure on those mortgages held on its books — about 20 percent of the home loans it services.

Frahm said the average foreclosed borrower has not made a payment in 18 months. He declined to disclose how many foreclosures would be affected by the move.

Spokesmen for JPMorgan and Wells Fargo & Co — two other major U.S. mortgage servicers — declined to comment.

On Thursday, U.S. President Barack Obama refused to sign proposed legislation that would have made it more difficult for homeowners to challenge documents in a foreclosure.

Senate Majority Leader Harry Reid called on Friday for other banks to join Bank of America in a nationwide foreclosure moratorium.

Reid, a Nevada Democrat facing a tough re-election campaign, called on Thursday for banks to suspend foreclosures in his state, one of the hardest hit by the housing crisis.

Bank of America became the largest U.S. mortgage servicer after purchasing Countrywide in 2008 at the height of the financial crisis.

At the time, California-based Countrywide was mired in high levels of soured subprime mortgages.

(Reporting by Joe Rauch; editing by John Wallace and Tim Dobbyn)

Article from: Yahoo.com