Foreclosures down 66% under new state law

By Andrew Gomes
Article from: Star-Advertiser

A 6-month-old Hawaii law continued to constrain the flow of foreclosures statewide in October, as a relative trickle of cases were initiated mainly through Circuit Court instead of a nonjudicial process through which most cases had been pouring prior to the law’s enactment.

Real estate research firm RealtyTrac counted 427 Hawaii foreclosure filings last month, which was 66 percent fewer than 1,271 filings in October 2010.

Last month’s count was the highest since the new law took effect May 5, but not by much. There were 414 cases in September, 413 in August, 390 in July and 344 in June.

The law initially prohibited lenders from proceeding with nonjudicial foreclosure against owner-occupants until a mediation program was available to borrowers. That program launched Oct. 3, but lenders as of Wednesday had yet to use the new nonjudicial process administered by the state Department of Commerce and Consumer Affairs.

The new nonjudicial procedure forces lenders to participate in a mediation program with qualified borrowers if borrowers so choose. Qualified borrowers are mainly homeowners who have resided in their homes for a minimum 200 days. Excluded from mediation are foreclosures brought by homeowner associations or brought against investors.

Local attorneys representing lenders say the law is flawed and that the new nonjudicial process won’t be used because it provides for punitive penalties for even the most minor infractions.

The result has been more lenders — but not an overwhelming number — pursuing foreclosures in state court.

According to the state Judiciary, 338 new foreclosure cases were filed in court last month, about triple the 108 cases filed a year earlier. Judicial cases have roughly been between 200 and 300 per month since June, up from closer to 100 in the same months last year.

Historically, nonjudicial foreclosures represented an estimated 90 percent of foreclosures in Hawaii because they were faster and cheaper.

The Judiciary counts new cases filed. RealtyTrac counts new case filings as well as auction notices and lender repossessions. But because RealtyTrac collects its data from a variety of sources, it appears to undercount new judicial cases.

Under RealtyTrac’s methodology, 31 other states had higher, or worse, foreclosure rates than Hawaii, which had 1 filing for every 1,208 homes.

The national rate was one filing for every 563 homes. Nevada had the worst rate at 1 foreclosure filing per 180 homes. Vermont had the best rate based on 1 filing per 12,570 homes.

The year-over-year decline in foreclosure filings for Hawaii has conformed with a trend nationally that has existed for about a year after major national lenders were forced to review and revise the way they were processing cases and handling documents. James Saccacio, RealtyTrac’s chief executive officer, added that state law changes and court rulings also have upset the pace of foreclosures.

In Hawaii, there is a push for the Legislature to amend the law next year to make it more palatable to lenders while still protecting homeowners. A task force representing the mortgage industry and consumers is expected to release recommendations to the Legislature on ways to improve the foreclosure law by the end of the year.

Maryland tops Hawaii for millionaires

By Star-Advertiser staff
Article from: Star-Advertiser

You’re slightly more likely to meet a millionaire in Maryland than Hawaii, according to Phoenix Marketing International, a global marketing services firm.

The company issued its annual Global Wealth Monitor report that tracks affluent and high net worth households in the U.S., Canada and Europe.

The reports shows that about 7.22 percent of Maryland’s households are millionaires, compared to Hawaii’s 7.21 percent. Hawaii had led the rankings since 2008. Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate).

Rounding out the top ten states in millionaires per population are New Jersey (7.19 percent), Connecticut (7.13 percent), Massachusetts (6.41 percent), Alaska (6.39 percent), Virginia (6.26 percent), New Hampshire (6.06 percent), California (6.01 percent), and the District of Columbia (5.88 percent).

“A few things are noteworthy from this year’s millionaire rankings,” said David Thompson, Managing Director of the Phoenix Global Wealth Monitor said in a news release. “First, this is the closest it’s ever been between the top two states. Second, all of the top ten states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer.”

Phoenix computes its data on the size of affluent and high net worth U.S. households on a mid-year to mid-year basis. As of the end of June, 2011, Phoenix estimates that the number of millionaires in the U.S. grew by 6.9 percent from the previous year, numbering some 5.9 million households.

Restaurant Week Wailea Returns

November 6 – 12, 2011

Back by popular demand, Wailea Resort is proud to announce the return of its very successful dinner promotion, “Restaurant Week Wailea”. This celebration of Wailea’s finest cuisine will take place at 16 participating resort restaurants throughout Wailea starting Sunday, November 6th, through Saturday, November 12th.

Wailea Resort has long been known for its award winning culinary talent, delectable restaurants and celebrity chefs; and have once again created some remarkable three course, pre-fixe menus for just $29*, $39* or $49* per person (*depending on the restaurant – beverages, tax and gratuity not included). Some restaurants have enhanced this promotion, by creating wine pairings to enjoy with your meal, at a very special price

“Restaurant Week Wailea continues to be a popular promotion for the restaurants and diners”, said Bud Pikrone, General Manager, Wailea Community Association. “Earlier this year in May, over $4,800 was raised from Restaurant Week Wailea for the Maui Food Bank and having it again this November is perfect timing to raise more money for the Maui Food Bank as the Holidays approach” said Pikrone.

Each participating restaurant has agreed to make a contribution to the Maui Food Bank for every pre-fixe entrée sold during Restaurant Week Wailea, as part of the resorts community giving.

This pre-fixe menu is not valid with any other discount, coupons or promotion being offered at participating restaurants. Diners may contact each restaurant direct for reservations, as advance reservations are strongly recommended or visit http://www.opentable.com for select restaurants* which offer online dinner reservations.

No tickets, passes or coupons needed ~ simply make your reservations and enjoy!

16 Wailea Resort restaurants are participating:

Capische?* (Hotel Wailea) (808) 879-2224
DUO Steak and Seafood (Four Seasons) (808) 874-8000
Gannon’s (Wailea Gold & Emerald Course) (808) 875-8080
Humuhumunukunukuapua’a (Grand Wailea) (808) 875-1234
Joe’s in Wailea (Wailea Tennis Club) (808) 875-7767
KAI Wailea (808) 875-1955
Kō* (Fairmont Kea Lani) (808) 875-4100
Longhi’s* (The Shops at Wailea) (808) 891-8883
Mala Wailea* (Wailea Marriott) (808) 875-9394
Matteo’s (808) 874-1234
Monkeypod Kitchen by Merriman (808) 891-2322
Mulligan’s on the Blue (Wailea Blue Course) (808) 874-1131
Nick’s Fishmarket Maui* (Fairmont Kea Lani) (808) 879-7224
Pita Paradise Bistro Wailea (808) 879-7177
Ruth’s Chris Steak House* (The Shops at Wailea) (808) 874-8880
Tommy Bahamas* (The Shops at Wailea) (808) 875-9983

OR visit http://www.opentable.com to book reservations with participating restaurants*

* Participating restaurant offers online reservations through OpenTable.com. Reservations are free and confirmed instantly 24 hours a day. No phone calls, no waiting.

***Information courtesy of the Wailea Community Association

Maui Condo Council Annual Meeting, Building Trade Show

By Sonia Isotov
Article from: Mauinow.com

On November 10th, condominium managers, unit owners, property management firms, and building and construction professionals will all gather for the 4th Annual Seminar and Trade Show of the Condominium Council of Maui (CCM).

The theme of this year’s meeting is “Old Buildings-New Solutions: What Associations Need to Know” and the seminar portion of the meeting will run from 9 a.m. to 1 p.m. at the King Kamehameha Golf Club above Waikapu.

Alongside the seminar, a vendor’s trade show will run from 8:10 a.m. to 2 p.m. Lunch is provided.

Guest speakers include: Colin Murphy, Trinity; Rick Tanner, The Whaler at Kaanapali, Robert Barrett, Coastal Windows; and Christian Porter, Esq. and CCM Moderator, and others.

Seminar topics will include: engineering, architectural, plumbing, windows, insurance, finance, and more. Attendees will hear about some of the pit-falls of local association renovation projects, and how to protect, preserve and enhance property assets now. A question and answer period will be made available.

For more information, go to the Maui Condominium Council website.

Wailea Food & Wine Celebration
Annual Hui No‘eau benefit for arts education

Article from: The Maui Weekly

Join the Maui arts community and honorary chairs Jack and Carolyn Schaefer Gray for Hui No’eau Visual Arts Center’s fifth annual Wailea benefit in support of community arts education.

Upcountry-based Hui No’eau welcomes your participation in this year’s Wailea Food & Wine Celebration, a relaxing evening featuring Maui’s top chefs and vintners, a fine art and fine dining auction, entertainment, and the joyful company of artists and friends. The event, Li’ula i Wailea – Twilight at Wailea, will take place on Friday, Nov. 18, at Hotel Wailea, from 5:30 to 8:30 p.m.

Held in the hotel’s elegant Anuhea Room overlooking the koi pond and beautiful hotel grounds, guests will sample exceptional wines provided by Chambers & Chambers Wine Merchants and taste the best in Maui cuisine from the finest local restaurants and chefs. Enjoy great company and a relaxed atmosphere for a worthy cause.

Returning vintners from Grgich Hills Estate, Jordan Winery, Justin Vineyards & Winery and Shafer Vineyards will be joined by this year’s participating vintners from Peter Michael Winery, Pahlmeyer, Paul Hobbs Winery, Ramey Wine Cellars, Bergstrom Winery, Turley Wine Cellars and many more!

More than a beverage, wine is a work of art, capable of ever-changing complexity and beauty.

According to this esteemed group of vintners, wine tasting requires patience, awareness and practice. The act of “tasting” wine calls upon a range of considerations including sweetness, acid, tannin, body, flavor and finish. When paired with the incredible culinary creations of participating master chefs, the experience of tasting becomes an art form-and you’re the artist.

A veritable playground for foodies, this premier epicurean event will feature culinary creations from Maui’s top restaurants and chefs, each serving up a more ambitious dish than the next out of their makeshift booth-side kitchens.

With chefs from Capische?, five Palms Restaurant, MCC Culinary Academy and Spago Maui, Cuatro, Three’s Bar & Grill, Maui Culinary Academy and more, this year’s event promises food and wine of the highest caliber.

Guests will also have the opportunity to bid on fine art and fine-dining auction items, as well as tickets to an elegant four-course dinner catered by executive chef Jennifer Evetushick of Hali’imaile General Store and wine pairing by Chambers & Chambers for 18 at the hui’s historic Kaluanui Estate.

“This is the time to experiment and really come in with an open palate,” said Charles Fredy, advanced sommelier and certified specialist of wine at Chambers & Chambers Wine Merchants. “If you don’t like it, move on. Ask lots of questions and take advantage of the experts. Tell them what you’re about to eat and ask what they might pair it with. You will be so surprised with what you come away with.”

Tickets are $150, ($100 of which is tax deductible). Purchase tickets by Friday, Nov. 4, for a chance to win Ripeness Begins Corrupting Every Tree by Brad Brown, valued at $500.

Visit http://www.huinoeau.com to purchase tickets or call 572-6560