The numbers are in for Maui real estate sales, and we'll get to them in a minute, but first, the good news from congress. The first-time home-buyer tax credit has been extended to April 30th, 2010.
For those of you who aren't familiar, the Federal Government has extended a tax credit of $8K to those purchasing a home for the first time. New home owners are not the only ones benefiting, however. $6.5K is also being credited to current homeowners who are purchasing either a new or existing home until that deadline as well. The income limits have been increased to $125K for single buyers and $225K for married couples.
To find the perfect Maui property for you, feel free to use our online real estate search tool. Also, we recommend you take a look at our featured Maui properties. If you need any help with our website or your pursuit of great Maui real estate, please send an email to Mark mark@realestatemauihawaii.com or Lisa lisa@realestatemauihawaii.com. You can also call (866) 874-1942 toll free or Lisa's cell at (808) 283-7426. Thanks for reading and have a wonderful weekend!
A couple of weeks ago, we blogged about the development of Smart Grid technology which keeps track of and reduces energy consumption in homes. Smart Grid monitors peak energy consumption times and powers off appliances and other items powered by electricity during those times. Using electricity at peak hours is more expensive, so those who have Smart Grid technology installed in their homes should save money with it. Reducing energy consumption during peak hours also takes pressure off the grid, allowing more power from renewable sources to be used.
To find the perfect Maui property for you, feel free to use our online real estate search tool. Also, we recommend you take a look at our featured Maui properties. If you need any help with our website or your pursuit of great Maui real estate, please send an email to Mark mark@realestatemauihawaii.com or Lisa lisa@realestatemauihawaii.com. You can also call (866) 874-1942 toll free or Lisa's cell at (808) 283-7426. Thanks for reading and have a wonderful weekend!
General Electric recently announced that it will be testing its "smart grid" technology in the luxury resort community of Wailea.
What is smart grid? It's a new kind of power grid that saves energy by turning off household appliances when electricity is expensive. It also utilizes more wind and solar power than the norm. The goal is to have it reduce peak electricity by 15 percent as of 2012.
To find the perfect Maui property for you, feel free to use our online real estate search tool. Also, we recommend you take a look at our featured Maui properties. If you need any help with our website or your pursuit of great Maui real estate, please send an email to Mark mark@realestatemauihawaii.com or Lisa lisa@realestatemauihawaii.com. You can also call (866) 874-1942 toll free or Lisa's cell at (808) 283-7426. Thanks for reading and have a wonderful weekend!
The XTERRA triathalon race, including 600 international participants, will be held in Kihei on October 25th. Athletes from over twenty countries and forty states will gather at the Maui Prince Hotel where the race will begin and end. Their physical toughness will be challenged over terrain including sun, water, sand, kiawe, cactus and lava.
The participants have competed all season long for the right to run this 120-mile race. This is the XTERRA Global Tour's culminating event and it's no wonder Maui was chosen for it. Condé Nast Traveler magazine readers voted Maui "Best Island in the World" fourteen times.
According to the Brookings Institution's MetroMonitor report, Honolulu was in the top twenty strongest-performing metropolitan areas in this year's second quarter.
MetroMonitor has been watching the 100 largest metropolitan areas in the nation and reporting on a quarterly basis how well they are recovering. They rank based on percent change in employment and unemployment as well as the percent change in gross metropolitan product (GMP) and the percent change in housing prices.
The GMP is based on total value of goods and services produced within a metro area.
The Kihei Rotary Club has sponsored a sunset/full moon dinner cruise which will take place on October 3rd. Departing at 5:30p.m. and returning at 8p.m., the cruise will combine the romance of a full moon with the beauty of the Maui sunset and the fun of a BBQ.
The Hawaiian Serenaders will be performaing. This husband and wife duo includes Richard Tom and Mele Fong. Richard will play upright base and Mele will play the ukulele. The two of them will play both traditional Hawaiian music and popular songs from the Lurline boat days of the 30's and more. The Hauoli Hula Sisters will also perform.
Although it may seem like it at times, it's not all bad news out there. There have been a lot of foreclosures and job losses in the past year, but there has been a nationwide increase in existing home sales as well as an increased number of visitors to Maui in July. Here's a bit more good news. Honolulu's jobless rate was 6.9 percent in June but that number dropped to 6.1 in July.
So, many of those who lost their jobs in the capital city recently have found employment again. That is very good news indeed, especially considering the number of people that those gains account for.
Like plants? How about taking a relaxing break from the stresses of the week by stopping at the Maui Nui Botanical Gardens for a Native Hawaiian Plant Sale? It will be held on August 29th from 9am to 2pm.
Here is a list of some of the plants that will be for sale: Ohai, ‘ōhi‘a, Kalo, ‘ōhi‘a ‘ai, Kulu’i, Kupukupu, ‘Ilima, Mai’a, Ko’oloa’ula, Hibiscus species, and many more. Many native plant growers are to participate, so it should be a good Maui community experience.
Construction of new homes in the U.S. grew for three months in a row until July when it dipped by 1% to an annual rate of 581,000 properties according to the Commerce Department. This is evidence that the recovery of the housing market remains weak.
Prices also fell .9% since June and 6.8% in comparison to July last year. The fall in new home construction was led by apartments which dropped at an annual rate of 13%.
Many analysts have pointed to fear of job loss as an explanation why many people are putting off the purchase of a new home. Inability to get the loans needed for a home must also be a significant factor. With the nation's jobless rate up to 9.5% as of June, these concerns are no surprise.
As for Maui, condo sales levelled off in July with 69 sales as opposed to 63 sales in July of last year. The median price of a condo was $350,000 in July this year, which is 39% lower than last year's $575,000. Home prices were down 13% since July of last year, with only 57 sales in July of this year as opposed to 97 last year.
The Maui County Council's Economic Development, Agriculture and Recreation Committee unanimously voted to recommend passage of a bill to ban shark tour businesses in Maui County. Fortunately, no such businesses exist on Maui, so no one will be put out of business as a result of the ban.
The County has no jurisdiction over off-shore activities but the bill will regulate businesses operating on Maui by making it illegal to charge customers to enter the ocean to feed or attract sharks for viewing in Maui County. The consensus is to stop these businesses from developing like they have on Oahu.
As for the reasons behind the ban, there are both cultural and ecological concerns. Cultural concerns that have been raised include the fact that feeding sharks is offensive to Native Hawaiians. The mano is a sacred amakua, or guardian spirit, of the Hawaiian people. As a spiritual symbol, it is very much revered. Feeding the sharks for the purpose of entertainment and as a spectacle would be a great disrespect to the Native Hawaiian people, according to the council.
The ecological concerns center around the fact that feeding the sharks, pursuing them, or otherwise interfering with their natural habitat could change their behavior and therefore, the ecology of the ocean in places where they are present.
Council member Wayne Nishiki introduced this measure with the intent to prevent shark tour businesses from developing. The bill should come before the full County Council for the first reading on August 25th. Council member Sol Kahoohalahala expressed some concern that commercial activities are stressing ocean ecosystems by viewing them through an economic lense rather than an ecological one. There is a definite tendency to perceive value as it applies financially, but a healthy environment should be recognized as priceless.
The ban will also prevent the associated risks of close proximity with sharks, so it should be difficult to argue with the common sense behind it.
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