February's tourism numbers were released today by the Department of Business, Economic Development and Tourism. Here are the key results:

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Amidst all the Cassandra cries of the death of the real estate market nationally, those who look carefully are seeing early signs for optimism. 1) Already housing prices have dropped enough that the historical relationship between median incomes and median housing prices has been restore in many markets; 2) For the first time in seven months the number of monthly sales increased on a year-over-year basis in February; 3) The Federal Reserve has maintained an aggressive approach towards liquidity and interest rates and 4) Several funds are being organized to invest in troubled mortgages.

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In today's Wall Street Journal, Rachel Koning Beals hits the nail on the head in examining the home sale business. Although her market is Chicago, a great deal of the article applies to Maui Real Estate. Here are some snippets:

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In Alexander and Bladwin's latest SEC filing, the 8-K dated March 7 there were some interesting nuggets regarding Maui real estate. In Kahului, A&B is pursuing the Haile Maile subdivision, which will consist of 100-200 lot residential subdivision, a 103 residential condominium project  with 20,000 square feet of commercial space in Kahului and the redevelopment of the Kahului Town Center which will involve  440 residential condominiums and 240,000 square feet of commercial space. They are also expecting a Maui County Council vote on the second Phase of the Maui Business park in Kahului this year.

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The Leading Edge Marketing System strikes again! Na Hale O Makena unit B-302, a two-bedroom unit, unfurnished and listed for $1.975 million has gone into escrow. 

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Standard and Poor's has released their latest Case-Shiller index and the headlines don't tell the whole story. Here is the lede:
 
Data through January 2008, released today by Standard & Poor's for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show declines in the prices of existing single family homes across the United States continued into the new year, with 16 of the 20 reporting MSAs posting record low annual declines, of which 10 are in double-digits. 
 
Now this is true as far as it goes, and some markets that can impact Maui Real Estate like San Diego, San Fransisco and Las Vegas have all taken severe beatings in the last year. But markets like Denver, Portland and Seattle have been more or less flat over the same period. In addition, Canadian buyers have become increasingly important to Maui and are likely to remain so. 
 
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We are always being asked about the best deals in the area. Well we aren't going to spill our best thoughts on the Internet for our competition to steal them, but here are some hints. The best oceanfront condominium value is just under $3 million in a premier complex with extraordinary views. The best Mauka condominium value at the entry level is a particular one-bedroom unit in a vacation rental complex. The best Mauka value at the upper end is an exceptional 3-bedroom unit with killer ocean views for just over $3 million. The best oceanfront residential value is a lovely home in Makena. The best Mauka residential value is in Wailea Golf Estates.
 
For details, contact us!

We are pleased to announce that our listing at 6980 Makena Road, an oceanfront home listed for $6.385 million is now under contract to be sold. The Leading Edge Marketing System continues to produce results in difficult markets.

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The National Association of Realtors has released its February numbers.

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Today's Wall Street Journal is arguing the following is happening:

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