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We are all aware of the dislocation in the mortgage and financial markets. The question for Maui property owners is "what doe sit all mean?" Here is Morgan Stanley's take on what will take place. Some snippets:
Of what is transpiring in the financial markets can be read here. 10 questions answered.
Another difficult week in the financial and mortgage markets and the housing sector. The credit markets remain in a bad way as illustrated by KKR's losing $40 million in mortgage-backed securities, the complete lack of new issues in the high yield market, the Federal Reserve injecting $38 billion into the banking system and Goldman Sachs announcing significant losses in its Global Alpha investment fund. The most recent news today is that Countrywide Financial, the country's largest mortgage lender, is facing financial distress. While home prices were flat, unit sales continue to show weakness according to the latest NAR release. The index of homebuilder confidence plummetted again in August and is now near it all-time low.
The latest commercial space in Wailea, Wailea Gateway Center has broken ground. This 30,000 square foot space is located at the corner of the Piilani Highway and Wailea Ike at the entrance top the Wailea Resort. There will be a restaurant and office/retail space. From the brochure it looks as though they are accepting rental reservations.
We are pleased to announce the listing of Na Hale O Makena unit B-302. This wonderful two bedroom unit boasts over 2100 square feet of living space in one of the quietest and most luxurious complexes in South Maui. The property has been listed for 2.19 million.
Honua'ula, formerly Wailea 670 is still making concessions to attempt to get the project approved by the County Council. Here is there latest proposal:
Well the National Association of Realtors has made another downward revision to their expected home sales for 2007. This one is due to the fallout from the subprime lending problems and the subsequent turmoil in the credit markets.
In a meeting today the Federal Open Market Committee maintained the Federal Funds Rate at 5.25%.
According to today's Wall Street Journal, even well-heeled, high-end buyers are starting to see access to mortgage credit become more difficult.
There have been no new listings or sales this week.
The best value in Maui Meadows is Tom and Sean's listing of 766 Lanina for $674,000.
2010 Maui Meadows Real Estate Report Now Available!
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