Kauai Real Estate and Local News Update

*****Kauai Local Real Estate News*****

On the real estate front we have had a little quieter week for closing but still showing an improvement compared to last year.  Our market is closely tied with the California market place where in some areas of the state the lower end properties ($250 to $400) are getting multiple offers and sometimes to get an offer accepted Buyers are needing to go over asking price.  The properties in the higher end range are still stalled out but the intense activity on the lower end market is good news.  Of course this is a generalization for the state of California and scenarios will vary.  What does this mean for Kauai?  Historically our market lags behind California so when their real estate sales heat up we will follow at some point.  If you would like to keep in the loop on a certain project or neighborhood please contact me. 

 For a list of what came on the market and what has sold last week CLICK HERE

*****Visitor Figures*****

Air arrivals from the West coast of the US were down 1.6% and east-coast arrivals were down 6.5%. Arrivals from Japan rose 8.8% and Canadian arrivals rose 6.9%. Daily spending is down from an average of $181.00 a day to $168.00 a day.

*****Father Damien Canonization Tour Package Hot Ticket!*****

Even in these tough economic times people are stepping up to the plate to buy Seawind Tour and Travel Father Damien tour package which offers a pilgrimage to Rome and Damiens hometown of Belgium later this year.  Father Damien is being admitted into Sainthood on October 11, 2009.  Born Joseph de Veuster in 1940 Damien administered to the leprosy patients on Molokai and is credited with restoring the island to law and order.  Seawind Tour and Travel sold out of their initial offering withing 24 hours and added 500 more seats but only 20 of those were left last week.  A website has been created by the Catholic Diocese of Honolulu http://www.fatherdamien.com  Father Damien contracted leprosy and died in 1889 at the age of 49.

*****Seal Killer Still at Large*****

The person who shot and killed an endangered Monk Seal last week is still at large, authorities are saying they are “doing everything and anything possible” to find out who did this.  Monk Seals have no fans among fishermen who mistakenly think the Monk Seals are eating Lobster and He’e which is not the case.  Monk Seals here in Kauai primarily eat sand eels and smaller fish local fishermen aren’t interested in.  Authorities are asking was it a fisherman, frustrated resident or somebody doing target practice? 

*****Superferry Files for Bankruptcy*****

Two months after a State Supreme Court ruling virtually shut the Superferry down the company is filing for bankruptcy.  This dashes the hopes of some who wished the company could return after the Environmental Impact Study was done.  The state of Hawaii has spent over $40 million in harbor improvements, barges and ramps for the new mode of transportation.  The state was seeking to be reimbursed by the company which does not look so likely now.

 *****Hawaii Governor Looking to Save $185 Million in Savings*****

By June 30th Linda Lingle needs to slash expenditures by $185 million to cover a budget shortfall.  Additionally $208 million will need to be cut for the 2010 budget by July 1.  Layoffs, furloughs, unpaid days off are not enough to meet the needed amount.  The states revenue was projected to be down by 5% but when the numbers came in it was more like 9% and this has government scrambling to cover the shortfall.  Russell Pang, a spokesman for Linda Lingle, said “There is no easy way out of this”.  Tax increases have been implemented for hotel room tax, high incomes, high end property sales, oil and tobacco products.  These hikes were suppose to meet the 5% shortfall but will not cover the reality which is a 9% shortfall.