Kauai Home Sales

*****Deadline For Additional Dwelling Units Approaches*****

In 1989 ADU’s (additional dwelling units) was extended to include Agricultural land and Open zones amid a lot of public controversy and outcry.  Since then there have been several extensions but on November 22, 2006 the final 3 year extension was passed (Ordinance No. 843) for those who had filed a certified ADU Facilities Clearance completed by June 15, 2007 to apply for building permits for their ADU’s.  This ordinance established December 15, 2009 as the last day of the three year period that building permits can be issued.

Here’s an update on the new listings that came on the market last week and the closed transactions.  You will see the number of transactions that closed is back up to the level that is has been at which is double to triple of what it had been running at last year.  For a complete list CLICK HERE FOR A SPREADSHEET

*****Governor Orders Work Furloughs*****

In efforts to close a $729 million dollar budget shortfall Governor Linda Lingle ordered 3 days of unpaid furloughs each month for 14,500 state employees.  This will amount to a 14% cut in pay for the state employees.  The Governor has been forced by the council decision to cut $105 million from spending in the current year and another $624 million during 2010 and 2011.  The furlough plan will eliminate $688 million over the next two years.

*****Kapa’a Man Botches Robbery*****

Wielding a machete and wearing rags over his face a Kapa’a man went into a yoga studio on Friday and snatched a purse of one of the students.  Several others in the class jumped the man as he left and he dropped the purse and erratically drove away on Kaumuali’i highway with the police chasing after him.  The man hit several cars and street signs and wound up in the middle of a street theatre performance for patrons of the Olympic Cafe in Kapa’a.  Police caught up with him there and arrested him where one of the officers accidentally pulled the mans paints down while cuffing him.  He is being held at the KPD.

*****Kauai Beef Now at Sheraton*****

You can now enjoy Kauai’s own grass feed cattle at the Shells restaurant located at the Sheraton in Poipu Beach (next to the Kiahuna Plantation).  They will also feature a fish of the week which will be locally caught.  In efforts to keep it local their corn is from Kekaha and the spring vegetables are from Layoen Farms.  The beef is coming from A’akukui Ranch located on the south shore.  The owner leased some 800 acres of former sugar cane land to raise the cattle who roam free and graze all year long on tropical grasses and legumes.  It’s a win-win for everybody as these ranchers work a viable solution to former sugar cane lands.

*****Nice Percent of Kauai Stores Violate Tobacco Law*****

In a statewide sting it was found that 9 percent of the stores on Kauai were caught selling tobacco to minors.  It was the lowest of the islands for violations and Oahu had the highest at 14 percent.  Hawaii’s violation rate is higher than the national average.  Fines for selling tobacco to minors are $500 for the first offense and up to $2,000 for subsequent offenses.

*****Hawaii Has Lowest Depression Rate*****

A report conducted by the Substance Abuse and Mental Health Administration found that Hawaii had the lowest rate of depression.  It was found that 5.0 of Hawaii’s citizens suffer from depression.  So who was the highest?  Tennessee came in at 9.8 percent and also ranked high on tobacco and illicit drug use.

*****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.

*****Kauai Real Estate Update*****

A New York lender will acquire the foreclosed units at the Ilikai Hotel and condominium owned by developer Brian Anderson.  The Ilikai Hotel is the famous Waikiki hotel that was featured in the opening scenes of Hawaii 5-0.  The developer had gotten into serious financial trouble when he converted the hotel into fee simple condominiums, the market turned and he was left holding many of the units.

First Circuit Judge Karen N. Blondin confirmed the sale of the 203 residential units and the 16 commercial units to iStar Financial on Thursday morning for a total of $51 million.

For a list of list of what came on the market and what sold CLICK HERE FOR SPREADSHEET

*****Visitor Drowns at Tunnels Beach*****

A 76 year old visitor from Spokane Washington drowned at Tunnels Beach
which is located in Ha’ena.  The visitor had alerted his son that he was in
trouble and his son signaled lifeguards who brought the man to shore and
applied CPR.  The man was taken to Wilcox hospital where he was pronounced
dead.

A second death by drowning occurred on Tuesday.  A 69 year old visitor who was described as in “fantastic shape” was swimming with a friend at Molo’a which does not have a lifeguard.  Waves had quickly increased in size and the visitor from San Clemente was overcome.

*****4 Homes and 1 Poipu Condo Hit By Burglars*****

Last Monday between 4 homes in Kalaheo and 1 condo in Poipu were the
targets of burglars who took cash, jewelry and laptop computers.  In one of
the homes the thieves rifled through drawers in the bedroom and after they
discovered a home safe made off with it.  All break-ins were done when the
residents were not home and an anonymous source told the newspaper that it
seemed the burglars knew when the residents would be away.

In Poipu a condo on Puuholo Road entered through a locked screen slider
door and took a large wall mounted TV and a laptop computer.  No one was in
the unit at the time.

*****Top Baby Names In Hawaii*****

The top male baby name in Hawaii is Ethan and the number one baby girl name
is Chloe.  Other favorite names here in the islands were (in order) Noah,
Isaiah, Jaydne, Elijah, Joshua, Jacob, Aiden, Tyler and James for the boys.
For girls it was Isabella, Madison, Mia, Sophia, Ava, Lily, Hailey, Emma
and Kayla.

*****Stand Up Paddleboarders Under Fire*****

In recent years the popularity of stand up paddleboarding has become increasingly popular and tensions are rising between the paddleboarders and surfers, so much so that the state Department of Natural Resources is hosting an informal public discussion regarding the use of stand up paddelboarding here on Kauai.  The public is invited to share their thoughts and concerns on June 10 at Cheifess Kamakahelei School in Puhi.  As a side note; the business of stand up paddleboarding is booming!  Sales, rentals and general interest in the new sport is way up and surf shops are cashing in.  The biggest difference between the two sports is the paddleboard is great in flat water so good waves are not needed to enjoy yourself.

*****Hawaiian Monk Seal Shot*****

A couple that were walking on a secluded path to a North Shore beach heard popping sounds, which could have been gunfire, and then saw a Monk Seal scamper into the water last Thursday.  The couple headed for the seal who was bleeding from the mouth and tried to help it out of the water but it was too heavy.  A man who was standing by his truck told the couple he was the caretaker of the property near the beach but they didn’t see him with a weapon.  The couple did provide photographs to the police but are keeping their identity and the location of the beach private for fear of retaliation.

On April 19^th another male seal had been killed in what has been called “foul play”.  Investigations are still pending and authorities are seeing if the two incidents are linked.

Hawaiian Monk Seals are one of the most endangered animals in the US, there are estimated only 1,300 remaining.

*****Hawaii Foreclosures Down in April*****

The state of Hawaii got some good news on the foreclosure war zone for the
month of April.  Statewide our foreclosure listings were down to 684 from
724 in the month of March.  Of the four counties Honolulu had almost half
of those at 280 but overall had the lowest with 1 foreclosure filing per
1,154 households.  So how did the rest of the islands do with their
foreclosure filings?
The Big Island 184 per 422 households
Maui 158 per 411 households
Kauai 52 per 561 households

We had another week of a good number of closed transactions!  For an excel spreadsheet of what came on the market and what closed CLICK HERE FOR SPREADSHEET

*****Confessed Fraud Artist Found Dead*****

James Lull was a no show at his hearing on Oahu last Thursday and the
reason became clear on Friday.  He was found dead behind the wheel of his
car in Yakima, Washington but some of his victims say it would not be
beyond him to fake his own death.  James Lull had confessed to having
defrauded 50 people, most of them Kauai residents, out of over $20 million
dollars.  Lull was not as co-operative as he said he would be in his plea
agreement and was out on $100,000 dollar bail.  Lull had filed for
bankruptcy and the courts had been assigned to finding his assists and were
having a hard time doing so.  It was hoped that Lull would become more
co-operative but if it is indeed Lull behind the wheel of his truck that
went over a cliff in Washington there will be no information coming from
him.  The courts say this will not stop them from searching for his assists.

*****Scholarship Funds Taken at Break-In at Kapa’a High School*****

The air-conditioner on the floor was the first thing noticed when a teacher
arrived at Kapa’a High School on Monday morning.  The thieves had pushed in
the air-conditioner and went through the room but only took the scholarship
money that was going to be deposited that day.

*****Hilo Hatties in Trouble*****

A U.S. Bankruptcy Court judge is allowing the owner of Hilo Hatties to run
the company until at least late June.  A committee of unsecured creditors
asked for a neutral party to assume control of the struggling iconic store
but failed in their efforts.  Hilo Hatties planned to open a $6 million
dollar flagship store in Waikiki but failed to secure funding, they plan
instead to open a series of smaller stores in heavily traveled tourist
routes.

*****Kauai Home Sales up for April 2009*****

Kauai has some good Real Estate news to report; the number of homes sold island wide on Kauai was up and the median home price went up as well by 4%.  In April of 2008 the median price for a home was $575,000 and it’s now at $600,000.  Condos did not do as well here on the Garden Island, the number of sales is off by 3 and the median sales price is down by 47% from last year.  The island of Hawaii had a harder hit with the median sales price for condos dropping 53% and their home prices dropped as well by 38%.So how did we do last week?  For a list of what came on the market and what has sold CLICK HERE FOR SALES SPREADSHEET

*****Hawaii’s Governor Rally’s Public Support Against Tax Increase But Loses*****

Vowing to follow through on her pledge to veto the tax increase that was approved by our House and Senate Committees Governor Linda Lingle called for the public and hotels and business support via Webcam, radio and a public veto ceremony.  Lingle states that public employee labor costs could be an alternative way to balance the budget rather than the hike in hotel room tax from 7.25% to 9.25%, tax increase on those making over $150,000 annually and joint filers who make over $300,000, also higher taxes on the sale or transfer of real estate valued over 2 million.  But the Senate and House over rode her veto and starting next year these measures will go into effect. 

****Same Sex Marriage Bill Shelved*****

 On Thursday the state Senate officially shelved the Civil Union bill that would allow same sex couples to marry, the bill will be addressed again next year.  It was a long fight and emotions ran high on both sides of the issue.  Legislatures spent hours on internal and public debate on the bill but wound up amending it which means it will need to be reviewed by lawmakers in the next legislative session in January 2010.

*****Machete Fight Erupts on Kuhio Highway*****

During a traffic altercation two Kauai residents got out of their cars and pulled knives on each other at the intersection of Kuhio Highway and Kealia Beach.  The men were driving separate pickup trucks preparing to enter Kuhio Highway on the egress from Kealia Beach at 7 am.  They began arguing and one man attempted to flee in his car but wound up colliding with a minivan.  The other man left his car and crossed the street to the accident where the argument was resumed and machete like knives were pulled out.  Both men suffered some minor injuries and both men were taken by police to Wilcox Hospital.

*****Target Expands to the Big Island*****

300 people will be hired to work in the latest Target Store in Hawaii which will be located in Kona and is set to open in July.  The first Target store opened earlier this year in Oahu and the public has been beyond thrilled with the store.  Kauai people have travelled over exclusively to shop at the store which offers low prices and fashionable goods for home and fashion.    

*****Safeway Moves Forward With Puhi Store*****

Life will get a little easier for those Westside and Southshore residents who want to shop at Safeway.  The 40 minute (or more) ride to Kapaa will be no more when the 56,000 square foot “Safeway Lifestyle Store” will open on Kaumualii Highway in Puhi.  In addition to the new grocery store the company is talking with 14 different tenants that want to occupy the new Hokulei Village shopping center.  The store will employ up to 200 people and the center itself should generate 1,000 jobs.  No timetable was stated but the company made the announcement that the 23 acre commercial zoned parcel has been completed.

*****Kauai Real Estate and Local News Update*****

Our weather has turned gorgeous and it looks like we have shaken off the unually cold winter that we had.  Island wide the tourist traffic has been less but the rental companies have gotten a huge amount of calls with people wanting to change their trip from Mexico to Hawaii due to the swine flu outbreak.  Over the next few months we’ll see what that does to our occupancy rates. 

 On the real estate front it’s been a quieter week for sales but activity has been way up.  For a list of all the new listings and closed transactions island wide  CLICK HERE FOR AN EXCEL SPREADSHEET

 *****Rental Cars Catch Fire!*****

People returning their rental cars at Alamo on Sunday evening got quite a show when 1 rental car caught fire and ignited 3 more around it.  The cars were in the Alamo lot waiting for pick when one caught on fire, cause is still unknown.  The Lihue Airport fire crew responded and put the fires out within minutes.  Visitors at waiting in line said they could hear small explosions and it was also reported that you could smell the smoke all through the airport.

*****Coco Palms Granted Extension*****

The Kauai Planning Commission gave a three year extension to the owners of CoCo Palms which is the last resort on the island that has not been renovated from the 1992 hurricane.  The deadline was 2010 and it’s been extended to 2013 provided the owners 1) Clean up the land 2) Establish a plan to manage the drainage ditch on site 3) Complete the nomination of the fish pond to the National Register of Historic Places.

Some local residents voiced their concern over the extension saying enough time has passed.  The landowner sited difficult times and said they needed the extension to seek additional investors.  The extension specified January 25, 2013 as the date that all construction needs to be completed.

*****Hawaii’s Leading Shipping Line Says Competitors are Unfair*****

Young Brothers, Hawaii’s leading shipping company, has plenty to say these days about a new shipping line that is starting up here in the islands.  They have requested intervene status with the state Public Utilities Commission and are setting up public hearings.  The Pasha Group which is based in California is being accused of “cherry picking” routes that are profitable for their shipping.  Young Brothers state they are not afraid of competition but would like a level playing field as they had signed a Certificate of Pubic Convenience and Necessity which obligates them to serve the less profitable ports of Lanai and Molokai.  By the new company serving only the profitable routes they will be able to have lower prices but will not serve the state as a whole.

*****Hawaii Moves to Halt Ceded Land Sales*****

A recent Superior Court ruling allows for the State of Hawaii to sell it’s lands but a new bill is being sent through that would require two thirds of both the State House and Senate to approve a sale.  Given how difficult it is to have two thirds to agree to anything it’s a sure fire way to keep the State from selling formally Hawaiian Monarchy held lands.   

*****Hawaii Foreclosure Scam*****

Five people have been arrested for tricking homeowners who were facing foreclosure.  The five Honolulu residents told homeowners they could remain in their homes if they agreed to fake sell their home but the “transaction” eventually resulted in foreclosure.  To date more than 17 people have been charged in Hawaii with mortgage fraud claims.

 So how did we do last week on new listings and sales?  As you will see we have another great week of closed transactions, the new inventory that came on the market is a little lower than what is has been.  For a complete list island wide    CLICK HERE FOR SPREADSHEET

*****Poipu Condo Catches Fire*****

A unit at the Manualoha, which is located at the Poipu Kai here in Poipu, caught fire on Monday and $900,000 worth of damage was done.  The cause for the fire is under investigation.  The 2 bedroom 2 bath unit was on the top floor and was totally destroyed and the unit below sustained smoke and water damage.  Fast acting construction workers in a nearby unit saw the smoke and alerted the fire department and tried to put the flames out while help was on the way.

*****Tourist Hummer Burst into Flames*****

A visitors Hummer burst into flames on Lumaha’i Beach on the North Shore late Saturday after the driver got stuck in the sand while driving on the beach.  The black smoke billowed and the tires melted while the driver posed for photos with locals waiving “shaka” signs.  No injuries were reported.

*****Governor Vows to Veto Tourist Tax Hike*****

In effort to cover the budget shortfall Hawaii lawmakers approved several tax hikes and Governor Linda Lingle has vowed to veto the bill.  If she does this a Democratic controlled Legislature would be faced with it’s first ever opportunity to override her veto.  Governor Lingle is considering the cigarette tax hike which would bring in $26 to $28 million a year.  Currently a joint House-Senate committee is working on a budget that would spend 2 billion less in the next two years. 

The items that the Hawaiilawmakers passed and sent on to Lingle are:

Accommodations tax to go from 7.25% to 8.25% and then 9.25% the following year

Increase in income tax for those making more than $150,000 for single filers, heads of household at $225,000 and joint filers making an excess of $300,000.

Tax raise on second home transfer valued at over 2 million

 Lingle feels she can get the money in labor savings from government workers but the unions have shown little willingness for that.

*****Passengers and Crew Injured on Air Canada Flight*****

Fifteen people were injured on board an Air Canada flight that was flying from Sydney Australia to Vancouver, British Columbia when it hit extreme air turbulance.  The flight was diverted to Honolulu where 9 passengers and 2 flight attendants were treated for injuries.  After two hours the plane departed to Canada after it was inspected.

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

A single bidder has won the right to buy the remaining 200 units at the Ilikai Hotel for $50 million dollars.  iStar FM Loans LLC offered the only bid for the iconic hotel.  Another bidder could still come forward at the upcoming confirmation hearing.  In our local real estate news Kalepa Village phase 4 opened which low income housing is owned by the county of Kauai.  These are 3 bedroom condos and are filling in a much needed demand for affordable housing.  This is one of the two affordable housing projects on Kauai.

For an island wide list of what came on the market last week and what sold CLICK HERE FOR SPREADSHEET

*****Ko’a Kea AKA Poipu Beach Hotel Re-Opens*****Last Tuesday the Ko’a Kea opened its doors after being shut down for over 16 years.  Hurricane Iniki wrecked major destruction upon the hotel and it has been one of two hotels that still have not reopened (CoCo Palms being the other).  My first trip to Kauai was in May of 1992 and I don’t remember the hotel too well so my investigative trip over to the resort was all new to me.  The footprint of the hotel is the very same which are 112 rooms ranging from Garden to Ocean View.  It definitely has an old Hawaii feel to it, I loved the outside bar with the over the top ocean views.    There was a fun crowd hanging out enjoying the view and drinks when I walked by to see the interior of the lobby which has a 50’s island chic look to it, I really liked how clean and bright it was.  There’s another bar inside the lobby along with a Spa and a new restaurant “Red Salt”.  Rates start at $499 for a Garden View (little pricey???) but they are running a special called “Isle See You In Poipu” and it drops the Garden View room down to $299.

*****Hawaii Foreclosures Up Lending Tightening Up***** The Big Island and Oahu have been hit hard with second homes or rental homeowners walking away from their properties thus causing our foreclosure numbers to go up.  I can first hand report that lending on second homes has become a challenge.  Borrowers now need at least 30% to 40% down, great credit and well documented income.

  *****Ala Moana Files for Bankruptcy*****

Chicago based General Growth Properties Inc. who is the owner of Oahu’s Ala Moana Shopping Center has filed for chapter 11.  They posted $30 billion in assets and $27 billion in debt.  The firm owns additional shopping centers in the islands (none on Kauai) and on the mainland including the Venetian Hotel in Las Vegas.

*****Breaking News From Kauai’s’ Westside!*****

On Kaua’s’ Westside two new much needed faces are on the scene.  Read my special blog posting on Island Taco and Java Hut:     

http://blogs.alohaliving.com/kauai-home-sales/2009/04/

People have asked me what I miss the most about California since we moved here five years ago and I have always said the same thing; Family and Friends, the Outlet Malls and Tacos.  I used to say that……until now.  Just opening up in Waimea is Island Taco and it rivals any taco I’ve had in California.   The restaurant is owned and operated by Kirk Marois who is the owner of Grinds Cafe in Eleele and his partner Mike Howard.  Together they are doing a booming business on the Westside which, until now, had very little in the way of good food at great prices.  The tortillas are hand made daily and you can taste how fresh they are!  I inquired and found out that all the ingrediants are made fresh daily and that scored BIG points to a California native like me. 

The menu price is very reasonable and starts at $6.00 and caps out at $12.50 so you’re able to get a great meal at a very reasonable price.  The menu highlights their specialty which is fish tacos and they are beyond yummy!  Also available are chicken tacos, quesdillas, burritos, chimichangas.  If your bringing the children Island Taco also has a keiki menu (big seller on the keiki menu is the hotdog chimichanga) and prices were around $5.00.  I had the chicken taco plate for $8.00 and it had two good sized tacos that were filled with rice, chicken and cabbage and had sour cream and salsa on the side.  It also came with chips and salsa and there are additional sides that you can order.  My husband had the seared Wasabi Ahi fish taco that got two thumbs up!  Also available are Kalua Pork Taco, Season Tofu Taco, Mahi Mahi Taco and Ono (Wahoo) Taco.  

Island Taco has a niche in providing a perfect lunch for your trip to Waimea Canyon or a day at Barking Sands Beach.  Open from 11 a.m. to 5 p.m. 7 days a week.  

Attached to Island Taco is a drive thru Espresso Coffee hut called “Java Hut” which opens at 5 am providing fresh coffee drinks, pastries and iced drinks.  Owned and operated by Todd Marois (Kirks brother) Java Hut provides a convenient drive through so you can grab a fresh coffee and pastry to go on your way to Waimea Canyon or an iced drink when spending a day in Waimea Town.    Java Hut is open 5 a.m. to 10 a.m. 7 days a week and is the only coffee espresso shop in Waimea!  I had the Chai Tea Carmel Freeze and my husband had the Chai Tea White Chocolate Freeze and they tasted perfect on the warm spring day we were enjoying in Waimea.  Prices were great, cup of coffee started at $1.75 and the specialty drinks were in the $3 and $4 dollar range.  

 *****Hilton Kauai Beach Resort Auction*****

Another Brian Anderson property is in trouble.  On the heels of last weeks news that Andersons Waikiki Ilikai is being auctioned off an announcement was made that his Hilton Kauai Beach Resort and it will be sold at public auction next month.  The 145 condominium hotel units and 15 commercial condominium units will be sold in bulk at the May 6 auction at the entrance to 5th Circuit Court in Lihue.  The New York lender, iStar Financial, filed for foreclosure on the property claiming Anderson and his KB Resort LLC were in default of nearly $29.5 million in unpaid principal, interest, late charges and fees.  The amount was what remained from an original loan of $85.75 million — $75.75 million borrowed from sub prime lender Fremont Investment & Loan on Dec. 7, 2005, and $10 million advanced in July 2006, according to the complaint. In June 2007, iStar took over the loans after it acquired Fremont’s commercial real estate lending business.

Good news here on Kauai with our second week of decent sales, most of them being residential.  Getting a loan for vacation rental condos has recently gotten a whole lot tougher here in the islands and Kauai has not been any exception.  Current “condo-tel” loaning policies have become a consistently changing landscape for those properties lucky enough to be able to get loans on them.  For a list of what has come on the market and what sold for last week here on Kauai  CLICK HERE FOR SPREADSHEET

*****Hawaiian Airlines Sees Surge In Passengers*****

A 17.7 increase was seen in the number of passengers for the month of March by Hawaiian Airlines.  Pretty good when you consider that in March of last year Aloha Airlines was still flying and competing with them.  Hawaiian carried 609,000 passengers in March 2008 and are up at 716,000 for March of 2009.  Hawaiian Airlines share price went up 35%.

*****Suspicious Containers Found at Coconut Marketplace*****

A security guard discovered two suspicious containers late morning on Thursday during a routine check.  The Kauai Police Officers and the Kauai Fire Department Hazmat barricaded the area and two Kauai Officers were stationed at the scene overnight.  The next day the Explosive Ordinance Disposal unit from Schofiled Barrack in Oahu arrived and took the necessary steps to insure that the contents of the containers were safe for the Hazmat team evaluate the contents and then the Police Department brought the containers into the Lihue station for further testing.

*****Princeville Residents Considering Coastline Pathway*****

A path to connect the communities of Kilauea, Princeville and Hanalei was the subject of Thursday night’s community meeting at the Prince Clubhouse.  Residents support a path that was thought of a year ago that would allow for pedestrians to bike and walk along the coast.  Stating that “Obesity, coronary disease and sedentary lifestyles are some of the biggest health threats that we face as a nation” the pros of undertaking such a massive project far outweighed the cons.  The grass roots group is called Ke Ala Hele Makalae (The Path that Goes by the Coast) and Ben Welborn of Landmark Consulting is in the process of creating a North Shore Path Alternative Report which will outline the advantages and feasibility of such a path so heartily supported by the North Shore Residents.