Kauai Home Sales

Aloha! Kiahuna Plantation was the place for Easter Celebrations on Sunday. The day started out with a service on the Great Lawn overlooking the ocean. Then about a hundred guests and residents gathered for an Easter Egg Hunt and I even got to lead the 7 and 8 year olds out to their egg hunting area! The Easter Bunny was even there for photographs. It was great fun and a very beautiful morning.

*****Kauai Real Estate News*****
Fractionals have been established in parts of the mainland but have been coming to Kauai only this last year, some with success and some not. A Prince Kuhio Penthouse unit was fractionalized and a second sale recently closed. If you would like more information on fractionals give me a call for a brief run down. Here is the new listings and closed transactions for this past week. Again our closed transactions are staying at that upwards bump we got a couple of months ago. For an excel spreadsheet CLICK HERE

*****Hawaiian Land Deal Voted Down*****
A complete turnabout was done by the Hawaiian legislature in a deal to give $200 million dollars to pay the Office Of Hawaiian Affairs (OHA) for land ceded to the U.S. government in the late 1800’s. The dispute between the government and OHA has been in negations for 30 years. When this bill was drafted it sailed through the House with only 2 “no” votes. Hawaiian groups became concerned that it was not in their best interest even after 42 public meetings were held by OHA that this deal was in their best interest. The groups felt this deal was “chump change” and if accepted would forfeit their rights over any future claims and the fact that officials could not explain how they came up with the $200 million dollar figure was a huge concern to them. State officials have sounded off over the rejected deal. Governor Linda Lingle said “We thought that the settlement was fair and reasonable, and we’re disappointed, very
disappointed, that it was rejected.” OHA and the legislature still have six weeks to try for another negotiation of the bill.

*****Aloha Airlines Files For Chapter 11 Bankruptcy*****
Citing predatory pricing by Go! Airlines and rising fuel costs Aloha
Airlines filed for bankruptcy for the second time in three years. In 2005 the two airlines had filed bankruptcy and they both claim that Go! Airlines used confidential information during that time frame to get into the Hawaii marketplace which they did with aggressive rock bottom interisland fares in 2006. Hawaiian Airlines had won it’s lawsuit against Go! Airlines to the
tune of 80 million dollars, Aloha Airlines case is still pending. Aloha Airlines made a follow up announcement on Friday that they are in negotiations to sell all or part of it’s operations. Aloha Airlines parent company is General Motors Acceptance Corporation. In a related news item: Investigations are still pending for two pilots of a Go! Airlines flight that overshot the Hilo airport. The pilots on the short island hop flight and did not respond for 17 minutes to nearly a dozen calls into their cockpit by a stewardess on the flight and another Go! airline pilot. Both
pilots have been grounded during the investigation, malfunction of the aircraft itself has been ruled out.

*****Ritz-Carlton Kapalua Sells $176 Million in 3 Hours*****
S&P Properties, which is the same company that brokered Trump Tower Waikiki, sold out 93 out of 107 condos in 3 hours. I called a representative and got more of the story; I was told that they have been working with their contract holders for the last 6 months and on the day of selection their buyers were contacted in the order that their reservation had been taken. They are now in the 30 day recession period and at the end of that their contracts will go binding and the buyers will commence with their financing to complete the sale. 40% of the buyers were from Japan, Canada and Europe. The price range of the one and two bedroom fee simple condos ranged from $895,000 to $6.4 million. A Japanese buyer purchased the Presidential Suite for $6.4 million. The hotel had recently completed $160 million major remodel.

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