Kauai Home Sales

*****Kaui Real Estate And Local News Update*****

Good news on the oil price front!  Oil prices dropped to $115 a barrel on Friday driven lower by a huge jump in the US dollar, moderating oil usage across the world and the belief that commodities may have peaked.  Not so good news for Fannie Mae: they posted loses at $2.3 Billion which is 3 times higher then Wall Street expected.  Fannie Mae also slashed their dividends to 5 cents from 35 cents a share.  Borrowers with good credit but no proof of income or those who have little to no down payment are projected to feel the brunt of Fannie Mae’s troubles.

Are you in the market to buy or sell?  Give me a call or email for “no pressure, ever!” information.  For an excel spreadsheet on what was listed last week here on Kauai and what has sold CLICK HERE

 *****Hanalei Bay Resort Resort Management Sold*****

Hanalei Bay Resort is classified as a “condotel” which may or may not be a familiar term to you. Condotel’s are individually owned condos that are put into a management pool and rented out like hotel rooms. The name condotel comes from the fact that they are individual condos in a resort that has the amenities of a hotel. Such is the case with the Hanalei Bay Resort, a 134 unit complex in Princeville on Kauai’s north shore whose management company was recently sold. Effective immediately Celebrity Resorts, which is a Florida based company, will take over from the former management Quintus Resorts. Celebrity Resorts manages 17 resorts spanning over 6 states and the Caribbean. On site of the Hanalei Bay Resort is Happy Talk Lounge and Bali Hai Restaurant and Quintus is in the process of selling the business’s outright to a local restaurateur who has plans to invest 1.5 million into renovations.

*****Obama Thinks Nation Can Learn From Hawaii*****

Presidential hopeful Barack Obama is visiting Hawaii which is where he was born and raised. To a cheering crowd he said that the nation can learn from the way that people live here in Hawaii. The Aloha Spirit which entails helping those in need, treating people with respect and taking care of the elders is needed by the rest of the nation, he said, along with Hawaii’s long standing tradition of working with people of many different backgrounds. He held a rally outside of Keehi Lagoon Beach Park and when asked what else he’s going to do here he said that “Surfs up” and he’ll also spend time with his grandmother who cannot travel anymore and the rest of his family.

*****Candidates Oppose Superferry*****
19 City Council candidates and four Mayoral candidates convened in a round table discussion with the community in attendance. One of the questions posed was their position on the return of the Superferry and all stated that they are against it. All candidates said they want an environmental study done first. The group also agreed on expanded bus service, curbside recycling and banning pesticides in county parks.
Superferry also made the news in the fact that their attendance was up 40% in July. The new attendance figures are less then half of the capacity but it was enough to make the Superferry people feel positive. The comparative low cost to outer island travel and interest in riding the ferry were the two main reasons people gave for choosing the new mode of transportation in a survey that was done from June 20 to July 29.
 

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