The island is hopping with lots of visitors and our office, Pacific Ocean Properties, has had some excellent real estate activity in the past 2 weeks. We’ve seen some “really good deals” being picked off and this is a trend that we hope will continue as it will only help the rest of the market. Any activity at this point will be recorded in a couple of months from now when escrows close. For an island wide spread sheet of what came on the market and what sold CLICK HERE
*****Rate Hike Proposed For Golfers at Wailua*****
In an effort to make Wailua Golf Course self sufficient a rate hike is being proposed. The course historically has had great rates with the Taxpayers making up the shortfall to the tune of 4.12 million over the last six years. The rate hike was to be staggered over a 7 year period but the proposal is to go with a rate hikes for the next consecutive 4 years. The fee increase impacts non-residents the most, the proposed rates are $60.00 a round for non-residents, $12.00 a round for seniors and $15.00 a round for residents. Non-residents played 10,797 rounds in 2008 while residents played 8,462. The public will have another round at comment when it reaches the council agenda.
****400 Box Jellyfish Swarm Salt Pond Beach*****
Salt Pond Beach, which is located in Hanapepe, was closed due to 400 box jellyfish being sighted. The city of Honolulu also closed Hanauma Bay also.
*****Poipu Condo Owner Allege Involvement in $13 Million Dollar Ponzi Scheme *****
A Poipu Beach condo owner allegedly is involved with a ponzi scheme where a 3% to 5% was promised to investors but those deposits were actually used to pay off old investors. As much as $13 million has been taken over the last 3 years. The alleged offender owns two condos, one in Poipu Beach and one in Lihue. Prosecutors said the man used the money from investors to buy the Poipu Condo, airline tickets, cars, motorcycles, meals in restaurants and other goods in Hawaii. The man told investors that they could generate large sums of money with him but since he was not a licensed stockbroker they needed to deposit the money into his bank account in exchange for a promissory note. State officials have filed for any future sale of these condos to be halted at this point.
*****The End For New Mokulele Airlines?????*****
Mokulele Airlines, Hawaii’s newest airline, could have its assets seized by their business partner Republic Airways. The airline had defaulted in an 8 million dollar loan payment but made a payment on Thursday morning to stave off a takeover by Republic. However Mokulele is not flying in clear skies yet, they owe an additional payment of $291,000.00 on Friday and if that was not made they face the same possible takeover situation this coming week.
*****Father Damien To Become A Saint*****
Well over a hundred years after Father Damien came to Hawaii and established order and stability to the leprosy colony on Molokai Sainthood will be granted on October 11, 2009. In 1864 Joseph de Veuster, a Belgian priest, took the name Damien and came to Hawaii to minister. 9 years later he began ministering to the leprosy patients on Molokai while bringing law and order to the island where some 8,000 people lived. Father Damien contracted the disease himself and died at the age of 49.