Living Foods Opens In Poipu
The long awaited arrival of the Living Foods Market opened this last week in Poipu. Residents and visitors alike have been waiting for a healthy alternative store in the resort area and the location of the new Kukuiula Village is perfect.
My husband and I went in on Saturday to check it out and found a clean bustling store offering a coffee/pastry station, take out menu, huge wine selection along with local beers, health foods, produce section and organic soaps and lotions. The store looked as if it’s still stocking products.
The menu looked really good (especially the pizzas!) and food could be eaten on tables provided outside on the interior section of the shopping village. It was a very nice setting and a welcome addition to our community.
Banking In Hawaii
61% of banking done in our State is by First Hawaiian or Bank of Hawaii, they also both carry a four star rating nationally. Having learned their lesson during the boom and crash of the 1980’s these two banks did not make loan choices that had gotten them into trouble several decades ago. Not true for Central Pacific Bank which carries a 2 star rating and wrapped up the worst year in its 56-year history by losing $78 million in the fourth quarter, contributing to a staggering $292.8 million loss for 2009. In its earnings statement, Central Pacific Bank said it sold $204 million worth of troubled loans in California and Hawaii in the fourth quarter at a 19 percent discount from their loan value. Of those loans, $53 million were listed as nonperforming.
Despite dumping millions in bad loans in 2009, the percentage of nonperforming assets held by the bank rose from 8 percent in the third quarter to 10.6 percent in the fourth, reflecting “further deterioration in the Hawaii construction portfolios.” During the quarter, the bank added $57 million in Hawaii residential construction loans and $50 million in commercial loans to its lists of nonperforming assets. Central Pacific is closing two of its Honolulu branches.
Hotel Occupancy In Hawaii
Occupancy at Hawaii hotels inched up 2.8 percentage points to 73.8 percent for the week ending Jan. 23. Comparatively mainland hotel occupancy remained flat at 46.8 percent, while room rates were off 9.4 percent to average $93 a night. 3 out of the 4 main islands were up in occupancy but only Kauai was up in its room rates by 9.5% leading the state in its average nightly rate at $212. Hotel numbers will be reflective on the “condotel” numbers as they will follow the same trend.
Occupancy and room rates for the four main Hawaiian Islands were as follows:
• Oahu occupancy grew 5.1 percentage points to 78.1 percent, while room rates dove 9.5 percent to $146;
• Maui occupancy also grew 5.1 percentage points, to 77.8 percent, while room rates plummeted 21.2 percent to $202
• Kauai occupancy grew by 1.8 percentage points to 67.9 percent, while room rates jumped 9.5 percent to $212; and
• Big Island occupancy slipped 7.7 percentage points to 56 percent, while room rates dove 9.2 percent to $155.
Huge Week In Kauai Real Estate Sales
January 2010 property sales for the island of Kauai ended at a staggering 160% gain for closed transactions compared to the month of January in 2009. For the island last week we had 22 sales that closed escrow with 11 of those 22 being Short Sales or REO’s. Overall the month of January had 52 sales compared to January of 2009 where there were only 20 sales. Obviously the combination of the first time home buyer credit, low interest rates, tourism slightly turning around and short sale or REO low priced opportunities are making a very positive impact. If you would like more information please contact me. For a complete list of what came on the market and what sold here on the island CLICK HERE FOR SPREADSHEET