On Top of the Aloha Beat BLOG

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Hawai`i Mortgage Loans reflect industry tightening.

According to numbers published by Title Guaranty, one of Hawai`i's leading title and escrow organization, the total value of new loans and re-fis across the residential and commercial markets dropped to $5.2 billion during the first quarter of '08, from 10.4 billion in the year-earlier period. The slowing housing market is one reason. The contraction of loan products, particularily in the no-doc category of loans, is another contributor to the reduced volume in mortgages.

In some parts of Hawai`i, I'm talking about the state now, not the Big Island, HELOC, Home Equity Lines of Credit, are being pulled as property values continue to decline. For those with superb credit, full doc loans are still at amazingly low rates though. And Countrywide has an amazing rural loan program that has loans up to $773,000 for virtually no money down. It is one of the few "no money down" programs still available in today's market of fewer loan programs.

Rick Daysog of the Honolulu Advertiser has a full report on the loan industry and some of the challenges they are facing. Read about the Hawaii Loan Mortgage challenge here.

Outrigger - Strong on Kauai and in Hawaii

Outrigger - One of Kauai's Leading Management Companies

Founded in 1947, and still a family-owned business, Outrigger Enterprises Group is one of the largest property and resort management companies in the islands. Today, Outrigger is a multibrand line of hotels, condos and vacation resort properties that operates or has under development or renovation 47 properties with nearly 12,000 rooms in Hawai`i, Guam, Fiji, Indonesia, Thailand and Australia.

With their brand-tested slogan, "
Outrigger hospitality, always a warm island welcome", they have a great reputation and although large by island standard, they are still a small company compared to the likes of Marriott and Hyatt.

Jseph Toy, presiden tof Hospitality Advisors, comments that Outrigger has perhaps the most strategic thinkers in Hawaii. And like any modern day business, Outrigger is migrating its marketing efforts to be Web 2.0 compliant. You'll find comments on Trip Advisor and video postings on You Tube and My Space to name but a few of the places Outrigger is propagating.

Here on Kauai, Outrigger manages several properties. At Lae Nani, on the Coconut Coast, Outrigger manages 49 out of the 84 units at this lush and tropical beachfront complex built in the late 70's. Outrigger also manages the home owner's association at Lae Nani, an additional service Outrigger sometimes provides at it's condominium properties. The new Waipouli Beach Resort is also managed by Outrigger although Outrigger no longer manages the home owner's association of this luxury complex comprised of mostly one and two bedroom boutique-quality apartments replete with Wolf ranges, Sub Zero refrigerators and high-end finishes everywhere you look.

Left: Sprawling tropical grounds of Lae Nani-
Below: Lae Nani view from the Ocean
If you are an owner that utilizes Outrigger ,they utilize a system in which vacationers book a certain tier of condo. For instance, partial ocean view, garden view, oceanfront are three examples each with different rack rates. . Then, a couple of days before the vacationers arrive, the reservation gets assigned to an individual condounit. This allows Outrigger to load balance the revenue and occupancy for the many units they manage.

Poised for growth despite the economy, Outrigger Reef and Hotel, one of only seven oceanfront hotels in Waikiki, is undergoing a $110 million redevelopment, expected to be completed by early next year.



Ron and Gwen Margolis
On Top of The Aloha Beat
The Pulse of Kauai Real Estate
Century 21 All Islands
http://www.landinkauai.com
email: ron@landinkauai.com
24 Hour Information Line: 800-582-9585
Cell: 808-346-7095

Luxury Kauai vacation home market is optimistic

Optimistic outlook for luxury vacation-home market

One of the drivers that buffers our Kauai market from the duldrums is the ongoing purchasing of luxury property. These are properties that are extraordinary and often expensive. I generally look at this market as being above $2 million in price, though it could be lower. These couple of snippets below from the 2008 Annual Wealth report validate this notion.

The outlook for owners of "prime property" - "the most desirable, and normally most expensive, property in a defined location" - notably for vacation homes, is much more optimistic, according to the 2008 Annual Wealth Report by property consultants, Knight Frank and Citi Private Bank.

"The boom in second-home ownership over the past decade will be nothing compared with the growth we will see over the next decade," the report says.

Liam Bailey, head of residential research at Knight Frank and the author of the report, notes that while the market for prime residential real estate will be weaker this year and next, thanks to the global credit crunch
, the outlook for prime property over the medium and long term is strong, as the rich get richer and wealth increases across the globe.

Global prime property prices rose by 11 percent worldwide in 2007, according to the Wealth Report. It notes that rising affluence across the globe is likely to spur sales of vacation homes. "Rising affluence generates another market: second homes and holiday homes," it says. (The Wall Street Journal)

Ron and Gwen Margolis
On Top of The Aloha Beat
The Pulse of Kauai Real Estate
Century 21 All Islands
http://www.landinkauai.com
email: ron@landinkauai.com
24 Hour Information Line: 800-582-9585
Cell: 808-346-7095

Dance Fans - If You Like the Hula...

If you like the Hula and are on Kauai at the end of June, then we've got just the thing for you!

Hālau Hula Ka No`eau will present  “HAWAIIAN LEGACY … the deconstruction of music and hula … Kahauanu and Maiki Aiu Lake”, Saturday, June, 28 @ 7:30 p.m. at the Kauai Community College Performing Arts Center in Lihue, Kauai.
            The evening performance will highlight the work of the late Kumu Hula Maiki Aiu Lake and ukulele virtuoso Kahauanu Lake.  Kahauanu is noted for his Hawaiian musical arrangements with the ukulele as the lead instrument and his signature “Hawaiian Jazz-Swing Style” of music.   His late wife Maiki, who is often credited as “mother of the Hula Renaissance”, trained the majority of Hawai`i’s leading kumu hula during the 1970’s and early 1980’s.  Today, there are three generations of kumu hula that maintain her legacy.  The work the Lakes produced was the front-runner to the Hawaiian Renaissance and it continues to be the standards of excellence all others try to emulate.  The concert is presented in part by a grant appropriation from the National Endowment for the Arts and the State Foundation on Culture and the Arts American Master’s Program.
            “It is exciting to have Auntie Maiki and Uncle “K” considered American Masters by the National Endowment for Arts”, says Michael Pili Pang, kumu hula of Hālau Hula Ka No`eau.  Kumu Pang, who is also the Executive Director of the Mayor’s Office of Culture and the Arts in Honolulu, has been working for ten years to have the Lakes be recognized as “American Masters”.  In the spring of 2004, Pang took part in the “20th Century Dance Masters … Sharing the Legacy Dance Concert” at Hunter College in New York City, where he presented three of Mrs. Lake’s chorography on the same concert as the choreography of other dance masters such as Martha Graham, José Limón, George Balanchine, and Merce Cunningham.
            “Just because we’re in the middle of the Pacific doesn’t mean we don’t have great Masters; we have some of the best and they need to be recognized” explains Pang.  “This grant from the NEA and the State Foundation on Culture and the Arts validates the achievements and merits of our Hawaiian Masters, particularly the Lakes who contributed so much to the arts and culture.”          
      Pang conceived the idea of presenting the evening concert in a “talk story format” last summer when he and his hānai Uncle “K” released the Lake Trio’s Kaimana Beach CD.  Joining Pang and Lake on stage will be the teachers of Hālau Hula Ka No`eau, Huliau Dance Company.  These are a few of the people who maintain the “Hawaiian Legacy” of hula and music of the Lakes shared with Hawai`i. A $90,000 grant from the NEA American Master’s Program has allowed Pang and his hālau to bring this concert to Kauai. Previous performances have been in Honolulu and in Waimea on the Big Island, and the MACC on Maui.

Extraordinary Land and Ocean View Condo - 2 New Listings for Us

2 New Listings - Extraordinary Land & Ocean View Condo.
Not just another beautiful acreage, this land needs a steward of the aina to respect and appreciate this precious property where ancient Hawaiians lived and farmed on terraces above the beach. An incredible ocean view home site is above, overlooking the Kilauea River. Below this, adjacent to the terracing is a guest home site on a lower tier that is a short stroll to the river itself. Out of respect, nothing can be built on these terraces.Walk the jungle garden to waterfalls and see for yourself that this fertile spot would make an ideal private retreat or compound for someone appreciating the stunning views and proximity to a great swimming and surfing beach. VIEW THE MLS LISTING of this special location



Kaha Lani Unit 210 is a wonderful 1 bedroom condo located adjacent to Lydgate Park and the Wailua golf Course. This second floor unit at Kaha Lani provides wide ocean views and overlooks the swimming pool. Kaha Lani Means "Heavenly Place". It is truly one of the "best kept secrets" on Kauai.
VIEW THE VIRTUAL TOUR OF KAHA LANI Unit 210


Taste of Hawai`i - This Sunday June 1st - Call Me for Tickets

Taste of Hawai`i '08 - #20 will be GREAT!


The 20th Annual Taste of Hawaii will be held on Sunday June 1st at Smith's Tropical Paradise adjacent to the Wailua River. The Taste of Hawaii is the Ultimate Sunday Brunch which provides the primary source of fundraising for the annual operating budget for the Rotary Club of Kapa`a which I belong to. Our club started Taste of Hawai`i in 1988 as the first event of its kind in Hawai`i. It has grown into the premier culinary event on Kaua`i and in Hawai`i. The finest Chefs from around the state gather to provide our guests with a tasting extravaganza second to none.
TOH features:

50 chefs from restaurants around Hawai`i
15+ beverage vendors
10+ musical and entertainment groups
A large silent and live auction
Smith's Tropical Paradise, a stunning 30-acre private park.

TOH raises funds for:

Scholarship programs for college-bound high school students.
Scholarships for vocational studies for community college students.
Recognition of outstanding Humanitarian Vocational Contributions
Community projects that give financial support directly to other non-profits and community organizations
International Service Projects which partner with foreign Rotary Clubs that target specific local needs (food, water, medical supplies, etc)

Taste of Hawai`i is the #1 community event on Kaua`i as voted by public polls. Come see why and be prepared to boogie and feast.

Stemming the Development Tide - An interesting point of view

Stemming the development tide on Kauai.
Walter Lewis published an interesting piece in TGI (Garden Island Newspaper) earlier in the month about stemming the development tide on the island. In 2000, the Kauai General Plan was adopted to set in place parameteres for the county's rate of development. The plan limits the increase of visitor accomodation units to an average of about 125 units per year. The units that have been constructed and those with approvals  from planning officials are vastly in excess of the pace noted in the General Plan. In the past months, a group of citizens concerned about the unchecked growth of the accomodation units concluded something needed to be done to prevent our island from becoming a Maui-like mecca for vistors.

The Coalition for Responsible Government has initiated a charter amendment calling for our the County Council to accept responsiblity for the number of  permits for construction of transient units. This would be an improvement over leaving this power in the hands of the appointed Planning Commission, whcih has proven unwilling or unable to stem the development tide. Under the charter amendment the council may delegate the permitting responsiblity back to the Planning Commission if it adopts an ordinance limiting tourist accomodations to the rate contemplated under General Plan.
Map of Kealanani - New Kealia Ag SubdivisionAerial of Poipu Aina estates

A spokesperson for the charter amendment commented that it would be years before the council looks at the issues and even then there is no assurance action might occur. Citizens are increasingly giving the council a vote of no confidence in its inability to act on matters of public concern. The initiative must be affirmatively voted on in the November 2008 general election to move forward.
Stay tuned for more on this amendment. There is also an ongoing discussion about a vote to have a professional county manager instead of an elected mayor to run Kauai. The mayor would then be an appointed person, a figurehead who does PR and personally represents our county at many island events.

Kauai Real Estate List of Foreclosure Auction and Pre-Foreclosures

The Kauai real estate market is chugging a long with some nice high end escrows closing and some very good values from developers on inventory that has not yet moved. Incentives to buyers and buyers agents help to keep inventory moving. Foreclosures and short sales however are still on the rise. Many people inquire about these types of properties with the notion that they can "steal" something, but, that is pretty unlikely since banks generally hire appraiser and perform a broker price opinion in order to have a pretty fair opinion with regards to the value of a property they are foreclosing on.

The two lists below contain properties that are currently scheduled for auction and a separate chart for those properties that are in pre-foreclosure. Just because an auction date is set for a property heading for foreclosure, this doe snot mean the auction will actually occur on time. As an example, I attended last Friday's auction at the Lihue Courthouse. One of the auctions was for Wyndham timeshares, and in this case, the developer bought back all the inventory that was being foreclosed on. The other 3 auctions, a home in Hamamaulu, one in Wailua and one in Kalaheo, were all postponed. Two of the parcels were postponed til 7/18 and the other property was postposed unitl 6/20.

If you see a property on either of these lists that interests you, drop me an email or call me, and I'll give you whatever info I can regarding this property. Notice on the 2nd list the property on Niulani St. That is an oceanfront parcel with a small home and zoned open which allows up to a 3,000 sq. ft. footprint. The property was listed for under 1.3 Million and the default is over 1.5 million.

 

KAUAI PROPERTIES FOR AUCTION

KAUAI PROPERTIES IN PRE-FORECLOSURE

1st Annual Red Clay Jazz Festival on Kauai

 

One of my community involvements here on Kauai has been to participate as a board member of the Kauai Concert Association.
Last evening KCA held its final concert of the '07 & '08 season. It was fondly titled, The 1st Annual Red Clay Jazz Festival. The purpose of the event is to keep great jazz alive on Kauai. The event was a huge success. Everyone had a ball and what a great value to hear three fabulous ensembles for only $45. I imagine the cost could be closer to $100 if held in a mainstream mainland venue. Below is a short article I drafted this morning commemorating the event.

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I don't know if it's what Pete had in mind, but, if the late Pete Robinson was watching from somewhere up above last night at the Marriott Luau grounds, I'm sure he would have been smiling and grooving. The Kauai Concert Association hosted the 1st Annual W.S. Pete Robinson Red Clay (named for the Freddie Hubbard tune and our red dirt) Jazz Festival. It's a dream that Pete had for a long time. Now, a new tradition has been established in Pete's namesake. And Pete's wife, Judy Arrigo, was the driving visionary and energetic force to spearhead the creation of this new tradition on Kauai.



I could not imagine a more splendid ambience for listening to live music anywhere on this planet. Picture a large white stage tent at the very end of the beach at Kalapaki Bay. As you look to your right you see and hear the ocean softly breaking on the shore. In the background, the Ha`upu mountains complete the panoramic magic. Being outdoors, everything sounds better. There are no walls to reverberate off of and the sound just massages your being.

The Red Clay festival began with the energetic big band from Kauai High School. The Kauai High Jazz Raiders played through a selection of straight ahead jazz, funk, and Latin big band arrangements. Daryl Miyasato, the band director and the sit-in bass player for the evening, conducted the band as they journeyed through some ambitious arrangements including Chick Corea's Spain, and a beautiful ballad from smooth jazz horn maven, Kenny G. The band featured one of their trombone players, Kyle Furusho, as a fabulous lead vocalist on the great Sinatra classic, "Come Fly With Me".

RED Raiders

During the breaks between the music groups, patrons browsed the grounds which featured yummy Marriott cuisine like chili dogs and chili with rice, and fine beverages. Young marketing execs promoting Steinlager Pure shared complimentary beverage tickets from Steinlager, one of the events' premier sponsors. Other major sponsors of this inaugural event included the Marriott,  the County of Kauai - Office of Economic Development & the  Hawaii Tourism Authority The art exhibit from the Kauai Society of Artists was displayed in the courtyard adjacent to the concert grounds.  And KCA sold CDs of the artists, T-shirts, and shared the mission of KCA with the attendees, several of whom were tourists visiting. I am sure, despite the vog, the visitors could feel the aloha spirit present everywhere around the festival grounds.

The music shifted gears when the Honolulu Jazz Quartet took the stage. Led by bassist John Kolivas, an Oahu native, the quartet serenaded the crowd with a long set of straight ahead and progressive jazz, mostly original compositions. One interesting piece, Heater's On, was a musical depiction of John's first experience of the bizarre sounds of a radiator heating a cold apartment in Manhattan. The radiator, portrayed by drummer Von Baron's fabulous cymbal work, made most unusual sounds and rhythms. Von Baron's cymbal techniques were both innovative and effective. Another piece, a three four rendition of a Keola Beamer tune, Real Old Style, was a sweet variation on a slack key theme. HJQ is a tight ensemble with Chicago native Dan Delnegro and saxophonist Tim Tuskiyama rounding out the ensemble. As emcee Tony Kilbert proposed, each city has its own style of music; NYC, Chicago, Philly are renowned jazz towns. Tony suggested the feeling of the tradewinds was the quality of this Honolulu-based quartet. Though Kona winds made the air still, the slick melodies and rhythms of HJQ blew through the air with a majestic quality all its own.


Highlighting the night was the effervescent and delightful Joyce Cooling. Hailing originally from Newark, NJ, Joyce has been in the Bay area for years. And while here chart topping sounds are affectionately labeled "Smooth Jazz" by the music industry, her superlative rhythm section of writing partner Jay Wagener, Billy Johnson on drums, and Victor Little on bass laid down 90 minutes of solid grooves that integrated funk, fusion, and intricate polyrhythms into a groove that made me want to get up and dance. In fact, I did, and so did others.  Johnson, a Philly Native, and Little, added such a strong funk groove to every melody, it was simply infectious. I could feel the ocean dancing in response to the tight and exciting rhythms.

 



It may have taken a number of years for Pete Robinson vision to give birth. Perhaps the Red Clay Jazz Festival was being birthed on "Kauai time". Whatever the reason, hopefully the RED CLAY Jazz Festival, presented by the W.S. Pete Robinson Memorial Jazz Fund and KCA, and sponsored by Marriott, Steinlager Pure and others, will have a long extended stay on Kauai. And Pete Robinson can keep smiling and grooving, like hundreds of jazz enthusiasts did last night on the beach at Kalapaki Bay.