When the Dow Jones sat 300 points down early in the day, it seemed to us that was about the best possible indicator that the damage from the weekend had been contained. But the last 30 minutes in the market was a catastrophe. The Dow finished off over 4% as did the S&P 500. Here are some important events marking the day:

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In a remarkable weekend on Wall Street, Lehman Brothers has declared bankruptcy and Marrill Lynch has been sold to Bank of America. In other stories, New York Sate will permit troubled insurer AIG to transfer funds from its operating subsidiaries to the holding company and ten firms have set up a $70 billion financing facility. So what does this all mean? In our view, in the short-term, it means the following:

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According to Ziprealty:

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We are pleased to announce two new listings. Kai Malu is Wailea's newest residential condominium community. With 150 units in seventy-five duplexes, this gated community is surrounded on three sides by the Wailea Blue Golf Course. Kai Malu's common area is considered one of the finest in Wailea. A 75 foot long, infinity-edged pool, spa, entertainment area and exercise room all boast incredible views of the Pacific ocean. Unit 24-B features a downstairs master suite, three-bedrooms, 2.5 baths, granite counters, stainless steel appliances, hardwood floors, tiled bathrooms and a two-car garage. The large stone lanai boasts a beautiful ocean view. This unit is listed for $1,339,888. Unit 38-B is also 3/2.5, but with the master upstairs. This unit is located on a peaceful greenbelt for a parklike feel. This unit is listed for $1,239,888. At between $680 and $750 per square foot, both of these units represent real values.
 
For private showings, contact us. Here are details on 24-B and 38-B.

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While the long-term impact is clearly uncertain, in the short term mortgage rates have improved dramatically. Over the past several days rates have improved from 6.5% for a 30 year to almost as low as 5.75%. If you are interested in refinancing, now is the time to look at it. This can only help make Maui real estate more affordable.

The Federal Government will assume operating control of Freddie Mac and Fannie Mae and will purchase a large amount of preferred stock in each entity.

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The Fairways at Maui Lani, one of the Wailuku subdivisions embroiled in a lawsuit is being put up for sale.

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The Maui County Council has come to its senses…sort of…maybe:
 
The Maui County Council's Planning Committee reversed itself Tuesday and voted to allow bed-and-breakfasts to be located in agricultural districts…The package of bills still needs full council approval, but the Planning Committee voted 3-2 to support repealing the bed-and-breakfast ban on agricultural land…The Planning Committee previously broadened the definition of bed-and-breakfast operations to allow a property owner with two homes on a single lot to live in one house and rent out the other as a short-term vacation rental. The committee also voted to allow bed-and-breakfasts on rurally designated land.
 
We applaud this which is a step in the right direction. But it is only a step. This does not address other kinds of Maui real estate like along the oceanfront, not have the politicians yet determined whether managers will be permitted or whether this only applies to those living on-site. We will keep you apprised.