BUSINESS BRIEFS
$615,000 median for O'ahu homes
Advertiser Staff
The median sales price for an existing home on O'ahu hit a record $615,000 in the third quarter, with total sales reaching a new high of $1.8 billion, the Honolulu Board of Realtors reported.
The median price was up sharply from $469,000 during the same three-month period a year ago. A total of 1,324 homes were sold in the third quarter, up from 1,287 a year earlier.
The median condo price rose to $280,000 in the third quarter, up from $215,000 a year earlier. A total of 2,286 condominium units were sold in the third quarter, up from 2,205 a year ago.
KAUA'I BONDS GET HIGHEST RATING
LIHU'E, Kaua'i — The county has obtained its highest bond ratings just weeks before it plans to launch a $50 million bond issue.
Mayor Bryan Baptiste said a team from the county addressed bond-rating firms last week, noting the island's stable economy, growing real estate values and the low debt burden.
After the meeting, Standard & Poor's upgraded the county's rating to A-plus, Moody's to A1 and Fitch to A-plus. The higher ratings will allow the county to pay a lower interest rate on its bonds.
PFLUEGER MAKES KAHULUI INROADS
KAHULUI, Maui — Pflueger Automotive Group held a groundbreaking this week for its first full-service Acura dealership on Maui. The business will be at A&B Properties' Airport Triangle Square in Kahului.
The Pflueger Automotive Group, in business since 1963, also sells Cadillac, HUMMER, Buick, GMC, Subaru and pre-owned automobiles at eight locations on O'ahu. It also carries Honda motorcycles, as well as marine and power equipment.
CHINA ECONOMY GROWS BY 9.4%
BEIJING — China's economy grew by 9.4 percent in the first three quarters of 2005 as investment surged and the trade surplus widened, the government said.
Gross domestic product for China in the January-September period reached 10.6 trillion yuan ($1.3 trillion), the government said.
