WAILUKU >> The median price of a single-family home in Maui County has climbed to $630,000 for the first half of 2016, a sum real estate experts say is pricing locals out of the market.
Realtors Association of Maui President Jeannie Wenger said home sales for the first half of the year have primarily been to locals for houses below the median price and to off-island buyers who can pay $600,000 and above, the Maui News reported.
Local buyers can only afford to pay a fixed amount based on the income from their job or jobs, she said.
“What local people can actually afford based on lender criteria is not usually $600,000,” she said.
The Realtors Association of Maui report noted a 5 percent increase in the median price of homes compared with last year in the same period. The number of units sold also rose, up 7 percent to 531 units in the January-to-June period.
At the end of 2000, the median price of a single-family home was $275,000. Prices have risen 2.3 times higher since then, and Wenger said local incomes have not kept pace.
Cardax enters into deal with Southridge
Biotech startup Cardax Inc., which has been seeking additional capital as losses mount, planned to announce today that it has entered into an equity purchase agreement with an affiliate of Southridge LLC, an institutional investor.
The agreement provides Cardax with the right, but not the obligation, to sell stock to Southridge and the ability to designate the amount, minimum pricing and timing of each capital draw-down, provided that the aggregate purchase amount available under the agreement is $5 million and ownership of Cardax stock by Southridge is limited to 9.99 percent at any time, which as of June 30 would equal 8,488,625 shares.
There are no trading volume requirements in connection with the draw-downs. However, the maximum amount of capital that can be effectively drawn down at any given time will be dependent on the then current market pricing and beneficial ownership of Cardax stock by Southridge.
“We are pleased to put together this useful financing vehicle,” Cardax President and CEO David G. Watumull said. “Access to this amount of flexible financing — with modest dilution and the protection of a reasonable floor — provides an ideal platform for us as we focus on product development and commercialization.”
The Honolulu-based company, which is developing a product that would provide many of the anti-inflammatory benefits of steroids, still has no revenue and had accumulated a deficit of $54.8 million from its inception in March 2006 through the first quarter of this year, according to a recent filing with the U.S. Securities and Exchange Commission.
Cardax’s stock last traded Thursday and closed at 12 cents a share on the over-the-counter market.
Island Air debuting summer jam series
Island Air has begun offering live musical entertainment each Friday through Aug. 26 from noon to 2 p.m. at the Honolulu Airport commuter terminal.
The Aloha Friday Summer Jam Series will feature free entertainment by local musicians. It will showcase eight island musicians and entertainers who will rotate throughout the summer: Keauhou, Vance & Eric, Grant Kono, Shane Dalire-Na‘auao, Pesega Liki Tavete Jr., Zachary Hun, Tarita Keohokalole-Look and Natachia Agres.
Island Air also offers daily passengers at the terminal free Wi-Fi, free charging stations and complimentary coffee and newspapers from 5:30 to 10:30 a.m.
