Kauai Real Estate Update, Hawaiian Airlines Makes Emergency Landing, National Real Estate YTD Figures

Kauai Real Estate SOLD and NEW listings Island Wide! Comments Off on Kauai Real Estate Update, Hawaiian Airlines Makes Emergency Landing, National Real Estate YTD Figures

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This beach is just steps from Hale Luana, a magnificent home with a guest house. Legal vacation rental with gorgeous interiors. Click on the photo for the listing details on MLS#627765 listed for $7,750,000.

Kauai Real Estate Update
We had our Brokers caravan on Tuesday this last week and the lunch property was at a $7,750,000 million dollar 4 bedroom home in Poipu that is right on Baby Beach.  Literally you can walk from your back yard, down a couple of steps and your at this beach.  Baby Beach is not too well known and is tucked away in the subdivision by Whalers Cove in Poipu, it’s protected by a reef and thus the name “Baby Beach”.  For a complete list of everything that Sold, was Just Listed or went into Escrow last week on the island of Kauai click here: Kauai Real Estate Update August 19 to 25, 2019.
Poipu Beach Real Estate Update- It’s been getting really busy here in Poipu in preparation for the 10thannual Kauai Marathon and Half Marathon on September 1st.  It starts right in front of the Kiahuna Plantation at 6 a.m. with stretching and pre-race festivities starting at 4:45 a.m. (!!!).  All this extra traffic is favorable for our Poipu Beach real estate market!  To find out the latest news click here: Poipu Beach Real Estate Current Market Analysis
Kiahuna Plantation Real Estate Update- This last week unit #427 came on the market for $295,000 (LH) but only cash and 1031 exchanges are acceptable forms of payment.  This unit was listed previously at $250,000 (LH) and went into escrow in January 2018 but fell out due to the property not appraising.  For a complete list of all the real estate activity at the Kiahuna click here: Kiahuna Plantation Current Market Analysis

Hawaiian Airline Oakland Flight Makes Emergency Landing
Seven people have been hospitalized after Hawaiian Airlines flight HA47 from Oakland, CA landed on Oahu due to reports of smoke coming from the plane’s cargo hold and cabin.  Hawaiian Airlines said in a statement that the smoke was due to a failed seal in the left engine that caused “oil to leak onto hot parts of the plane’s engine and air conditioning pressurization system.”

The flight included 184 passengers and seven crew members, arrived on-Island at 11:36 a.m. Thursday and deplaned using emergency slides. First responders began assisting the aircraft’s evacuation efforts upon arrival.

How Much Does Your Job Pay Here On Kauai?
Have you wondered what you would earn if you lived here on Kauai doing the job you do on the mainland?  Last month the State of Hawaii released their “Occupational Employment and Wages” report.
If you are in construction here in Hawaii you are making 43.8% more than the U.S. average.  If you are a Lawyer you are making -5.1% less than the U.S. average.  The top five occupational groups with the highest median hourly wage included: Management, Healthcare practitioners and technicians, Architecture and engineering, Computer and mathematical and Legal.  Although these groups had the highest wage they accounted for a smaller share of employment in the state.
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The report is incredibly interesting and extremely detailed but easy to navigate through if you don’t want to read it all.  Each of the islands have their own report which shows the number of people employed in the specified profession and their hourly and annual income.
To access this report click here: Wage Report State Of Hawaii 2018

National Real Estate Update
In previous weeks I’ve reported Kauai’s YTD real estate report as well as Oahu, Maui and the Big Island.
This week I have the National Home Sales Report from the National Association of Realtors.

  • Falling mortgage rates are improving the sales of the affordable housing which is a strong market and in short supply.  Home price appreciation has been much stronger in the lower-price tier compared to homes sold in the upper-price tier.
  • Of the same homes that were sold in 2018 that were purchased in 2012 in 13 large metro areas (repeat sales transactions), the lower half of the market had increased by more than 100%.  The median home price for homes purchased in the upper half of the market in these same metro areas in 2012 increased at a much slower pace when sold in 2018.  In short: affordable housing is doing well but the high end spec properties are slowing down.
  • The median existing-home price for all housing types in July was $280,800, up 4.3% from July 2018 ($269,300). July’s price increase marks the 89th straight month of year-over-year gains.
  • Total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing-homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago.
  • The Foreclosures and Short Sale market continues to dry up.  In July they represented 2% of sales in July, unchanged from June but down from 3% in July 2018. Less than 1% of July 2019 sales were short sales.
  • Properties typically remained on the market for 29 days in July, up from 27 days in June and up from 27 days in July of 2018. Fifty-one percent of homes sold in July were on the market for less than a month.
  • Lawrence Yun, the chief economists for the National Association of Realtors said that “Mortgage rates are important to consumers, but so is confidence about the nation’s overall economic outlook.  Home buying is a serious long term decision and current low or even lower future mortgage rates may not in themselves meaningfully boost sales unless accompanied by improved consumer confidence.”

Below is a National Housing Snapshot provided by the National Association of Realtors

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