Lynda Gill’s Poipu, Kauai, Hawaii Real Estate at Pacific Ocean Properties

Kauai Real Estate

We had a good week for properties going into escrow and selling verses those coming on the market.  The Kauai Beach Resort continues to sell off their $30K and $40K units clearing out that very low bottom inventory.  High ticket properties continue to do well.  A related story on property taxes, REO’s and short sales is below.  For an excel spreadsheet on what came on the market, sold and went into escrow  CLICK HERE FOR SPREADSHEET

Kauai Property Taxes Fall While Proposed Operating Budget Rises

Our Mayor announced this week a proposed 12% increase in operating expenses in light of the fact that property taxes fell (again) this year.  Property taxes make up 55% of the county’s revenue and they have fallen this year by 6%.  One third of our sales here on Kauai in 2010 have been Short sales and REO’s which has had a major impact on non-distressed sales and market values.  Sales in 2010 largely occurred in the high and low end of the markets greatly skewing our median sales prices.

So where do we get the money?  The new budget proposes diversion of $32 million from our unappropriated surplus to cover the shortfall.  This amount is nearly all that is in this account.

Currently our operating budget is at $147 million and the proposed budget is for $165 million.

Tsunami Recap; 1 Week Later

Kauai breathed a collective sigh of relief as we got the “All Clear” a week ago Friday after the 8.9 earthquake in Japan set off a tsunami warning for our islands.  Tired residents and toursists had mostly spent a sleepless night listening to the news but after 7 a.m. we had gotten the signal that the coast was clear (so to speak) and we all got on with our days and the first order of business was to search around for news on how the rest of the island did.  We didn’t have to look far and the news was all good.

Reports of 6- to 8-foot waves with 75- to 80-foot run-up were received from Hanalei, county officials said. Port Allen reported waves coming in 2 feet above the pier. Unusual wave activity was also reported at Keoneloa Bay in Po‘ipu and at Nawiliwili Harbor.  Public works road crews cleared sand that had apparently been washed across Lawa‘i Road in the vicinity of the Lawa‘i Beach Resort, county officials said.

The most severe damage in the Isles was reported at boat harbors on Maui and Big Island.

The U.S. Coast Guard reported Friday morning that Kaua‘i fared the best among the Hawaiian islands.  Here on Kauai I can tell you the mood is somber and sad when we talk about the devasstation in Japan.  Our islands have a close connection to Japan and our hearts go out to all.

Prince Kuhio Days Starts March 19 to 27

Prince Kuhio Days is an annual week long celebration of the beloved Prince Jonah Kuhio Kalaniana’ole Pi’ikoi who was born here in the Poipu area at the site where Prince Kuhio Park is on Lawai Road (right next to the Prince Kuhio condos).  For 20 years he served as the Hawaii delegate in Congress and had many accomplishments one of the biggest ones being the passage of the Hawaiian Homes Act which set aside 200,00 acres for Hawaiian Homesteads.

We are starting 9 days of celebration here in Poiup with many of the events happening at the Grand Hyatt.

Poipu Sheraton $15.9 Million Dollar Renovation

The Kauai Sheraton, which is located next to the Kiahuna Plantation, is in the midst of their $15.9 million dollar renovation, they are slated to be done by this September.  I was at a meeting this weekend at the Sheraton and saw firsthand the renovations going on as I threaded my way into their parking around the construction.  Meeting rooms had been turned into eating areas for guests and a huge tent was in the parking lot for a special event that normally would have been held in one of their rooms.

Areas under renovation include: the ocean wing’s courtyard, lobby and pool, the spa and fitness center and restaurants.  The Point and Shells restaurants will be combined into a RumFire restaurant with nine fire pits, similar to the Sheraton’s in Waikiki.

It was reported in our paper that employees are not being laid off during renovations but rather absorbed where needed.  This is a good thing because the 2,800 union workers from the six Starwood managed hotels just agreed on their new three year contract.