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

Kauai Real Estate Update

Kiahuna Plantation #230

Kiahuna Plantation #57

I’ll start my blog off with a trifecta of Kiahuna Plantation Real Estate information for you!  I just listed Kiahuna Plantation (LH) #230 which is on the top floor of building 37, this unit has some had some nice upgrades and is being sold for $130,000.  For a video tour of #230 click on this link Video Tour KP 230  Additionally I just lowered the price of Kiahuna Plantation (LH) #57 to $249,000.  This unit is in building 11 on the ground floor with a short walk to the beach.  For a video tour of this unit click on this link Video Tour KP 57 Kiahuna Plantation (LH) #309 also lowered their price to a competitive $130,000.  This unit is on the middle floor of building 38 with a great Moir Cactus Garden View and upgrades!  You can see that video tour here Video Tour KP 309 All of these units are in active vacation rental programs and additionally the owners do direct rentals and their built in income is being passed on to you!  For more information give me a call.

Kiahuna Plantation 309

Island wide we had an even number of properties that came on the market, sold and went into escrow.  For a detailed spreadsheet CLICK HERE FOR SPREADSHEET

Mortgage Rates Rise

The average U.S.rate on a 30-year fixed mortgage rose above 4 percent for the first time in five months. The sharp increase suggests the window to buy or refinance a home at historically low rates is closing.

Mortgage buyer Freddie Mac said today that the rate on the 30-year loan jumped to 4.08 percent, up from 3.92 percent the previous week. A month ago, it touched 3.87 percent, the lowest since long-term mortgages began in the 1950s.  The average on the 15-year fixed mortgage rose to 3.30 percent, up from 3.16 percent last week and a record low of 3.13 percent two weeks ago.

“With the economy getting stronger, the markets are beginning to recognize that rates are too low,” said Joel Naroff, president of Naroff Economic Advisors. “That means mortgage rates should rise.”

Higher mortgage rates could spur more sales, especially if home prices begin to rise. Potentially buyers will likely move quickly to avoid paying higher rates down the line.

Naroff feels the buyer reaction could be strong and might move people off the fence and into the buying ring.  January and February made up for the best winter sales in the last five years.  Additionally Builders have grown more confident and the numbers of permits from them are rising, employers have added an average 244,600 jobs per month from December through February, unemployment rate has dropped to 8.3 percent, the lowest level in nearly three years.

Could New Southwest Airline Planes Be Used For Hawaii Routes??

On Wednesday Southwest Airlines announced they have gotten their first Boeing 737-800 which, according to Mike Van de Ven, is going to “make us more profitable from day one”.  These planes will hold 175 passengers which is about 40 more than their biggest plane.

Where it gets interesting for us here in Hawaii is the new plane allows Southwest to fly to Hawaii and the Caribbean as stated by Southwest’s CEO Gary Kelly.  First, the airline needs to negotiate Hawaiian-trip pay scales for union pilots and flight attendants, he said.

These planes will join their current fleet on April 11.  The planes have wireless internet access and higher ceilings.

Earthquake On The Big Island

On Thursday morning a small earthquake shookHawaii Island, but no serious damage was reported and no tsunami alert was issued.  It was estimated to be of 3.7 magnitude and was 27 miles west of Kailua-Kona.