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

Happy New Year From Kauai!

Double Rainbow On Kukui'ula Bypass Road

I have reviewed the real estate data for 2011 and have our “2011 Report Card” below.  First a little update on our island; The weather here is OUTSTANDING!  For a week plus we had some winds that were pretty strong and just did not go away.  But now they have passed and we have glorious weather.  The Grand Hyatt is reporting 99% occupancy and I know at the Kiahuna Plantation occupancy is high as well.  While on a walk with a girlfriend I saw a double rainbow!  I took a video of it with my phone and it came out perfect!  New Years night was gorgeous with the weather co-operating and all of the shows (I read) went off without a hitch.  I confess we were asleep by 9:30, we like to celebrate New Years on New York time which is 7 pm and then go to bed.

Kauai 2011 Real Estate Report Card-Where We Are At Now

2011 has ended and lets look at our island Real Estate “Report Card.  We are heading into 2012 with 2011 being a solid year of sustained recovery.  If we move at the continued pace we will see 1) Prices firming up 2) Different subdivisions, condo projects and price points of our market that have not shown recovery start to recover and 3) Continued growth in the areas that gained strength in 2011.  The information that I will list is intended to be an overview as its space prohibitive to give you an in depth review of every area of Kauai.  What area do you want to know about?  Contact me for that information at 808-346-0056 or send an email.

To get a broad picture of where we were and where we are lets look at the data from our MLS system.  Island wide in 2009 we had a total of 504 sales, in 2010 727 sales, in 2011 760 sales.

Residential:

Residential sales 2009 262, 2010 362 and 2011 360.  Median Price Residential in 2009 $470,000, 2010 $500,000 and 2011 $455,000.  The foreclosures and dramatic price drops in our North Shore multi million dollar properties being the main driving force for this.  Here we see by the numbers sustained buying for Residential Homes at bargain prices.  The lack of foreclosures coming on our market in 2012 per our new law I suspect will greatly effect pricing.

Condominium:

Sales in 2009 161, 2010 245 and 2011 290.  Here we see sustained 18.37% growth in buying.  Condominium Median Price in 2009 $330,000 in 2010 $270,000 and 2011 $227,000.  Here we see the foreclosures and short sales have done their work and Buyers are taking advantage of the low prices.

But for you looking at resort areas read on!

Buyers will look at our market in this broad overview and its the agents job to educate them on their area of choice and what a dramatic difference that can be.  Example; here in Poipu our condo sales went from 46 in 2010 to 64 in 2011 and the Median Price went up from $384,950 in 2009 to $460,000 in 2011!!!!  Residential Median price went from $473,500 in 2010 to $512,500 in 2011.  North shore also had the same kind of numbers; Residential Median Price in 2010 was $680,000 and $756,000 in 2011.  Condos on the North Shore saw Median Prices in a holding pattern; $350,000 in 2010 and $354,000 in 2011.

Last Week’s Kauai Real Estate Sales

Here are the sales for last week.  What will not show up here is a gorgeous 1 bedroom that I just listed at the Kiahuna Plantation (LH).  This unit has had extensive upgrades and is close to everything!  Listed at $225,000 it is priced to sell.  To take a video tour of this unit   Click Here For Video Tour of Kiahuna Plantation #237

For a list of what went into escrow, closed escrow and came on the market last week  CLICK HERE FOR SPREADSHEET