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

Kauai Real Estate Sales

Real estate activity for our island last week was moderate which is typical for this time of year. A difference in our market as opposed to the mainland is; during the summer our real estate tends to slow down. Since we have so many off island buyers the summer crowd will typically be many years away from buying a second home, vacant land to build a dream home or vacation rental condo. The more pressing concerns of expenses associated with raising their children will put buying over here lower on their list of priorities. For Buyers it’s a great time of year to make an offer!!!! That coupled with lower interest rates, rising sales, and sluggish median prices make this a good time to consider a purchase over here.

For an excel spreadsheet of what came on the market, what sold and what went into escrow CLICK HERE FOR SPREADSHEET

Famous Big Wave Surfer Laird Hamilton Puts “Jaws” House On Market

Here is a Maui story with a little bit of Kauai with it.

Laird Hamilton, world renowned big wave surfer and a co-pioneer of the now popular sport of tow in surfing, has put his home in Maui on the market. Laird and his professional volleyball/model wife Gabrielle Reece put their 10 acre four bedroom/four bath home on the market for $2.75 million. The home is located near the famed “Jaws” surf break of which Hamilton has become known for surfing and his continuous promotion of respect for the dangerous break known as “Peahi” in the Hawaiian language.

The reason for selling is the Hamiltons had bought a larger parcel of property adjacent to the “Jaws” home and they have a home in Malibu and are building a home in Hanalei here on Kauai. Laird spent a part of his youth living in Hanalei.

Hawaii’s Unemployment Rate Holding Steady

Hawaii’s seasonally adjusted unemployment rate in June remained at 6.0 percent, down from 6.6 percent in June 2010, according to the Hawaii Department of Labor and Industrial Relations.  That compares to theUnited States’ seasonally adjusted unemployment rate last month of 9.2 percent, which was up from 9.1 percent in May but lower than 9.5 percent in June of last year.

InHawaii, there were 38,150 people unemployed out of a work force of 633,650 last month. That compares to 41,500 individuals unemployed out of a work force of 627,900 in June 2010.

New Alaska Airlines Flight From San Diego To Honolulu 

More good news about airline flights for our islands!  Alaska Airlines is adding a new flight from San Diego California to Honolulu.  This new flight will start November 17.  Already the airline has routes betweenSan Diego and Kahului, Maui which started last October.

Promotional airfares of $149 each way are being offered if you purchase by July 25 and travel between November 17 and December 25.

Class Action Lawsuit Against Bank of Hawaii Results In $9 Million Payoff 

Bank of Hawaii agreed to pay a $9 million settlement as a result of a lawsuit which claimed the bank improperly charged overdraft fees on debit card transactions.  The lawsuit accused the bank of systematically reordering debit card transactions from highest dollar amount to lowest dollar amount, a practice that allowed the bank to deplete customers’ available funds as quickly as possible while maximizing the number of overdraft fees.

The $9 million will be put in a settlement fund used to refund customers and pay attorneys’ fees, administrative and other costs in exchange for a complete release of all claims against the company, the bank said. It’s unclear how many Bank of Hawaii customers are eligible for refunds.

Similar lawsuits against American Savings Bank and Central Pacific Bank, the state’s third- and fourth-largest banks, also are pending

After the lawsuit was filed in February Bank of Hawaii changed its policy so that it now generally posts transactions from lowest dollar to highest.