Real Estate upbeat news continues for the island of Kauai in the month of April. The number of escrows that closed are up island wide 63.91% and all sectors had gains with the exception of Commercial and Business sales. The Median prices island wide are still off a bit but not at the declining numbers that we saw in 2009. The number of sales is the biggest factor since lack of inventory is the key to stabilizing prices and pushing home prices upwards. Some of these numbers are reflective of the $8,000 first time homebuyer tax credit but for the high end homes/condos and vacation rental condos/homes in Poipu and Princeville those credits are not relative but are instead reflective of mainland people wanting to buy a second home or to relocate.
I have seen similar news reported for the island of Oahu and Maui.
For Kauai and in the month of April 2010 here are some statistics:
Island wide residential homes sales were up from 46 in 2009 to 78 in 2010.
Poipu homes rose from 17 in 2009 to 22 in 2010
Princeville homes rose from 7 in 2009 to 19 in 2010
Lihue homes rose from 4 in 2009 to 13 in 2010
Kapaa homes rose from 15 in 2009 to 19 in 2010
Island wide condominium sales were up from 62 in 2009 to 106 in 2010
Poipu condos rose from 9 in 2009 to 21 in 2010
Princeville condos rose from 19 in 2009 to 31 in 2010
Lihue condos rose from 20 in 2009 to 29 in 2010
Kapaa condos rose from 11 in 2009 to 24 in 2010
For an excel spreadsheet of what went into escrow, sold and came on the market last week island wide click on this link: kauai real estate sales May 9
First-quarter Real Estate sales jump 70 percent
As reported in our Garden Island Newspaper “The number of sales for the first quarter of 2010 was almost 70 percent higher than last year, according to Multiple Listing Service. Up until November 2009, the North Shore was experiencing the horror of 10 sales per month on average. This number increased to around 50 in January and more than 60 by April. People are actively looking for purchases where the prices have fallen. The year-to-date, median-home value on Kaua‘i was around $465,000 in April, down 15 percent from last year, according to MLS figures.
“Prospective and speculative real estate homebuyers feel prices have bottomed and that now is the time to purchase,” said county Office of Economic Development Director George Costa.
Kauai Drug Rind Broken Up
After a nearly three-year Kaua‘i Police Department investigation, two local men were arrested on suspicion of first-degree promotion of a dangerous drug. One of the suspects worked for Young Brothers and the other worked for the Gas Company. Both were using their employment to move money and drugs between and around the islands. The investigation revealed that these two men were allegedly receiving cocaine being shipped to and from Oahu on the Young Brothers ships about once a week for years. 203.5 grams of cocaine and $1,144 in cash has been recovered during this investigation.
News From Our Friendly Skies
Honolulu Airport has a definite 1970’s feel to it compared with most big airports, but starting next month, the first major phase of a 12-year, $2.3-billion statewide airports modernization plan begins with preliminary work on a new, $140 million concourse that will dramatically expand the existing Interisland Terminal.
Similar work will follow on the main terminal and its three concourses, as well as on cargo, maintenance and other facilities. Planners describe an airport made for the 21st century: a high-tech, high-capacity, energy efficient, bright and sunlit transportation hub infused with a Hawaiian sensibility. The goal is to make Honolulu’s airport feel unlike any other in the nation, where visitors will know “they have entered an ecologically and culturally diverse climate as soon as they exit the aircraft,” according to a fact sheet from the state Department of Transportation.
Hawaiian Airlines has received tentative federal approval to operate one daily flight between Tokyo and Honolulu. The flight will leave Haneda International Airport and will fly direct to Honolulu starting in October.
Also…..last Monday May 3rd Continental and United Airlines announced they will merge in an all stock deal with reported value of $3.17 billion.
The merger has been approved unanimously by the boards of both companies. However, the airlines’ shareholders still must vote on the transaction. The airlines also need to clear regulatory hurdles and other customary closing conditions. The merger should be completed in the fourth quarter of 2010.
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