Kauai Real Estate and Local News Update

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*****New Years in Oahu!*****

We joined some friends in Oahu to celebrate New Years and had a most memorable time. Kalakaua Avenue, Waikiki’s main drag, was closed off to cars creating a street fair atmosphere and it was just packed. The evening started out a little rainy but the evening cleared as we enjoyed a wonderful meal at the Hula Grill which overlooks Waikiki Beach. Waikiki Beach grew steadily throughout the evening with people lighting fireworks and dancing to the music provided by the hotel. At midnight a barge which was some ways off of Waikiki put out a huge fireworks display that lit up the night, it was truly spectacular! It was so warm out that none of us needed the jackets that we brought and people were swimming in the ocean at midnight. I highly suggest a trip to Waikiki to ring in 2010 if you can. Oahu New Years

*****State Bankruptcies Filings Jump In 2008*****

Due to the economic slow down, personal over extension and job cuts our bankruptcies in Hawaii jumped 50% in 2008 and the outlook for 2009 looks to be the same. According to RealtyTrac the November foreclosure numbers are these:

Kauai 1 out of every 1416 homes

Oahu 1 out of every 1607 homes

Maui 1 out of every 871 homes

Hawaii 1 out of every 844 homes

With the new interest rates the good news is viable refinancing is available and we hope to see a slow down in foreclosures. How did we do this last week? For a list of what came on the market and what sold island wide CLICK HERE

*****Second Body in Two Days Found Near Waterfall*****

On Thursday a visitor discovered a body of a Caucasian man at the bottom of Wailua Falls, this was the day after a visiting couple found a body at Anini Stream. Both incidents are unrelated and police have determined no foul play. Identities of the bodies are being with held until next of kin are notified.

*****Lightning Closes Wailua Golf Course*****

On Friday the Department of Parks and Recreation closed Wailua Golf Course for safety reasons after a series of lightening strikes.  A stubborn high pressure cell had been over the islands for days but by Sunday it was noticeably clearer.

3 thoughts on “Kauai Real Estate and Local News Update

  1. Jonathan O

    Lower prices in the West are pushing home sales up while many in the nation strive to repair credit following the mortgage crisis. It seems to me that the market is beginning to correct itself. It’s good old-fashioned supply and demand. Home sales went up 13 percent in the West. In the same region, home prices dropped 26 percent. It reminds me of the economics class I took freshman year in college. Foreclosures and defaulted mortgages created a bigger supply of homes for sales. Then the prices just needed to drop to a point that met demand. Well, that happened in the West, but in the United States overall home sales are still down about 11 percent compared to last year. Looks like the East is a little slow to meet the demand curve. But I’m sure they’ll get there.

  2. Jackson Hole Real Estate Broker Rick Armstrong

    Looks like Oahu was fun. It is my guess that we will see some increase in numbers of sales though they have recently all been drastically reduced and distressed sales making up any increases. The economic outlook is still grim. Sellers are going to have to realize that it is important to price aggressively if they want to sell.

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