Kauai Real Estate, Coco Palms Possible Foreclosure, Oahu-Maui-Big Island Real Estate Update

Kauai Real Estate SOLD and NEW listings Island Wide! Add comments

Kauai Real Estate Update <img src=”image.gif” alt="kiahunaplantation“/>
To Auction Or Not To Auction?  It’s a big gamble, having a “No Reserve” auction.  The McBryde Sugar Plantation, an over 317 acre property in Kalaheo, had been CPR’d into 10 lots all ranging from 17 to 54 acres, the last list price was $12 million.  This property had been on the market for several years before the owner decided to roll the dice and put the property up for auction, no reserve.  As the auction date approached the decision was made to extend by 1 week and when it was over, from what I hear, the price it sold for was a lot lower than expected.  The official number should be available in less than a month.  
For a complete list of the activity on Kauai for last week click here: Kauai Real Estate Activity June 3 to 9, 2019

Poipu Beach Real Estate Update- For a complete list of what Sold, Just Listed and what is In Escrow for our fee simple market click here: Poipu Beach Current Market Analysis

Kiahuna Plantation Real Estate Update- SOLD!  My listing, #412 at the Kiahuna Planation sold for $97,000 (LH), the list price was $100,000 (LH).  It gets better, unit #402 was listed at $119,000 (LH) and it sold for……$129,000 (LH).  Yep, $10K over ask.  The buyer was getting a loan to do some improvements so essentially it was sold at the list price with a $10K credit for repairs. The take away is it appraised at $129,000 (LH).

What’s happening in the Kiahuna Plantation market is this: the entry price has more than doubled.  This pushes all the units up.  However Sellers need to be realistic in their pricing and Buyers need to step up when they see something that checks the boxes.  For all the latest click here: Kiahuna Plantation Current Market Analysis          

Feds Cut and Home Loan Rates
For the sixth consecutive week home loan rates declined, once again fueled by the ongoing trade tensions between the US and China.
However, the decline in rates was halted on the notion the Fed is likely to cut rates soon. You read that right — a couple of Federal Reserve members were speaking this week and suggested that the time might be right for a Fed rate cut.

The ongoing trade tensions and slowing growth around the globe may very well continue to push home loan rates lower in the weeks and months ahead — but we must now pay attention to the Fed who will look to “help” the stock market from further declines by cutting rates. And anything that helps stocks is usually not great for home loan rates.
Bottom line — we are staring at 2-year lows in home loan rates and the time could not be much better to lock in on a purchase or refinance loan.

Possible Foreclosure On Coco Palms 
In 2016 a Utah based corporation had put together a $23 million dollar loan to finance the purchase and renovation of the iconic Coco Palms hotel.  This resort has been closed since hurricane Iniki in 1992.  Many attempts have been made to get it back up and running and they all failed.  This last groups efforts were encouraging, and they seemed to make it the furthest, but they hit one too many roadblocks and it’s not looking too good for them right now.  Legal action from the Utah finance company is being taken against the Honolulu team that sought to restore the Coco Palms.  A foreclosure complaint has been filed asking the court to sell the property and give the proceeds to the investors that backed the project.
The roadblocks the Oahu company faced were fairly typical with the exception of the last one.  A group claiming ancestral rights moved into the property and remained there for a year.  The year was spent by the developers legally evicting them and fighting their claim of ownership.  This I’m sure was a costly and time consuming process, surely not helping the group move forward.
Now it remains to be seen if they will or if they will get foreclosed on? 
 

Oahu, Maui and Big Island Real Estate Update
Last week I did a 2018 verses 2019 comparison on Kauai Real Estate Sales.  This week I have the same report for Oahu, Maui and the Big Island.

On Oahu 520 condominium units sold on Oahu in May, an increase of 5.1% from 495 units sold in May of last year. The median condo price was $417,500, a 2.9% decrease from $430,000 last year.
The median single-family home price was $770,000, which was a 1% decline from $778,000 in May 2018. The number of sales declined by 3.6% to 320 homes sold, from 332 sold in May 2018.

The median price of a single-family home on Maui in May was $705,000, which was 2.2% higher than the median price in May 2018, which was $690,000.  The number of single-family homes sold last month increased by 17.7% to 133 homes, from 113 homes sold in May 2018.
The number of condominiums sold on Maui last month declined by 17.4% to 142 units sold, from 172 units sold during the same month last year. The median price of those condos rose 9.7% to $518,500, from $472,500 in May 2018.

There were 227 single-family homes sold in May on the Big Island, which was an increase of 9.66% from 207 homes sold during the same month last year. The median price of a single-family home last month was $419,000, an increase of 4.75% from $400,000 in May 2018.
The median price of a condominium, however, declined by 1.96% to $375,000 in May, from $382,500 during the same month last year.  Sales of condos declined 2.5% to 78 units sold, from 80 units sold in May 2018.

 

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