Kauai Real Estate, Hurricane Olivia, Oahu-Maui-Big Island Real Estate

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

Kauai Real Estate Update
For a complete list of what has sold, went into escrow and the new listings island wide for last week click here: Kauai Real Estate September 3rdto 10th2018

Poipu Beach Real Estate- For the fee simple activity in Poipu Beach since the beginning of this year click here: Poipu Beach Real Estate Current Market Analysis

Kiahuna Plantation- My Kiahuna Plantation real estate page has been updated and you can click here to access that information: Kiahuna Plantation Real Estate Update

Hurricane Olivia <img src=”image.gif” alt="hurricaneolivia“/>
As of 5 p.m. on Monday night Hurricane Olivia is considered a tropical storm and is expected to weaken as it nears the island chain.  It’s projected to stay far south of Kauai and impact the Big Island and Maui. As of this evening the Big Island, Maui and Oahu are under a “Tropical Storm Warning” and Kauai is under a “Tropical Storm Watch”.  We should get some rain around Wednesday and will have a better idea of how much by Tuesday night.

Koloa Village

Koloa Town- If you have been on your way to Big Save in Koloa Town or have stopped off at the Post Office recently you’ll have seen a large amount of construction going on.  The ability to develop this land is not new.  When I first started real estate on Kauai in 2004 this 5.38 acre parcel of land had very old plantation cottages that had been relocated there and they were in really, really bad shape.  In 2004 it was for sale as a commercial development, it sold, those owners went bankrupt and then it sold again 4 years ago for $4,250,000.
Koloa Village is scheduled to be completed in two phases. The first will be the shopping and commercial complex with a 250-car parking lot. The second phase will include 36 residential units along the Waikomo Road boundary.  The 47,000 square feet of historic plantation style two-story ‘Shops’ have been designed to connect the historic store fronts of Koloa Town with ‘The Shops’ as the new South Shore center.  A part of the construction for Kauai Village will see improvements along Weliweli Road, including pedestrian walkways and a sanitary sewer system.

The project is supposed to be completed by 2019.

Investment Tax On November Ballot Update
Last week I reported on a lawsuit that Kauai joined against the State that would block an ambiguous tax question on the November 6 ballot.  This proposed amendment, in its present form, gives the Legislature taxing rights, something that only the counties have now.  The question that will be on our ballot reads: “Shall the Legislature be authorized to establish, as provided by law, a surcharge on investment real property to be used to support public education?”

Last week, in a preliminary ruling, Judge Jeff Crabtree said he will allow the question to be on the ballot but did add that the “language is not as clear as it could be”. The counties are going to continue with their lawsuit against including the question in Novembers ballot and will continue in their efforts to educate the public on this bill.  The Hawaii Association of Realtors and all local real estate boards are steadfastly against the measure.

Stay tuned, this seems far from over.

Oahu, Maui and Big Island Real Estate Update
Last week I posted Kauai’s 2018 verses 2017 numbers and this week I have them for Oahu, Maui and the Big Island

Oahu’s median price for a single-family home has for the first time broken the $800,000 mark after a year in which the median price has not gone below $760,000. The median price of $810,000 in August was a 3% increase from $786,250 in August 2017 and an all-time high for the market, surpassing by 1.8% the previous high of $795,000 set in June 2017. August had fewer sales — the 354 single-family homes sold last month were 2.2% fewer than the 362 homes sold in August 2017.
Condominium sales dropped 9.4% in August to 521 units sold, from 575 units sold during the same month last year. The median price of a condo rose by 1.9% to $427,000 in August, from $419,000 during the same month last year.

In Maui there have been 799 homes that have sold compared to 745 this same time last year, representing a 7.2% increase.  The Median Sales price remains steady at $700,000 compared to $702,000 in 2017.
The condo market shows massive growth with 1,154 closed transactions in 2018 compared to 924 in 2017, that is a 24.9% increase.  Prices are up as well with the Median Price at $499,250 compared to 2017 Median Price of $450,000.

The median price of a condo on the Big Island last month was $330,000, compared to $300,000 in August 2017. That was based on sales of 77 condo units in August, a 30.51% increase from 59 units sold during the same month last year.
The number of single-family homes sold on the Big Island last month declined to 191 homes, a decrease of 11.16% from 215 homes sold in August 2017. The median price of a Big Island single-family home in August was $359,000, which was a 2.97% decline from $370,000 during the same month last year.

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