Kauai Real Estate, Island Wide Power Outage, Buyers Get Sued For $470,000

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

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IN ESCROW! Click this photo for the details on this property. We’re accepting back up offers. Lynda Gill RS 808-346-0056

Kauai Real Estate Update
To get updated on all of the real estate activity for the last week on the entire island of Kauai click here: Kauai Real Estate Activity July 15 to July 22, 2019

Poipu Beach Real Estate Update- After 5 days of being on the market my new listing in the Weliweli track in Poipu Beach got an accepted offer.  I had a ton of showings and was not surprised that this home got multiple offers.  This home needs TLC but the location and the potential is worth it, buyers and agents apparently agreed!  Not only is this home on a corner lot, that is almost 12,000 sq ft but it’s located right next to a 9 acre park.  It has a mango tree on it that is phenomenal.  We are accepting back up offers, if you missed out on this one call me (or your Realtor) to put in a back up.
To get the update on everything that has happened since the first of this year in Poipu Beach real estate click here: Poipu Beach Real Estate Current Market Analysis

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SOLD! If you missed this I’ve got a couple ideas for some other possible alternatives. Click on this photo for details on this sale.

  Kiahuna Plantation Real Estate- SOLD!  One of my listings at the Kiahuna Plantation sold last Friday for $127,000 (LH) which is only $3,000 less than the list price.  This is a ground floor unit that had some lovely updates.  If you missed out on this one call me for other units in this complex that might be a good substitute.
For everything and anything you’d like to know about Kiahuna Plantation real estate since January 1 of this year click here: Kiahuna Plantation Current Market Analysis.

***File For Your Property Tax Exemption***
If you bought a property here on Kauai as your primary residence, or if you moved into a property you own here and it’s your primary residence, you’ll want to file for your Homeowner Exemption, soon.  The deadline to file is September 30, 2019.
For the form to file for you exemption click here: Kauai Homeowners Exemption Form

If you have questions about eligibility here is their contact information:
Real Property Collection Division
4444 Rice Street, Suite A-463
Lihue, Hawai’i 96766
Phone: (808) 241-4272
Email: rpc@kauai.gov

Island Wide Power Outages 

On Sunday the entire island lost power for 2.5 hours.  A second power outage followed later that day.  As I write this it’s Monday and we’ve had two outages so far with the promise of more to come.
Kauai Island Utility Cooperative sent an email out to let all know what is happening. They first asked for everyone to conserve electricity, which has been hard to do, it’s been incredibly hot and humid here, those of us lucky enough to have air are using it. Secondly we have a storm that started rolling in on Sunday that has made it more humid and the lack of sun has impacted the Solar panels that KIUC relies on.
The electric company went on to say that their largest generator, Kapaia Power Station, was inoperable. Several other generators are down as well. They are implementing “rolling blackouts” through Tuesday.  Later on Monday they identified the problem that the 27.5 megawatt turbine generator had a cable failure.  This generator is the largest on the island.  We’re waiting for parts to come from the mainland and it should be restored sometime on Tuesday.

Buyers Back Out, Judge Orders $470,000 To Sellers
Typical scenario: a Hot Property with Multiple offers. What was not so typical were the Buyers backing out and getting successfully sued by the Seller.

In order to make their offer the strongest it could be these Buyers waived contingencies like the home inspection, termite inspection, staking etc. They successfully got their $2.25 million dollar offer accepted on an Ontario home in 2017. The Ontario market took a dip shortly afterwards and the Buyers, feeling they had overpaid, cancelled. They stated that they could have gone through with the deal but when they overbid on the house they didn’t know the market was going to take a dip. Their feelings changed and they felt the Sellers were being “messy” in not allowing them to back out. So, they cancelled. The Sellers wound up selling their home to another buyer for $1.77 million.
The Sellers then sued the first buyers that had cancelled their offer, and successfully were granted by the judge, $470,000 which was the difference in the selling price plus other costs.

I’ve seen some cases of Sellers remorse but I don’t usually see Buyers getting locked in.  Our Kauai market is not normally that quickly paced.
What I do know is in a real estate transaction things can start off beautifully and it can get ugly, fast. In this case there were Realtors involved and I’m sure the Sellers, who found themselves on the wrong end of this deal-gone-sour, were happy for that. I’ve seen those HGTV Househunters shows and I find them very entertaining as in watching a fictional sitcom or scrolling through Facebook. I’ve seen very little in those shows that resemble how things really happen.

If the Buyer or Seller that is on the other side of you goes off the rails that is not something that you can control. What you can control is who you pick in the first place to represent you.  Having an experienced and ethical well-connected agent on your side during these times is key.

 

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