Kauai Real Estate, Kauai Considers Resort Bubble, Poipu Crater Just Listed

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

Kauai Real Estate Update- I was pretty shocked at how many properties have gone into escrow last week.  I know I’ve been busy and was curious if that reflected the general activity which it is.  Here is a link so you can see last weeks huge activity of properties that have closed escrow and those that got accepted offers.  Kauai Real Estate Activity August 17 through 23, 2020.

Poipu Beach Real Estate Update- Coming Soon to now Just Listed!  I’m excited about this Poipu Crater listing as it’s currently the only unit listed in this popular complex and is the second lowest priced 2-bedroom fee simple condo in Poipu.  Spread out over 7.5 acres are 15 buildings with only two units each, they are spotted throughout the property and it feels like you’re in a tree house.  For a complete list of all the Fee Simple real estate activity since January 1 click here:  Poipu Beach Current Market Analysis

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Just Listed! Kiahuna Plantation #113 a ground floor 1 bed 1 bth with tiled flooring throughout. Click on this photo for more details.

Kiahuna Plantation Real Estate Activity- I just listed Kiahuna Plantation unit #113 for $99,000 (LH).  Currently this is the lowest priced unit in the complex after #114 went into escrow yesterday.  There are only 23 units currently listed for sale in this complex that has 333 condominiums.  If you would like information on this unit give me a call.  For a complete list of all the real estate activity since January 1 of this year click here: Kiahuna Plantation Current Market Analysis

Kauai Moving Forward On Resort Bubble
Kauai is moving ahead with a “resort bubble” plan which would allow visitors to enjoy the amenities of the resort while they are doing their 14 day quarantine.  Presently visitors have to stay in their accommodations and can’t leave.  Maui is also working on a similar plan and both counties have the support of Governor Ige.
Guests would have to agree to wear a blue tooth tracking device called AQUA which stands for Active Quarantine User Ally.

It’s also not clear what resorts are being considered but the Grand Hyatt in Poipu has said they will not be participating but will wait for the 14 day quarantine to lift before they reopen.  Our Kauai Mayor said hotels would have to apply to participate in the program, and would be required to demonstrate that they have the capacity to enforce the quarantine. Participating hotels would need to have designated wings for guests to self-isolate if they do become ill, as well as separate areas for their close contacts to quarantine. Resorts also would be responsible for ensuring that everyone wears masks and practices social distancing.

Oahu’s Possible Shut-Down As Hospitals Near Capacity
On Monday Oahu posted its 22nd day of new COVID cases in the triple digits and now a new problem has surfaced on their horizon: hospitals are almost at their capacity levels.  On Sunday there were 253 patients currently hospitalized for the virus and doctors are warning that Oahu could be at maximum capacity by the end of this week.

Our state has a 3,000 hospital beds of which they have medical staff on hand for 2,000 of them.  As of Sunday there were 2,000 beds being used and while this does leave us with another 1,000 beds the recent resignations and retirements of nursing staff are leaving the state shorthanded.  They are asking for 50 to 100 come in from federal resources.
Lt. Governor Josh Green stated that he thinks a Stay At Home order without the current loopholes for the island of Oahu is the only way to bring this back down to single digits.  He stated at this time “There are too many loopholes, there is too much activity, people are spreading it in the office, when they’re in and out of their elevator four to five times a day. It would be better to be in a stay at home order, or safer at home order.”

The island of Kauai is currently in much better shape with a total of 56 cases and 2 of those are active.  We have a restriction on the size of groups that can gather but our businesses remain open.

National Homes Sales Year To Date 2019 vs 2020
Existing homes sales across the Country in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.

Total housing inventory at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.
Some Highlights:

  • First-time buyers were at 34% of sales compared to 32% in July 2019.
  • Individual investors or second-home buyers, like those who purchase homes/condos on Kauai to vacation rent out, purchased 15% of homes in July, up from both 9% in June 2020 and from 11% in July 2019. All-cash sales accounted for 16% of transactions in July, equal to the percentage in June 2020 and down from 19% in July 2019.
  • Distressed sales were down and represented less than 1% of sales in July, down from 2% in June 2019.

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