Kauai Real Estate News, Kuhio Shores Ocean View, National Real Estate Update

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

Kauai Real Estate Update 

For a complete list of everything that has Sold, Newly Listed or went into Escrow for the island last week click here: Kauai Real Estate Update May 20 to May 26, 2019 click here: Kauai Real Estate Update

Poipu Beach Real Estate Update- Spotlight On: Kuhio Shores #210, currently this is the only unit available at the very popular Kuhio Shores.  This complex has a loyal following and has been a Poipu Beach favorite for many years.  The Beach House Restaurant and the Lawai Beach are just steps away from this unit. When not enjoying Poipu this 2 bedroom 2 bath unit is fully air-conditioned, has had renovations and has ocean views that go on and on.  Listed at $988,000 which is the lowest priced 2 bedroom ocean view in Poipu!
For a complete update on all the fee simple activity in Poipu Beach since January of this year click here:  Poipu Beach Current Market Analysis

Kiahuna Plantation Real Estate Update- In just a couple of days I will have a stunner of a new listing coming on the market at the Kiahuna Plantation.  You have not seen a renovated Kiahuna unit until you have seen this one.  Send me an email if you want to be notified early.
For a complete list of all the activity at the Kiahuna for this year click here: Kiahuna Plantation Current Market Analysis

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Rendering Of The New Honu Planes Courtesy Of Nippon Airways

  Double Decker “Flying Honu” Enlisted To Fly Between Tokyo and Honolulu
Nippon Airways received their third Airbus A380 painted as a flying honu (turtle) and they launched their first flight last Friday using the Blue Honu.  The Emerald Green Honu is next and the last being the Sunset Orange Honu.

The plane has two levels.  The upper level has First Class, Business First Class and Premium Economy.  There are only 8 First Class seats, each are their own cubicle and they feature a door to provide passengers with their own private space, 32-inch LCD widescreen monitor, large table, meal lights as well as reading lights on all seats, PC power port and USB port, adjustable partition screens between the center seats and plenty of stowage including a closet for jackets and several compartments for smaller items.
The lower level has Economy Class and ANA Coach.  The Airbus A380 holds 520 passengers and will operate three times a week on Friday, Sunday and Tuesday.  Their website is offering sale prices now.

Airbnb To Hand Over 17,000 Listings To City
It’s made the news several times and not only just in New York City, San Francisco has gone after Airbnb as well.  And now, in New York City, Airbnb will hand over 17,000 of their listings to the city so they can see who is illegally renting out their properties.
New York City had filed a lawsuit against Airbnb and just several daysafter the city and the vacation rental hosting site reached an agreement a judge ordered Airbnb to hand over the data to city regulators.
The city is looking for rentals that are less than 30 days and for private or shared rooms, these types of rentals are illegal in New York.  This type of crackdown has been happening in other states as well but what just happened in New York is a landmark decision that could pave the way for other cities.
Here on Kauai the crackdown started happening around 2006.  Right now it’s a regular occurrence for our officials to be looking at sites like VRBO, Airbnb and Craigslist to find illegal rentals.  Once they find them they will raise their property taxes from their homeowner rate to the Hotel/Transient Vacation Rental rates which usually brings the owner in asking why.

National Real Estate Update
The National Association of Realtors released their housing statistics for the nation through April.
Existing-home sales saw a minor decline in April, continuing March’s drop in sales, two of the four major U.S. regions saw a slight dip in sales, while the West saw growth and the Midwest essentially bore no changes last month.
Total existing home sales include single-family homes, townhomes, condominiums and co-ops, fell 0.4% from March to a seasonally adjusted annual rate of 5.19 million in April. Total sales are down 4.4% from a year ago (5.43 million in April 2018).
The median existing-home price for all housing types in April was $267,300, up 3.6% from April 2018 ($257,900). April’s price increase marks the 86th straight month of year-over-year gains.

Total housing inventory at the end of April increased to 1.83 million, up from 1.67 million existing homes available for sale in March and a 1.7% increase from 1.80 million a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, up from 3.8 months in March and up from 4.0 months in April 2018.

Lawrence Yun, NAR’s chief economist, said he is not overly concerned about the 0.4% dip in sales and expects moderate growth very soon. “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” he said. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”

Properties remained on the market for an average of 24 days in April, down from 36 days in March and down from 26 days a year ago. Fifty-three percent of homes sold in April were on the market for less than a month.
Yun says that college student debt continues to hinder millennial homebuyers. “Given the record high job openings in the construction sector, some may want to take a gap year to work there and save, and thereby lessen the student debt burden.”

Realtor.com’s “Market Hotness Index”, which does it’s measuring by the number of views properties receive, reported that these areas were the hottest for April:
Boston-Cambridge-Newton, Mass.
Lafayette-West Lafayette, Ind.
Spokane-Spokane Valley, Wash.
Columbus, Ohio
Sacramento–Roseville–Arden-Arcade, Calif.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.14% in April from 4.27% in March. The average commitment rate across all of 2018 was 4.54%.

NAR President John Smaby stated “I think the market had a bit of a slow start in the Fall, but Realtors® all over the country have been telling me that April was a nice rebound. We’re hopeful and expect that this will continue heading into the summer.  Homes over the last month sold quickly, which is not only a win-win for buyers and sellers, but it’s also great for the real estate industry.”

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