Kauai Real Estate, Pier 1 In Lihue To Close, National Real Estate 2020 Compared To 2019

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

Kauai Real Estate
For a complete list of all the real estate activity for last week on the island of Kauai click here:  Kauai Real Estate Update May 18 to May 24, 2020

Poipu Beach Update- My Poipu Beach real estate page has been updated and you can read about all the fee simple real estate activity by clicking here: Poipu Beach Real Estate Current Market Analysis

Kiahuna Plantation- To find out all that has been happening at the Kiahuna since January 1 of this year click here: Kiahuna Plantation Real Estate Current Market Analysis

That’s me behind that mask excited to go into Macys! There were some other stores open at Kukui Grove Shopping Mall but not all.

Kauai Opens Somethings Early
I blogged last week about Governor Iges’ plan for reopening which starts June 1, however, it is up to the Mayors to decide how fast they move along the proposed timeline.  As long as the Governor signs off on it then we can go faster or slower. I’m happy to say that our Mayor here on Kauai got approval to open some businesses, hair/nail salons (!!!) and churches starting last Friday.  I went into Macy’s on Sunday and it was busy but there were no lines, I did see a line in front of Ross Dress For Less that wrapped around the building.
Our Mayor said he’ll be asking to open up dining in restaurants this next week, Oahu will be starting dine in on June 5.

The Governor wants to start allowing residents to do interisland travel but the details of that are still being worked on as the 14 day quarantine is still in place. No word yet on when that will be lifted.

Anonymous Person Treats Seniors To Groceries At All Hawaii Foodland Markets
Last Thursday during Kupuna (Senior) Shopping Hour Hawaii seniors got a pleasant surprise when it came to check out and pay for their groceries: it’s free.  A person that wanted to remain anonymous worked with a couple of closed mouthed Foodland executives to organize the free grocery hour throughout the state.  Dubbed “Operation Kupuna” it was a complete surprise to all, the cashiers were only notified 30 minutes before the stores openend.

2,000 seniors were pleasantly surprised when they got their wallets out at the checkout counter and instead of getting the total they saw the cashier hold up a 8 1/2 by 11 piece of paper that said “Aloha Kupuna, your groceries are FREE today!  Thanks to an anonymous donor”

Pier 1 Imports In Lihue To Close
Pier 1 Imports in Lihue will not be one of the stores that will be reopening, the company announced they are closing all their stores across the nation.  That is a bummer because the store in Lihue filled the need to pick up cute items for vacation rental condos and homes.
Our state has 7 stores which of course have been shut down with the COVID pandemic.  The company has filed for bankruptcy and for the permission to start liquidating their existing inventory.  Pier One stated that the retail market had been challenging even before COVID.
July 8 has been set at the auction date.

National Real Estate Year To Date Sales
The national data has been released for the U.S. for home sales at the end of April compared to this same time last year.  As expected, we are starting to see some of the impacts of the COVID shutdown.

According to the National Association of Realtors existing home sales dropped in April brought about by the pandemic.  Each of the U.S. four regions experienced a decline in year to date sales.
The number of sales for homes, townhomes, condominiums and co-ops were down by 17.2% compared to this same time a year ago.
Interestingly for the homes that are still on the market the median existing-home price2 for all housing types in April was $286,800, up 7.4% from April 2019 ($267,000), as prices increased in every region. April’s national price increase marks 98 straight months of year-over-year gains.

Individual investors or second-home buyers, who account for many cash sales, purchased 10% of homes in April, down from 13% in March 2020 and from 16% in April 2019. All-cash sales accounted for 15% of transactions in April, down from 19% in March 2020 and 20% in April 2019.

Distressed sales5 – foreclosures and short sales – represented 3% of sales in April, about even with both March 2020 and April 2019.

Lawrence Yun, the chief economist for the National Association of Realtors stated: “Record-low mortgage rates are likely to remain in place for the rest of the year, and will be the key factor driving housing demand as state economies steadily reopen.  Still, more listings and increased home construction will be needed to tame price growth.”


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