Kauai Real Estate, Poipu Beach Real Estate Update

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

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The sweet view of the ocean from unit #172 just got even better! The Sellers reduced the price by -$15,000 making this one of the best values in the Kiahuna Plantation at $120,000 (LH). Click on the photo for additional photos and more details on the condominium. Contact Lynda Gill (RS) at 808-346-0056 for more information.

Kauai Real Estate Update 

For a complete list of the entire islands activity of what sold, went into escrow and the new listings for all of last week click here; Kauai Real Estate Update September 4 to 11, 2017

I have updated my Poipu Beach real estate page to include the latest and greatest info on all things Fee Simple. Click on this link to access that information; Poipu Beach Real Estate Current Market Analysis

The sweet view of the ocean from unit #172 just got even better! The Sellers reduced the price by -$15,000 making this one of the best values in the Kiahuna Plantation at $120,000 (LH). Located in building 26 this one bedroom one bath unit has a corner location to maximize airflow and privacy. For more details, and to get the latest news on the Kiahuna Plantation sales click here; Kiahuna Plantation Real Estate Current Market Analysis.

Kauai To Get $7.3 Million For Roads
The state of Hawaii is going to receive $41.1 Million in Federal Funds for road improvements and $7.3 of that is slated for the island of Kauai. This is a breakdown of where those funds will go;
Kuhio Highway Resurfacing from Kapule Highway to North Leho Drive, total Project Cost: $5.9 million
Kuhio Highway Safety Improvements from Wailapa Road to Kapaka Street, total Project Cost: $1.4 Million

TA Tax To Increase By 1% To Help Bail Out Honolulu Rail Project
The controversial “Rail Bail Out Bill” passed the House and Senate and was signed last week by Governor Ige. The bill is projected to generate $2.278 billion, which is enough to show the Federal government that the State of Hawaii has their amount of funds needed to receive the $1.55 billion from the Federal Transit Administration which is needed to complete the Honolulu Rail Project. With the passage of this bill the State now has until September 15 to submit a financial recovery plan to the Federal Transit Administration to receive $1.55 billion in Federal funds.

The bill impacts the entire state in the fact that the Transient Accommodation Tax (TAT), which is the hotel tax mostly paid by tourists, will go from 9.25% to 10.25% for 13 years. This TAT tax increase will apply to timeshare as well and goes into effect January 1, 2018. The GET tax surcharge that ONLY Oahu is currently paying will be extended from the current 10 year to an additional 3 years.

Hawaiian Airlines Major Hiring Push
Hawaiian Airlines is looking to hire pilots, flight attendants and mechanics in preparation of the arrival of their new A330 aircraft as well as a new fleet of A321neos which will add more flights to the West Coast.
Hawaiian plans to phase in 18 new A321neo aircraft to its fleet beginning in the later part of this year and replacing its fleet of Boeing 767s, set to retire by the end of 2018. The airline expects to take delivery of the new aircraft between the fourth quarter of 2017 and 2020. The plane will seat 189 passengers, with 16 first class, 45 extra comfort and 128 economy class seats.
The inaugural A321neo flight between the U.S. West Coast and Hawaii is planned for Jan. 8 on its existing Oakland to Maui service.

Oahu, Maui and Big Island Real Estate Update
Last week I did a posting on the Year To Date Kauai Real Estate sales compared to the same time last year. This week I will focus on Oahu, Maui and the Big Island.

On Oahu the number of single-family houses sold increased by 5.2% compared to August 2016. The Median Price for single-family houses was $786,250, a 5.2% increase from the same period last year.
The number of condominiums sold increased significantly in August 2017 to 575, up 19.5% from August 2016. The median price for condominiums increased by 5.3% to $419,000.
The president of the Honolulu Board of Realtors stated that the 575 closed sales for condominiums is the highest they’ve seen since the 580 sold in August of 2006. The most number of condos that had sold was in August of 2005 where there was a record number of 831 sold.  Since then there is an 11.2% increase in condo inventory throughout Oahu provided consumers with more selection.

On Maui the YTD condo sales increased 4.9% to 924, with the median price also increasing 4.9% to $450,000.
Meanwhile, single-family home sales increased 2.9% to 743 with a median price uptick of 11.1% to $702,000.
Pending sales jumped 29.2% to 137 for condos in August, and 19.1% to 112 for single-family homes.

Big Island single-family home number of sales year-to-date are up 5.3% to 1,655. The Median Price increased 5.6% to $343,500, from $325,147 during the same period last year.
For condominiums Year-to-date sales are up 17.8% to 575, with the Median Price increasing 6.7% to $319,000, from $299,000 last year.

 

 

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