Kauai Real Estate, Southwest Airlines and Hawaii, Oahu-Maui-Big Island Real Estate Update

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

Kauai Real Estate 

For a complete list of what Sold, went Into Escrow and all the Just Listed properties on the island of Kauai for last week click here: Kauai Real Estate Update March 4 to March 10, 2018

Poipu Beach Real Estate- Hale Malie in Poipu Aina Estates in escrow!!! Last week I successfully negotiated an offer for my Seller of this 4 bedroom, 4.5 bath home which is simply stunning and has been featured in Luxury Homes Magazine.  The listing price is $3,990,000.
For a complete list of every that has sold, gone into escrow and the current listings since January 1 of this year click here: Poipu Beach Fee Simple Current Market Analysis

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Kiahuna Plantation unit #412 In Escrow. A lovely corner unit located in building 40 with a lot of owner bookings to pass along to the new owners! Totally turnkey. Click on the photo for more information.

Kiahuna Plantaion-  The lowest priced unit at the Kiahuna Plantation is now…..gone!  A listing of mine, unit #412 in building 40, is a corner unit and was listed at $100,000 (LH), now the current lowest priced unit is $119,000 (LH).
This is a perfect segue to the current status of sales at the Kiahuna.  A year ago we were selling these condos for $40 and $50 thousand.  When we ran out of that inventory we were at the $100K mark and sales slowed as they will with price increase.  Our office is located across from the Outrigger check in desk and myself and the RE/MAX team just kept promoting the Kiahuna until someone broke from the pack and stepped up and bought a unit at $100K, since then we’ve had some great activity.
I hear the questions and here is what I would say:  Is it a Sellers market?  No.  Is it a Buyers market?  No.  Is the Kiahuna market coming to life and now the showings are leading to sales?  Yes.
For a complete list of everything that is for sale, in escrow and what has sold since January 1 of this year click here: Kiahuna Plantation Current Market Analysis

Big Fires Out In Kokee
At 5:40 a.m. on Sunday morning several fires broke out in Kokee.  Kauai police closed Kokee Road between Kekaha Road and Waimea Canyon Drive.  News still coming in, if you are on island you are advised to stay away from this area if possible.

Southwest, Hawaiian and Alaska Airlines News

Holy Smokes but this has been all over our news this last week.  It’s literally been a Southwest Tsunami!

First off Hawaiian Airlines stock dropped 10.94% on March 4th, the same day that Southwest announced they will start flying to Hawaii.  It certainly didn’t help that Southwest essentially announced that they have Hawaiian in their inter-island flights crosshairs.  Those short little flights they excel at and they announced they will start their interisland flights at…..$29 each way.  Yowza!

Then Alaska Airlines fired back at Southwest with their promotional rates.  From San Jose they offered a one way price to Kauai and the Big Island for $179.000 Maui was $199.00.  Similar fares were offered from Oakland, San Francisco and Los Angeles.  If these fares were not low enough you can get 20% off if you accepted restrictions. This may not sound very promotional after Southwest was offering $49 to Honolulu but those fares sold out fast and the prices started going up.  So Alaska had competitive pricing by the time they announced their prices.

Southwest was selling tickets from Oakland and San Jose like hotcakes and stay tuned San Diego and Sacramento because those cities are coming on soon.  Southwest will start their interisland travel in April with their introductory fares of $29 each way, they already have their spot ready at Lihue Airport.
The CEO of Southwest stated the reason they had made their move into the Hawaii market was for this reason: “Southwest is the largest carrier in California, and many Californians vacation in the Aloha State.  It’s not practical to think that Californians go to the Caribbean — that is a really long flight.  Their vacation spot is Hawaii, and we need to be there.”

And here they definitely are!

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Hawaii is featured on Southwest Airlines website. Click on the page to check out their ticket prices.

Oahu, Maui and Big Island Real Estate Year To Date
Last week I blogged about Kauai’s real estate sales year to date and this week I have the update for the other islands

The Median price of a single-family home on Oahu last month was $789,000, which was a 2.1% increase from $772,500 in February 2018. Sales of single-family homes declined 4.1% to 208 houses sold, from 217 houses sold in February last year.
The number of condos sold last month dropped 16.6% to 321 units sold, from 385 units sold in February 2018. The Median condo price on Oahu last month was $415,000, which was a 1.5% increase from $409,000 in February last year.

There were 79 single-family homes sold on Maui in February, a 19.4% drop from 98 sold during the same month last year. The Median price of a single-family home last month was $790,000, which was a 15.4% increase from $684,350 in February of last year.
The Median price of a Maui condo was $524,500 in February, which was an 11.8% increase from $469,250 last year. The number of condos sold in February was 120, a 3.2% decline from 124 units sold during the same month last year.

The Median price of a single-family home on the Big Island in February was $382,000, an increase of 18.45% from $322,500 in February last year. Sales declined to 152 homes sold, 5% fewer than the 160 homes sold in February 2018.
The number of condominiums sold on the Big Island in February dropped 36.11% to 23 units sold, from 36 units sold during the same month last year. The median price of those units was $380,000, which was an increase of 14.29% from $333,000 in February 2018.

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