Kauai Real Estate, Southwest Airlines Bullish On Hawaii, HGTV 2019 Home Of The Year

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


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HGTV 2019 Home Of The Year is located right here on Kauai. Click on the photo for details on “Kohola Point”. Four Bed. Four Bth. $8.9 Million. Photo Courtesy of Hawaii Life 

Kauai Real Estate
A home on the north shore was the 2019 winner of the HGTV Ultimate House Hunt.  This home, located above Anini Beach, is on 3 acres of land with epic ocean views.  It’s four bedroom, four bathrooms and is 4,003 square feet.  The listing price is $8.9 million and more than 1 million votes were cast before this winner was picked.  Last year a home on Maui won.

For a complete list of the properties that were Just Listed, Sold and those that just came on the market last week on the island of Kauai click here:  Kauai Real Estate Update July 22 to July 28, 2019

Poipu Beach Real Estate- My Poipu Beach Fee Simple page has been updated to bring you an up-to-date summary of the real estate activity since January 1 of this year.  For that information click here: Poipu Beach Real Estate Current Market Analysis

Kiahuna Plantation Real Estate- At this time there are only 26 active listings at the Kiahuna Plantation which is comprised of 333 1 and 2 bedroom condominiums.  Less than 10% of this property being for sale is low number.  If you have been interested in purchasing give me a call to discuss options for you.  My Kiahuna page has been updated and you can access that here: Kiahuna Plantation Current Market Analysis

Property Taxes Due
Your property taxes are due by August 20 and for those that have a mortgage your lender may be paying your taxes.  If you are paying your taxes directly then you should have gotten your bill, if you have not gotten your bill you’ll need to check the address that they have on file for you.  I know from doing my postcard mailouts that these address’s are sometimes not correct and I’ve wondered if those people realize their bills from the County are bouncing back?

Failure to pay real property taxes by the due date will result in a 10 percent penalty, as well as 12% interest per year.

Property owners who pay their real property taxes directly and have not yet received their property tax bills should inquire at the Real Property Tax Collection office at the Lihue Civic Center, Kapule Building, 4444 Rice Street, Suite 463, or call 808-241-4272.

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Southwest (Part 1) Outperforming Their Other Markets
Hawaii is outperforming several other Southwest Airlines’ markets despite a delay in its expansion plan. In the report, the airline reported record quarterly operating revenues of $5.9 billion, a net income of $741 million, and a second quarter record earnings per diluted share of $1.37.

Southwest CEO Gary Kelly said that despite lack of available aircraft, due to the MAX groundings which has delayed expansion plans, the demand for Hawaii is “robust”.
Kelly also said that  “We will offer service to the Islands from both Sacramento and San Diego, as well as bring Southwest service to both Lihue, on Kauai, and Hilo, on the island of Hawaii.  We will provide details of the next phases of Hawaii flying in the coming weeks and months, as we put new flights out for sale.”  I heard from another source that this could be next month.

Southwest (Part 2) Shuts Down Newark Liberty In Favor Of Hawaii
In the wake of the release of Southwest Airlines’ relatively strong second-quarter 2019 financials, due to the strong Hawaii market, CEO Gary Kelly sent a special message to their Newark Liberty International Airport employee’s that they will be shutting down operations there due to the grounding of the Boeing 737 MAX.
The troubled MAX had figured prominently in Southwest’s growth plans this year and beyond. In addition to the 34 Southwest MAXs that have been grounded since March 13 Southwest was scheduled to take delivery of 41 more MAX aircraft by the end of 2019.

Hawaii Takes The Lead- Kelly also made clear in his memo that the Newark shutdown will free up aircraft to continue growing the all-important Hawaii service that launched in March.  He stated “It took several years of planning and preparation to bring to fruition a successful launch. It’s important that we continue to grow in Hawaii to harvest that investment.”
This sends a strong message that the Hawaii tourism market is strong, so much so that Southwest will shut down another market in favor of expanding Hawaii.

National Homes Sales Year To Date <img src=”image.gif” alt="nationalrealestatesales“/>
At the beginning of this month I had did a Year-To-Date market analysis on the island of Kauai.  We now have the National Statistics available.

On a National level existing-home sales weakened in June, as total sales saw a small decline after a previous month of gains.  While two of the four major U.S. regions recorded minor sales jumps, the other two – the South and the West – experienced greater declines last month.

Total existing-home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018).

With low mortgage rates, record number of jobs and record high net worth in the country the question is; Why??  Lawrence Yun, NAR’s chief economist says the nation is in the midst of a housing shortage and much more inventory is needed. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said and he also gave a heads up as to what to watch for in the future.  “Either a strong pent-up demand will show in the upcoming months, or there is a lack of confidence that is keeping buyers from this major expenditure. It’s too soon to know how much of a pullback is related to the reduction in the homeowner tax incentive.”

For those that like stats here you go:

The median existing-home price2 for all housing types in June reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). June’s price increase marks the 88th straight month of year-over-year gains.

Total housing inventory3 at the end of June increased to 1.93 million, up from 1.91 million existing-homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

Properties typically remained on the market for 27 days in June, up from 26 days in May and in June of 2018. Fifty-six percent of homes sold in June were on the market for less than a month.

According to Freddie Mac, the average rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.80% in June, down from 4.07% in May.

First-time buyers were responsible for 35% of sales in June up from the 31% recorded in June 2018. As the share of first-time buyers rose, individual investors, who account for many cash sales, purchased 10% of homes in June, down from 13% recorded in June 2018. All-cash sales accounted for 16% of transactions in June, down from 22% a year ago.

Distressed sales5 – foreclosures and short sales – represented 2% of sales in June down from 3% in June 2018. Less than 1% of June 2019 sales were short sales.

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