Kauai Real Estate Update, Kuhio Shores SOLD Before Listed, Oahu-Maui-Big Island YTD Real Estate

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

Kauai Real Estate 

For a complete list of everything that Sold, was just Listed and what went into Escrow for last week on the island click here: Kauai Real Estate November 4 to the 10th, 2019

Poipu Beach Real Estate Update- I SOLD Kuhio Shores #316 before it was ever listed. This one bedroom ocean-front condominium had an over the top remodel and some pretty outstanding rental income. This gorgeous unit had ocean views that just never stopped. Sales price: $975,000 (FS).
For a complete list of all the fee simple real estate activity click here: Poipu Beach Current Market Analysis

Pili Mai….Going….Going…
Two weeks ago Pili Mai had 9 units available.  One week ago they had 5 units available.  This week they have 3 with people showing interest in the remaining inventory.  These units hit a niche that Poipu needed: A property that is a hybrid of a house and a condominium.  These units have a one car garage, central air, spacious floor plans and they can be vacation rented.  Pili Mai has been dominating the Poipu Beach market for several years and the show is just about to be over for new inventory.
I’ve got the up-to-date inventory and some thoughts on what might come back as being available.  If you are interested call me at 808-346-0056.

Kiahuna Plantation Real Estate Update- I represented my Buyer in getting an accepted offer on three (!!!) Kiahuna Plantation units: #301, 325 and #130. If you missed out on these check out the remaining inventory on my Kiahuna Plantation page: Kiahuna Plantation Current Market Analysis

<img src=”image.gif” alt="kiahunaplantation“/>More Kauai Jobs-US Air Force Chooses Kauai For New Facility
The United States Air Force approved Barking Sands Pacific Missile Range for the “preferred alternative” for the Air National Guard’s Space Control Squadron.
It was announced they will have 88 new jobs, 59 part-time and 29 full-time positions. The focus of this site is for the Air Force to create a new “highly technical” squadron to monitor U.S. satellites supporting the national security space mission.
The basing process is slated to be completed in the summer of 2020, with plans for part of the squadron being operational in 2021, and fully operational by 2022.

Airbnb To Share Their Records With Hawaii Department Of Taxation
The State of Hawaii aims to collect GE/TA taxes from vacation rental operators who it says have not been paying taxes.
Airbnb and the Hawaii State Department of Taxation came to the agreement following negotiations regarding the state’s subpoena.
Per the agreement, which was approved by First Circuit Court Judge Bert Ayabe, the vacation rental platform will provide the state with the records of the 1,000 highest revenue-generating hosts from 2016 to 2018. It also will provide anonymized data of any host who generated more than $2,000 annually during that period.
Airbnb Spends $4.2 Million But Loses Key Lawsuit In New Jersey
70% of New Jersey residents last week voted in favor of stricter regulations on short-term rentals. It was high stakes for them to win this, they plan to go public with their stock and so Airbnb spent $4.2 million to fend off the new rules in New Jersey but in the end, they were not successful.
The hotel industry and hotel workers union spent only $1 million to support the bill.
How has Airbnb fared in other cities?
Despite having legalized home-sharing in 2015, Jersey City now joins the ranks of other cities and towns that have tackled the spread of Airbnb and similar services.
Los Angeles, Amsterdam, Paris and Vancouver, British Columbia, have all passed laws restricting short-term rentals.
Denver has gone further: The city began filing criminal charges against people who lie about whether their listed property is their primary residence.
Last year, Palma de Mallorca became the first city in Spain to ban Airbnb. Airbnb has sometimes pursued ballot measures, in which citizens can directly vote on legislation and money can play an outsize role — as it did in Jersey City. Airbnb collected enough signatures to fend off a bill in San Diego last year.
In San Francisco, where Airbnb is based, the company orchestrated an $8 million campaign to win a ballot question in 2015, but the city later passed legislation requiring hosts to register with the city, causing listings to drop by 50%.

Oahu, Maui and Big Island Real Estate Year To Date
Oahu is showing the same trend as Kauai: the higher end market is softening which is bringing down the Median Price of a home. The number of homes sold in the $400,000 to $899,999 price range grew by 25%. The median price of a single-family home in October was $780,000, compared to $800,000 in October 2018. Overall sales of single-family homes, however, increased by 12.3% to 347 homes, from 309 homes sold in October 2018.
Meanwhile, the median price of a condominium rose by 13%, as sales grew by 6.5% to 472 units, from 443 units sold in October 2018. The number of condo units sold in the $400,000 to $699,999 range grew by 39% from last year. Year-to-date condo sales, however, declined by 5.5% to 4,546 from 4,810 in October 2018.

On Maui year-to-date sales were down for both single-family homes and condos on Maui, while median prices through the first 10 months of the year are up.
The median price of single-family home on Maui through the end of October was $745,000, which was an increase of 5.7% from $705,000, while the number of homes sold was 2.1% lower than the same period a year ago.
The year-to-date median price of a condo was $518,000, which was an increase of 3.8% from $499,000 in the first 10 months of 2018, while year-to-date condo sales declined by 5.3%.

The number of homes sold on the Big Island last month increased by 16.94% to 214 houses sold, from 183 sold in October 2018. The median price of those homes was $350,000, which was a 4.48% increase from $335,000 in October of last year.
The median price of a Hawaii Island condo in October was $368,000, an increase of 13.93% from $323,000 in October 2018. That was based on sales of 75 units, which was an increase of 8.7% from 69 sold in October last year.

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