Kauai Real Estate Update, Southwest Adds Another California Flight, Pili Mai Unit Sold

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

Kauai Real Estate Update
Loan rates- Another drop in rates seems unlikely based on what we heard last week:  “Looking ahead, my colleagues and I see a sustained expansion of economic activity, a strong labor market, and inflation near our symmetric 2% objective as most likely.”  – Fed Chairman Jerome Powell, November 13 2019
Thanks to this strong economic backdrop, Mr. Powell also said it’s highly unlikely the Fed will cut rates again in December.
For a complete list of what Sold, was Just Listed and what went into Escrow for last week click here: Kauai Real Estate Update November 11 to 17, 2019

Poipu Beach Real Estate Update- Spotlight on one of my listings that I just reduced the price on.  Located in Poipu Aina Estates this subdivision is within a bike ride of the Grand Hyatt and is on almost 3 acres of land.  This lovely estate is impeccably built by Masters Construction and blends gracious county living with all the attractions of sunny Poipu Beach.  Call me to set up a showing, for photos and a virtual walk through visit www.PoipuAinaLiving.com.
For a complete update on the Poipu Beach market click here: Poipu Beach Current Market Analysis

Kiahuna Plantation Real Estate Update-  For the latest news on the real estate activity since January 1 of this year click here: Kiahuna Plantation Current Market Analysis

Southwest Adds New Daily California Flight
Southwest Airlines remains bullish on their Hawaii market as evidenced by their addition of a daily nonstop flight from Sacramento to Honolulu flight.  This flight was originally suppose to start in January 2020 but got bumped up to November 2019.  Southwest stated that they did this due to the “increased customer demand”.

They will be adding a Sacramento to Maui flight in March 2020.
With their existing routes, and proposed routes, Southwest’s Hawaii service will include 28 flights daily between California and Hawaii, as well as 38 daily interisland departures.

Kauai See’s A Rise In Abandoned Vehicles <img src=”image.gif” alt="kauairealestate“/>
So I’m going out to lunch with a friend of mine and I see this vehicle that has been on the side of the road for a while but that day I noticed a couple of signs on it.  This is at the roundabout by the Kukui’ula Shopping Village.  Some frustrated resident took the time to make a “Free” signpost and put it in front of the car.  Then they wrote on a neon green poster sized paper “It’s Been 6 Weeks!!!  @County of Kauai 11-11-19”.  I zipped around and had my friend take this photo.
Funny, but it’s frustrating.  The real facts are; year to date 2019 Kauai Police Department had 653 vehicles towed, and currently has more than 270 pending complaints.  In 2017 it was 404, in 2018 it was 498 so it’s definitely on the rise.

What is being done about it?  Help might come from our visitors.  The County of Kauai Intergovernmental Relations Committee recommended for approval proposed legislation that would establish the same beautification fee for rental vehicles that we residents already pay as part of our vehicle registrations which goes toward costs to remove abandoned and derelict vehicles. We can be charged up to $10 per year, but rental-car companies currently have a cap of $1 per year. This legislation would remove that cap.  Stay tuned to see what happens in 2020.

Hawaii Foreign Investor Numbers Drop
According to figures released by Title Guaranty, one of the leading title and escrow companies in the state of Hawaii, the overall percentage of homes sold to foreign buyers in the first half of 2019 declined.  Out of the 9,889 homes statewide foreign investors bout 295 of those and that’s -23% off from last year.  In 2018 they had bought 375 homes out of the 9,724 that had sold.   The total dollar volume of sales to foreign buyers declined to $6.5 billion, or 5% of all sales, from $6.6 billion in 2018, which was 6.9% of all sales.  One of the factors of the decline is related to the decline in availability of new luxury high-rise condominiums.

Kauai’s real estate market has very few foreign buyers, Canada is pretty much it.  California, Washington and Oregon drive our market mostly.

Kauai Councilmember Arrested
A Kauai County Councilmember was indicted last Wednesday on felony charges for allegedly running from police during a traffic stop two weeks ago and hitting an officer with his car in the process.  He now faces two felony counts — assault against a law enforcement officer and resisting an order to stop a motor vehicle. Both charges are punishable by up to five years in jail and a $10,000 fine. He is set to be arraigned in Fifth Circuit Court on Dec. 11.

On October 29th, Kauai Police pulled over a “dark-tinted silver Honda” in front of the Post Office on Rice Street and when the police approached the care the driver took off, hitting one of the officers in the process.
The driver led police on a speed chase that ended in front of the entrance to the Kauai Beach Resort.  The Councilmember was elected in 2016.

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