Kauai Year To Date Real Estate Update, Sueokas Closing, Coco Palms Being Sold

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

Kauai Real Estate Update
For a complete list of what has Sold, what went under contract and the Just Listed properties for the island for last week click here: Kauai Real Estate March 25 to March 31, 2019

Poipu Beach Real Estate- For a complete list of what has Sold, gone Under Contract and the current listings for fee simple property in Poipu click here: Poipu Beach Real Estate Current Market Analysis

Kiahuna Plantation- My Kiahuna Plantation page has been updated for you to have access to all of the activity since January 1 of this year.  Click here for that page: Kiahuna Plantation Current Market Analysis

Mortgage Rates Biggest Decline In 10 Years <img src=”image.gif” alt="mortgage rates“/>
March 28thsaw the largest decline in 30 year fixed rates.  On March 7ththe rate was 4.41% and for three weeks the rate steadily declined and was at 4.06% on March 28th.  The sharp decline was caused by recessionary fears and the likelihood that the Fed’s will cut the rates again this year.

Federal Reserve Board Nominee Stephen Moore said if he were brought onto the Fed his first move would be to vote for a .50% cut to the Fed Fund Rates.  This sent stocks lower and the Bonds higher.  Inflation was reported to not be a threat at this time as evidenced by the PCE reading (Personal Consumption Expenditures) at 1.8% year-over-year.  Rates are expected to stay low for this springs home buying, and vacation renal buying, season.

Sueoka Store’s Last Day 

Please excuse my whole look in this video, I got caught in some unexpected rain on my trip into town and was soaked.  But I was determined to film Sueoka’s since this is the last day it will be around. Today (April 2) at 6:30 a.m.  it will open as an ABC store.

Located in Old Koloa Town Sueoka’s started out as a plantation camp store in 1918 by Mankichi and Yoshi Sueoka.  The store was moved to “the heart of Koloa” which is its present location in 1933.  They acquired the building when it was Kauai Motor Car Showroom.  The building was modernized and sold everything from groceries to tools and dry goods.  Their snack shop plate lunches are legendary.

Sueoka’s is an iconic Old Koloa Town market and how things will change is yet to be seen.

Coco Palms Back On The Market
This makes me a little sad because I had hoped that the Coco Palms finally had the right buyer to bring this majestic property back to life.  The company that was going to redevelop the property paid $17.8 million in 2016 for it and were going to have the Hyatt Hotels Corporation manage the property.  The current owners defaulted on the loan last year, they had intended to pay it off with a construction loan.  Then in 2018, they got behind on securing clear title after a group of Native Hawaiians filed a lawsuit over ownership of the land and were squatting on the property. They were removed by the Kauai Police and they lost their lawsuit but the damage had been done.

The price that this property will be listed for is not known but a recent appraisal has the value at $40 million.

Kauai Real Estate YTD 2019 Compared to 2018
Real estate prices remain steady as the number of sales dip from where they were at this same time last year.  However Nationally the number of sales shot way up in the month of February, with the dip in mortgage rates this upward trend should continue.

I checked in with a local escrow company and was told that “they have seen an increase in escrows opening from the end of February towards the end of March.  Prior to that there was a down-turn in the number of escrows.”
Below is a graph of the Year To Date activity as opposed to this same time last year.<img src=”image.gif” alt="kauairealestate“/>

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