Kauai Real Estate Update- For a complete update on what has Sold, was Just Listed and what went into Escrow island wide for last week on the island of Kauai click here: Kauai Real Estate Sales July 5 to 11, 2021
Poipu Beach Real Estate Update- I just sold a $2,225,000 home in the Kiahuna Golf Village while it was off market, this is another "Pandemic real estate story". An agent in my office was having trouble finding a home for her buyers and she called me about a listing that my Sellers had taken off the market in March of 2020 when the pandemic hit. Her Buyers wanted something special and particularly loved the Kiahuna Golf Village, this house they just fell in love with. I was in love with this house too, it has heart and soul and I always wanted the person buying this house to see it for the extra special home that is is. Another bonus is this is the highest priced 2 bedroom sale for a home in this neighborhood! It sold for $1,012 a square foot.
For a Poipu Beach real estate update click here: Poipu Beach Current Market Analysis
For a complete market update click on this link: Kiahuna Plantation Current Market Analysis.
Kukui Grove Cinema To Be Residential & Commercial Space
One of the businesses that did not make it through Kauai’s COVID shut down was Kukui Grove Cinema. Prepandemic the theatre was feeling the impact of the rise in popularity of movies streaming online, Netflix/Hulu/Amazon etc. This was our only theatre on the island that was multi-screen. There is still one theatre left in Waimea.
Approval by the Kauai County Planning Department to rezone the theatre to “mixed-use residential and commercial space” happened last week. The Mana’o Capital Group, LLC bought the theatre in October of 2020 for $2.150 million. The existing footprint will stay and the interior renovations at this time are:
- First three theaters to be commercial space including two medical offices.
- Fourth theater to remain an auditorium space to be rented out.
- A second floor will be built with six residential units consisting of a 350 sq ft studio to a 1,900 three bedroom.
- Above the existing first theater will be more commercial space.
Coco Palms Foreclosure Auction
Coco Palms, the iconic resort near the Wailua River that has been shut down since 1992 when Hurricane Iniki practically destroyed it, is going on the foreclosure block July 26th.
The property has gone through several different developers with various visions on how to bring the property back to life. The last group is based in Hawaii and it seemed like they came the closest to making a go of it. However a Utah based Private Capital Group filed a foreclosure lawsuit against the buyers who defaulted on their $22.2 million dollar loan.
The foreclosure auction includes three parcels of land encompassing over 35 acres of land.
There is currently a grass roots movement to not develop the land and to keep it as an educational/historical site.
Monk Seals On Poipu Beach
On Saturday night I went down to catch the sunset at Poipu Beach and saw 3 Monk Seals. The signs were up and everyone was keeping a distance from them, I got a video and used my Zoom function to get the close ups. Let Sleeping Seals Sleep!!! Enjoy.
Oahu, Maui and Big Island Real Estate 2020 vs 2021
Last week I reviewed the Year To Date Kauai real estate numbers and this week I have the data for Oahu, Maui and the Big Island.
The President of the Honolulu Board of Realtors was asked if the market is going to crash and I thought her response was interesting: “We’re wondering if it’s going to stop — I don’t think it is, they’re saying we’re not in a bubble. The people that are buying these homes can well afford these houses, they have documentation and are getting good loans, so not what we saw back in the days of subprime mortgages."
I’d say that is what I’m seeing along with a lot of Cash buyers. The only slow down I see is a lack of inventory.
On Oahu the Median Price for a home as of June 2021 was $979,000 which is 27.1% higher than June 2020 when it was $770,000. The number of home sales is up 32.9% for a total of 2,143 homes that have sold.
Condominium sales are gaining some momentum as well. The number of condominiums sold at the end of June 2020 was 2,014 and in June 2021 it’s 3,437 which is a 70.7% increase. The President of the Honolulu Board of Realtors said people were hesitant last year to buy a piece of property that was in close proximity to other people, she’s seeing a shift away from that. I would think being able to vacation rent out a condo now adds to that.
On Maui the Median Price for a home is now $986,000 which is a 28.9% increase from $765,173 in June of 2020. The number of sales for homes Year To Date is up 51.4% to 692 compared to 457 at the end of June 2020.
Condominium Median Prices are up as well at $620,000 which is 9% higher than the end of June 2020 when it was $569,000. The number of condos sold is a whopping 1,266 Year To Date compared 631 at the end of June 2020!
The Big Island of Hawaii is up 19.62% for their Median Price which is now $472,500 compared to $395,000 at the end of June 2020. The number of sales are 46.4% higher at 1,625 homes sold compared to 1,110 at the end of June 2020.
Condominium Median Prices are up to at $480,000 which is 30.08% higher from $369,000 this same time last year. The number of condos sold Year to Date is up a staggering 123.78% from 307 at the end of June to 687 at the end of June 2021!
