For a complete list of the real estate activity for last week on the island click here; Kauai Real Estate Activity February 17 to 23, 2025
Getting a loan at Pili Mai has just recently become an option again and my Buyer was the first one to get this done, the last time a loan was done at Pili Mai was July of 2023. This unit is one of my favorite floor plans; ground floor with a direct entry from the garage into the condo, both bedrooms are en suite with a half bath off the laundry area for guests and there is a built-in desk near the entry. To see more about this unit click here; Pili Mai 13H
For all the news on Poipu Beach real estate since January 1 click here; Poipu Beach Fee Simple Current Market Analysis
For the Kiahuna Plantation click here; Kiahuna Plantation Current Market Analysis
Kauai Flies In Mosquitoes From California
Each week 500,000 male mosquitoes will be flown in from California to Kauai. What these mosquitoes don’t know is their mission is to help combat the avian malaria virus which is deadly to our Hawaiian Honeycreeper.
Not sure if these male mosquitoes also know that they are “reproductively incompatible” with female mosquitoes which spread avian malaria. A facility in California utilizes “Incompatible Insect Technology” (IIT) to the male mosquitoes and will have 500,000 of them flown in weekly to Kauai. Once here, they are released by helicopter into areas that the Hawaiian Honeycreepers are mostly found. They are dropped by way of tubes that look like ice cream cones and this will be done twice a week.
The technology of interrupting the reproductive cycle has been a very effective way of reducing the mosquito population. It’s hoped that it will help here on Kauai where the Hawaiian Honeycreepers are near extinction.
As for me, I’m not mad at having less mosquitoes in the very least.
Barbeque Explodes At Maui Resort
It’s not known exactly what caused a barbecue to explode last Thursday night at The Whaler Resort in Maui. The barbeque, which is supplied by liquefied petroleum gas, was located at the Tower One barbecue area and when it exploded debris was sent flying.
Seven people from ages 18 to 74 were hurt, three of those have critical injuries. Some witnesses have said there was a possible malfunction just before the explosion. The dramatic incident is still being investigated.
Footage of the explosion can be see on the Hawaii News Now website, click HERE
Did You Know? Hawaii Is A Deficiency Judgment State
If you didn’t know it’s a really good thing to know! In Hawaii, if you end up with a judicial foreclosure, the lender can secure a deficiency judgment for the remaining balance. Translation: even if you’re living miles away, a bank here can still come after you for whatever’s left over by attaching a lien on another property you own in another state.
If you find yourself in the position of not being able to make the mortgage payment you’ll want to get legal counsel on how to handle this situation.
Also; When it comes to loans the down payment for a vacation rental is not the same as what you'd put down on your primary residence. A second home is considered a bit more of a luxury purchase—essentially, it’s not something you can live without. This is seen as a higher risk by the lending institutions. As a result, you might be looking at a down payment in the 25 to 30 percent range.
Also, keep in mind that lenders will factor in your monthly homeowner dues into your overall payment. And trust me, not all homeowner dues are created equal—there’s a lot of variation out there. Make sure you know what you're dealing with and factor those costs in accordingly.
Lastly, if you’re thinking about buying a condominium, getting prequalified with a Hawaii lender isn’t just a good idea—it’s essential. I even did a video with a local lender breaking down why that step is so important, click HERE for that video.
End Of January 2025 vs 2024 For National Real Estate
Existing home sales which include single family homes, townhomes, condos and co-ops fell 4.9% month over month to 4.08 million in January of 2025. Year over year sales were up 2.0%. The Median sales price is up 4.8% year over year at $396,000.
Where are properties selling? According to the National Association of Realtors here is the breakdown on where those sales are happening;
South 45% (TX, OK, AR, LA, MS, AL, GA, FL, SC, NC, VA, TN, KY, WV, VA, MD, DE)
Midwest 25% (ND, SD, NE, KS, MN, IA, MO, IL, WI, IN, MI, OH)
West 18% (CA, HI, AK, AZ, UT, NM, CO, WY, MT, ID, OR, WA)
Northeast 12% (PA, NJ, RI, CT, MA, NY, VT, NH, ME)
Days on market increased from 36 in January of 2024 to 41 January 2025. Cash sales are down from 32 to 29, first time home buyers and investors stayed even 28 and 17 respectively. Distressed sales up slightly from 2% to 3%.
The graph below is from the National Association of Realtors
