Kauai Real Estate Update- There were 14 new listings that came on the market for the entire island last week and of those 4 are already either sold or under contract leaving us a net of 10 new properties for sale. There were 17 properties that went under contract. For last week we made very little headway in gaining any inventory. For a complete list of the New Listings, what Sold and what went Under Contract last week click here: Kauai Real Estate Activity April 10 to 16, 2023
Poipu Beach Real Estate Update- On Saturday I went for an early morning walk and took some quick videos of what it looks like here in Poipu Beach between 7 and 8 a.m. It’s early but one of the best times to be out. Enjoy the video!
For a complete list of all the fee simple real estate activity here in Poipu since the beginning of the year click here: Poipu Beach Fee Simple Current Market Analysis
For a list of the Kiahuna Plantation real estate activity click here: Kiahuna Plantation Current Market Analysis
Visitor Dies While Snorkeling Off Poipu Beach
Last Thursday a male visitor from Riverton, Utah died on the west end of Poipu Beach while snorkeling. Around 10:35 on Thursday morning other snorkelers noticed he was not responsive and brought him to shore where lifeguards took over. According to reports he had been snorkeling for about 15 minutes and there were no signs of him being under duresss.
New (to me) Chocolate Shop in Kilohana Plantation, Lihue
I’m thinking I need to do a road trip to personally scout out this story! How have I missed this place?? At Kilohana Plantation in Lihue is “Kauai Sweet Shoppe” which is a small business owned by a local family who sell nothing but their own hand made confectionary treats.
This business didn’t start off the way it is today, they used to sell coffee, ice cream, bath and body works but the shoppers, who are mainly tourists, didn’t like that the items sold were not made on Kauai.
So they decided to make their own caramels. Their two initial flavors were Guava and Earl Grey, now they have 7 other flavors and have expanded to Marshmellow in three flavors, chocolate treats and some other items. I’ll be taking one for the team and will personally be trying this out. For now you can see more on their website by clicking HERE
Is A 40 Year Mortgage The Answer?
A current option for some borrowers in default is to modify their 30-year mortgage to a 40-year mortgage providing their loan is a Fannie Mae or Freddic Mac loan that allows that option.
It would literally take an act of congress to get this over the finish line as HUD is not able to offer this as an option at the time of a Buyer applying for a new loan. At a time where home prices still remain high, and new inventory coming on the market at an all-time low, this is something that the government is looking into.
Kauai Council Looking Into Tax Breaks For Kauai Homeowners
A Kauai Councilman proposed to cut property taxes for commercial, industrial, agricultural, conservation and commercial-home-use classes by 10 percent each, homestead tax rate by 5%t (in addition to a proposed 10% cut included in the mayor’s budget). The homestead tax class applies to most local homeowners’ primary residences.
Where is the money coming from? The 30% part of the reserve fund that is allocated for unanticipated emergencies and is funded with tens of millions of dollars each year.
Resolution No. 2023-37 would lower that 30% to 27% and use the difference to lower property taxes. This is to be further discussed this week by the Finance Committee.
California to Kauai Cocaine Bust
Kauai’s Drug Enforcement Administration (DEA) got a tip that a Kauai local traveling from California was transporting cocaine to Lihue. Federal agents waited for the 39-year-old man to arrive and when he did they found 2 kilos of cocaine on him. The man said that he had done this successfully 3 different times within the last year making $8K on each trip.
It has not been confirmed but it looks like this same man worked with the Federal agents to contact his connection who is a 65 year old local Kauai man. They met and the man gave him $34K for what he believed to be cocaine.
Both men are currently under arrest. The Lihue Airport is the main entry point for illegal drugs either by mailed parcels or people smuggling it in.