Kauai Real Estate Update- Sold | Kalaheo Pali Kai #41 $769,400. My listing in this complex was the only unit on the market and we went under contract pretty quickly with multiple offers. This is the only condominium complex in Kalaheo and vacation renting is not allowed making it a affordable choice for full time homeownership. Great floorplan with 3 bedrooms and a small enclosed outdoor space. To find out what Sold, was Just Listed and what went Under Contract on the island of Kauai last week click here; Kauai Real Estate Update February 26 to March 3, 2024
Poipu Beach Real Estate Update- For a complete fee simple market analysis for Poipu Beach click here: Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation Real Estate Update- Sold | Kiahuna Plantation unit #53 for $375,000 (LH). I represented both the buyer and sellers of this top floor corner unit located in building 10. What I love about this unit is the three floor to ceiling oversized louvered windows, the sweet view of Twin Bridges, the renovation and the close proximity to the beach. For a complete list of all the real estate activity at the Kiahuna since the beginning of the year click here; Kiahuna Plantation Current Market Analysis
Visitor Dies Off Allerton Beach
Allerton Beach is located on the South Shore and can only be accessed by kayaking in, visiting the National Tropical Botanical Gardens Tour or trespassing. If you have not heard of the beach you’re in good company. On Friday a 69 year old visitor from Colorado died after hitting his head on a rock while boogie boarding at the beach.
In a separate incident last week a 20 year old woman from Idaho died after being pulled out to sea at Lumaha’i Beach where she was swimming. Air 1 pulled the unresponsive visitor from the ocean.
Amazon Rooms, Favored Floor-Plans, Reusing Commercial Buildings And More
I was at a conference last week in Las Vegas at the Wynn Hotel with around 6,000 attendees and some very interesting speakers. Here are a couple of key takeaways:
1) New Housing Trend; “Amazon Rooms”. With porch piracy on the rise a special room attached to the house for deliveries is a emerging trend for the ultra-wealthy that is predicted to trickle down and eventually be a part of our lives. Walmart and Amazon are already expermiting in certain areas.
2) Home Floor Plans To Include Home Office- the aftermath of COVID has changed how we go to work and has changed how we use our homes. With a large number of people now permanently working from home, or a hybrid of home and office, having that space is a part of designing new home builds or a key part of a floor plan for those looking at existing homes.
3) Reusing Commercial Buildings- with the decline of brick and mortar stores, along with the decline of office use, these buildings could be repurposed for affordable housing. This is something the County of Kauai has looked into and has already happened in Oahu with the Davies Pacific Center which is being turned into one-third commercial and two-thirds residential condominiums.
4) Dr. Marci Rossell Economic Insights- Dr. Rossell, chief economist for LeadingRE, was a keynote speaker and she had four takeaways for 2024: 1) Interest Rate decreases to land at 5 & 6 percent predicted for July. 2) U.S. Housing Supply to become more balanced in the second half of the year with new construction coming on the market (note: this is not applying to Hawaii). 3) Inflation & Recession currently at 2.9 YOY and Fed’s target of 2% to be achieved by mid spring. No recession in sight. 4) Affordability of Homes modest increase in inventory and lower interest rates will help buyers however no significant price decreases due to pent up demand. Home prices are expected to increase 3 to 4 percent.
Kauai Real Estate 2024 vs 2023
Kauai Residential Home Sales started picking up in December resulting in a massive uptick year to date when we compare the numbers to this same time last year. We’re now seeing the results of the Buyers who started jumping back in the market as soon as it became clear that interest rates had peaked out and the Feds started talking about rate reductions for this year. That was a smart move because, for the first time in a while, buyers actually had three things: some decent inventory, time and negotiating power and this is something they had not had for a long while. We’ll see another buying surge when we get an actual rate drop and if that is you, get ready now to act fast.
Some of those buyers were on the South Shore where we saw three sales in Kukui’ula happen ranging from $5.7 and $8.5 Million, you’ll see these numbers skewed our South Shore Median price.
North Shore buyers that were waiting for a sign got it and they jumped in bringing the sales from 6 to 19 Year-To-Date. North Shore Median Price experienced a modest increase of 3.83%, suggesting that these purchasers may have acted swiftly to secure favorable terms.
