Kauai Real Estate Update- Very few properties came on the market last week, 15 total and 3 of those sold before print or are already contingent so that brings it down to 12. Just about that many properties went under contract as well. For a complete list of the Kauai Real Estate activity for last week click here: Kauai Real Estate September 26 to October 2, 2022
Poipu Beach Real Estate Update- For a complete list of all the Fee Simple real estate activity in Poipu Beach since the beginning of this year click here: Poipu Beach Current Market Analysis
For the Kiahuna click here: Kiahuna Plantation Current Market Analysis
Bomb Threat At Koloa School
A Koloa man was arrested after making a Bomb Threat to the Koloa Elementary school. A week ago Monday a call was made to the school by a man who said that a bomb would go off at the end of the school day. The school was evacuated immediately. The Kauai Police Department Bomb Squad, Fire Department and the American Medical Response Team arrived at the school and started their search. After a thorough sweep of the campus it was determined that no bomb was present.
Some additional information was given to KPD that lead to the arrest of a 20 year old Koloa man. Last Thursday the man was charged by a Grand Jury Indictment with two counts of terroristic threatening in the First Degree, one count of Harassment, he is currently in the Lihue Jail.
First Of Its Kind: Potential Ocean Front Construction Bill
This will be very interesting to watch and we won’t have to wait long to find out what happens. This Wednesday the Kauai County Council will vote on a Sea Level Rise Bill that would require the first floor of any newly constructed residential building to be up at least two feet from the highest level of potential sea rise. Long term climate change has been cited as the inspiration for this bill. No other state has anything like this, Boston has something similar but it’s only for large commercial buildings.
To read the proposed bill in its entirety click here: Draft Bill No. 2879
To access the sea level rise https://tgilinks.com/3y88hc6
Kauai Real Estate Review For End of September 2022 vs 2021
There is no shortage of opinions on where the housing market is going and they cover the entire spectrum of speculation. We can all agree this COVID driven run up of the housing market was not normal, and the correction is not normal either. Two major contributors to the 2007/2008 crash were the sub-prime loan fallout and the massive amount of new housing inventory that had been built. We go into this correction with two different narratives: 1) Sellers not selling so they can hang on to their under 3% fixed 30 year mortgage and 2) We entered 2019 with a housing shortage which the pandemic only amplified.
In the higher end market I am seeing price drops and longer days on market but not as a general rule and the longer days on market are actually numbers that are a bit more normal for those price points.
For homes on Kauai the Sold Price when compared to the Original List Price is now at 97.6%. In September of 2021 it was at 98.7%.
The graph below is general in nature and might not reflect your particular area of interest, your welcome to contact me to get more specific information on your particular area of interest.
