Kauai Real Estate Update- This is a new one for me; A Cockatoo at Costco! This bird was almost like a puppy getting scratches behind the ears. (I watched Baretta as a kid and always wanted a cockatoo)
For a complete list of all the real estate activity on Kauai for the last week click here: Kauai Real Estate February 7 to February 13, 2022
Poipu Beach Real Estate Update- In Escrow! My listing in the Kiahuna Golf Village was one of the last remaining vacant lots in this subdivision. Located at the top of Milo Hae Loop, and backing up to a generous sized greenbelt, this large parcel of land is perfectly positioned to build a home that has optimal use of the trade winds with a usable back yard.
Over the weekend there was a tremendous amount of activity with a couple of Poipu Crater condominiums that came on the market, one at $895,000 and the other at $989,000, both had multiple offers and are in escrow for over the listed prices. At this writing there are only 3 Fee Simple condominiums in Poipu Beach under $1 Million.
What is happening in Poipu Beach? Click here to find out: Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation Real Estate Update- Sold! Kiahuna Plantation unit #52 was originally remodeled by a leading south shore contractor for his own personal use. His meticulous attention to detail and quality can be seen throughout this ground floor 1 bedroom 1 bath condominium with a corner location. List Price: $275,000 (LH) Sold Price: $265,000 (LH)
For a complete update on all things Kiahuna click here: Kiahuna Plantation Current Market Analysis
Booster Shoots Not Required For Hawaii’s Safe Travels
In an about face our Governor stated that Boosters will not be required for our states Safe Travels program. Currently, if traveling to Hawaii a negative Covid test or proof of being vaccinated is required to avoid the 10 day quarantine. The Governor had hinted that he was considering a booster but this is not to be the case.
This due to the declining number of cases on the mainland and Hawaii, hospitalizations have dropped and the number of people vaccinated in the state is at 75%.
Maui has relaxed their rules a bit by dropping their booster mandate to enter restaurants, bars and gyms.
Kauai Vacation Rental Nightly Rates, Who Determines That?
This is a common question that buyers will have when considering a purchase on a vacation rental property. They want to know how that nightly rate is determined by the rental company. I ask Linda Sylvestor, a leading vacation rental expert, this question and you’ll see that there is a lot of thought that goes into this question, more than what you might have imagined. There is a science behind this and an actual person that is looking at the data to determine how your property can meet its highest potential.
This is the fourth in my series of talks with Linda Sylvester, if you would like to see the other videos I did with her go to: https://www.youtube.com/channel/UCA2i9QxtckLt2XQ7tC6IkUQ
Lt. Governor Josh Green To Run For Governor
The name might not be a familiar one to you but during the pandemic Lt. Governor Josh Green was the voice of reason for our state. Through all the ups and downs, stops and starts he seemed to remain calm and focused. He was constantly working and his attitude was positive and always grounded in science. He is a licensed physician and has been doing shifts at an emergency room on the Big Island. During the pandemic he filled in as the states’ “Covid Liaison”.
He’s running on the Democrat ticket and in a poll done by the Honolulu Star Advertiser 58% of the Democrat voters polled said they would vote for him. He’s very popular and from what I have seen very liked and well respected.
Also running is former first lady Vicky Cayetano and the former Honolulu Mayor Krik Caldwell. There are rumors that U.S. Representative Kai Kahele might run.
Oahu, Maui and Big Island Real Estate Year To Date
Last week I published the Kauai Year-To-Date real estate stats comparing January 2022 to January 2021. I’ll include a short video of that below as well.
This week I have the numbers for Oahu, Maui and the Big Island
Oahu reported that sales of single family homes have declined due to lack of inventory just like we are seeing on Kauai. Townhomes and condos on Oahu are on the rise because of the lack of housing inventory, again this is a trend we are seeing here.
On Oahu 59.8% of homes sold in January were over asking price, 39.4% of condos sold went over asking price.
In January of 2021 the Median Price for a home was $885,000 and in January 0f 2022 $1,050,000 which is a new record high for this island. The number of homes sold are up in 2022 at 331 compared to January 2021 which was 299.
Condominium prices are up from $451,000 in January 2021 to $510,000 in 2022. The number of condos sold was way up from 397 in January 2021 to 554 in January 2022.
The Maui President of the Association of Realtors said “Inventory is still at an all-time low so prices are going to stay up until we fix that, although it might take years to do so. The biggest problem I see are sellers that might want to sell, but then what are they buying? Everything is too high or not available."
The Median price for a residential home was $1,157,500 in January of 2022 compared to $980,000 in January of 2021. The number of homes sold is down to 92 compared to 101 in 2021.
Median condo prices rose 26.3% January over January, from $560,000 to $707,500. In January 2022 155 condos sold compared to 115 in January 2021.
On the Big Island of Hawaii 219 homes sold in January 2022 which was a 11.69% decline from the 248 sold the same month 1 year before. The Median price however was up 20% to $540,000 compared to the previous year at $450,000.
The number of condos sold was also down at 66 compared to 85 in January 2021. But just like the homes prices are up. The Median price for a condominium is $515,000 which is a 10.75% increase from $465,000 in 2021.