Kauai Real Estate Update- For a complete list of all the real estate activity on the island of Kauai for last week click on this link; Kauai Real Estate Update December 11 to 17, 2023
Poipu Beach Real Estate Update- Just Listed, Regency at Poipu Kai unit #510 is an exceptional value and is currently the lowest priced Fee Simple two bedroom in Poipu Beach and the second lowest Fee Simple vacation rental condominium in Poipu. Located well off the main road and close to the two Regency pools. Just steps away is the walking path that leads to the Grand Hyatt and Shipwrecks Beach in one direction and Brenneckes and Poipu Beach in the other. Perfect for a full time residence, a vacation rental or a combination of both. Listed at $1,049,000 (FS). If you would like to take virtually walk through this unit you can do so by clicking on this link: Virtually Walk Through Regency 510
For an update on the real estate activity in Poipu since the beginning of the year click here: Poipu Beach Current Market Analysis
Kiahuna Plantation Real Estate Update- Just Listed, in the heart of the resort and a short barefoot walk to the beach, Kiahuna Plantation unit #174. Renovated, no stair entry and a lanai that is flush with the great lawn are just some of the reasons for this unit being such a successful vacation rental. Listed at $745,000 (LH). For an update on the Kiahuna activity since the beginning of this year click here; Kiahuna Plantation Current Market Analysis
Coco Palms Update
Three state owned parcels of land adjacent to Coco Palms were the subject of discussion at a Board of Land and Natural Resources (BLNR) last week. In a surprise move the Board awarded joint temporary access on one of the parcels of property to a group that is protesting the construction, I Ola Wailuanui and to Reef Capital Partners the owner of Coco Palms for a temporary period of one year. The other two lots will be ruled on this January.
Reef Capital had requested the BLNR to lease those three parcels to them for a 30 year period however there was testimony from the public that traffic, flooding, environmental issues and the cultural significance of Coco Palms.
I Ola Wailuanui wants the property turned into a Hawaiian cultural and education center and the group has raised over $300K.
Reef Capital is wanting the site to be turned back into a hotel with 350 rooms which they hope to have done by 2026.
The group awarded joint access to the State parcel says this will impact construction and Reef Capital says it will not. More to come this January.
Luxury Poipu Homes On Caravan
We had the last Realtor Caravan of the year last week and I did a video of a couple of homes in Kukui’ula. A $8.750 million dollar home that had gone under contract after being on the market for only 33 days, this home has an incredible great room with retractable doors that seamlessly integrated the outdoor living area. I loved the Primary Suite which opened to the backyard, you could literally sit in your bed and see the ocean. Most bathrooms had an outdoor shower that connected to the indoor shower by way of a glass wall.
The lunch house for $12.4 million was my favorite and one I had featured in a past blog, it has an incredible outdoor staircase that I was looking forward to seeing. Views did not disappoint and a TV room that was amazing.
Inflation Under Control, Feds Discuss Cutting Rates
Inflation peeked last June at 9.1% however the hike in interest rates have been backing that number down, it’s expected to soon be around 2% which is where the Feds want it to be. With this good news the Feds announced they are looking to cut interest rates three times next year.
This announcement was bolder than the one last month where they had “hinted” at rate cuts which the stock market loved in November and the stock market is loving this announcement just as much, Wall Street traders see an 80% probability of rate cuts after the March meeting and six rate cuts for the year of 2024.
Some Buyers are looking for a rate drop as their signal to buy, some buyers need to wait until the rates drop to buy. Either way, more buyers coming into a market that is already struggling with low inventory is not going to be a good scenario. Unlike the crash of 2008, we do not have a surplus of housing, far from it. The lower priced inventory has remained a very strong market, higher priced homes not as much. This will impact higher priced home favorably.
Kauai Hotel Makes Forbes Top Hotel List
The prestigious Conde Nast Travelers Gold List consists of 75 of the “worlds greatest hotels” and in that mix was Kauai’s own 1 Hotel Hanalei Bay. In fact it was number one on their US, Canada and Caribbean List (to see that list click HERE)
According to Conde Nast Traveler: "What makes this property truly stand out ... is that it’s also a legitimate wellness destination, with cutting-edge medi-spa offerings as well as serious fitness and mind/body programming."
