Kauai Real Estate Update- For a complete list of what Sold, was Just Listed and the properties that went Under Contract last week on the island of Kauai click here; Kauai Real Estate Sales November 4 to 10, 2024.
Poipu Beach Real Estate Update- Recently a home here in Poipu Beach came on the market for $30 Million which is a price point we don’t normally see too much of. This oceanfront home is located on Pe’e Road in between Poipu Palms and Sunset Kahili. The views are unmatched but I’m not sure how the price will be received for this 4 bed. 3.5 bth. 2,953 sq ft home that was built in 1993 and has no pool will be received. The property consists of three parcels of land totaling 25,585 sq ft which is huge. To see this listing click HERE
To find out all the fee simple activity in Poipu Beach since January 1 click here; Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here; Kiahuna Plantation Current Market Analysis
After 40 Days Hilton Hawaiian Strike Ends
In late September at the Hilton Hawaiian Village front desk agents, restaurant staff and housekeepers walked off the job at 5 a.m. and the picketing started in the streets of Waikiki. The picket lines, and tourists reactions to it, were large enough to make our local news on a consistent basis. Union Local 5 has reached an agreement for 1,800 of their workers who have returned to their jobs.
Settlements still need to be reached for the Hyatt, Kyo-ya ( aka Sheraton) and Marriott who collectively have 3,200 hotel workers.
On September 2, 2024 I had covered a small strike that the Sheraton employees did here in Poipu ( for that post click HERE ). The favorable agreement the union and Hilton came to is hoped to be a good sign for the union with the other hotels.
Real Estate Sales After The Election
Historically; the months of October and November see slower home sales but during the election it goes from an average of -9.8% to -15% with the larger dip happening the closer it gets to the election. The good news is home sales have consistently gone up for the last 8 elections starting in 1992. In 1981 home sales went down, 1985 they went up, 1989 they went down and every year since 1993 they have gone up.
Lawrence Yun, NAR’s Chief Economist, forecasted at 10% boost in 2025 and 2026. Yun states that homeowner equity is at a record high, a stock market that is trending upwards, mortgage rates softening with a projection of more to come in 2025 with a “new normal” rate of 5.5% to 6.5%. Yun stated at the NAR conference on November 8th in Boston; “Maybe the worst is coming to an end. Directionally, I think there’s going to be roughly a 10% boost of existing-home sales in 2025 and 2026.”
Hawaii Election 2024 Results, Two Watched For Ballot Measures Pass
With this last election two highly watched measures passed; The provision for the Hawaii Legislature to “have the power to reserve marriage to opposite-sex couples” has been removed from our constitution. This won by a 12% margin with 56% of the people voting Yes and 44% No.
The second measure was to change the process for appointing and confirming district court judges to the same as supreme and other higher court judges. This measure received a 71% Yes vote.
For Kauai County Council 5 of the existing 7 members retained their seats (Bernard Carvalho, Mel Rapozo, Addison Bulosan, Felicis Cowden and KipuKai Kualii). The other two seats went to former Council member Arryl Kaneshiro and newcomer Fern Holland.
Oahu, Maui and Big Island Real Estate Year-To-Date 2024 vs 2023
Home Sales, Home Price and Condo Prices are up on every island. The Number of Condominium Sales are going the other way and are down on every island.
Kauai is leading the pack in the highest percentage of home sales and prices. Kauai is had the lowest negative number in the islands for condo sales and are about in the middle of the pack for their Median Price increase.
Below is the graph for the islands taken from data collected by the Hawaii Association of Realtors.
Contact me if you have questions on how these numbers impact you.
