Kauai Real Estate Update- Pretty busy last week on the island for real estate; out of the 15 new listings 5 either went under contract right away or were sold before they hit the market, of those 5 four were under $1 million. We had a total of 23 properties either go Under Contract or Contingent. To see what was Just Listed, Sold or went Under Contract click here: Kauai Real Estate Activity
Poipu Beach Real Estate Update- Oceanfront Poipu Shores 201A Under Contract! My Seller did a price reduction and we received multiple offers and this went under contract quickly thereafter. This unit has been owned by my Seller for since 1984 and back then Poipu Shores was a Leasehold property. The fee became available in 1991 and he paid $20,900.00 for it. For a complete list of all the Fee Simple real estate activity since the beginning of the year click here: Poipu Beach Fee Simple Current Market Analysis
In Escrow Kiahuna Plantation #87! I represented the buyers on their successful offer on Kiahuna Plantation unit #87, list price is $379,000 (LH). I love the location of this unit which is in building 16 on the ground floor. There is a no stair entry and the lanai opens up to this huge lawn. For a complete list of the Kiahuna Plantation activity click here: Kiahuna Plantation Current Market Analysis
Coco Palms County Buyout Proposal Status Update
The public was at the Kauai County Council meeting on Wednesday in full force and were not shy about voicing their opposition about the owners of Coco Palms moving forward with renovating the hotel, also discussed (and debated) was the Kauai County Councils written proposal to buy the land themselves or get the land through eminent domain (due to land use violations).
In the end nothing, including the resolution for the County to acquire the land, could be agreed upon. It became obvious that the resolution for the County to buy the land was not written correctly and needed more work. This was deferred to the next meeting on May 31, 2023.
Kauai Housing Project For Homeless In Ele’ele
A Hawaiian Blessing was done on Tuesday on the site of a housing project in Ele’ele for Kauai’s homeless or those at immediate risk for becoming homeless. A similar project is in Lihue near the business center across from the shopping mall.
The cost for this 24 unit project cost is $4.37 million with funds coming from the American Rescue Plan Act and State/Local Recovery Funds. It’s slated to be completed by this time next year.
Provided will be lost cost studio and one bedroom units but the intent is not for this to be their permanent home. The goal is for people to use the on site social services to guide them into a more permanent residence.
$50 Tourist ”Green Fee” Will Not Be Happening
Bill 304 made it a far distance through our legislature but in the end it was defeated. This would have imposed a $50 fee for tourists and the money was to go to support the beaches, parks, hiking trails etc. that are used by tourists. Palau and the Galapagos Islands have such a fee but their Constitution supports a fee like this but our U.S. Constitution does not.
Ideas flew around on how to get around this but in the end they couldn’t find a way. Another major concern was how to implement and enforce this fee, will the money go to the areas it’s really needed and do we really want to do this to our tourists?
Oahu, Maui and Big Island Real Estate April 2023 vs 2022
For homes and condominiums the number of sales are down for every island. For your reference I’m including a video of our housing numbers. Like Kauai, when the number of sales are down 40 & 50 percent it will skew the Median Price. Also, like Kauai the condominium market is easier to get some data on with the number of sales being off more or less in the single digits, I expect this to change as the condominium inventory lowers.
See the graph below and let me know if you have any questions.