Kauai Real Estate Update- Our weather has been spectacular; this video was taken at 9:30 on Sunday morning. It had been raining the night before and into the early morning, by this time it was gorgeous and has stayed that way. Real estate sales have been good for this time of year with Buyers taking advantage of this being a good time to buy. For a complete list of last week’s activity click here; Kauai Real Estate December 9 to 15, 2024
Poipu Beach Real Estate Update- To find out what has been happening in the Fee Simple market for Poipu Beach since the beginning of this year click here; Poipu Beach Fee Simple Current Market Analysis
For the Kiahuna click here; Kiahuna Plantation Current Market Analysis
Empty Home Bill Postponed
“A egregious government overreach”, “Well intended, but the unintended consequences are too big to bear”and “I feel like this bill is headed into the storm, into the court system”. Those are just some of the comments by the Honolulu City Council on December 11th during the hearing of the controversial “Empty Home Tax Bill” which would impose a total of a 3% extra property tax on second homes that are not being rented out and sit empty most of the year.
While this bill was just for Honolulu it was watched closely by all, if it passed what would that mean for the other islands? Would they adopt it too?
On the December 11th hearing there were some supporters but, in the end, it was decided to defer the measure until a “feasibility study” is completed which they hope will be by the end of next month. This bill would have imposed an extra 3% tax on unoccupied homes and condominiums (click HERE for that blog article) and went far enough up the ladder to make it to public testimony where it has stalled out for now.
After last week’s post a reader (mahalo Denise H.) sent me a very interesting article where this same type of bill was struck down on October 31st of this year in the San Francisco Supreme Court where that court found it violated the Federal and State Constitution (click HERE for that ruling), it was also struck down in Tahoe by voters on November 8th, 2024.
Alaska Air Stocks Up With Hawaiian Air Leverage Plans
Alaska Air forecasts a $1 Billion dollar profit by 2027 by leveraging their Hawaiian Air acquisition and their higher demand for premium travel, their forth quarter profits forecast was also raised given stronger holiday travel bookings. This sent their shares up 13.1% and the company also announced a $1 billion share buyback.
Hawaiian Air wide body planes will be used to serve 12 international routes from Seattle by 2030 which is expected to generate $1.5 billion in revenue. The airline is also committed to expanding the number of premium seating by 29% by the year 2027 which is estimated to generate $100 million in profit.
There is a new combination loyalty program that will be launched in 2025 for a “premium credit card” with a yearly fee of $395. The extra benefits appear to be; 3 miles per every dollar spent on foreign purchases and dining, a companion certificate for any class of service and lounge passes just to name a few of the benefits.
Kauai Property Tax Appeal
The thought to appeal the assessed value of their property, which in turn lowers their property taxes, often happens when people get their property tax bill which will be done January 20, 2025. However, the best time to do this is before December 31, 2024. Your assessed value of your property was mailed out on December 1, 2024 and if you didn’t get that notice you can call 808-241-4224 or email [email protected]
Additionally, you can find your assessment online, click HERE for that link and I’ve also done a video (have your sound on) which will show you how to navigate this page. To appeal the value the assessment of the property needs to exceed more than 15% of the assessment to market value. There is a $75 deposit fee shall be paid for each appeal to the Board of Review.
Oahu, Maui and Big Island Real Estate Year-To-Date
The numbers are in for Oahu, Maui and the Big Island for the first 11 months of the year and we can compare how these numbers stack up to this same time last year.
Here are the highlights;
🏝️Home Prices and the Number of Sales are Up for all islands.
🏝️Condominium Prices are up with the exception of a less than 1% decrease on Oahu.
🏝️Condominium Sales are Down on all islands.
🏝️Kauai Leads with the highest Median Price for a home.
🏝️Kauai is Second to Maui in the highest price for a condominium.
