Kauai Real Estate Update- The real estate activity is picking up as evidenced by last weeks activity. Out of the 22 properties that were listed 4 received accepted offers. There were 22 properties total that received accepted offers and 15 closed sales. In short we are going backwards in getting new inventory. For a complete list of all the real estate activity on Kauai for last week click here: Kauai Real Estate Activity January 22 to 28, 2024.
Poipu Beach Real Estate Update- By mistake I was at Kukui’ula Shopping Village on Wednesday and was suddenly surrounded by a Farmers Market. I usually avoid the area at this time because it gets so busy but it was actually kind of fun. Mostly tourists and everyone was pretty happy, there was live music and some really gorgeous produce and fruit. Every Wednesday from 3:30 to 6 p.m.
For a complete list of the Fee Simple Poipu Beach Real Estate activity since the beginning of the year click here: Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
First Lahaina Property Sold
In November of 2023, a unit at Aina Nalu sold for $140,000, it was listed for $124,700 and received multiple offers after being listed on the Maui MLS. Prior to the August fires the average sales price for a unit in this complex, which is located in the heart of Lahaina, sold for $885,000. The agent said the buyer is on the mainland and already owns a unit in the complex and the seller was eager to sell.
The Maui Board of Realtors President stated: “We have a few people in Kahoma Village, where the buildings are still standing who want to sell. But they don’t have hot water running, so how can you offer something for sale without being able to live in it, and number two, can you access the property? So we’re kind of, on purpose, not going down that path of trying to sell anything, and number three, to be honest, is do we want to be the first people out there offering something for sale in the burn zone based on public perception? I know I don’t want my phone ringing when it hits the MLS, just being honest, very honest. And I mean, I care about the people of Maui more than a few dollars in our pockets, and I think 99.9% of realtors here feel the same way.”
Coconut Coast Bike Path Work
Right in front of the Kaha Lani the bike path will be worked on between February 5 to the 23rd (weather permitting). This part of the path was damaged by heavy rains in late March 2020.
This project is paid for by the County and Ka’iwa Construction will be doing the work which is estimated to cost $178,000.
High Speed Internet To Connect The Islands
The inconsistency of reliable internet, and our dependance on it, came to the forefront during the COVID shut down. I remember what was really making the news were the children that could not access their schools online because they had either poor or no internet service.
High on the list of things that our Governor Josh Green wanted to accomplish is having reliable, affordable high speed internet throughout the entire state. The University of Hawaii and Atlanta based Ocean Networks, Inc. are partnering to construct a submarine optical fiber cable system that will connect all of the Hawaiian Islands to provide high speed internet. This cable system will be open to all carriers and is estimated to cost $120 million dollars.
Dubbed a “once-in-a-generation” federal investment and one that aligns with a goal our Governor has for the state to “….ensure that people from all walks of life have reliable and affordable access to high-speed internet."
The project “Connect Kokua” is being done with the anticipation of the healthcare industry, education, government and other entities needing this more and more in the future. This program has over $500 million in federal grants, state and private matching funds.
The system is supposed to be done by late 2026.
Hotel Year End Data Shows Occupancy Down Revenue Up 2023 vs 2019
Hawaii Hotels in 2023 were around 75% compared to 81% in 2019. However the ADR (Average Daily Rate) was up 33% from 2019 at $378 and the RevPAR (Revenue Per Available Unit) was up 23% from 2019 to $282. Supply from 2019 has only gone up by 3%.
Comparing 2023 to 2022 occupancy was up 1.2% YOY, ADR up 1% and RevPAR 3%.
2023 full year data placed Hawaii in the number one spot for RevPAR and ADR, New York was second. For occupancy Hawaii was number 3 with New York in the number one spot and Vegas taking the second spot.
Hard Landing American Airlines Los Angeles To Maui
One passenger and five flight attendants were injured when an American Airlines flight made a hard landing at Kahului Airport in Hawaii on Saturday.
As of Monday I didn’t see any updates on the FAA site on the status. It has not been announced what the issue was other than something that happened when the plane was landing. The plane was able to taxi on its own to the gate and the passengers deplaned normally.
There were 167 passengers and 7 crew members aboard the Airbus 320. The 6 people that were taken to the hospital were released, the plane has been taken out of service while it’s being inspected. This incident is still under investigation by the FAA.