Kauai Real Estate Update- A perfectly exceptional north shore home in the Seacliff Subdivision which is near Kilauea went under contract in just 41 days, the list price is $16.250 Million. This is listed by one of our Hawaii Life agents and the views look like a home you’d see in the movies. Check this listing out by clicking here; 2170 Makanaano Place. For a complete list of the properties that Sold, were Just Listed and those that went Under Contract last week on the island of Kauai click here; Kauai Real Estate August 5 to 11, 2024.
Poipu Beach Real Estate Update- Sold | Regency at Poipu Kai #112 for $970,000
My Sellers bought this really unique unit directly from the Developer and when they listed it with me it was the first time it had ever come on the open market. One of only Two ADA compliant units (a rare find in Poipu), this unit had very little wear and tear as it had been the owners full time residence for 20 years. It had additional square footage (1,319 vs 1,263) and a third lanai allowing each bedroom had its own outdoor space. This unit is in the same building as the one that my husband and I had owned when we first moved here, we spent four of our first happy years here on Kauai on the second floor of this building and my heart was always so happy whenever I went to the unit.
For a complete list of the fee simple real estate activity in Poipu since the beginning of this year click here; Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here; Kiahuna Plantation Current Market Analysis
Hawaii Condo Emergency Proclamation Issued By Governor
Last week Governor Josh Green signed an emergency proclamation that is aimed towards stabilizing the condominium and townhome insurance market. The recent surge in condominium insurance rates, caused by an increase in recent national catastrophic events, has been impacting condominium associations by varying degrees.
In Hawaii there are only three insurers that offer master policies, those policies cover 20% to 30% of a building hurricane exposure, this entails associations to use surplus lines insurers to cover the rest which pushes up the master policy premiums and deductibles. If a building is underinsured this can lead to other problems should a disaster strike and, for those that are getting a loan buying a condominium stops right there. The Lender won’t make the loan if the property is determined to be underinsured.
With this proclamation condominium associations will be able to get a loan to the Hawaii Hurricane Relief Fund and allows the Hurricane Relief Fund to issue insurance policies.
To read the full Proclamation click here; Hawaii Condominium Insurance Proclamation
Do you remember Tortilla Republic in the Kukui’ula Shopping Village? It closed during the Covid shut down and has sat empty ever since.
Enter “Scotty Browns” which is supposed to be opening sometime this year, currently the old Tortilla Republic site it’s partitioned off as they work on the inside. On their website the vibe of the restaurant looks like it offers a fun atmosphere with a color pallet and décor that will fit in with Kauai.
Their menu looks to be extensive enough to have something for everyone. Prices range from $21 to $50 on their Barkley Village restaurant in Washington State.
For more information here is their website; https://www.scottybrownshi.com
July Airport Passenger Count Highest For 2024
July had the largest number of “direct domestic flights” coming into Kauai at 87,000 which is a 3.92% gain from 84,191 in July of 2023.
This number does include Kauai residents returning home but does not include travelers connecting to Kauai by neighbor island flights or Canadian flights.
Year to date our numbers are down by -4.56% from 503,699 at the end of July 2023 to 480,693 at the same time this year.
Hawaii Real Estate Year-To-Date 2024 vs 2023
Last week I blogged about Kauai Real Estate year-to-date sales and compared them to last year. This week I have statewide statistics.
All islands have increases for their Number of Home Sales, Home and Condominium Prices. Additionally every island posted a Decrease in the number of Condominium Sales. I have included my video on the Kauai condominium market which has some interesting information on just the month of July.
This information is general in nature, let me know if you have any questions on how these numbers relate to your favorite property here on Kauai.
