Kauai Real Estate- We’re about 3 months into the Kauai Real Estate Market transitioning from a hyper-seller market to a more balanced one. My observation after 90 days on what has transpired is this:
1) Still good market activity if the property is priced correctly.
2) The majority of Sellers are adjusting their prices or listing their property correctly.
3) Fewer “Low-ball the market is crashing” offers from Buyers
4) Interest Rates have softened a bit
I have not seen a lot of new inventory coming on the market, I am seeing longer days on market for the $1.2 million and up for condos and $2 million and up for homes. I’d say that the Fed rate increase had the exact impact that they wanted.
For the market activity island wide for last week which includes properties that have Sold, were Just Listed and those that went Under Contract click here: Kauai Real Estate Activity Week Of August 1 through 7th, 2022
Poipu Beach Real Estate Update- For a complete list of the Fee Simple real estate sales that have happened since January 1 of this year click here: Poipu Beach Current Market Analysis
Kiahuna Plantation Real Estate Update- Sold! Unit #148 which was listed for $275,000 (LH) and the sold price was $291,000 (LH). Great location and a partial ocean view from this top floor 1 bedroom 1 bath. This condominium had such a nice feeling to it and I really loved the location. Congratulations to the Buyers! For all the latest on Kiahuna real estate click here: Kiahuna Plantation Current Market Analysis
Four Arrested For Selling Fake Jewelry
Scam Alert! There has been a number of reports across the island chain about individuals selling fake jewelry and it happened here on Kauai last week.
Here is how it works: your approached by someone in a public place saying they are visitors and they lost their wallet, or their ID’s were stolen and they need money immediately to get home. They are selling antique or rare jewelry at a discounted price which the victim later discovers is fake.
A person here on Kauai was able to provide KPD with enough information for them to arrest four men associated with the scam, KPD says they believe there are more that they are uncovering during this investigation.
Hawaiian Airlines Restores Japan Routes
Last week Hawaiian Airlines started up their service between Honolulu and Tokyo, additionally they will increase their Honolulu to Narita and Osaka routes.
Hawaiian said that their domestic flights have been outpacing pre-pandemic numbers but the international travel is not there yet. Japan being the top international visitor to Hawaii. In June 2022 there were 11,900 visitors from Japan which is 91% down from June of 2019 arrival number of 126,600.
Kauai does not get a lot of international travel and when we do it’s usually Canadians.
No Workers Shuts Down Coconuts Fish Café Kauai
Having a stable workforce for your Kauai business was a challenge before the pandemic and now it’s even worse. So much so that Coconuts Fish & Café has closed their doors for good despite turning a profit, they just could not keep any staff on hand.
Coconuts Fish Café is located in the Safeway/Ross Shopping center in Kapaa and the owner was on our local news saying that he was paying $20 to $28 dollars an hour and did all he could to keep his workers including offering them more money. He was able to hang on but once school started he lost 5 people in one day and that was the end of it. He has closed his doors for good.
Lack of workers is an issue on a national level but here on Kauai it’s pretty significant and this latest story highlights that. If you find yourself waiting longer than usual, or a store is not open during the hours they are supposed to be, there is a reason for that. Patience and kindness goes an extra-long ways these days.