Kauai Real Estate- 15 properties came on the market last week and 16 went under contract giving us a negative in the amount of inventory that has come on the market. Of the new 15 7 are under a million and 8 are over. Of those 9 listings that closed escrow 7 of them are under $1 million with the final sales prices mostly being at or over the listed price.
For a complete list of what Sold, was Just Listed and what went Under Contract last week on the island of Kauai click here: Kauai Real Estate Activity March 6 to 12, 2023
Poipu Beach Real Estate Update- Last week I did a showing at Koloa Gardens for Lauren Pingree at Hawaii Life who has this listed. This listing was so fun to show because I had represented the Sellers when her clients bought. My Sellers did one of the most thoughtful renovations and utilized every square inch, they even came up with a way to improve the floor plan. If you have not heard of Koloa Gardens it’s because they don’t come up for sale too often and you can’t vacation rent in this complex. I did the tour as if you were with me, let me know if you have any questions.
For a complete Poipu Beach Market update click here: Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Update On Poipu Road Project
On Saturday Joel Bautista from the Kauai County of Engineers came to our Homeowner meeting to give us an update on the Poipu Beach Road project. Given that there will be a roundabout at Kiahuna Plantation Drive and Poipu Road this was of major interest to us.
This is a $25 million dollar project that will include three roundabouts at Poipu/Koloa Road, Kiahuna Plantation Drive/Poipu Road and Pe’e/Poipu Road junctures. Medians will be placed down the streets, bus stops and turnouts added, 11 crosswalks and some sidewalks added.
Here are the highlights:
Plans are 90% complete and they expect them to be done by the end of May
Approval is expected in September or October of this year
Plans will then go out for bid
Project will start in the spring of 2024
Work will take over a year
No definite word on where they will start but it’s thought to be at Koloa/Poipu Road
To see the entire plan go to this website and details of the project starts on page 7. http://bit.ly/3TeXnug
Hoku Foods Opens Up In Koloa
We have another natural foods option on the South Shore. Hoku Foods opened their second location in the Koloa Village. Hoku Foods opened in 2007 in Kapaa as a natural foods bulk buying service. They out grew their original location and moved to 4585 Lehua Street in Kapaa.
I did a tour of the store and found them to be fully stocked, well organized and the people working there were just lovely.
Statewide Hawaii Real Estate February 2023 vs 2022
Hawaii Life has a statewide Zoom meeting every month and I heard first hand from the Brokers on the other islands their take on the market. Every broker said that their markets are exhibiting volatile fluctuations in its performance. Some days they are swamped with offers to review, other days you can shoot a cannon off and not hit a thing. The lower end markets are doing well while multi-million dollar properties are trending slower.
All this during the same week that Hawaii Life represented the Seller and the Buyer on the March 7th sale of Dillingham Ranch on Oahu for $36.5 Million. (side note: two Hawaii Life Brokers here on Kauai represented both the buyer and seller of this Oahu property.)
My opinion is Buyers and Sellers are still trying to figure this market out as they struggle with rising interest rates. Buyers are not seeing the influx of inventory they thought would be coming on the market and Sellers are putting their properties on the market at realistic prices rather than the hyper-pricing them like they could a year ago.
