Kauai Real Estate Update- I Just Listed a rare 3 bedroom 2 bath at Halelani Village! Out of the 272 condos in this complex only 16 of them are 3 bedrooms and not all have this great location within the complex plus multiple upgrades and gorgeous sunset views.
For a complete list of all the real estate activity on Kauai that happened from November 8 to the 14th click here: Kauai Real Estate Update
Poipu Beach Real Estate Update- For an update on the Poipu Beach fee simple real estate market since January 1 of this year click here: Poipu Beach Current Market Analysis
Kiahuna Plantation Real Estate Update- Sold! 2 Bedroom at the Kiahuna Plantation Unit #105. Did you know there are only 16 units at the Kiahuna Plantation that have the dramatic glass panels on the side wall, multiple louvers and open beamed cathedral ceilings? It’s true and this is one of those units and when you walk upstairs and see this lovely setting it’s really pretty special. Plus this unit has a third lanai with a storage closet. Really a lovely condominium, List Price was $559,999 (LH) and my buyer bought it for $495,000 (LH).
For a list of all the real estate activity that has happened at the Kiahuna Plantation since the beginning of the year click here: Kiahuna Plantation Current Market Analysis
Alexander & Baldwin Sell Kukui’ula To Brue Baukol Capital Partners
Alexander & Baldwin, the developer and owner of the luxury residential community Kukui’ula in Poipu, sold the project to Brue Baukol which is based in Denver, CO for $183.5 million. Brue Baukol now is the master developer of the community.
Kukui’ula started during the last real estate boom in 2006. Since then prices peaked, plummeted and have been on the rise again. 280 lots have been sold and more than 125 homes have been built. “The Club” is a huge draw for those looking to buy into Kukui’ula because when you do so you’re an immediate member. I’ve known buyers who have purchased vacant lots just so they can use The Club, they have no intention of building and oftentimes own some other property that they primarily use.
Alexander & Baldwin said that they want to focus on the commercial side of their investments and have remained the owner of the Shops at Kukui’ula.
So who are the new owners Brue Baukol? A quick google search found their website and they are a private equity real estate investment firm that acquires properties for institutional investors. This is from their website: “Brue Baukol Capital Partners is an entrepreneurial real estate investment firm focused on delivering excellent returns to partners and investors. Tailored strategies to enhance value, exposure to exceptional opportunities and ingrained market insight allow Brue Baukol to both create and preserve wealth.”
I’m a big fan of the Barn Door trend and I’m seeing more of them in homes and condominiums here on Kauai. I think this is a smart and functional design, easy to install and elevates the look of your home or condo immediately. Here on Kauai I see a lot of accordion doors and “pocket doors”. Both of these styles have issues as they age with staying on their tracks and closing properly. Additionally with the pocket doors I’ve seen people mistakenly use too long of a nail to hang a picture on the wall of a pocket door and it results in a costly scratch.
I still like pocket and accordion doors but it’s nice to have this Barn Door option as well. Airflow is very important here for our properties and these doors are great for that and look really nice when they are left open.
My home was built in 1986 and the accordion doors in the guest room were on their last hurrah. Given this tight space, and wanting to keep airflow going through the bath area the barn door was perfect. We got this at Home Depot along with the handle. Admittedly I got a little theatrical in my demonstrating the transformation.
Check out this other option of using two barn doors. This room is right off the hallway and the barn doors look quite nice in that large hallway space when they are open. By not having two traditional doors your get more space to be used inside the room. Thank you to Kristi W. who allowed me to photograph her vacation rental home. Kristi and her husband had purchased this home when it very much needed a renovation and I hadn’t seen it since it was redone. The renovations are pretty stunning and it was decorated by Cindy McGee at Aspire. I could do a whole blog post on the before and after on this home. Great spot for a vacation rental and if you'd like to see photos of the inside visit this properties website: www.VRBO.com/1104054
Oahu, Maui and Big Island 2020 vs 2021 Real Estate Sales
Last week we looked at Kauai’s 2020 vs 2021 Real Estate Sales to compare where we’re at to this same time last year. Now we’ll look at Oahu, Maui and the Big Island.
Oahu the Median Price for a single family home was $1 Million which is 15% higher than the end of October in 2020. The number of homes that have sold is up 10% over last year. 61% of the single family homes that have sold have done so over asking price.
The Median condominium price is $500,000 which is 12% higher than October 2020. The number of condos that have sold is 32% higher than this same time last year. 40% of the condos that have sold in Oahu were over asking price.
On Maui the Median Sales at the end of October 2020 was $785,000 and now it’s $983,500. The number of sales are up as well at 1,152 year to date compared to 849 this same time las year representing a 35.7% increase.
The number of condominiums that have sold year to date has dramatically increased to 1,985 closed sales compared to 1,050 at the end of October 2020. No surprise here as people were waiting for tourism to open back up before they considered buying a vacation rental property. The Median Price for a condominium on Maui is $650,000 compared to $569,500 at the end of October 2020 representing a 14.1% increase.
On the Big Island of Hawaii there were 2,109 homes that sold by the end of October 2020, at the same time this year the number is 2,688 which is a 27.45% increase. The Median Price is up 18.78% at $472,750 for a home compared to $398,000 this same time last year.
Condominium sales are up as well at a whopping 1,018 sold so far this year compared to 572 last year, this is a 77.97% increase. Prices are up as well at $480,000 for a condominium compared to $390,000 at the end of October 2020, this is a 23.08% uptick.