Kauai Real Estate Update- Not a lot of inventory came on the market last week, but we did have a lot of sale activity. Only seventeen properties came on the market last week and 3 are either under contract or sold giving us a net of 14 new properties on the market. A total of 12 properties are contingent and 10 have sold. For a complete list of the real estate activity island wide for last week click here: Kauai Real Estate Activity January 9 to 15, 2023
Poipu Beach Real Estate Update- Last week a 2 bedroom Kahala unit came on the market for $875,000 (FS) and right away it received multiple offers and went under contract quickly. What was significant was the level and intensity of the activity, it could have been the year 2020.
Koloa Landing 3-101 Sold! This last week I closed escrow on Koloa Landing 3-101 for $1,750,000. I love this unit and did a fun video walk through where I tour you through the unit as if you were there with me, you can see it by clicking here: Koloa Landing 3-101 Tour
For a complete list of all the Fee Simple activity in Poipu click here: Poipu Beach Current Market Analysis
For the Leasehold Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Kukui’ula Now Owned By Colorado Based Company
Brue Baukol Capital Partners, located in Denver, Colorado with a company name after its owner Brue Baukol, is now the owner of the Kukui’ula Subdivision. Brue Baukol stated that not much is going to change and all 260 employees were offered their jobs back after the sale.
Baukol originally bought a large portion of the subdivision for $183.5 million and then Alexander and Baldwin (A&B) offered the additional 18,000 acres for $74 million and that sale has been completed. The sale of the additional acreage was a part of A&B’s long-term plan to let go of agricultural and conservation lands holdings and focus on commercial properties, they still own the Kukui’ula Shopping Village.
So who is Brue Baukol Capital Partners? In looking at their website they are a equity real estate investment firm that has $1.1 billion in assets and over 35 projects. To buy into the company is a minimum of $100,000 investment.
Kukui’ula is now listed on their website and you can visit that by click on this link: https://www.bruebaukol.com/projects/kukuiula/
Hawaii Real Estate Sales Year End 2022 vs 2021
The interest rates rose in May of 2022 and the real estate market came to a complete stop. At the beginning of the month I did an in-depth view of the Kauai market and now we can look at the rest of the state.
For homes, and condominiums the number of sales are down by double digits which the exception of the Big Island of Hawaii which had a 12.41% gain. I believe this is due to the massive amount of inventory on that island.
Prices are up for both homes and condominiums on all islands. Kauai leads the way for Homes and Maui for Condominiums on their Median Price.
Kauai Condominium Sales 2022 vs 2021
Last week I posted my video on Home Sales (Click HERE to see that video) and this week we’ll look at how condominiums did at the end of 2022 vs 2021. The number of sales were down in all areas and the prices were up in all areas as well, however, the south shore leasehold sales (Kiahuna Plantation and Sunset Kahili) skewed those numbers. The numbers show that the South shore is down -3.36% at $720,000 compared to $745,000 in 2021 but, when I take the leasehold sales out of those numbers it gets interesting; The fee simple condominium median price at the end of 2021 was $960,000 and at the end of 2022 it’s $1,200,000 and 25% increase.
Enjoy the video and let me know if you have any questions on your favorite condominium complex.