Kauai Real Estate Update- Last week a $27 Million Dollar listing that our company has in Hanalei got an accepted offer. The “Hanalei Bison Ranch” was just that, a Bison Ranch. It’s made up of over four parcels of property totaling 225 acres on the Hanalei River. For a complete list of all the real estate activity island wide for last week click here: Kauai Real Estate Update December 5 to 11, 2022.
Poipu Beach Real Estate Update- I will soon be listing a gorgeous ocean view unit in Poipu Beach, stay tuned for more details. This photo was sent to me by the owner, no zoom or photoshopping needed. To get a complete update on all the fee simple real estate activity that has happened in Poipu Beach since the beginning of the year click here: Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
190 Lots On Kauai Go To Hawaiian Homelands
The Department of Hawaiian Home Lands will spend a total of $600 million to buy 190 lots on the island of Kauai for native Hawaiians. The department was formed in 1920 to give those that have a least 50% Hawaiian blood a 99 year lease for $1.00 a year.
Living over here you can’t but not know about this fund however, what is also true is the incredible length of time it takes people to get land. That changed when the state passed Act 279 which gave $600 million to the fund provided the counties submit a plan on how they will use the funds.
There is an additional $60 million available for loans to build homes on these lands.
There will be a total of 2,727 new lots across the State. For the island of Kauai the 190 lots are going to be divided up into two areas: 75 in Hanapepe and 115 in Anahola.
Koloa Landing Tour
Koloa Landing is located in Poipu Beach and is the only condominium complex in Marriott’s Bonvoy collection. This resort is one of the newer ones in Poipu Beach. I don’t favor one condominium complex over the other, they all offer something different and which condominium complex will work depends on what the buyer is looking for; how will it fit into their lifestyle?
Here are some of my favorite things about this complex:
- Every unit has elevator access. This is the great equalizer, no need to make sure you get a ground floor unit if stairs are an issue.
- Single Level Floor Plans. Your square footage is optimized by all areas being usable and no stairs to contend with.
- Central AC. This has become one of the top things that buyers want. It didn’t used to be that way but with our Kauai weather getting hotter it’s become more of a “must have” on buyers checklists.
- Amenities. To name a few; a workout facility, multiple meeting rooms, a small sundries store, front check in desk, owner shuttle to and from the airport and a restaurant. The main pool has cabanas that I got to use one day and now I’m hooked, this cabana has a tv, ceiling fan and a small refrigerator (with snacks!).
- Walkability to the beach. This complex is located behind Poipu Kapili and is an easy walk through the Sheraton to the beach.
These are just some of the features, I’d be happy to go into this more with you. I did a video walk through of a unit which will provide more details. Enjoy!
Oahu, Maui and Big Island Real Estate Year To Date 2022 vs 2021
Last week I blogged about Kauai real estate sales year to date comparing it the same time last year. This week we’ll be looking at the other islands.
For Homes and Condominiums the number of sales are down for every island, just like it is here on Kauai. Also just like Kauai the prices are up on every island. Due to the higher interest rates and lack of inventory the market is decelerating across the state.
Buyers are delaying buying in hopes that rates and prices will drop, Sellers are holding off listing their properties due to weakening buyer demand. On the island of Maui the number of New Listings decreased 33.9% for homes and 43.5% for condominiums. On Oahu the number of new listings for Homes fell 19.3% and condominiums 17.7%.
If Buyers are waiting for more inventory I’m not seeing that trend happening yet, if they want interest rates to go down that might happen but they won’t go down to 3%.
Below is a graph of all the islands real estate activity Year to Date comparing it to the same time last year.