Kauai Real Estate Update- For a complete list of all the real estate activity that happened last week on the island of Kauai click here: Kauai Real Estate Update August 28 to September 3, 2023
Poipu Beach Real Estate Update- Sold, Poipu Sands #422. One of only two 3 bedrooms at this resort and located in building 4. I loved the massive lanai that stretched the entire expanse of the unit, the short distance to Shipwrecks and the unique floor plan. I represented the Buyer and it sold for full list at $1,650,000 (FS). For a complete list of the real estate activity in Poipu Beach since the beginning of this year click here: Poipu Beach Current Market Analysis
For a summary on the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Maui Overview From University Of Hawaii
Hawaii University Economic Research Organization (UHERO) has long been regarded as a go to source for economic news. On August 31 they released a high-level overview on where Maui is at now and the key issues that the island faces. There are no words to describe the emotional impact of this tragedy, the report outlines the very real economic impacts which adds an additional layer of issues for Maui to deal with.
Here are some of the bullet points:
2,300 structures were lost
In Lahaina 1,500 rooms for tourists (4,000 people) are gone
Lahaina generated $70 million per month
Lahaina employed 8,500 people
West Maui (Kaanapali etc) had 10,000 rooms in hotels, timeshares and vacation rentals, roughly about half of the accommodations for Maui is closed for now
Loss of revenue for the island is $13 million a day
Number of visitors to Maui has dropped by three-quarters
The loss of housing, in a state where housing costs is one of the highest in the nation and was already struggling with affordable housing, is a devastation all its own. UHERO states strongly that rebuilding is crucial to the recovery of the island and that amendments to the regulations on building should be considered. The challenge will be rebuilding in a manner that maintains "relatively affordable housing and allows people of all incomes to live in or very near Lahaina." Maui’s recovery "depends crucially" on government being effective and not getting lost in bureaucracy. To read the full report click here: UHERO Maui Wildfires The Road Ahead
Kauai Electric Wildfire Protection Plan
You might not know that Kauai is the only island in the state that has its own Electric Company. Hawaiian Electric Company (HECO) supplies electric to all the other islands and on our island it’s Kauai Island Utility Cooperative (KIUC). The fallout for HECO is not known but we do know that Kauai is immune from it but, they are taking notes.
KIUC issued a statement right after the fires that stated “Kauai Emergency Management Agency will be working with stakeholders, including KIUC, to update the Community Wildfire Protection Plan and revisit policies and procedures relating to fire mitigation and response. We expect to request funds at a future Board meeting to secure professional services to guide these efforts.”
Since the wildfires I’ve gotten two emails, one on 8/29 and the other 8/30, from KIUC on how they are going to respond to the recent Red Flag Warnings in certain areas of the island.
In addition to these emails KIUC posts on their Facebook Page and Website.
The Reliability Of The Median Price Numbers and Kauai Real Estate 2023 vs 2022
Median Home Price Hits New High
Kauai Housing Market States Most Expensive
Home Sales Plunge On Kauai
Spiraling Housing Prices Spark Worry About Hawaii’s Future
June Home Sales Highest Of Year On Kauai
These headlines bounce buyers and sellers from a Bull to Bear market from one month to the next, they are very different except for the fact that they are attention grabbing. I had a great question asked on a video I have on my YouTube Channel; “How can the Median Price be down yet the prices for homes are going up?”. To answer that I did a short video explaining the Median Price which is not the best source when going to make an offer or pricing your property for the market.
Perfect segue to our next topic: Comparing Kauai Real Estate year to date 2023 to 2022 we see the number of sales are down in every category and area of the island with the exception of land in Lihue. Those land sales are attributed to the new offering of ocean view lots at Timbers.