Kauai Real Estate Update- Rate Cut News is in the air, to cut the hype and get the facts I turn to Lawrence Yun, Chief Economist for the National Association of Realtors to see what he says about this. He said "Fed rate cuts later this year and next year will help drive mortgage rates lower. However, due to the very large deficit now and into the future, government borrowing will lead to less funds going to mortgages than could have otherwise. That is why mortgage rates will settle near 6% and not go towards 5% or lower." Will this mean a surge in buying when they do drop? I think to some extent but we have an inventory imbalance here on Kauai. There are too few homes, and condos, that are priced where needed.
To see what has Sold, was Just Listed and what went Under Contract last week on the island click here; Kauai Real Estate July 29 to August 4, 2024.
Poipu Beach Real Estate Update- To find out what has been happening in the Poipu Beach fee simple real estate market since January click here; Poipu Beach Current Market Analysis
For the leasehold Kiahuna click here; Kiahuna Plantation Current Market Analysis
“Welcome To My Garden” Art Exhibt, by Robin McCoy
South Shore local artist Robin McCoy had been capturing the scenes and beauty of Kauai for decades. Last weekend she held an exhibit called “Welcome To My Garden” which featured 6 new original paintings inspired by her very own garden. Also on display was her latest work in progress; a lovely Jade plant.
Robin is one of those artists that can be identified as soon as you see one of her paintings. It’s always fun for me when I see her work in homes and condominiums.
Her gallery is in Lawai at Warehouse 3540 which is a fun place to visit in itself.
No matter what your budget is you’ll be able to find a fun and unique piece to take home or….to display in your Kauai home!
Her new artwork is now available on her website; robinmccoyfinearts.com
First Hawaii Amazon Distribution Center Opens
Amazon, with their Prime Membership is a lifeline for those of us that live (or own) property here on Kauai. So, the announcement that on Tuesday, August 6th, their first Distribution Center in Hawaii was going to open is great news. This will make delivery, which is already fast, even faster.
This $300 Million, 6,000 sq ft, distribution center will allow Amazon to rely less on U.S. Postal Service, UPS and FedEx. For just Oahu they will have their own ground transportation system for packages and at a future date individual drivers will be contracted to deliver packages using an app. This sounds like Uber for Amazaon packages which will be fabulous here the outer islands too. The facility alone is going to employ 500 people and will be running 24 hours a day.
Maui $4 Billion Wildfire Settlement
There have been 649 lawsuits filed by individual plaintiffs connected with the August 8, 2023 Maui wildfires where a total of 102 people died and $5.5 Billion dollars’ worth of property damage was done.
Last week, a $4 Billion settlement agreement was reached, payout will be done by the State of Hawaii, Maui County, Hawaiian Electric (HECO) and a handful of other defendants.
In addition to the individuals that are a part of this settlement is Spectrum, Hawaiian Telcom, Launiupoko Water Companies and some other business entities.
What is not know is how the outstanding lawsuits brought on by insurers, who have paid out $2.34 Billion as of June 30th will be settled as these insurers are not a part of this settlement. Also, who get paid first, the plaintiffs or the insurers?
Within 90 days, per the terms of the settlement, this will need to be settled.
Kauai Real Estate Market End Of July 2024 vs 2023
Higher interest rates and low inventory haven't slowed down home sales here on Kauai. I had to double-check these numbers myself! For Kauai condominiums prices are on the rise, even though the number of sales has dipped.
We're comparing the first seven months of this year to the same period last year to see what's happening in the Kauai real estate market. These numbers are general in nature and might not reflect your particular area of interest, give me a call for more accurate data.
