Kauai Real Estate Update, Monumental Hawaii Income Tax Cut, Visitor Spending Up, Oahu-Maui-Big Island Real Estate 2024 vs 2023

Kauai Real Estate Update, Monumental Hawaii Income Tax Cut, Visitor Spending Up, Oahu-Maui-Big Island Real Estate 2024 vs 2023

  • Lynda Gill
  • 05/13/24

Kauai Real Estate Update- Last week there were a significant number of sales and a new $25 Million Dollar North Shore listing that came on the market.  To see what Sold, what went Under Contract and what was Just Listed last week on the island of Kauai click here;  Kauai Real Estate Update May 6-13, 2024

Poipu Beach Real Estate Update-  Sold | Regency at Poipu Kai #510   From this unit I could look up and see Regency #120 which is the first place my husband and I lived when we moved here in 2004.  This complex has a very special place in my heart and just on its own merits it’s a wonderful place to own in.  The unit are spacious, lots of amenities and we loved being able to walk along the lighted Poipu Kai greenbelt pathway to the Hyatt at night.  If you missed out on this one let me know and I’ll let you know when another unit comes on the market.
Here is a list of the fee simple properties in Poipu that have Sold, gone Under Contract and are currently available since January 1 of this year;  Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation Real Estate Update- The annual homeowner meetings were this last week at the Kiahuna and I really enjoyed meeting with so many owners!  For a complete market analysis click here; Kiahuna Plantation Current Market Analysis

“Monumental” Hawaii Income Tax Cut
The “largest income tax relief bill in history” that is what Bill 2404, which passed last Wednesday, is being touted as.  This bill is projected to save Hawaii Income Taxpayers $5 Billion dollars by 2023. 

Aimed largely to the poor and middle classes this bill doubles the standard deduction that are claimed in 2024.  Here is the description taken from the Bill itself:  “Increases the amounts for the income tax brackets and standard deduction amounts for tax year 2024.  Adjusts annually for tax years beginning after 12/31/2024, the income tax brackets and standard deduction amounts by a cost-of-living adjustment factor.  Amends the taxable income brackets and income tax rates for each filing status for taxable years beginning after 12/31/2023.  Defines "cost-of-living adjustment factor.  Effective 7/1/3000.” 

An analysis was done by the Institute on Taxation and Economic Policy which found that 42% of the benefits would go to the top 20% of wage earners which translates to those earning more than $147,000 a year.  To read this article in its entirety click here; Hawaii Resident Tax Cut HB2404

Kauai To Receive Almost $450K For Hanapepe Salt Pond Sea Level Rise
Did you know that salt making at the Hanapepe Salt Pond dates back hundreds of years and, the salt pond in Hanapepe on Kauai is the last existing active salt pond?
The drive to protect this site extends beyond just our island and concerns over the air traffic caused by the nearby helicopter companies and sea level rise have been in our headlines from time to time.
U.S. Senator Brian Schatz was successful in getting a Federal grant for $449,484 to implement a dune restoration program to create a buffer against storm surge and sea level rise at the Hanapepe Salt Ponds.

Kauai Visitor Spending Significantly Up
First quarter of 2024 Visitor spending on Kauai was $719.4 million which is up from $660.9 million for the end of the first quarter in 2023.  The number of visitors is up slightly at 331,311 from 330,090. 
The question I have is are visitors actually spending more or is this reflective of the increase in prices? Living here I see the price increases and I would think a lot of this has to do with that along with the (very) slight increase in the number of tourists.

Here are the visitor spending and arrival numbers for the other islands;
Spending up to $2.17 Billion from $2.11 Billion and for the number of visitors 1,407,154 vs 1,335,130 in 2023.
Big Island
$854.2 million compared to $741.1 million first quarter 2023.  Number of visitors slightly down at 442,621 compared to 446,993.
Understandably these numbers are down at $1.42 Billion compared to $1.79 Billion a -20.7% decrease.  The visitor numbers are down by -22.6% at 562,354 for the first three months of 2024 from 725,969 this same time last year.

Oahu, Maui and Big Island Real Estate YTD 2024 vs 2023
Last week I blogged about the Kauai Real Estate market year to date and this week I have information for the other islands.

Here are the key takeaways;
*Home Sales up on every island for the 3rd consecutive month
*Homes Sales were up on every island for the 4th consecutive month with the exception of Maui in January
*Condominium Sales up on Oahu & Big Island, down Kauai & Oahu
*Median Price Up for both Homes and Condominiums on every island

Work With Lynda

Speaking from experience, I am here to tell you that dreams can turn into reality with a bit of planning and the help of an experienced Kauai realtor. I'd love to share my expertise with you if you are thinking of making Kauai your future home.