Kauai Real Estate Update- For a complete list of what Sold, was Just Listed and what went Under Contract last week on the island of Kauai click here; Kauai Real Estate Update May 27 to June 2, 2024
Poipu Beach Real Estate Update- To find out what has been happening with the fee simple market in Poipu since the beginning of the year click here; Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here; Kiahuna Plantation Current Market Analysis
Visitor Dies After Being Pulled From ‘Anini Beach Waters
A visitor from Washington State was snorkeling at ‘Anini Beach Park with some friends when he went missing. The friends notified the lifeguard who found the 70 year old man who was unresponsive. Despite CPR being done on the scene he was pronounced dead upon arrival at the Mahelona Memorial Hospital in Kapaa.
Hawaii Condominium Bills Approved, Projected Benefits To Owners
There were five bills that were signed by the Governor to help condominium owners, associations and residents. As the housing market continues to climb upward condominiums are a more affordable option however, aging condominium complexes and their covenants pose some threats to this being a viable option. In the attempt to stay ahead of that, Gov. Josh Green has signed several bills into law.
In the works is a “Property Insurance Task Force” to deal with the rising concern of affordable and, available, property insurance for condominium complexes.
A short synopsis of the bill’s follows along with hyperlinks for you to read them in their entirety;
House Bill 2685 allows low to moderate income multi-family residential property owners to collectively form a group to invest in Solar Energy Systems. Repayment will be from energy service.
House Bill 2801 gives condominium associations access to Commercial Property Assessed Clean Energy financing (C-PACE) so they can finance improvements to their buildings.
Senate Bill 2600 allows condominium documents to be emailed instead of paper copies sent by mail. I’ve seen this more in Developer sales, for condominiums that are being resold emailed documents are already the norm.
Senate Bill 2726 this is the formation of a task force to study how other states deal with issues such as having a condominium ombudsman, licensing of condominium managers, disputes, owner access to condominium documents etc. This task force is already in place and the expiration of the committee now expires June 30, 2026.
House Bill 2315 Repeals and clarifies electronic voting for condominium association meetings.
Kauai Property Taxes For Non-Owner Occupants Going Up
For the fiscal year of 2024-2025 property tax rates will be going up for non-owner occupied properties on Kauai. In fact, the Homeowner Exemption went down last year from $3.05 per every $1,000 of the assessed value to $2.59.
There was some opposition from the floor, and not all Council Members voted Yes. In the end it was a 4 to 2 vote in favor of the increase with one member being excused from voting.
There will be a tiered system with the higher end properties paying more, the definition of “higher end” is any property assessed at $1.3 for Non-Owner Residential and $1 Million for Vacation Rentals.
To see this resolution in it’s entirety click here; Resolution Number 2024-31
Kauai Real Estate Year-To-Date 2024 vs 2023
Both Kauai home prices and the number of sales are up in island wide, the south and north shore and Lihue. It’s the beginning of June and the first five months of sales are in to compare to this same time last year. Inventory has gotten a little bit better on the island, but that has done nothing to dampen the housing market.
The Kauai Condominium market is a bit of a mixed bag with the number of sales being a bit soft but their prices increasing. It’s June and we’re looking at the first 5 months of condominium sales and comparing to this same time last year. With the number of sales being a bit soft, the first inclination might be to think so are the prices, but that is just not the case here.
If you have any questions on how this relates to your particular area of interest you are welcome to contact me.
