Kauai Real Estate Update- Sold | Kaha Lani #124 $1,300,000 (FS). Rarely do you get these kind of Ocean Views from a ground floor unit, however the topography of the land is such that this unit had second story views. This 2 Bedroom 2 Bath was completely renovated with a no-stair entry and a corner location. If you’ve not heard of Kaha Lani it’s because they don’t come up for sale too often. This complex is located just north of the Wailua Golf Course. For a complete list of what Sold, was Just Listed and what went Under Contract last week on the island click here; Kauai Real Estate Update March 11 to 17, 2024
Poipu Beach Real Estate Update- For an update on the Fee Simple Real Estate activity in Poipu Beach since the beginning of this year click here; Poipu Beach Fee Simple Current Market Analysis.
Kiahuna Plantation Real Estate Update- Price Reduced | Kiahuna Plantation #6 now $595,000 (LH). Located in building Two you are just steps away to the beach that the Kiahuna Plantation is located on. Give me a call to discuss this property. To find out the real estate activity since the beginning of this year click on this link; Kiahuna Plantation Current Market Analysis
National Association Of Realtors Settles Lawsuits, What Is Next?
What is coming is change. But, at this point, we don’t know what is next. And, it’s not technically settled as the terms as subject to court approval.
What that change will look like is creating a lot of noise, speculation and salacious headlines. However, at this time, we only know the bullet points (which were released last Friday) of the proposed settlement. If the terms of the settlement are approved how that will play out is not known at this time. Any industry that is related to Realtors will be impacted in one way or another; Loan Officers, the Multiple Listing Service, Real Estate Service Providers etc. etc. etc.
The path forward is in the process of being mapped out. For now, I believe how real estate looks in March of 2024 will be a different possibly within 6 months. A easy to understand guide on the proposed settlement is on the National Association of Realtors site, to access this click here; National Association of Realtors Press Release
Coco Palms To Move Forward
A community group and local residents aiming to stop the reconstruction of Coco Palms was denied by Kauai’s Planning Commission. This will allow the developer, who is based in Utah, to move forward with demolition of the Resort and eventually build their 350 room hotel which is slated to be completed by 2026.
Reef Capital Partners, the owner and developer of the property, stated to a local news source that they are “grateful that the planning commission made the right decision and confirmed that the permits are valid.”
To address flooding concerns buildings will be on nine foot stilts to be above the flood elevation level. They have a plan in place to shuttle people to and from the airport and popular tourist destinations to reduce traffic. They will also be employing local workers in the Kapa’a area to work at the resort which will help with traffic as well.
Kauai Condominium Sales February 2024 vs 2023 Year-To-Date- Buyers focused more on buying homes the first two months of this year but the Kauai condominium market is holding steady despite the number of sales being down. This is happening because there is a larger market for Home Buyers, their second choice will be condominiums and we see this evidenced by Lihue, which has the highest number of residential condominiums and this is the only area that is up in the number of sales. This video is comparing condominium sales and prices for the end of the first two months of 2023 compared to 2024 and the information it contains will be general in nature and might not apply to your favorite condominium complex. Contact me to do a deeper dive.
Bill To Legalize Recreational Marijuana In Hawaii Advances
The Bill to legalize recreational Marijuana use in Hawaii has made significant advancements in the Legislature and today (March 19) is being heard by the Consumer Protection & Commerce (CPC). As with other States that have gone through this there has been passionate protesting both for and against Bill SB3335.
Here is the description of the Bill from the Hawai’i State Legislature website;
Establishes the Hawaiʻi Cannabis and Hemp Authority and Cannabis and Hemp Control Board within the Department of Commerce and Consumer Affairs to regulate all aspects of the cannabis plant. Establishes the Cannabis and Hemp Control Implementation Advisory Committee. Beginning January 1, 2026, legalizes the personal adult use of cannabis. Establishes taxes for adult-use cannabis and medical use cannabis sales. Transfers the personnel and assets of the Department of Health and assets of the Department of Agriculture relating to cannabis to the Hawaiʻi Cannabis and Hemp Authority. Appropriates funds. Effective 12/31/2050. (HD1)
To track this Bill click here; Hawaii Cannabis SB3335 Bill
