Kauai Real Estate Update
The most notable listing that came on the market last week is the Kiahuna Golf Course for $14.5 million. Located on a little over 144 acres in Poipu Beach. To see this listing, and for the other real estate activity over this past week, click here: Kauai Real Estate Activity October 31 to November 6, 2022
Poipu Beach Real Estate Update- The year to date condominium numbers for the south shore have been markedly influenced by the large numbers of Kiahuna Plantation leasehold sales which number 55 year to date compared to 77 fee simple condominiums. Year to date the Medium Price is down -5.88% at $720,000 compared to $765,000 last year but when I take out the leasehold sales, and just look at the fee simple condo sales, the Medium Price is $1,150,000 in 2022 compared to $900,000 last year. This is relevant because when we’re looking at the rest of the island it’s about 99.8% fee simple.
The spike in sales at the Kiahuna which went from 34 sold in 2021 to 55 in 2022 is historically on track; as buyers get priced out of the fee simple market they turn to the leasehold properties and weigh the merits of a lower sales price versus a much higher monthly operating costs.
For a complete list of the Fee Simple activity in Poipu Beach Year-To-Date click here: Poipu Beach Fee Simple Current Market Analysis
For the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Kauai Electric Car Charging Station Bill
The Kauai County Council voted to pass Bill No. 2877 which requires all new parking lots with over 100 spaces install electric charging stations in 5% of their stalls. This bill does not apply to existing parking lots as the cost to modify them would be cost prohibitive.
The bill would also require any new parking lots, regardless of size, have EV-ready infrastructure in 15% of the spaces.
The bill still needs to be signed by the Mayor.
To see this bill in its entirety click here: Draft Of Bill No. 2877
Luxury Homes Owned By Multiple Owners In Maui’s Crosshairs
Amazing luxury properties that offer a buy in at a fraction of the cost to multiple owners and it’s all managed by an independent company. This concept was launched In 2020 a company by a former Zillow executive who named his company Pacaso. During these last two years they’ve bought and sold fractional pieces of luxury estates in California, South Carolina and Florida to name a few. They can also be found in England and Spain.
Their expansion into the Hawaii market was a condominium in Maui that is getting negative attention from neighbors and Maui’s County Council who state they want to “nip this in the bud” by way of regulating the definition of timeshares from 60 to 180 days, which means instead of 8 owners there could only be two. These properties stray a bit from the traditional timeshares which are in resort zoned areas. Under the Pacaso model they can have 6 or 8 owners of a home in a residential neighborhood and this is where the concern is.
Whenever another island is dealing with a big issue it’s likely to impact the other islands. A quick look at the Pacaso website shows that Hawaii is no longer listed as one of their destinations and the company issued a statement saying that it is aware of the proposal and they are evaluating the bill.
Oahu, Maui and Big Island Real Estate Year To Date, 2022 vs 2021
Last week I did an overview of Kauai’s real Estate market at the end of October 2022 compared to 2021. (To see last weeks post click here: Blog November 1, 2022)
In Oahu the Medium Price for a single family home is $1,050,000 which is a 5% gain over last years $1,000,000. The number of sales are down 41.7%.
For condominiums sales have dropped 28.8% with the Medium Price up 4% from $500,000 in 2021 to the current $520,000.
Maui homes sales are down -22.8% with 890 homes sold compared to 1,153 last year. The Medium Price is up 14.6% at $1,125,000 compared to $982.00 this same time last year.
Condominiums followed suit but with bigger numbers; their sales are down -30.5% at 1,380 sold in 2022 compared to 1,987 at the end of October 2021. Prices are up a whopping 18.7% at $771,250 versus $650,000 last year.
On the Big Island of Hawaii home sales are down -15.23% year to date at 2,282 compared to 2,692. The Medium Price is up 6.10% at $500,000 compared to $471,250.
Condominium sales are also down from 1,019 last year to 723 year to date, this is a -29.05% decrease. The Medium Price is up 13.36% at $575,000 at the end of October 2022 compared to $480,000 this same time last year.