Kauai Real Estate Update and Luxury Real Estate Quarterly Report
The Luxury Market is defined as properties that are $3 million+ and Kauai leads the island chain in average price per square footage going from $2,815 in 2021 to $2,863 in 2022 at the end of the second quarter. The number of sales has dropped due to the inventory that has been sold over the last 2 years.
Hawai’i Life is the leading real estate company in the state and for the last 10 years has been the leader in luxury and ultra-luxury sales. This first quarter there have been 57 sales over $3M and 9 over $10M. The 2022 Midyear Hawaii Luxury Market Report has just been released, you can access a copy by clicking on this link: Hawaii Luxury 2022 Midyear Report
The Kauai information is on page 60. If you have any questions on how this relates to your particular area of interest you are welcome to contact me.
To find out what Sold, was Just Listed and what went into Escrow for last week on Kauai click here: Kauai Real Estate Sales August 8 to 14, 2022
Poipu Beach Real Estate- Last week I represented the Sellers on their successful sale of their 2 bedroom condominium at the Kiahuna Plantation. There were 6 people that owned this unit and all of them were on the mainland, this can get really challenging when it comes to signing and filling out paperwork! But with these 6 Sellers it was like they were all in the same canoe and everything was done right on time! The unit sold at full asking price of $595,000 (LH) after just 7 days of being listed.
For a complete list of the Fee Simple real estate activity in Poipu since January 1 of this year click here: Poipu Beach Current Market Analysis
For Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Poipu Beach To Get Two Roundabouts
Kauai was awarded a $25 million grant last week to use for South Shore improvements. The Federal Government “Rebuilding American Infrastructure with Sustainability and Equity” (RAISE) program had $1.5 billion earmarked for projects that “focus on safety, environmental sustainability, quality of life, economic competitiveness and opportunity.” Kauai applied for this grant last year but was denied.
The first roundabout will be at the intersection of Kiahuna Plantation Drive and Poipu Road, the second will be at Pe’e and Poipu Road. I live in the Kiahuna Golf Village and I can tell you making a left hand turn onto Poipu Road is getting harder and harder. Residents tried to put in a right hand turn lane but it has not helped out much.
At the corner of Pe’e and Poipu Road there have been multiple car accidents caused when people are not aware that it’s not a four way stop. So both of these are welcome additions.
The $25 million will also cover the road to be resurfaced, bike lanes, bus shelters, sidewalks, cross walk improvements and raised medians.
No date was given on when this work will be starting.
Lihue Airport Parking Lot Road Work
Starting yesterday the DOT (Department of Transportation) are going to be repaving the public parking at the Lihue Airport. This will take 4 to 5 months. There are 578 stalls and 60 of them will be closed for three days at a time while the repaving is done. No new stalls will be added but the gravel area where the employees are parking will be paved.
If you are going to leave your car at the airport you might leave a little early. Visitor parking is already a tight.
Oahu, Maui and Big Island Real Estate Year To Date
All up and down the island chain the story is the same: Number of sales are down due to lack of inventory and prices are up. With the exception of Oahu Condominium sales which were up 2.58% from last year, both homes and condominium sales are down on all islands.
Kauai leads the way with the highest Median Price for a home at $1.2 with Maui a close second at $1.175. For condominiums Maui is the highest median price at $760,000 with Kauai in the number two spot at $725,000
Let me know if you have any questions on how this relates to your particular area of interest.