Kauai Real Estate Update- What Sold, was Just Listed and what went under Contract last week on the island of Kauai? Click here to find out: Kauai Real Estate Update October 3 to 10, 2022.
Poipu Beach Real Estate Update- Currently I’m working with some buyers that are in the $1.3 and under price range for a home here on the south shore and there is no change in the amount of intensity at this price point. Like a time capsule, we are back in April of this year when it comes to this market. I heard a rumor of one such home and it turned out to be true and holy smokes it was a flat-out race to get us into the home. Competition in some price points remains extremely strong.
For a complete list of all the fee simple real estate activity in Poipu since the beginning of this year click here: Poipu Beach Fee Simple Real Estate Current Market Analysis
For the Kiahuna click here: Kiahuna Plantation Current Market Analysis
Kauai Historic Building Code Passes County Vote
Pending our Mayors signature, Kauai will be the first county in the nation to have a building code based on future sea level rise projections. Kauai’s County Council unanimously passed Bill No. 2879 last week. I’ve not seen or read anything that would lead me to believe the our Mayor will not be signing this. Here are the bullet points:
Previous building regulations were based on historical data.
Bill 2879 changes that to the 2017 Sea Level Rise Vulnerability & Adaption Report.
The lowest floor of any new dwelling has to be 2 feet above the highest sea level rise as shown on the map.
Commercial buildings to be 1 foot higher.
Applies to rebuilding or “significant” remodeling of existing structures where the cost to do so exceeds 50% of the market value.
What does this mean if you are looking at, or own a property on Kauai’s shoreline? First of all you are not alone, Kauai has a large number of existing properties on the shoreline. If you need to rebuild or if you are doing a significant amount of remodeling then you need to be 2 feet above the highest level on the Sea Rise Map.
The Sea Level Rise Map can be accessed by clicking: HERE
To see this Bill in its entirety click here: Bill No. 2879
Access To Queens Bath Closed
In anticipation of the high winter surf Queen’s Bath in Princeville has been closed. Queen’s Bath is a natural pool of water that is a true natural wonder. However during rough surf it has been a deadly spot for visitors and locals alike. In light of the fatalities and serious injuries restricting access to Queens Bath started some time back.
Oahu, Maui and Big Island Real Estate Sept. 2022 vs 2021
Last week I blogged about Kauai’s real estate market comparing the end of September 2022 to the same time in 2021, to see that post click HERE. I’ll include my Kauai Condominium video here, to see my short video on Kauai Homes click here: Kauai Home Sales
This week we’re looking at Oahu, Maui and the Big Island to see how these islands are performing and what is apparent is the trend of lack of inventory is driving up the prices just like on Kauai.
On Oahu 38% of the homes sold in September sold over asking price and 30% of the condominiums sold over asking. There were 284 home sold year to date compared to 431 the year before. Prices for homes however are up 5% from last year. The Median Price is now $1,100,000 compared to $1,050,000 in 2021. Condo sales were down to 464 compared to 619 the year before, prices are up 6% with the Median Price at $502,500 compared to $475,000 the year before.
On Maui the number of homes sold is way at 813 compared to 1,042 the year before, the Median Price however is up 15.2% at $1,150,000 compared to $998,500 last year. For condominiums the number of sales is down -30.4% at 1,289 compared to 1,853 the year before, prices are up 19.4% at $770,000 compared to $645,000 last year.
On the Big Island of Hawaii the Median Price for a home is now $500,000 compared to $470,000 last year, sales are down -13.77% at 2098 homes sold year to date vs 2433 the year before. Condominium prices are up 22.92% at $575,000 compared to $467,777 the year before. The number of condos sold is down -28% to 679 selling year to date, 943 had sold this same time last year.