Kauai Real Estate- Last week we had 17 New Listings but with the combined 30 properties that either received an accepted offer and went under contract (16) or Sold (14) there was no gain in our inventory. For a complete list of last weeks real estate activity on the island of Kauai click here: Kauai Real Estate Sales August 21 to 26, 2023
Poipu Beach Real Estate Activity- A record breaking sale happened last week, a vacant lot in Wainani sold before it was listed for $1 million dollars (to see that listing click HERE). With the exception of Kukui’ula, we’ve not seen prices like this for vacant lots in Poipu Beach. This lot was the Developers lot back in the early 2000’s when this subdivision was first established and is the largest at 11,461 sq ft. For a complete list of the fee simple real estate activity in Poipu since the beginning of the year click here: Poipu Beach Current Market Analysis
Kiahuna Plantation Real Estate Activity- Just Listed, Kiahuna Plantation Unit #178 top floor ocean view one bedroom one bath $699,000 (LH). This top-floor condo offers uninterrupted views of the ocean, making it a perfect spot for watching the waves and enjoying the nighttime sky. Additionally, the unit opens up to spacious lawns that lead to the beautiful beach on which Kiahuna Plantation is situated. For the real estate activity at the Kiahuna click here: Kiahuna Plantation Current Market Analysis
Kauai Resolution To Monitor Incoming “Non-Contributers”
Resolution No. 2023-57 proposed that if you are coming to Kauai you need to provide one of the following: A) proof of a return ticket, B) a permanent Kauai home address or C) proof of employment. However, the Resolution didn’t make it very far. On Wednesday the County Council meeting took a break before voting on this measure during the public meeting to go into Executive Session where this Resolution was discussed with the county Attorney. When they came back the Resolution was voted on and all five members voted “a motion to receive” which means it’s not something that they will be voting on, essentially the Resolution died.
So why the measure in the first place? The two Kauai Council members that came up with this did so to try to get control of the people coming over here that are potential “non-contributors” to the island.
One Kauai resident at the meeting addressed the Council with an interesting comment; “As a member of the public that got to pay for this farce, I’d like to apologize to whoever it was in the county staff that had to participate in creating this and especially to whoever it was that has the law degree who had to choke their ethics down in order to create this document. This is an egregious middle finger to the majority of the people who live in the United States, not just the citizens.”
Maui County Suing Hawaii Electric Company
Maui County officials have filed a lawsuit against Hawaiian Electric Company (HECO) alleging that they “acted negligently by failing to power down their electrical equipment despite a National Weather Service Red Flag Warning on August 7.” HECO’s CEO responded by saying “It’s worth noting that even in places where this has been used, it’s controversial and it’s not universally accepted. It can been seen as creating a hardship for those customers that have medical needs. In Lahaina the electricity powers the pumps that provide the water.”
To date 115 people died in the fires and there are 388 missing. The number of missing is down significantly from the over 1,100 that were initially reported as those who are safe have been coming forward. There is an estimated $5.5 billion dollars in damages.
To Go, Or Not Go To Maui. July Hawaii Hotel Occupancy Down But Revenue Up
I have seen the residents of Maui divided into two camps; those that say not to come visit right now and those that say to come but not stay in Lahaina and that by not coming it’s hurting Maui more. Time will tell what visitors decide to do. For now, just like with home sales, this last July will be the last report that will include Maui as it had been.
For the state the room revenue was at $551.2 million which is a 27% increase from July 2019 which is the last normal year before the pandemic. Hotel room supply was up 4% from 2019. The July report is taken from “155 properties representing 47,489 rooms, or 84.6% of all lodging properties with 20 rooms or more in the Hawaiian Islands, including full service, limited service, and condominium hotels.”
Here are the stats by islands for the month of July, 2023:
Kauai had the second highest rate at 74% which is down 3% from 2019.
Oahu was the highest at 85% which is also down 3%.
Maui was at 67% which is down 15% from 2019
Big Island was 68% also down 15%
Kauai had the largest gain in RevPAR ( Revenue per available unit) at $337 which is a 46% increase from July 2019