Kauai Real Estate Update- For a complete list of the real estate activity last week on the island of Kauai click here; Kauai Real Estate Update September 23 to 29, 2024
Poipu Beach Real Estate Update- Sold | Prince Kuhio #335 $640,000 Ocean View
Located on the top floor this Prince Kuhio studio has both ocean and Prince Kuhio Park views and a really great location. You’re a convenient stroll away from The Beach House restaurant and “PK’s” which is one of the best surf spots on the south shore. This is a complex that just continues to climb up and up in value, for more information on this unit click here; Prince Kuhio 335.
For a complete list of all the fee simple real estate activity since the beginning of the year click here; Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation Real Estate Update- Sold Before Listed, Kiahuna Plantation #142. I successfully represented the Buyers and Sellers on the sale of unit #142 at the Kiahuna Plantation which sold before it was ever listed. The Buyers were looking for a unit that had these high vaulted ceilings and cathedral paned windows, what they didn’t know was just how few there are in this complex. Listed for $695,000 (LH) it sold for $670,000 (LH) and was a cash sale.
For the real estate activity at the Kiahuna Plantation since the beginning of this year click here; Kiahuna Plantation Current Market Analysis
Conflicting California Law For Buyer Broker Agreements
You might not live in California but be on the watch for conflicting laws like this one no matter where you live.
A part of the National Association of Realtors settlement deal with the DOJ was that all Buyers must sign a Buyer Representation Agreement before they look at property with an agent. These agreements can be for 1 day or however long you want and it will specify how much the Buyer will pay in commission to their agent.
However, California is putting a new twist on this rule by way of Gov. Gavin Newsom signing Bill 2992. Starting soon, these agreements cannot go longer than 3 months. My guess is some CA buyers didn’t catch they had signed a longer agreement and couldn’t get out of it. Fair enough and so far, so good.
But here is where it gets a bit tricky; According to this new California law this agreement needs to be put in place "as soon as practicable, but no later than the execution of the buyer's offer to purchase real property” and that’s a problem because a part of the settlement is really clear that this needs to be signed prior to seeing property.
The rule is; “A written buyer agreement is required prior to a buyer “touring a home.” An MLS Participant “working with” a buyer can enter into the written buyer agreement at any point but must do so by no later than prior to the buyer “touring a home,” unless state law requires a written buyer agreement earlier in time.”
To see all the details click here; https://www.nar.realtor/the-facts/nar-settlement-faqs#realestate
Macys In Kukui Grove Getting Some Use
Macys was the only anchor store in the Kukui Grove Shopping Center so when it closed it was very noticeable. What is going to happen to that space in the long run is not known but, for a little while, there will be some activity happening in the space.
There were two Macy’s, the main store and “Macy’s Mens Department” just a few doors down. It will be in that space that the play “November” will performances at 7 p.m. on October 3, 4 & 5 and a matinee starting at 4 p.m. on October 6th.
The “West of the Rest Performing Arts” will be putting on the play which is set in the Oval Office and tells the tale of “A day in the life of beleaguered American commander-in-chief. It’s November and incumbent President hilariously tries to hold onto power.”
There will be additional performances in Kilauea on October 11, 12 & 13. For tickets visit; https://allevents.in/org/west-of-the-rest-performing-arts/24707600
Hawaii Supreme Court Confirms Vacation Rentals Not Okay on Ag Land
Last Tuesday the Hawaii Supreme Court ruled against 17 owners of ag land on the Big Island who were felt that their vacation rentals on ag land were a legal way to use their “farm dwellings”. The original Hawaii 1976 land use law for ag land states; a legal farm dwelling is a single-family dwelling “located on and used in connection with a farm” or “where agricultural activity provides income to the family occupying the dwelling.”
The Hawaii Supreme Court confirms that vacation rentals do not qualify.
Ag land is pretty much everywhere on Kauai and in places you might not expect. A good example of ag land would be Poipu Aina Estates here in Poipu Beach, this subdivision is not far from the Grand Hyatt and thousands of legal short-term rentals, but you cannot vacation rent in this particular subdivision because it’s on ag land. The benefit of ag land is the taxes are lower on it (the land part) but there needs to be some kind of ag activity happening on the land to qualify and maintain the lower property tax status.
