Kauai Real Estate Update- We had 21 properties that came on the market last week, 14 are Contingent/Under Contract and 15 that Sold. For a complete list of the real estate activity for last week on the island of Kauai click here; Kauai Real Estate Update December 18 to 24, 2023.
For a complete list of all the fee simple real estate activity in Poipu Beach since the beginning of the year click here; Poipu Beach Current Market Analysis
Kiahuna Plantation Real Estate Update- Price Reduction Kiahuna 53, now offered at $399,000 (LH). Located in building 10 in the very heart of the resort this top floor corner unit has been renovated, AC has been installed and is a successful vacation rental with future bookings that will be passed on to the new owner. Contact me for more details.
For a market analysis on this resort click on this link; Kiahuna Plantation Current Market Analysis
Kuamo’o Road One Lane After Hill Slide
The Hawaii Department of Transportation stated that they intend to declare Kuamo’o Road a traffic emergency zone. Recent rains made the westbound lane unstable after the slope beneath the road was compromised after the rains. Kuamo’o Road is a heavily trafficked one for those that live in the Wailua Homesteads, it is now shut down to one lane and it’s not certain when this will be fixed.
This is a part of why the Hawaii Department of Transportation is declaring it and emergency zone as this will allow the state to expedite the permitting process to fix the road.
This is the road that is right by Coco Palm and leads up to Opaekaa Falls which is a popular spot for tourist to visit.
Lawsuits Against KIUC’s Renewable Project
Three groups have filed lawsuits against Kauai Island Utility Corporation (KIUC) to stop their $250 million dollar renewable energy project on the Westside of the island. Earthjustice and community groups Po’ai Wai Ola and Na Kia’i Kai are saying that the DLNR did not require an environmental impact study, they also contend that the impact would be more severe than what the company is saying it will be. An additional claim is that the hydro project would have no benefit for Westside Residents.
KIUC has been working on this project since 2012, they stated that for now they are not pursuing the original project but instead are looking at a more scaled back version. To date it’s not certain what KIUC will be doing, or not doing.
Hawaii Hotels Have Higher Revenue November 2023
Data from the Hawaii Tourism Authority for Hotels statewide in the month of November had a higher RevPar (revenue per available room) and occupancy rate than November of 2022 but was down slightly in ADR (average daily rate). Maui County numbers are showing the impacts of the August 2023 fires.
Breaking it down further, and just looking at the Year-To-Date data and comparing that to this same time last year the occupancy numbers are down for Kauai but the ADR and RevPAR are both up.
Here are the numbers for November Year-To-Date 2023 vs 2022
Kauai
Occupancy 75.3% 2023 vs 77.7% 2022 Down -2.4%
ADR $414.37 2023 vs $388.91 2022 Up 6.5%
RevPAR $312.01 2023 vs $302.09 2022 Up 3.3%
Oahu
Occupancy 80.0% 2023 vs 75.7% 2022 Up 4.3%
ADR $278.27 2023 vs $261.89 2022 Up 6.3%
RevPAR $222.66 2023 vs $198.27 2022 Up 12.3%
Maui
Occupancy 65.8% 2023 vs 67.9% 2022 Down -2.1%
ADR $589.13 2023 vs $592.69 2022 Down -0.6%
RevPAR $387.80 2023 vs $402.69 2022 Down -3.7%
Hawaii
Occupancy 70.4% 2023 vs 74.1% 2022 Down -3.7%
ADR $415.42 2023 vs $407.74 2022 Up 1.9%
RevPAR $292.64 2023 vs $302.25 2022 Down -3.2%
To see the entire report click here: November HTA Hotel Performance
Oahu, Maui and Big Island Real Estate Year To Date 2023 vs 2022
The stats for the month of November are in for us to compare how the other islands did year to date compared to this same time last year. The Median Prices are skewed by the lack of data for homes but for condominiums they are pretty much up statewide with the exception of Oahu which was less than -1% down.
