Kauai Real Estate Update- 18 properties came on the market and 18 sold, 14 went under contract. Last week we made no headway in adding inventory. For a complete list click on this link; Kauai Real Estate Update March 4 to 10, 2024
For the Kiahuna Plantation click here; Kiahuna Plantation Current Market Analysis
Betty Bell Passes Away
Extraordinary, trail blazer, philanthropic and perhaps one of the finest people you would ever hope to meet. Those are just some of the words to describe south resident Betty Bell who passed away at the age of 96 last month.
For those that did not have the pleasure of meeting her the work she did lives on as does her gender defying story. She graduated High School at age 16 and from Purdue University at age 20. She saw an ad in her local newspaper looking for a pharmacist here on Kauai in 1966, she got the job and became the first pharmacist on Kauai. During her career she started the “unit-dose” distribution system that was adopted by other Hawaii Hospitals, she became a CEO at Wilcox, established a scholarship for women, developed the senior living complex Sun Village in Lihue and much, much more.
Her first home was in the Weliweli track in Poipu Beach and many years ago her little dog woke her when the house was on fire. She barely made it out of the house and lost everything including the dog that saved her life. She borrowed clothes from a neighbor and went to work saying “If I didn’t go to work, then my patients in ‘Ele‘ele would not get their medicine.”
When I met her in 2004 she was a well-respected real estate agent/broker who was as straight of a shooter as they come. Her ethics and integrity were obvious as well.
Her service is on March 23rd at the Lihue United Church at 11 a.m. and instead of flowers donations to the Church and Kaua’i Hospice are appreciated.
UHERO Finds Hawaii’s Regulatory Rules Keeps Prices High For Condos
The University of Hawaii Economic Research Organization (UHERO) is the gold standard for unbiased research for our islands. An interesting finding of theirs is naming Hawaii’s regulation rules as the driver for high prices or new condominium projects, in fact they add 58% on to the price of a condominium.
Some of their findings:
*Hawaii has the most restrictive housing laws in the nation.
*Condominium construction in Hawaii is “intensely regulated” when compared to other states.
*Multifamily Median wait time for permits is 400 days with some never getting approved at all.
*Upfront costs to Developers that have been imposed on them by the County for supporting infrastructure are steep.
*Hawaii has the highest land cost in the nation.
UHERO states "Navigating the strict regulatory climate requires sophisticated planning. Reducing regulations and fostering a more competitive property market could help drive these costs down. Some level of overhead design and planning costs are needed for a successful project, but these are a small share of the costs we attribute to regulation." To read the entire report click HERE
$394 Million Secured For Kauai
Senator Brian Schatz secured $394 million for the state of Hawaii and here is a breakdown on where a portion of the money allocated for Kauai is going:
• $3.3 million Kaua‘i War Memorial Convention Hall
• $900,000 for the state of Hawai‘i/Kaua‘i County Kawai‘ele State Waterbird Sanctuary
• $1.6 million engineering and design of infrastructure for Kilauea Affordable Housing Subdivision
• $1.4 million for the Waimea 400 affordable housing subdivision
• $1.8 million for a new wastewater treatment plant
• $3.2 million for roadway, sidewalks and bike lanes for Kukui Street and Olohena Road
Oahu, Maui and Big Island Real Estate YTD, 2024 vs 2023
The other islands experienced an uptick in the number of houses sold but not at the percentage that Kauai did, not even by half. The Median Price is up across the board with Kauai in the lead as well.
With the exception of Maui and Oahu the number condominium are down and only Maui saw a decline in their condominium Median Price.
Below is a graph of the real estate activity.
