Kauai Real Estate Update- I brought in the buyer on the listing that I had on the river in Lihue. This home is truly spectacular, every time that I went there it was hard to believe that I was in Lihue. This 4 bedroom estate is on over 37,000 sq ft of land and you can walk out the little back gate and paddle board or kayak to Dukes or the Menehune Fish Pond. Listed at $2,195,000 and receiving multiple offers within 24 hours my Buyers got their cash offer accepted for $2,295,000 which is $100K over list. Sold As Is and closed in 29 days!
For a complete list of all the real estate activity for last week on the island of Kauai click here: Kauai Real Estate Sales
Poipu Beach Real Estate- The 1 bedroom 2 bath Poipu Kapili unit that I listed for $1,195,000 received multiple offers and we are now in escrow. Despite the rise in interest rates I’m not seeing the market slowing down any however, with the lack of inventory it’s hard to get an accurate read. For a complete list of all the Fee Simple real estate activity since January 1 of this year click here: Poipu Beach Fee Simple Current Market Analysis
For the leasehold Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Sea Level Rise Disclosure For Kauai Properties
Our Seller Disclosure form was updated on May 1 to include the question on is a property is in the Sea Level Rise area. While Sea Level Rise is not an unknown issue for both Hawaii and the mainland, our State is the only one at this time that requires this on a Disclosure Statement.
The Sellers Disclosure is a 5 page form that the Sellers fill out when they are selling a property here on Kauai. The form has questions about the property which includes past damage, upgrades and repairs done, questions on the association/dues etc.
The Disclosure form requires an agent to look up if the property is in the projected 3.2 foot increase in the year 2100 which is some 78 years away.
Here is how it works:
1) Go to this website: https://www.pacioos.hawaii.edu/shoreline/slr-hawaii/
2) Check the “3.2” box on the right hand side of the map
3) Put the property address in the top left hand side of the map (no unit number if a condominium)
4) Hit “Enter” on your keyboard
5) There will be a Red icon on the map of Kauai, click on that and then hit “Zoom here” several times to get a better view.
State To Pay $328 Million Settlement To Native Hawaiians
2,700 Native Hawaiians had filed a lawsuit against the State of Hawaii claiming that they have suffered under the mismanagement of the Hawaiian Homes Program.
The Hawaiian Homes Commission Act of 1920 was meant to provide economic self-sufficiency to Hawaiians by supplying them land. Those with at least 50% Hawaiian blood quantum can apply for a 99-year lease for $1 a year.
There is an estimated 28,000 Hawaiians on the waitlist some for decades.
The State has agreed to pay out $328 million in damages to settle a class-action lawsuit. The Legislature needs to approve the funds and then a Circuit Court judge must sign off for this to be finalized.
Oahu, Maui and Big Island Real Estate Sales 2022 vs 2021
Last week I compared the Kauai real estate market at the end of April 2022 to the same time in 2021. This week I have the data for Oahu, Maui and the Big Island. Just like Kauai the other island have a decrease in the number of sales due to the lack of inventory. The condominium market is getting a big boost as buyers are priced out of the residential market and are buying condominiums instead.
Oahu the Median price for a home on Oahu is now $1,105,000 which is a 19.1% increase at the end of April 2021. The number of homes that have sold is down -2.7% however this is largely due to a lack of inventory.
Condominium Median price is up 13.3% to $510,000 from the same time last year. The number of condominiums sold is up 4.2%.
Maui saw their Median price to $1,242,500 which is a 27.4% increase from $975,000 last year. The number of homes sold is down 21.5% from 135 in 2021 to 106 in 2022.
Condominium prices are up 18.1% to $815,000 compared to $690,000 this same time last year. The number of condominiums sold is down 33.3% at 176 year to date compared to 264 at the end of April 2021.
The number of homes sold on the Big Island of Hawaii is also down by 17.93% from 290 at the end of April 2021 to 238 exactly a year later. Prices are up 8.84% from $475,000 to $517,000.
Condominium prices are up a whopping 49.62% to $709,950 from $474,500 a year before. The number of condominiums sold is down 43.42% at 256 sold year to date compared to 360 the year before.
To see a recap on the Kauai housing market data that I posted last week you can view this video. If you have any questions on how this relates to your particular area of interest you are welcome to give me a call.
