newsletter just became a holiday newsletter. I wish I could
tell you that sales were so brisk that I did not have time to
write, but that would be a stretch! Here in Kauai we survived a
tsunami warning (which was a false alarm), a presidential
election and Black Friday. The economists told us that real
estate in Hawaii would see a definite upswing after the
election, no matter who won. We will see how that prediction
works out when the winter visitors arrive. Their theory is that
there are many baby boomers out there who have put off
retirement but are now ready to move into the market.
present time, our inventory is lower than I can ever remember.
From Kalihiwai Ridge to beyond Hanalei, there are only 44
residential homes and 60 condos on the market. In Princeville,
only 10 lots are on the MLS; one listed at $209,000. With
prices still low, some owners are holding their units off the
market hoping for more robust prices.
only one or two foreclosures or distressed properties on the
North shore where I live. These will soon be gone, but a
relatively large number of REO’s and few short sales during the
past two years and a poor economy have kept prices down. Even
though we have had a 14% overall increase in sales volume island
wide this year, we are still selling at 2004 price levels. This
means buyers today would be paying approximately the same on a
comparable property as eight years ago. If financing were
figured into the equation, overall costs would be much lower. As
of this week, 30 year fixed mortgages were being locked for
around 3.3 % compared to 7.5 % in 2004.
are coming to Hawaii in record numbers. Flights continue to be
full. More and more visitors are spending most, if not all, of
their vacation on Kauai. This is especially good news for condo
owners who purchase units as second homes and then rent them to
vacationers when they are not using them.
is leading the industry with new routes linking Kauai with west
coast cities. Just a few days ago Alaska announced a daily
non-stop to and from San Diego to Lihue. Alaska is also
connecting Kauai with Canadian cities through Seattle. WestJet
also caters to the Canadian market, flying seasonally to and
The restaurant at Hanalei Bay
Resort that burned in 2011 is literally rising from the ashes.
The large roof beams went up last week, and the rest progresses
each day. HBR is becoming a tennis center for the community.
Their free children’s program has garnered much positive press
and comments from community leaders.
Another restaurant is coming in
replacing the Paradise Bar and Grill. We hear that it will be a
named Tiki Iniki. The “Coconut Wireless” has had many
restaurants filling that space, but I believe that the latest
rumor is fact.
Kukui’ula in Poipu was awarded
the Gold Nugget Grand Award from the Pacific Coast Builders
Conference for best use of land for a recreational
project/resort and for its commitment to the “Hawaiian
plantation” architectural design. Its private golf course
offers limited tee times for non-members. The expanding number
of restaurants and shops in the nearby shopping center give
tourists and residents more choices.
We expect to see many of you
over the holidays and after. For those who would like to check
out real estate beforehand click on to my website
If you find some properties of interest, call or e-mail and I
will check them out with you.
Kalikimaka and Hau’oli Makahiki Hou