This is a great time to
be in Kauai. The trades are back, and the “fall” weather is
welcome this year. If you were not on island this summer, you
missed a hot one. 2015 will go down as the hottest year ever
worldwide, and Kauai was no exception. On more than one occasion
Costco, Home Depot, Walmart, and all did not have one portable
air conditioner or fan for sale. It was a wonderful time to go
to the beach – residents and visitors alike.
The news from Kauai is some
factual and some supported only by the “coconut wireless” at
this time. In Princeville, CJ’s restaurant will close at the end
of the year. It has been a part of this island for over 40
years. Many of its loyal following will have to go elsewhere.
That is fact. According to the coconut wireless, Hanalei Dolphin
owners are going to put a new restaurant in CJ’s spot after
remodeling. It is rumored to be food with an Italian flair.
Another fact is that the
restaurants at Hanalei Bay Resort are closer than ever to
opening. Rumor is that there could be a soft opening of their
Happy Talk lounge by early 2016. It is a fact that in Poipu the
Kukui’ula Shopping Center continues to expand, opening up new,
high end stores and restaurants. A new Safeway, larger and
improved, opened this fall in Lihue. It is the anchor of a plaza
which also contains new shops and restaurants including a Jack
in the Box.
The big news in development is
that the plans I last told you about have totally changed with
Princeville Development severing relationship with the Discovery
group that had been hired to develop the Prince course and all
of the surrounding areas into a very upscale, private resort.
Now the rumors are that the Prince Course will be returned to
its original concept. The pro shop will reopen and a restaurant
brought back. Stay tuned on this one.
According to a newspaper
article this week, the number of visitors coming to Hawaii
continues to increase. Hawaiian Airlines made record profits
this year and plans to add back the flights they had reduced to
such places as Japan. Overall visitors are spending less per
stay. The most likely explanation is that we are receiving more
repeat visitors who tend to stay in vacation rental condos, and
more visitors now own second homes in the islands.
Real Estate sales on Kauai are
up slightly over 2014 but dollar volume has increased
significantly. Island wide the median price of a home increased
to $620,000 while condos averaged $360,000. The average priced
condo on the North Shore was $535,000; whereas a Poipu area
condo sold for just over $650,000. Of course, sales are higher
on Kauai in Visitor Destination Areas.
Owners in VDA’s are allowed to
rent out their properties or homes on a short term basis. It is
quite likely that these prices will continue to move upward in
2016 barring any unforeseen world crisis. If you are planning to
visit us next year and are thinking about a possible investment,
please include a visit with me during your stay.
Next year will be my fourteenth
year in real estate on Kauai. I know the island and its people.
I would look forward to assisting you and your family to find
that perfect place here in paradise. You may also visit my
www.joewilliamshawaii.com. With a few clicks you can search
the market from the comfort of home.
Mele Kalikimaka and Happy