Happy Holidays to you and yours from warm and sunny Kauai.
year 2014 was an interesting one. We had hurricane warnings
which did not materialize, legal battles over pesticide
regulation which have not been resolved, much anticipated retail
stores opening in the Kukui Grove area, new plans for renovation
of the Cocoa Palms (after part of it was razed by fire),
Facebook’s Mark Zuckerberg’s purchase of 100 acres for his new
home, and the BIG news regarding plans for The Prince golf
course and surrounding land.
Many of the latter changes will take place over the next
decade. Princeville Development’s Jeff Stone’s newest partner,
Reignwood International, owned by a Thai/Chinese billionaire
plans to build a five hundred million dollar resort on the North
Shore including 350 homes and a new clubhouse. The Prince Course
will close on December 31 for extensive renovation and be
reopened as a private course. Improvements will be made to
surrounding areas such as the Princeville Airport with longer
runways to accommodate larger planes.
Pier 1 Imports, Sports Authority and Ross opened at Kukui Grove
giving Kauai shopper’s new choices and a variety of
merchandise. Jean-Marie Josselin opened a small, intimate
restaurant, Jo 2’s, in Kapaa. He had previously owned the
popular Pacific Cafe in Kapaa, and currently owns his tapas
place in Poipu. The restaurant at Pali Ke Kua is now Hideaways
specializing in pizza and Italian favorites.
Real estate activity was remarkable in some areas but island
wide much the same as last year. Kauai had a small increase in
both units sold and price per unit. However, the North Shore
experienced a significant price increase mostly in very high end
estate homes. The average home in the Hanalei district sold for
just under a million. North Shore condo sales activity was much
the same in 2014 as the year prior. However, condos on the North
Shore and in resort areas are pricier than elsewhere on Kauai.
What does all of this mean for the consumer? As the economy
rebounds and demand increases among baby boomers, prices will go
up. Moreover, the infusion of funds among investors to build
luxury estate homes should have a positive effect on existing
properties. Finally, rentals both long term and vacation are in
high demand. Several of my clients have purchased second and
third properties as long term investments.
So those of you sitting out there dreaming about enjoying the
good life here on the Garden Island, should log onto my website
and see what life might be!
Here is to a hopeful, happy and wonderful 2015.