Hawaii Real Estate Resource

I recently posted the February update for Kauai real estate sales and buried within the data was an 81% increase in the number of February residential sales.  Perhaps Pacific Business News had a better approach by trumpeting "Kauai Homes Sales Jump 82 Percent" in their headline.  Even better would have been the 143% increase in year-to-date sales.  It's true and it's an awesome improvement after a bleak year in 2009.  The Pacific Business News article can be found HERE.

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Kauai home sales statistics are in for the month of February 2010.  The figures are island-wide comparisons of current sales versus year ago periods.  Monthly figures fluctuate widely and year-to-date data only includes 2 months so there is not yet much history for 2010.  Nevertheless, it's impossible to overlook the pronounced increase in the number of sales with residential being up a whopping 143% over the same period last year.  Overall, prices appear to be relatively flat so far this year.

Sales of investor condos in resort areas still lag the rest of the market but that could soon change.

Number of Sales

 Median Sales Price

Additional breakdown of this information is available to my clients upon request.

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The long-awaited, upscale Kukui'ula Shopping Village now has an abundance of stores that are open for business.  Two notable openings include Merriman's Restaurant which I hope to try real soon.  Another is a fun store called Living Foods Market & Cafe.  In addition to island-grown products, it also features gormet foods & wines that have not been available on Kauai until now.  It's a fun place to roam and even better if you take something home. 

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

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Visit www.KauaiRocks.com for Hawaii real estate information 

The Tsunami warning for the Hawaiian Islands has just been cancelled.  It was pretty not much more than one would expect with rapid tide changes and as far as I know, there was no damage.  Mainland property owners can relax and local residents can return to their homes.

Aloha & thanks for all the well-wishes.

Richard Dolbeare

I woke early this morning and learned of the devasting Chile earthquake.  I extend my sympathies to all those who are impacted by this tragedy.

Hawaii is under a Tusnami warning with the first wave expected at 11:19 AM today and subsequent waves for 6-8 hours afterwards.  The Tsunami sirens went off at 6 AM and I'm hearning reports of people lining up for gas and groceries.  TV coverage showed one store that had a limit on the amount of SPAM people can buy.  The Hilo airport is reported closed and I would assume Honolulu airport will close since it's only 13 feet above sea level but I haven't heard yet.

I'll issue other reports as the day progresses.

Aloha

Richard Dolbeare

It was back in 2007 that I first posted an article on the Hawaii Superferry which was trying to establish inter-island ferry service amid battles with protesters which included the Sierra Club.  A lot has happened in the interim and after limited service, the Sierra Club prevailed, the courts ruled against the Superferry, and they went bankrupt.

Now the Stars and Stripes has published an Associated Press article stating that the military may purchase 12 Superferry-type vessels for high-speed transport of troops and equipment.  One of multiple ports is said to be Honolulu.  The Sierra Club is once again reported to be in opposition for environmental reasons including hitting whales and transporting invasive species between islands.  If there is another study, ALL environmental factors, including fuel consumption of air versus sea transport should be evaluated.   The full article can be found HERE.

Aloha,

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

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A recent article in the Honolulu Star Bulletin newspaper stated that "A declining trend in mainland foreclosures is not expected to extend locally".  Of course this is disappointing to the many who are weary of distressed properties and hoping for a near-term recovery.  While the article points out that there are signs of relief on the mainland, it must still run its course here in Hawaii.  The full article can be found HERE.

Congrats to those in mainland areas that endured the pain and are now in recovery and may we soon follow in your footsteps.  It's only a matter of time.

Aloha,

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

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Koloa Landing, the new condominium complex under construction in Poipu on Kauai's South Shore, held a Broker's Open House last week for brokers and agents to preview completed and furnished 2 bedroom & 3 bedroom units.  This is one of the few Kauai projects that has continued during the market downturn and it promises to be one of the most luxurious.  The units are spacious and very nicely furnished.  Window-walls open up to let the outside in which is what Hawaii living is all about.  A series of pictures of both units are available HERE. 

Those interested in Hawaii living are invited to contact me for additional information on this and other projects in the area.

Aloha

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

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Kokee State Park on the Island of Kauai

Aloha on this Valentines Day 2010

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

Kauai has joined the island of Oahu by passing an ordinance banning use of handheld electronics while driving.  The Oahu ordinance is already in effect and Kauai's will begin on May 3.  The Kauai mayor has promised to sign the bill when it arrives at his desk.

It's not yet clear what steps the county will take to notify arriving tourists which make up a significant number of our drivers.  That may not be a big issue since bans are being enacted in many areas of the mainland and the car rental companies should notify it's drivers.

Come visit and drive safe!

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

Although FHA loans are reported to be gaining share nationally, they still represent only a small share of Kauai purchases.  Over the last 6 months, most purchases are with conventional financing or all cash as shown in the chart below.

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Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

Days on Market continued to climb in 2009 as shown in the charts below.  So far in 2010, the overall numbers are similar to 2009 but variation within property types is huge.  Once there is sufficient data for meaningful results, I'll update the charts to include 2010. 

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

About an hour into the hike on the Canyon Trail in Waimea State Park, one comes to a little stream feeding Waipo'o Falls.  It's not possible to see the falls itself as it falls away below and one cannot peer over the edge to see it.  But a path upstream leads to an idylic little waterfall feeding a small pool as shown in the photo.  This is a great place to relax and have a snack before returning.

Kauai's Waimea Canyon is often referred to as the Grand Canyon of the Pacific.  There are many hiking trails one can take to explore and enjoy the beauty.  This one was taken from the Canyon Trail, a modest hike providing majestic views of the canyon and the ocean beyond.  Here is one of my favorite viewpoints.

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Link to MAP of area hiking trails

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

The Walt Disney Company announced that it will film the 4th installment Johnny Depp movie, "Pirates of the Caribbean: On Stranger Tides", here in Hawaii.  Filming will be split between the islands of Oahu and our beloved Kauai.  This will bring positive economic benefits to the islands which are surely needed in today's environment.  Filming is scheduled to begin this Summer for a movie release next year.

Other Disney activities in Hawaii include the 800-plus unit Ko'Olina Resort and Disney Vacation Club currently under construction on Oahu.

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

Kauai Energy Sustainability

Sustainability is a hot topic on Kauai these days with efforts to wean our island from oil as an energy source.  A $200,000 contract is in place with a local consultant for ideas on how to do that.  Clearly this is a complex topic and not one easily solved.  Some ideas and issues:

The energy sustainability consultant recently recommended a 50 cent gas tax increase.  With Hawaii already having the highest gas prices in the nation, it's understandable that this was met with redicule by politicians & residents alike.  Compounding the problem is limited alternative transportation with buses that don't run on Sundays and are very limited on other days.

Some individuals are wanting to install windmills to generate energy.  However the permitting process is very difficult due to needing a special permit to exceed island height restrictions.  The county coucil recently rejected a bill intended to streamline the process.

Other ideas floated by individuals including capping the number of cars (a new one not allowed on the island without first shipping out an old one) and restricitons on private property rights to forbid transfer of ownership.  It may be that ramifications of these "suggestions" were not well thought out.

If only we had some cavemen to show us how to make all this easy...

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

Kauai and Muai year-to-date sales statistics through December 2009 compared to the same period in 2008 show that this continues to be an unprecedented opportunity for buyers. Selection is large and prices are down substantially There remains a large amount of inventory to be cleared out before downward price pressures ease. An upturn in number of sales is key to that and there are hints that this may now be happening. Some economists think we may be at or near the bottom of the cycle.  Of course we won't know we're at the bottom until we can look in our rear view mirror and then it's too late for the best deals.

This Month's Update

Year-to-Date Median Sales Price (Jan-Dec 2009)

Year-to-Date Number of Sales (Jan-Dec 2009)

[Data extracted from Kauai and Maui multiple list reports. Data is deemed reliable but is not guaranteed-please consult with your real estate professional. There may be differing opinions and interpretations of the data.]

Aloha & Mahalo!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

All traffic going to or from the area North of Kauai's Wailua River is impacted

The Kauai Department of Transportation has announced that the cane haul bridge (ask me if you don't know what that is) over the Wailua River will be closed until late summer as it is expanded from one lane to two.  In addition to that, the parallel main bridge will be restricted until January 28 making for a massive traffic nightmare for those trying to go between Kapaa and Lihue. 

Here on Kauai, we only have one main road with some feeders and a few areas with bypass roads.  Unfortunately here is no bypass for this area unless one does it by boat or helicopter.  Those traveling from the Princeville and Kapaa areas to the airport should allow a few extra hours for the trip for the rest of January.  Long term, having 4 lanes instead of 3 should help smooth traffic in this congested area of Kauai.

(Photo courtesy of The Garden Island Newspaper)

Aloha!

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Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

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There has been a huge improvement in Kauai's absorption rate since my November 2009 update. The Janaury chart is shown below followed by the one from November. Although no categories are within the desired 6 months or less range, most are now in the 1-2 year range instead of 4, 5, and 10-year. This change is driven both by a decrease in the number of active listings and an increase in the number of sales. If this new trend continues to hold, it may represent a shift towards a more balanced market.

January Update

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Prior Update in November

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information Kau

The Kauai real estate market has been in sync with most of the nation as sales prices have been in decline since our market peaked in 2006.  Hints that we may be starting to stabilize are more pronounced now that complete data for 2009 is in.  The downward curve for residential sales prices is starting to break after hitting a low in the first quarter 2009.  This is a positive sign compared to my post with 3rd quarter data HERE.

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The 4th quarter 2009 residential median sales price was $480,000 with signs of an end to the free-fall

To complete the update of my earlier post, here is the data for condominiums and vacant land.

The 4th quarter 2009 condominium median sales price was $330,000 with signs of an end to the free-fall

The 4th quarter 2009 vacant land median sales price was $271,000 also with signs of an end to the free-fall 

Aloha!

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.comfor Hawaii real estate information 

Information herein is deemed reliable but has not been independently verified and is not guaranteed. Please consult with your real estate professional as part of any buy or sell decision.