Hawaii Real Estate Resource

This is to update yesterday's post on a report of work being stopped at Kauai Lagoons Resort.  Additional information has been provided in today's Garden Island Newspaper wherein Kauai Lagoons developers are putting a positive spin on what they call a temporary postponement.  Per a newspaper interview with the project director, the master plan always called for a multi-year project.  The change is that 87 units originally planned for completion in 2009 has been slipped to 2010.  And consistent with the Pacific Business News article referenced yesterday, it is reported that infrastructure work, including landscaping, will continue.  The first building and its amenities is still planned for completion in January 2009.

Also in Kauai development news, there appears to be somewhat of a slowdown on the huge Kukui'ula project in the Koloa/Poipu area.  According to the newspaper report, construction is continuing "on pace" although there will be some stretch-out of the residential product due to a slowdown in sales.  I have been watching the shopping village go vertical and I hear through the coconut wireless that it will be opening next year.  This part of the project was looking impressive 3 months ago (see photo).  Since that time, much additional progress has been made and the new bypass road (behind the barricades) is now open for traffic.

Aloha!

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[Information herein is based on 3rd party reports that are deemed reliable but content is not guaranteed]

The lead paragraph in today's Pacific Business News (PBN) article on the Marriott Kauai Lagoons resort reads "Marriott has halted construction at its $1.4 billion Kauai Lagoons resort project..."  According to PBN, all vertical construction is on hold but infrastructure work will continue.  In the past, one might well have assumed that work stoppage was due to permitting problems.  But in today's world, the big gorilla in the room is the economy and that is reported to be the issue in this and other stoppages around the island and indeed the state.

Kauai Lagoons is planned to be a mix of several types of ownership units including full-ownership, fractional-ownership, and time share.  Custom home sites are also part of the plan.  Kauai Lagoons is a gorgeous oceanfront property with man-made lagoons navigable by power boat. 

It's still early morning here in Hawaii and I have not been able to verify this news with other sources.  However, it's worth noting that Pacific Business News is a trusted news source here in Hawaii.  The PBN article is located HERE.

Aloha!

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Home Pick of the Week

The home picks of the week is a property that I highlight as a special opportunity for buyers.  Picks may be based on features, location, value, or other criteria that I believe makes the property worthy of special consideration.  I do not accept fees for featuring a property.

This week's pick is a 5⁺ acre estate located on the island of Maui in what is called Upcountry because it's on the slopes of the dormant Haleakala volcano.

Home Pick of the Week	Maui Upcountry Estate--Panoramic Views
For your convenience, view this listing HERE.
	Selection Criteria	Panoramic views, privacy, acreage
	Bedrooms	3
	Baths	2.5
	Living Area	4,210 sq ft
	Land Area	5+ acres
	Parking	~10+ car garages
	View	Coast-Coast ocean plus mountain
	Bonus Features	500 sq ft Ohana,  1bedroom/1 bath. ~3,000 sq ft shop.
	Lush tropical flowers, cool breezes, starry nights, golden sunsets, views of both coasts, multi-level decking, car lifts, & so much more!
Offered at $2,890,000 (FS)	Maui MLS 331208

Contact Richard Dolbeare (RA), ABR, CRS, e-PRO, Century 21 All Islands,     (808) 651-4550     for information

[Information contained herein is supplied by 3rd parties and while believed accurate at time of posting, it is not guaranteed.  Some owners may hold active real estate licenses in Hawaii or elsewhere.  Buyer due diligence is required prior to purchase.  Permission to showcase property with photo has been obtained from listing agent.] Aloha!

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The Garden Island newspaper published a lengthy article today on a proposed commercial center in the Lihue area that will include a new Safeway store plus numerous other businesses and offices.  Currently, Kauai is served by multiple local grocery chains plus one Safeway located in Kapaa.  This would be the 2nd Safeway and it would be located near the islands center of commerce, Lihue. 

The planning Commission held a public hearing yesterday where residents had a chance to voice concerns over impact to the neighborhood.  The parcel to be developed is about 23 acres adjacent to large commercial outlets of Kukui Grove shopping center, Costco, and Home Depot.  It is to be located across Nuhou Road from Chiefess Kamakahelei Middle School and a new YMCA.  If approved, it's planned to open in roughly 2 years.

Aloha! 

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

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By almost a 2:1 margin, Kauai voters approved a Counter Charter amendment that was placed on the ballot through a citizens' petition.  The new law which takes effect on December 4 puts limits on new transient accommodation units (hotels, timeshares, and vacation rentals).  The growth in these units are required to be in compliance with the General Plan which was completed in 2000.  According to the Garden Island newspaper, that plan recommends yearly increases not to exceed 1.5%. 

How it will be implemented is the big unknown.  Decisions must be made as to which permitting requests are approved and which are denied.  Will this be "first come-first served", those deemed to be most desirable, those providing the most benefits to the island, or what?  The organization weilding this power will apparently be either tbe the Kauai County Council or the Planning Commission.

The next update to the General Plan is required in 2010 and of course this new law and the new General Plan will go hand in hand.

A much more extensive article on this new law is available from the Garden Island newspaper and is located HERE.

Aloha! 

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Maui held it's Central Caravan today with about 20 agents touring 9 new listings.  I always enjoy the opportunity to compare Maui & Kauai inventory (see earlier post for sales statistics) and today was a good one for that.  The Central Maui Caravan is unique in that it is operated in true caravan style with agents carpooling from one property to the next.  Other caravans I have attended are less structured and agents are free to tour properties in any order.  Having experienced both, it's the more structured approach is clearly superior.

Properties on today's caravan ranged from a $290,000 2 bedroom/2 bath condo (long term rentals OK) to a gorgeous $1.695 million, 4 bedrooms/4 bath home nestled right up against the base of the West Maui Mountains.  Wow, the beauty and privacy are awesome!  I can supply more information should anyone have an interest.

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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Bernard Carvalho Jr. was elected as Kauai's new mayor in last week's elections.  Kauai is one of 4 counties comprising the state of Hawaii and each county is run by a mayor so this is a responsible position.  He defeated Joann Yukimura in the general election with 57% of the vote and will serve as mayor for the next 2 years.  That will complete the remainder of former Mayor Brian Baptiste's term which was interrupted by his sudden death on June 23 due to a heart attach. 

Mayor Carvalho has stated his #1 priority is assembling his team and the first issue to be addressed is Kauai's deteriorating economy.  He plans to meed with the business community in this regard.  Mayor Carvalho supports attempting to bring the Superferry back to Kauai which he believes will help our slumping economy.  Joann Yukimura had been endorsed by the Sierra Club which opposed Superferry operations.

Mayor Carvalho has strong community support including my own and I believe we will see good things from him.

Aloha!

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October sales statistics from the respective MLS systems have been released for Kauai & Maui and are presented in the tables below.  Median sales prices on the two islands continue to be similar except for vacant land which jumped substantially on Maui.  The number of sales on Maui are substantially higher (except for vacant land) and exceeds what one would expect solely on the population ratio of 2.2 to 1.  Prices on the two islands continue to hold up fairly well (and in some cases are up) although the number of sales have taken a huge hit.

Keep in mind that the data is as reported by agents and reflects what has sold.  This is not the same as the change in value of an individual property.  Data is deemed reliable but is not guaranteed and should not be relied on for buying or selling decisions.

Aloha!

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Is Kauai inventory headed back down after climbing for 3 years and peaking in August?  I never take 1 month of data as a trend and am hesitant to call 2 months a trend as well.  But for now anyway, it does appear from our MLS data that inventory is on a downward track.  My own closings have increased substantially in this period which gives me encouragement.  The chart data for all of Kauai follows.

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 Kauai citizens petition to transfer approval of permits for construction of transient accommodation units from the Planning Department to the Kauai County Council was overwhelmingly approved by voters yesterday.  This issue was driven by a recent-years spike in such new units that exceeded what was envisioned in the General Plan causing concern about changing the character of Kauai.  Approval of new permits will now be restricted to a number consistent with the general plan. 

At first glance, this restriction would seem to benefit owners of existing vacation rentals by restricting future supply and therefore driving up occupancy rates.  The immediate impact on development may well be small given the current downturn in construction.  In the future, the method for apportioning a limited number of permits remains to be seen.  Also unknown is  whether what appears to be a restriction on private property rights will be challenged in court.

[Disclaimer:  Opinions on the meaning and impact of this amendment are solely my own and may not be consistent with other interpretations.]

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

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A report in the Garden Island newspaper today gave new meaning to the word "crater".  One of the headlines reads "Hotel occupancy rates crater in Hawai'i". 

I track multiple Hawaii statistics and one of these is the hotel occupancy rate.  This gives a little insight into our biggest industry which is tourism.   Adding the latest data point for Mauai (Kauai figures were not immediately available), the chart now looks like the figure below.  September statewide occupancy is reported at 63.2% compared to 74.2% a year ago. 

As I've said many times, now is the time for visitors to come to Hawaii because the crowds are gone, the weather is almost perfect, and we need you!

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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With no blackberry pie in sight (see earlier post HERE), I had to settle for a pie chart for Kauai sales.  This shows which areas of the island are hot (well, warm anyway) and which aren't (the West Side).  Data reflects the number of sales in 2008 through October 31 and includes land, condos, and residential, both fee simple and leasehold.  Timeshare and fractionals/shared ownership are excluded.

Clearly there is not much going on over on the West Side (where I live).  That area includes Hanapepe, Waimea, and Kekaha.  The rest of the island is doing much better.  Although the central area looks relatively low, its absorption rate is favorable so it's doing well.  I'll update that chart later.

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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Halloween is past and we're into November so it's time to update Kauai sales statistics. The first thing I've looked at is the sales count for condos, land, and residential properties.  I've excluded timeshare and fractionals/shared ownership.  Data in the chart below contains both fee simple and leasehold properties.

As I look at the data, I'm hard pressed to discern a trend.  Perhaps that is a good thing for Kauai given the downward trends that dominate so many markets.  I'll be posting other parameters soon.  My apologies to those who like my pie charts but it just didn't work for this kind of data.

Aloha,

Richard

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.com for Hawaii real estate information