Hawaii Real Estate Resource

Poipu Beach Hotel is coming back online as the new Koa Kea Hotel & Resort

Hurricane Iniki wiped out Kauai's South Shore hotels (and most of the rest) in 1992.  Most have been rebuilt but two have remained closed.  The two are the Poipu Beach Hotel and the Coco Palms remembered by many from Elvis' Blue Hawaii film.  The Coco Palms is still an eyesore after developers gave up on renovations after running into issues with permitting.  But finally the Poipu Beach Hotel is reopening tomorrow.  It's been renovated and has a new name, the Koa Kea Hotel & Resort.  For those who want to check it out on-line, their website is HERE.

Better yet, come on over to Kauai, check in, and enjoy the famous Poipu beaches.  Now we're down to the Coco Palms and I surely hope something happens there soon. 

Aloha!

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March sales statistics are now available for both Maui and Kauai. Both markets have seen sharp declines in both median sales price and number of sales for the current year compared to the same period in 2008.  As always, I caution that median sales price is heavily influenced by what price category is selling and does not necessarily represent changes in values of an individual property.  On Kauai, the "hot" category is homes in the $250,000 to $500,000 range so it is no surprise that the median sales price falls within that range.

Here is the year-to-date (YTD) data through March 2009 compared to the same period in 2008. I previously posted Kauai statistics HERE before Maui statistics were available. That post contains March monthly data in addition to the year-to-date values herein.

This Month's Update

YTD Median Sales Price (Jan-Mar 2009)

YTD Number of Sales (Jan-Mar 2009)

Figures From Prior Update

YTD Median Sales Price (Jan-Feb 2009)

YTD Number of Sales (Jan-Feb 2009)

[Data is deemed reliable but is not guaranteed and should not be relied on for buying or selling decisions. My opinions are my own and there are likely to be different opinions and interpretations of the data.]

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.com for Hawaii real estate information

With all the talk about abandoned homes and bank-owned properties (known as REO's) across the nation, I was curious about the impact of this on Kauai.  With no good source of detailed REO information. I decided to do a little research. 

How many Kauai REO's are out there?

First of all, the current issue of Pacific News published information obtained from Title Guaranty Escrow Services suggesting that there are "at least 334 bank-owned houses and condominiums in Hawaii - the majority on Oahu, with 141, and the Big Island, with 108".  According to my math, that leaves 85 REO's apportioned between Kauai and Maui counties.  Based on the relative size of those two markets, I'd guess about 25 of these are on Kauai.  Clearly that's not many at this time.

How many Kauai REO Sales?

Next I looked at the number of REO sales as reported in the Kauai multiple list service.  Unfortunately there is no robust method of searching out these type of sales.  However, a search in agent remarks for commonly-used terms used to designate REO sales showed 12 such sales in 2008 and 8 so far in 2009.  This amounts to only 2% of 2008 sales but 8% of 2009 sales. 

Where are we headed?

That 8% figure is an eye-opener and suggests that REO sales are destined to be a significant portion of the marked as we move forward. 

[Clearly these figures are only approximations and other methods could give different results.]

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.com for Hawaii real estate information

It has been announced that a bulk-sale public auction of developer units of the Hilton Kauai Beach Resort will be held May 6 at the Lihue 5th Circuit courthouse steps.  145 condotel units and 15 commercial units are to be sold to the highest bidder in a foreclosure process initiated by lender iStar Financial.  The sale does not include the 200 plus units purchased by other individuals.  The developer bought the hotel in 2004 and began the process of converting it into individually-owned rooms (a condo-tel) in 2005.  Owner resale of these units has taken a major hit in the housing downturn and recent resales have been at prices far below the original purchase price. 

Kauai Beach Resort is an oceanfront hotel under the Hilton flag located just 3 miles North of the island's  primary airport in Lihue.  The Ultimate Kauai Guidebook has a nice overview of the complex HERE.

Additional details are available in the current issue of Pacific Business News.

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.com for Hawaii real estate information

Anyone for Maui golf?

For any golfers out there who are planning a trip to Maui, there is an on-line golf resource that is truly outta sight!  Go to http://www.mauigolfcoast.com/, scroll about half way down, and pick the link Download Maui's Golf Coast Brochure.  It opens up a new window where you can view or print a really professional 30-page color brochure with information and pictures of all the Maui golf courses.  It's all factual information with no advertising!

I hope this is helpful to you and others you know.

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.com for Hawaii real estate information

Kauai Sales Statistics For March 2009

Kauai home sales statistics have been released for the month of March 2009 which completes the first quarter statistics. The figures are island-wide comparisons of current sales versus year ago sales. Today's high-anxiety environment will drive some to look at data draw conclusions which may or may not be valid. In my experience, monthly values fluctuate widely and I've always preferred to use year-to-date data to average out the fluctuations. Now that we have 3 months under our belt, year-to-date is becomming meaningful. The fact that March figures are better than year to date coincides with personal observations of agents which is encouraging.

It's important to keep in mind that the data reflects what is actually selling and not necessarily a change in value of a particular property. In my experience investor purchases tend to be in higher-priced resort areas whereas owner-occupant purchases tend to be more focused in value-priced areas. My buyer clients today are much more heavily weighted toward owner-occupant than in previous years when investors dominated. More sales in value-priced areas and fewer in higher-priced resort areas will drive median sales prices down.  Of course the number of sales speak for themselves although here again, an absence of investor sales will drive the numbers down. 

Number of Sales

Median Sales Price

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

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

[Data extracted from MLS reports. Information contained herein is deemed reliable but is not guaranteed. Buying & selling decisions should be made in consultation with a real estate professional and not on representations herein. Opinions are solely my own and do not necessarily reflect those of my brokerage.]