Kaua`i single-family home sales increased between October 2008 and October 2009 as well as between Sept. 2009 and Oct. 2009.
Yes, it's GOOD NEWS! According to statistics from the MLS (Multiple Listing Service), the number of sales of single-family homes - island wide - went from 23 in Oct. 2008 to 32 in Oct. 2009. This resulted in a 39.13% increase when comparing '08 and '09 results. Six sales took place in the Hanalei district, 11 in Kawaihau, 10 in Koloa, 3 in Lihue and 2 in the Waimea district. Sales volume of single-family homes jumped 57.66% between Oct. '08 and '09.
Median sales prices for single-family homes on Kauai went down, island wide, from $515,000 in Oct. 2008 to $446,500 in Oct. 2009. If you want to see the October stats, visit: http://kauaihawaii-realestate.com/stats/Oct09Stats.pdf
In September 2009, there were 16 single-family home sales - so in one month, the number of sales doubled.
Condominium sales on Kauai also improved by 77.78 percent between Oct. 2008 (9 sales) and Oct. 2009 (16 sales). In September 2009, there were 13 condo sales island wide. However, the median price of condominiums (island wide) decreased from $520,000 in Oct. 2008 to $395.000 in Oct. 2009 Perhaps the reduction in prices is what motivated buyers to make their purchases.
-- Source: Hawaii Information Services (www.hawaiiinformation.com/REsearch)
Maybe the piece of real estate you've been dreaming about on Kauai is simply waiting for you. When paradise is calling you, call me!
Have a great day.
Mahalo
Debra
(808) 826 1846, cell (808) 635 8031
www.kauaihawaii-realestate.com
Na Pali Properties, Inc. - Located in the heart of Hanalei.
After closing approx. one year ago for renovations, the Princeville Hotel re-opened its doors Sept. 26th as the new St. Regis Princeville Resort.
This afternoon (10/1/09) I had the distinct pleasure to attend the blessing/reception of the new St. Regis Princeville Resort. And, what an honor it was to be there.
The energy & excitement from those in attendance was contagious. After a challenging year (for all of us), the enthusiasm and optimism was overflowing from Kauai's mayor and Hawaii's governor to all who were in attendance. It felt like positive change was taking place and provided hope for more good things to come.
One of the most special moments of the day was the delightful performances of the Halau Ka Lei Mokihana Leina`ala. These young girls' were captivating - bringing tears to my eyes (and to some others in the crowd around). It was a pleasure to watch them as they delivered joy to everyone's hearts.
Watching sunset from the lanai at this establishment has always been a treat - one residents enjoy and one they love to share with their guests who visit. We welcome back that opportunity as well as welcoming a new era on the north shore. We look forward to better days ahead - here, across the Hawaiian Islands and on the mainland.
Mahalo
Debra
Debra A. Jason, RA, ABR When paradise is calling you, call me!
Many north shore residents (and visitors) were happy to hear that the "Happy Talk Lounge" re-opened at the Hanalei Bay Resort. A favorite spot for watching incredible sunsets and hearing great music (from Hawaiian night to Jazz night), the lounge is open once again offering food, beverage and entertainment. Breakfast, lunch and dinner are available and they offer a "to go" menu as well. They are also featuring nightly entertainment including an Aloha Friday Happy Hour with Hawaiian music, Hanalei Hula on Wednesday nights, "Kauai-it Music" on Saturday, and Sunday Jazz night.
MITZI GAYNOR RETURNS TO KAUAI:
Mitzi Gaynor will be returning to Kauai for the first time since 1957-58. Star of "South Pacific," she is visiting the island to attend the 50th anniversary celebration of the movie (which was filmed on Kauai). Remember, "I'm gonna wash that man right out of my hair?" That was filmed at Lumahai. And, of course, who can forget "Bali Hai is calling..." (our Mount Makana at the end of the road)?
Mitzi will be the leading attraction at two special events during her stay. One will be at the Grand Opening reception at the long-awaited St. Regis Princeville Resort. The other event will be presented by the Kauai Visitors Bureau. Entitled "An Afternoon with Mitzi Gaynor," it will be held at the Kauai Marriott Resort & Beach Club. Open to the public, tickets are $20 and proceeds benefit the Kauai Museum. For more information, call (808) 245 3971.
PRINCEVLLE's MAKAI GOLF COURSE RENOVATION:
An August update from the Head Golf Professional indicated that the opening of the course for play will likely be later in the year. The work on the Ocean Course was scheduled for completion last month with the grassing of #5. Then, the undertaking of grassing on #8 Lakes as #1, 2, and 9 have been completed and are in early grow-in stage. Irrigation, trenching, installation & "buttoning up" have been completed on the Lakes holes 4-7. As they move closer to the completion of the project, the courses will make a slow but smooth transition to maintenance & conditioning.
If you're already on island, stop by the Happy Talk Lounge for a relaxing sunset. If you're planning a trip, how 'bout one in October to see Mitzi Gaynor?
Hope to see you here soon.
Have a great day.
Mahalo
Debra A. Jason, RA, ABR When paradise is calling you, call me!
One of my first posts on Active Rain – about a year ago - was about “Shedding Light on a Dim Real Estate Market.” It was an attempt to get out there and provide some optimism in a market where the media continually promoted pessimism. Today, I’m happy to say things are looking up. Perhaps you’ve read the stories I’ve read, but in case you haven’t I’m going to provide some more optimistic news - not based on my opinion, but on articles and other posts I’ve come across.
Here are some of the latest headlines:
From “REALTOR Magazine Online: ”Buyer Hesitation Is Dissolving” by Robert Freeman, September 2009 “After years of concern over the direction of home prices, buyers are returning to the market. After 4 years of declines, home sales on a national basis finally appear to be turning around. Closed sales, which have risen three straight months, and pending contracts, up for five straight months, are at levels above normal spring & summer increases. . . . Buyers are no longer hesitant about home purchases on the fear of further price declines. And that sets the stage for a steady release of pent-up housing demand.” Source: http://www.realtor.org/rmonews_and_commentary/Economy/0909_economy_buyerhesitation
From “The Wall Street Journal:” Economists Reach: “Breadth of Gains Was Impressive” 8/25/09 “Not only are housing prices stabilizing, they are starting to grow. The three most widely used yardsticks for measuring housing prices (The National Association of REALTOR’S median price, the Federal Housing Finance Agency (FHFA) price indexes and the Case-Shiller price indexes) are telling a similar story.” – Patrick Newport, economist at HIS Global Insight Source: http://blogs.wsj.com/economics/2009/08/25/economists-react-breadth-of-gains-was-impressive/
From RISMedia: “Positive Signs: Home Prices on an Upswing in Second Quarter 2009” 8/26/09 “For the second month in a row, we’re seeing some positive signs,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “….there are hints of an upward turn from a bottom . . . “ Source: http://rismedia.com/2009-08-25/positive-signs-home-prices-on-an-upswing-in-second-quarter-2009/
From MSNBC.com/The Associated Press: “Home prices post first quarterly rise in 3 years” 8/25/09 “The Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter . . . The monthly index of 20 major cities increased 1.4 percent from May to June to 142, the 2nd straight month the index registered a gain. Source: http://www.msnbc.msn.com/id/32550874/ns/business-real_estate/
From “the Wall Street Journal: ”A Toe in the Water" by Dave Kansas “Real estate is starting to look cheap enough to buy. Or at least think about buying. . . . Those fortunate people who have weathered the storm are emerging from their fetal crouch and starting to think more about taking some investment risks. . . . they seem to be heading for real estate (vs. stock market).” Source: http://online.wsj.com/article/SB10001424052970204271104574290650401076352.html
Thank you to those who continue to stay on top of the statistics and report good news. As always, I’ll do my best to seek out positive comments to report and pass onto my clients (both buyers & sellers). Here’s to shining a bright light on what has been a dim real estate market.
If you have positive information you'd like to share, feel free to respond to this post. I look forward to hearing from you.
For those seeking real estate on Kauai and those particularly interested in REO (real estate owned by the bank) properties for sale, here's a sampling of what appears on Kauai's MLS (multiple listing service) today:
Condominiums
MLS #225425: 1 bed/1 bath Kahala at Poipu Kai I. Asking price $346,900 Days on market = 30
MLS #223363: 2 bed/2 bath Kaeo Kai Ph I (Princeville). Asking price $259,000 (lowered since last ActiveRain posting) Days on market = 103
MLS #225936: 2 bed/2 bath Banyan Harbor (Lihue). Asking price $250,000 Days on market = 13
MLS #225806: 3 bed/2.5 bath Nihilani at Princeville. Asking price $489,900 Days on market =14
Single-family homes
MLS #226240: 5 bed/4 bath (2221 SF of living space on approx. 10,610 SF of land) in Kapaa (4619 Lehua St.). Three plantation cottages for commercial or residential use. Asking price $644,900 Days on market = 1
MLS #226200: 5 bed/3 bath (3395 SF of living space on approx. 1.8 acres of land). Main residence has 4 bed/3 baths. Included is a 1 bed/1 bath cottage. Asking price $599,900 Days on market = 3
MLS #226132: 3 bed/2 bath (1029 SF of living space on approx. 5424 SF of land) in Lihue (4262 Oama Pl.) Asking price $354,000 Days on market = 6
MLS #226104: 3 bed/2 bath (1048 SF of living space on approx. 6000 SF of land) in Kapaa (5358 Kula Mau`u St). Asking price $316,900 Days on market = 7
MLS #225954: 3 bed/1.5 bath (912 SF of living space on approx. 7700 SF of land) in Koloa (3868 Olona St.) Asking price $349,000 Days on market = 13
MLS #225851: 3 bed/2.5 bath (1396 SF of living space on approx. 8080 SF of land) in Wailua Homesteads (229 Koili Ln). Former owner was remodeling, but work was not completed. Asking price $297,500 Days on market = 15
MLS #225781: 3 bed/2 bath (1584 SF of living space on approx. 6715 SF of land) in Eleele (4740 Hokuloa Place) Asking price $309,900 Days on market = 16
MLS #225407: 5 bed/4 bath (3298 SF of living space on approx. 9627 SF of land) in Omao (4345 Naulu Place). Asking price $211,613. Buyer beware, no access without permission (home has rot, mold, termite damage, bees, broken windows & roof leaks). Days on market = 31
MLS #225197: 3 bed/3 bath (2282 SF of living area on approx. 6000 SF of land) in Koloa (1672 Kelaukia St.) Asking price reduced to $1,034,550 Days on market = 38
MLS #223496: 4 bed/2.5 bath (2506 SF of living area on approx. 19,402 SF of land) in Lihue (2891-C Pua Nani St). Asking price reduced to $449,000 Days on market = 98
MLS #223366: 3 bed/2 bath (2117 SF of living area on approx. 10,244 SF of land) in Princeville (3995 Kamehameha Rd). Asking price reduced to $489,900 Days on market = 104
MLS #224854: 3 bed/3 bath (2206 SF of living area on approx. 15326 SF of land) in Princeville (5086 Napookala Circle). Asking price reduced to $799,800 Days on market = 48
[This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed]
Keep in mind, when buying an REO property, the Seller (i.e. bank) wants you to be pre-qualified and in some cases also provide proof of cash funds (i.e. for your down payment). In all cases, whether a single-family home or condominium, the property is sold "as is."
If anything here interests you, let me know. Or when paradise is calling you, call me! Mahalo!
In his online commentary, Lawrence Yun, Chief Economist for the National Association of REALTORS® (NAR), wrote: "The latest residential housing market figures do indeed give me some hope. Existing-home sales rose 2.4 percent in May. May’s increase follows a rise in resales in April as well. That’s the first back-to- back monthly increase in existing-home sales since September of 2005."
"Pending sales also rose. . . . Indeed, May’s pending home sales index was the fourth consecutive monthly gain since October of 2004. Housing affordability continues at historically high levels as well." To read his complete commentary, visit: http://www.realtor.org/research/reinsights/economistcommentary
New Home Sales Go Up
In The Wall Street Journal, journalist Jeff Bater reported "New-home sales soared in June from the previous month, the third increase in a row and supplying fresh evidence the housing market is beginning to recover from its long crisis." "Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month, the Commerce Department said Monday. Though, year-over-year, new-home sales were 21.3% lower than the level in June 2008."
The tax credit now allows buyers with FHA loans to use the credit towards closing costs, make a larger downpayment, or buy down interest rate. Who qualifies? First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009. And, the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Learn more about the 2009 First-Time Home Buyer Tax Credit, including which purchasers and properties qualify and for how much at http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
Realtors' Confidence On the Rise
The most recent Realtors® Confidence Index suggests that the future for single-family homes looks far better than a year ago. And in spite of the lingering recession, buyer traffic is up. Wannasiri Chompoopet, Manager of Housing Statistics, gives us the latest view from our monthly panel of Realtors®.
Read “The Realtors® Confidence Index: Expectations Higher for Single Family Homes” online at http://www.realtor.org/research/reinsights/marketintelligence
For those seeking real estate on Kauai and those particularly interested in REO (real estate owned by the bank) properties for sale, here's a sampling of what appears on Kauai's MLS (multiple listing service) today:
Condominiums
MLS #225425: 1 bed/1 bath Kahala at Poipu Kai I. Asking price $346,900 Days on market = 5
MLS #223363: 2 bed/2 bath Kaeo Kai Ph I (Princeville). Asking price $270,000 Days on market = 78
Single-family homes
MLS #225197: 3 bed/3 bath (2282 SF of living area on approx. 6000 SF of land) in Koloa (1672 Kelaukia St.) Asking price $1,089,000 Days on market = 13
MLS #223496: 4 bed/2.5 bath (2506 SF of living area on approx. 19,402 SF of land) in Lihue (2891-C Pua Nani St). Asking price $489,000 Days on market = 73
MLS #223366: 3 bed/2 bath (2117 SF of living area on approx. 10,244 SF of land) in Princeville (3995 Kamehameha Rd). Asking price $499,900 Days on market = 79
MLS #224854: 3 bed/3 bath (2206 SF of living area on approx. 15326 SF of land) in Princeville (5086 Napookala Circle). Asking price $814,800 Days on market = 23
[This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed]
Keep in mind, when buying an REO property, the Seller (i.e. bank) wants you to be pre-qualified and in some cases also provide proof of cash funds (i.e. for your down payment). In all cases, whether a single-family home or condominium, the property is sold "as is."
If anything here interests you, let me know. Or when paradise is calling you, call me! Mahalo!
The national real estate research firm RealtyTrac reported that there were 816 foreclosures filings in the state of Hawaii in May 2009.
Of the four counties they tracked, Kauai had the lowest number of foreclosure filings at 78. Honolulu had the most foreclosure filings at 399; Maui at 171; and the Big Island at 168.
RealtyTrac also reported a total of 49 foreclosure sales throughout the state for the month of May (286 year-to-date). And, they listed the top 5 foreclosure states as California, Florida, Nevada, Arizona and Michigan (in no particular order). Source: http://www.realtytrac.com/states/Hawaii.html
REO Listings on Kauai 6/22/09
For those of you who are interested, and there are many, here is a sampling of the REO properties currently on the market on Kaua`i. REO means "real estate owned" by the bank. These properties are sold "as is" and usually require the Buyer to provide a pre-qualification letter (sometimes, a pre-approval) and/or proof of cash funds (i.e. for down payment monies).
RESIDENTIAL:
• 3-bedroom, 2-bath Princeville home in need of TLC. On the Makai Golf Course. Approx. 2,117 SF of living space on approx. 10,244 SF of land. Asking price $499,900. Days on market (DOM)=66. MLS #223366
• 4-bedroom, 2.5-bath Lihue home. Approx. 2,506 SF of living space on approx. 19.402 SF of land. Asking price $489,000. DOM=60 MLS #223496
• 3-bedroom, 3-bath Princeville home in Sunset Circle Community. Approx. 2,206 SF of living space on approx. 15,326 SF of land. Asking price $814,800. DOM=10 MLS #224854
CONDOS:
• 2-bedroom, 2-bath ground floor unit at Ka`eo Kai. Approx. 1,503 SF of living space. Access to pool. Asking price $270,000. DOM=65 MLS #223363
• 3-bedroom, 3-bath Plantation at Princeville. Approx. 1,318 SF of living space. Overlooks pool area. Asking price $499,900. DOM=283 MLS #215869
Source: Hawaii Information Service, 6/22/09. This information has been supplied by third parties & has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. Prices subject to change between now & the time you receive this mailing.
Several oceanfront homes have been on the market along Kauai’s popular north shore anywhere from 78 to 1,791 days. Between Hanalei and Haena, about a dozen homes are now on the market.
The north shore is favored by many for its lush hillsides and beautiful beaches. However, there’s only so much oceanfront and now is a good time to take a look at what’s around. Here’s some info on the latest listings currently on the Kauai Multiple Listing Service:
MLS #220831, asking price $12,500,000 4 bedrooms/4 baths in Hanalei (approx. 3807 SF of living space on approx. 1.11 acres of land) DOM = 78
MLS #219555, asking price $2,900,000 4 bedrooms/4 baths (approx. 2106 SF of living space on approx. 11,950 SF of land) DOM = 123
MLS #218622, asking price $3,400,000 2 bedroom/2 bath (approx. 1373 SF of living space on 27,750 SF of land) DOM (days on market) = 152
MLS #218628, asking price $3,500,000 2 bedroom/2 bath (approx. 952 SF of living space on 26,250 SF of land) DOM= 152
MLS #218590, asking price $4,600,000 2 bedroom/2 bath (approx. 2784 SF of living space on 13,731 SF of land) DOM = 154
MLS #219016, asking price $6,000,000 5 bedroom/3 bath (approx. 4500 SF of living space on 1.01 acre of land), 2 homes on property DOM = 146
MLS #217160, asking price $6,500,000 3 bedroom/3.5 bath (approx. 2500 SF of living space on 17,048 SF of land) DOM = 191
MLS #208632, asking price $13,000,000 8 bedroom/8.5 bath (approx. 6236 SF of living space on 2.97 acres of land) 2 homes on property (each 4 bedrooms) and tennis court, (one home – the oceanfront one – is also on the market on its own as MLS #219465, below) DOM= 158
MLS #219465, asking price $9,000,000 4 bedrooms/4.5 baths (approx. 2512 SF of living space on 1.91 acres of land) DOM = 158
MLS #219592, asking price $3,900,000 2 bedrooms/2 baths (approx. 1200 SF of living space on approx. 14,530 SF of land) DOM = 121
MLS #207311, asking price $3,250,000 7 bedroom/5 bath (approx. 3102 of living space on 9100 SF of land) DOM = 446
MLS #135921, asking price $15,000,000 4 bedroom/3 bath (approx. 2141 SF of living space on 8.29 acres) 3 bedroom home and 1 bedroom caretaker’s cottage, DOM =1,791
(Information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed).
For those looking for homes they can vacation rental, these properties are not in a Visitor Destination Area. However, several have been vacation rentals to date and have applied for their Non Conforming Use Permit (NCUP) so that the property can hopefully continue on as such. At this time, several owners have received approvals or denials while still others continue to wait for an answer from the County regarding their status. If any one of these Kauai properties interests you and you want to know the status of the Permit (if the Owner applied for one), I can search the County’s Web site for the status.
Want more information about oceanfront homes or other single-family homes along Kauai’s north shore (i.e. Kilauea, Princeville, Hanalei, Wainiha, Haena)? When paradise is calling you, call me! Have a great day.
Mahalo for your time
Debra
Debra A. Jason, RA, ABR (Realtor-Associate, Accredited Buyers Rep.)
St Regis Hotel - Business reporter Coco Zickos reported (in the May 1st issue of The Garden Island) that the "St. Regis public relations department released an official announcement Tuesday evening that the opening has been delayed until Oct. 1st." According to Stephanie Kaluahine Reid, Director of Public Relations, "The renovation of the hotel is going very well..." To read the complete story, visit: http://kauaiworld.com/articles/2009/05/01/news/kauai_news/doc49fab33abd43d909615447.txt
Princeville’s Makai Golf Course - On May 4th, I received an update from the Head Golf Professional at Princeville’s Makai Golf Course. The course has been undergoing renovations and as of the 4th here’s the update: “Grading Unit #1, ocean holes 1, 9 and driving range are complete & grass mowing will be undertaken in the next week. Holes #6 and 7 are now grassed and hole #8 will be grassed this week.” “As irrigation installation work proceeds through holes 1,2, 8 and 9 of the Lakes course and the final work is being completed on the Ocean course, initial shaping & drainage installation is progressing on the Lakes course holes 3-7. Holes 5,6, and 7 have been shaped and drained and holes 3 and 4 will be completed before the end of May.” “As of this date, our construction completion date…has been set back nearly one month.” Opening is targeted for late Fall.
As I write this post, I’m getting on an airplane tonight and heading to Colorado. While I won’t be near the ocean, I will have the opportunity to be among the beautiful blue skies & Rocky Mountains that surround Boulder. As always, feel free to email or call me if you have questions about real estate on Kauai, HI.
Mahalo
Debra
Debra A. Jason, RA, ABR When paradise is calling you, call me!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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