2015 Kauai Real Estate in Review
RESIDENTIAL- LAND -CONDO SALES
What a whirlwind year for real estate this year compared to 2014.
Residential sales were quite similar to 2014, varying by only 3.4 % higher.
Vacant land sales on Kauai dropped significantly by almost 32% when compared to 2014. We saw this trend developing early in the year.
Buyers were apprehensive to rising building prices, lack of skilled laborers, and higher construction costs. Another factor is there are still good values in the homes on the market. There maybe some updating required but the thought is that you cannot replicate some of the homes for the land and the building costs at this time.
Condo sales did not disappoint the sales team in 2015 with an increase of greater than 13%. Significant sales in the Poipu condo market largely contributed to the spike island wide.
THE YEAR THAT WAS IN KOLOA/POIPU
The Koloa district which includes the resort community of Poipu is one of the most active of the Kauai real estate districts.
There was 7.3% decline in residential sales when compared to 2014. We feel the reason is due to a lack of acceptable quality inventory under $1.5 million.
Land sales were down a whopping 47.9% compared to 2014. This is due to a lack of inventory and in fact 30% of the land sales were in the Wainani and Poipu Beach Estates.
The Club at Kukuiula, had 24.3% of all land sales in the Koloa- Poipu district. This luxury resort community has set a new level of confidence for a great number of mainland buyers who are looking for high design standards.
Poipu condo sales rose significantly by 25% in 2015. We feel that Poipu condos offer the best value in the $400K to $1 million range. Primarily due to the lack of residential housing in this price range. Condos can be vacation rented offering added income to a part time resident/owner.
Condos offer a part time owner the convenience of having knowledgeable professionals to manage the property while they are off island.
It’s a new year, a new chapter, a new verse…. Ultimately we write it. The choice is ours.”
Alex Morritt
The Eastside district which garners the highest population on the island includes the town of Kapaa. And the greatest inventory of lower end residences.
Residential sales were slightly higher than in 2014. The median price for residences was $509,000 in 2015.
Land sales decreased by 23% due primarily to a lack of inventory, high construction costs, and lack of skilled crafts people.
Condo sales decreased by 25% probably due to a lack of inventory and the age of all the projects in this district. The median price for a condo in 2015 was $ 251,000.
The North Shore includes Hanalei and the resort community of Princeville.
There was a nearly 27% increase in residential sales due primarily to sales of high end homes in the Hanalei area. The median price for a residential home in this district was $1,150 million dollars and the median price for a condo was $554,500 in 2015.
Land sales were down 31% in this area which follows an island wide trend, for much the same reasons as previously stated.
Condo sales were up 11.6% primarily in the Princeville resort area where new owners have the ability to short term rent due to being in the highly coveted Visitor Destination Area.
If you have any questions we welcome them, please leave a comment below. Turtle Cove Realty is here to help you find your Kauai.
No comments:
Post a Comment