Kauai Real Estate and Local News Update January 3
Happy New Year from Kauai!
The massive amounts of rain that we received during the day on December 31 made us all nervous about the scheduled firework shows for the island of Kauai that evening. Good news is the rain stopped and conditions were perfect for the shows to ring in 2010 and having the ground saturated during the day by rain made the conditions safer for fireworks. Did you know that fireworks here on New Years is much larger than on the Forth of July on the mainland? It’s true and in some neighborhoods it can go on all night long!
Here are some of the news headlines as well as a real estate update for you:
Visitor from North Carolina Drowned off Waiohai on Monday
County officials said the 20-year-old man had been snorkeling at Waiohai Bay in Poipu. He was found face down about 20 feet from shore at about 1 p.m., officials said. Lifeguards performed CPR. Paramedics treated the victim and took him to Wilcox Memorial Hospital, where he was pronounced dead.
Living Foods Market & Cafe to Open January 20th!
At long last we have a health food store here on the south shore located at Kukuiula Village in Poipu .
The 5,000-square-foot natural foods store is owned by Jim Moffatt, widely known as chef and owner of the popular Bar Acuda restaurant in Hanalei. He will sell organic and locally grown gourmet food, produce and products at the new market and cafe, hours will be from 8 a.m. to 8 p.m. daily. The cafe will serve European-style fare including panini sandwiches, pizzetas, crepes and salads for breakfast, lunch and dinner. The store will roast it’s own coffee and will carry a 400 label wine selection.
Good News For Hawaii Tourism
Hawaii’s visitor business will finish 2009 much as it finished 2008: down from the previous year.
Still, there is a sense among state officials, economists, hoteliers, airline executives and other experts that Hawaii hit bottom somewhere over the past 20 months and is slowly moving up. It’s supported by what’s transpired in just the past five months, with modest growth seen in some arrival and occupancy numbers, though visitor expenditures and revpar continue to lag.
“It’s a slow climb out of a deep hole,” economist Paul Brewbaker observed at a recent industry luncheon. “We are past the trough of the visitor industry downturn, and gradual improvement will occur as the global recovery takes hold,”. UHERO predicts visitor arrivals will expand 3.7 percent in 2010, led by more Japanese and Californians.
Joseph Toy, president and CEO of Hospitality Advisors , predicts a “seasonal bump” during the first quarter, though one that will still fall “well short of peak years.” Toy said the earliest recovery could come is summer, a 12-week period to “build a sustainable floor” for recovery in 2011. The same article left off with these two statements:
2010 POSITIVES:
• The economy is recovering.
• Consumers are growing more confident.
Kauai Real Estate Update
For the year of 2009 it was a mixed bag for real estate sales in Kauai with some areas out preforming others with significant differences. Taking the areas with the majority of vacation rental and second homes in them:
Koloa area some of which includes Poipu/Kalaheo/Omao/Lawai;
Homes sales were up by +20% but their median price was down by -34.52%, Condominium sales were down by -15% but median price was up by +1.15%
Lihue;
Home sales were down by -37.84% and and the median sales price down by -2.08%. Condominium sales were up by +63.64% but the median price was down by -28.16%
Kawaihau area includes the Coconut Coast (Islander, Waipouli Beach Resort etc.)
Home sales were down by -18.87% and the median price down by -21.29%. Condominum sales were down by 21.74% and the median price was down by -41.67%
Hanalei/Princeville
Residential sales were down by -8.96% and median sales price down by -20.23% condominium sales down by -26.03% and the median sales price down by -38.67%
For a list of what came on the market and what closed for the last week of the year 2009 CLICK HERE FOR SPREADSHEET