The winds were really with us again in the first part of this week along with sudden downpoars. Then it got just beautiful; sunshine, not too hot….not too cold….sunny….and then came the rains again. It’s been a bit of a mixed bag and we all are running out and enjoying the good weather when it shows up. So if you don’t like the weather? Wait a half hour!
Good News On The Interest Rate Front
Last Tuesday the Federal Reserve has left its key interest rate near 0% which is where it has been since December 0f 2008. This decision has been both applauded and blasted, some say that this policy “could be” creating a new bubble in financial markets and others are worried that the interest rate will rise once the Feds complete their purchases of 1.25 trillion in mortgage backed securities.
At this time the Federal Reserve is stating the “rates should stay this low for the foreseeable future.”
Kauai Lagoons Resort Pops Back Up On The Radar
Marriott Vacation Club began selling time-share units last Wednesday at its 520-acre Kauai Lagoons Resort. It’s been very, very quiet at Kauai Lagoons since Marriott stopped construction of the $1.4 billion resort project in 2008 and this is the first we’ve heard of them since then.
Construction however is not being resumed, according to Ed Kinney, spokesman for Orlando, Fla.-based Marriott Vacation Club International. These are for existing units and prices start at $40,900 per week depending on location and the season. “We certainly need to sell it out first,” Kinney said. “Then we can evaluate construction moving forward.” August of this year is when the first guests are expected to arrive.
Hanalei; Where The Buffalo Roam
Did you know we have a buffalo ranch here on Kauai? It’s true and it’s also located on the North Shore in the town of Hanalei on some 250 acres. Bill Mowry, the owner of the ranch, is reporting that someone is poaching his buffalo, at one point he had 70 heads and now down to 50. He reported to our newspaper that he has been kept some night with the sound of shots being fired. Poaching is on the rise here on Kauai both at the buffalo ranch and cattle ranches. One reason could be that people could be using buffalo meat for drug money since it is such a rarity.
“Smart Growth” Community Proposed by Grove Farm
Near “Airport Road” Grove Farm Company is proposing to develop some 130 acres into a “smart growth community” which will have its own grocery store, movie theatre, bank, YMCA and many other business. Wailani, as its being called, will have retail and residential buildings with the goal being the whole community sustains itself, everything you need will be within walking distance.
Still a long ways off with a build out period to be 10 years it does show a commitment to the future that we are seeing with other companies notably Hyatt, Marriott and on Oahu Disney (just to name a few). Filing for final subdivision approval will be done this summer and the jobs that it will bring to Kauai are sure to further stimulate our economy.
Sales Up For Kauai Real Estate and a New Format…..
In addition to posting what has sold and what came on the market for the last week I will also post what went into escrow. This way you can also keep up with our activity that way. Several of my readers asked to see a compilation of the activity that I see during the week for units going under contract. You’ll see that we, once again, had really nice number of sales for the week. For the “new look” on my excel spreadsheet CLICK HERE FOR SPREADSHEET