HANNAH’S INSIGHTS – MAY 2017
A beautiful spring unveils here in Poipu. We’ve seen perfectly clear days and evenings, and just enough surf along the south shore to make it feel like summer is around the corner. Indeed, it’s been a picture-perfect month to sell real estate. Under our Sirois Kauai Heritage Portfolio through early May 2017 we’ve closed escrow on properties within Kalaheo, Kiahuna Homesites, Kiahuna Plantation, Kukuiula, Poipu, Poipu Kai Resort, Nihi Kai Villas, Wailua/Kapaa and Wainani.
The overall market shows that buyers across Kauai remain active in pursuit of both irreplaceable properties and those at compelling prices. For the first time since 2008, we see 1031 exchange funds entering at a regular pace directing to residential, condo and land acquisitions.
Purchase activity in new communities, such as Emerald Homes at Wainani, is strong. Within the last 15 days alone, 3 properties at this luxury DR Horton community sold or entered escrow. Access to community amenities, beach and functional designs provide the allure.
Due to their higher list prices, properties along Kauai’s southern and northern coastlines experience extended days on market and therein rely upon visitor arrivals to fuel absorption. Despite the appreciable price points in those areas, buyers continue to enter knowing that they are acquiring at 2004-2005 overall market valuations. To evidence this, the mid May 2017 under contract count stands at 63 condominiums and residences on the southshore and 60 on the northshore. Healthy!
For a full view of the Kauai market performance, click here.