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| Kauai View Newsletter
MARCH 2008 |
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Hawaii Realtor Brokers (R)
Century 21 All Islands
5-4280 Kuhio Highway
Princeville, Hawaii 96722
808-652-9402
Specializing in Resort Markets
Licensed for Real Estate Sales in Hawaii, California and Nevada | |
Greetings!
If you have been patiently waiting for Spring to arrive, you should have been here in Kauai this February. After a very memorable Superbowl Sunday - where we got 6 inches of rain in one day - the rest of the month has been sunny and balmy. Our regular trade winds have been reduced to a breeze. The ocean has been more like a lake, making it the best whale watching season ever.
The great weather has brought out more people at our open houses. And whether people are looking for a vacation home or future full time residence, many visitors have been spending at least part of their vacation checking out the local real estate market. We find that many people are waiting for their mainland properties to sell in order to fund a purchase here in Hawaii.
One of the highlights of this month for us, was being invited to a traditional Hawaiian Blessing of a friend's new home in Princeville at the Villas of Kamali'i. There is nothing more memorable than listening to the music of the Hawaiian language as the sun sets slowly in the west. We were all blessed to share the occasion with our new neighbors and friends. It reminds us all of why we all came and why we find Kauai so special and unique. It's not just the beautiful scenery and weather, it's the people, the culture and the history of this very unique land that makes you continue to come back again and again. |
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 PRINCEVILLE RESORT HOTEL CLOSING FOR SEVEN MONTHS FOR RENOVATIONS
The Princeville Resort is closing on September 19th to begin it's transformation into a luxury St. Regis Resort. The renovation is expected to take seven months with the grand reopening scheduled for April 19th, 2009. The renovation will involve a complete transformation of the 252 room hotel, including redesigned guest rooms, lobby and pool areas, as well as new restaurants and the addition of an on-site luxury spa. Many of the 366 employees will be reassigned during the renovation period to positions at the Sheraton Kauai Resort in Poipu and the new Westin Princeville Ocean Resort Villas which is scheduled to open this April. The Westin is currently under construction at the end of Wylie Road on a bluff overlooking Anini. The resort will feature 179 two bedroom timeshare villas. It is being marketed as a Starwood Vacation Ownership (timeshare) property. |
KAUAI LEADS STATE IN VISITOR POPULARITY The Garden Island of Kauai was the only island in the state of Hawaii to increase the number of visitors in 2007 over 2006. According to the Hawaii Department of Business Economic Development and Tourism, Kauai visitation was up 5.7% with an increase in visitors from the U.S. West Coast, East Coast, Canada and Japan. Visitor spending rose by 4%. "Islands Magazine" named Kauai in the top 100 destinations for responsible tourism, recognizing efforts to preserve the environment and culture of the island. The Kauai Made program was honored for promoting products created with on-island materials. Limahuli Garden and Preserve on the North Shore was honored for its work to perpetuate the Hawaiian culture. The Hawaii Tourism Authority's "Keep it Hawaii" program also received top honors from Islands Magazine for helping to remove invasive plants in Koke'e State Park and for the annual Prince Kuhio Celebration, a series of events held every fall. |
NEW PROJECT UPDATES
Ka'iulani of Princeville - The last two homes being framed at Ka'iulani of Princeville and should be completed by July. Over 60% of the 77 attached luxury homes have been turned over to new owners and the recreation area with three pools and a spa should be open by the end of March. The developer is offering incentives for the remaining unsold homes, including the one shown in this photo that looks out over the prestigious Prince Golf Course. Prices range from $995,000 to $1.95 million. One year's paid association fees plus free upgrades are being offered by the developer on the remaining 12 units. Call us at 808-652-9402 for availability, pricing and other details.
PiliMai at Poipu - adjacent to the Kiahuna Golf Club, has been issued a building permit by the County of Kauai. The 20 acre project site is currently undergoing grading and water line installation is in progress. The first phase of two to four bedroom townhouses is expected to be completed in 2009. The project will have a total of 191 townhomes in all. Call us for pre-construction pricing and information.
Kukui'ula - Construction has begun at Kukui'ula Village, a community shopping center in the Poipu/Lawai area. Completion is anticipated to be within the year. A variety of restaurant, retail and office spaces are available for lease in a new center influenced in design by the character of Old Koloa Town. There will also be raised grass stages and hula mounds will be used for community events, farmer's markets and craft exhibitions. When it is completed, Kukui'ula will have up to 1,500 plantation style residences, a Tom Weiskopf golf course, boutique hotel and more. Currently, Kukui'ula is offering custom home lots for sale.
Wainani - Overlooking the Kiahuna Golf Course in Poipu. Developers are offering a one year leaseback from $8,500 to $11,500 per month on their three model homes tht are priced at over $2,000,000. The largest model has an ocean view and swimming pool. Call us for specifics on the leaseback program and other resort investment opportunities. |
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IRS GIVES GUIDANCE ON 1031 EXCHANGES FOR VACATION HOMES February 15, 2008 the IRS issued Revenue Procedure 2008-16 which will take effect on March 10, 2008. Now taxpayers can have a clear understanding of the circumstances under which the IRS will not challenge whether a vacation home will qualify as property "held for investment". If you are selling a vacation home and wish to do a 1031 Exchange, it will not be challenged by the IRS if you have owned it for at least 24 months immediately before the exchange, and if in each of the two years that you owned it, you rented your vacation home at a fair market rate for at least 14 days or more and your own personal use each year was limited to 14 days or less. If you are not familiar with the term 1031 Exchange, the IRS allows taxpayers to defer the capital gains tax, if they move from one investment property directly into another investment property through a 1031 exchange accommodator. If you are an investor, or a would-be investor, you need to learn about this opportunity from your accountant or attorney. Let us know if you would like more information and references of Exchange Accommodators familiar with Hawaiian properties. | |
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FEBRUARY 2008 - KAUAI SALES SUMMARY
We are seeing two different markets on Kauai right now as you can see from the chart below. Buyers are getting deals at the lower end of the price spectrum and others are finding irresistable properties priced at over $1,000,000. So, don't be deceived by "average" or "median" price statistics that would show a price somewhere in the middle. The sales are actually greater at the high and low ends of the market.
The Federal Economic Stimulus package, lowering interest rates, motivated sellers and the best inventory we've ever seen, combine to make the time right to buy. They say you can't time the market, but we are seeing many people who now believe that this is the bottom of the real estate cycle. Our research shows that Kauai sales hit a bottom in December and have been gradually going up since then.
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QUICK LINKS
TO OUR WEBSITE:
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Licensed Real Estate Brokers in Hawaii
Licensed Sales Agents in California and Nevada
DON LEUTZ:
Certified Residential Specialist (CRS)
E-Pro
DON & SYLVIA LEUTZ:
Accredited Buyer Representatives (ABR)
Graduates of the Realtor Institute (GRI)
Resort and Second Home Property Specialists (RSPS)
"Personalized, professional real estate representation for Buyers and Sellers"
Don & Sylvia Leutz
Hawaii Realtor Brokers
Century 21 All Islands
(808) 652-9402 |
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Villas of Kamali'i #1
Beautiful 3BR/3BA townhouse on the 4th tee of the Woods Course in Princeville. Travertine tile, Koa cabinets, one car garage. Furnishings included. Gated complex. MLS 193435 Price reduced to $935,000.
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Ocean View in Princeville
This condo has the best ocean view in Princeville! 2BR/2BA, currently a successful vacation rental, it would also make a great personal retreat. Furnishings are included. MLS 174619. $937,500.
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FAMOUS LAST WORDS
"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline."
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