As the economy continues to slow and the Government intervenes to help the housing industry, buyers are being presented with a gift. The gift comes in the form of low mortgage rates, presently at historical lows. This is not only a good interest rate environment for buyers, but also for sellers. Look out, buyers now entering the market are starting to find that low mortgage interest rates are starting to work against them. As more and more buyers enter the market to take advantage of historically low mortgage rates and low real estate prices, property inventory starts to decline. In Hawaii, we are already starting to see that sellers are no longer as interested in negotiating their sales price as they were prior to November of last year.

For buyers looking to purchase land to build on in the near future, there is another issue that may prompt them to act now rather than later. It seems lenders are experiencing more and more defaults in land loans they presently have on the books. Because of this, land loans are becoming more restrictive, and in some cases are no longer being offered.

What does this surfacing information indicate? Well, are interest rates at lows not seen since 1957? Are home prices at rock bottom levels? Are more and more buyers now entering the market place to take advantage of these facts? The answer to these questions is YES, and for now, the rates are benefiting both sellers and buyers.

There are some new kauai real estate projects coming up! A new Safeway shopping center was just approved for the Kukui Grove west area just across the street from the new YMCA facility.  The YMCA facility which was recently completed, offers an Olympic size pool, a smaller training pool, Jacuzzi pool, diving area and a workout room with the latest equipment.   In Poipu, several of the projects that began during the boom two years ago are still going strong and hoping for sales in the coming year:  Wainani, Koloa Landing and Kukuiula.  The commercial phase of Kukuiula is planning to open in June of next year with some great new restaurants and shops.  The old Poipu Beach Hotel will emerge as a boutique oceanfront hotel called Koakea in the second quarter of next year.  In Princeville, the Princeville Hotel has shut down and is being renovated to reopen by June branded as a St. Regis Hotel.  A new Starwood timeshare project has opened on the eastern bluff area of Princeville.

Kealanani is underway.  Kealanani offers stunning agricultural lots on the northeast side of Kauai by Kealia Beach.[See Photo Below]

 
Also on the east side of the island is the newly opened multi-use path that currently runs from Kealia Kai down through Kapaa along the ocean.  It is getting well used!  Walkers, with or without dogs, runners, bicyclers, roller bladers are all enjoying their scenic exercise.  This path will eventually go from Anahola to Ahukini in Lihue.

 

Yee-haw!!!

Real estate agents and their clients are invited to get in touch with their inner cowboy (or girl) at the grand re-opening of the Omao Ranch Lands on Friday, Jan. 23, from 3-5 pm.

Guests will be treated to a Hawaiian-style paniolo afternoon with free horse and ATV rides, hosted by Sleeping Giant Sotheby’s International Realty. Pupus and refreshments will be served.

Located on the corner of Koloa and Omao Roads, the Ranch Land parcels are eight to 22.4 acres in size and range in price from $1,050,000 to $1,350,000. All have ocean and mountain views, with gentle rolling topography well-suited for farming, pasture and homesites.

For reservations, information and directions, call Debra Blachowiak at 245-8831.