Prices Continue Upward
Although properties are staying on the market a little longer now, the real estate market on Kauai has seen a steep increase so far in 2005. The median price of single family homes sold on the island has increased from $465,000 to $608,000, a 31% increase. Condos did not fare quite as well, with a 17% increases from $372,000 to $435,000. Vacant land, if you could find any, has gone up 40% this year to a median price of $469,000, an increase of $134,000. And rounding out the statistics so far this year were commercial properties, which appreciated $222,500 to $637,500, a whopping 54% from their $415,000 median price in 2004.
New Resort at Kauai Lagoons
The permitting process has begun for a major new development at Kauai Lagoons in Lihue near the airport. This $1.5 billion dollar development is in the resort area surrounding the Kauai Marriott. The project is slated to be completed in phases with a mix of timeshare, hotel rooms, condos, plus a limited number of single family lots. The final phase of the project will see the golf club house rebuilt and the golf course itself reconfigured.
Lots More Development Coming to Kauai…
 Among the projects approved or on the drawing board:
Coco Palms construction should begin early in 2006. Look for 200 condos, 104 hotel rooms, restaurants and a spa. And of course, the restoration of the cottage where Elvis stayed when he filmed Blue Hawaii.
Schuler Homes has announced plans to build a 56-unit project in Puhi in the $200-300,000 price area. However, once they take a hard look at the median sales prices this year, odds are the project will be priced a tad higher. They also have plans to develop 450 townhomes in Hanamaulu.
Do you remember seeing the large coconut grove next to the Courtyard by Marriott in Waipouli? It can be seen from the highway and is slated for development into a 195-unit condo resort and includes a good stretch of beachfront.
Alexander and Baldwin will start construction in early 2006 of 135 condos and single family homes at a project they've named Kai Olino in Port Allen. The project should be completed by the end of 2007.
Poipu Realty Partners, LLC recently submitted plans for 635 multi-family units and 178 single family homes off Poipu Road near the Poipu Village shopping center. The first phase of the project will be 164 timeshare units.
Knudsen Trust is looking to develop 500 homes on the property it owns in Poipu, adjacent to the one Poipu Realty Partners wishes to develop. The Knudsen project covers 203 acres with a projected value of $40 million.
Waimea Plantation is currently marketing a 56 unit project on a five acre parcel in Waimea next to the West Kauai Visitor Center. There is a mix of single family and town homes for sale, with prices from the high $300's.
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