Since the beginning of the 4th quarter in October, there have been 55 closed sales on the south shore (Koloa, Lawai, Omao, Kalaheo) of Kauai for single family homes and condominiums. 14 of these sales were in Pili Mai, which represents 25% of all sales. This is a large percentage for any single development, but things are heating up even more. While closed sales reflect recent activity, pending sales represent what is happening in the market right now.
In the last week, 19 units were released in the Poipu Development of Pili Mai. Of these 19 releases, 17 are already pending. Buyers are lining up to own in this new construction condominium development. At the time this blog was written, there were currently 40 homes and condos under contract, or pending on the south shore. 23 of these properties under contract right now are in Pili Mai, which represents approximately 55% of the pending inventory.
So why is this development in such high demand? It is filling a unique niche in the market by providing features many buyers are looking for. Newer construction means modern amenities like higher ceilings, air conditioning, and current design style. Many people are also drawn to the lifestyle opportunities in this neighborhood, such as the resort-style pool, proximity to beaches and shopping, sidewalks and the ability to use these luxury condos as vacation rentals because they are in the VDA zone of Poipu. Since the exterior maintenance and gardening is provided for by the association, these are ideal for second home owners and buyers looking for low-maintenance living.
Pili Mai condominiums are also at a price point that is accessible to more buyers. The average price of sold condos and homes on the south shore since October was $1,053,216; however, the average price for Pili Mai sales in the same period was $804,435. Buyers are seeing the value offered by this development and jumping on board.
If you would like to arrange for a private tour of a Pili Mai luxury condo, or more information, contact me, before they are all gone!