The momentum of the spring buying season continued into the first week of April as the affordability of Kauai real estate continues to improve. For the first week of April, 24 properties went into escrow. The phrase “going into escrow“Â means there is an accepted offer on the property, and the buyers and sellers have entered into the purchase contract together.
Kauai properties priced under $500,000 continue to dominate units sold. 75% of the properties that went into escrow this last week were priced under $500,000. 4 of these properties were bank-owned foreclosures or REOs. The Kauai REOs are some of the best values on the island. The simple fact remains that once a bank has foreclosed on a property, the asset manager of the bank is very motivated to get the property sold quickly. Generally, the Kauai REO listings are priced aggressively and represent some of the better values in the market today.
These photos are of a Kauai property with two homesÂ located in the Wailua Houselots, a popular subdivision walking distance from Wailua Bay and the Wailua River. The large 15,000 sq. ft lot houses two structures and the property has an assessed value of close to $600,000. This property was listed for $419,000. This Wailua property fell out of escrow on March 23rd and was back under contract by the 31st, only 8 days later.
Independent of the fact that the overall year on year volume on Kauai has been down the last couple of years, when a property is priced correctly, there are often multiple offers that are submitted at the same time. Buyers who are looking to purchase in this market need to be prepared and well organized and a buyer’s agent can be a real asset in facilitating that preparedness.
Shoot me an email if you’d like a complimentary copy of the Hawaii Life Buyer’s Guide filled with valuable information and things to know when purchasing property on Kauai.