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Kauai

Kauai Residential – What’s Selling, and For How Much?

Two questions we never tire of asking – what’s selling, and for how much?

Let’s look at residential sales in two spots – Princeville, and Kapaa/East side. We’ll use sales data from Oct 1 to Dec 19. Since we don’t have access to appraised values, we’ll use what we DO have, which is County assessed value. It’s not perfect, but it’s something.

Princeville

  • 5 sales
  • sale prices from 453K to 868K
  • average sale price was 79% of assessed value, with a high of 88% and a low of 60%

Kapaa/East Side

  • 26 sales
  • a low sales price of 157K and a high of 840K.
  • 4 sales under 300K, 12 between 300K & 400K, and 4 between 400K & 500K.
  • average sale price was 83% of assessed value, with a high of 105% and a low of 57%.

What have we learned from this data, then?

  1. most sales are still at the low-end of the price spectrum in any particular market.
  2. selling prices, for the most part, are currently around 80% of assessed value.

And finally, here’s the part where I make my appeal – Sellers, if you want your property to sell, please look at the above information and price your listing accordingly.

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Katie Minkus, R(BIC)

December 21, 2009

Aloha, Sagar. I’d like to learn more about how assessed values work on Kauai. Here on the Big Island, it is mostly meaningless to compare assessed value with sold value because the tax assessor simply doesn’t (can’t?) keep up with re-assessing every property on the Big Island every year. I own a property that hasn’t been re-assessed since before I bought it in 2003 (shhhhh… don’t tell the county!).

Katie Minkus, R(BIC)

December 21, 2009

Aloha, Sagar. I’d like to learn more about how assessed values work on Kauai. Here on the Big Island, it is mostly meaningless to compare assessed value with sold value because the tax assessor simply doesn’t (can’t?) keep up with re-assessing every property on the Big Island every year. I own a property that hasn’t been re-assessed since before I bought it in 2003 (shhhhh… don’t tell the county!).

Sagar Hallal, RA

December 21, 2009

Good question, Katie. It appears as if most properties were re-assessed in 2009. Maybe someone reading this knows for sure, and whether it will happen every year. Obviously, this shorthand only works with a current assessment. And even then, it doesn’t apply in equal measure across the board. Best to zero in on specific localities and types of properties, and compare like to like.

Sagar Hallal, RA

December 21, 2009

Good question, Katie. It appears as if most properties were re-assessed in 2009. Maybe someone reading this knows for sure, and whether it will happen every year. Obviously, this shorthand only works with a current assessment. And even then, it doesn’t apply in equal measure across the board. Best to zero in on specific localities and types of properties, and compare like to like.

David Buck

December 22, 2009

Oahu re-assesses every year & assessed values have been going down the last 2 years. My property taxes are $200 less a month than they were last year 🙂 In general here, sales prices are almost always higher than assessed values. A few years back however, the city got ahead of themselves and “overvalued” assessments which caused over 7,000 residents to appeal their tax bills…

David Buck

December 22, 2009

Oahu re-assesses every year & assessed values have been going down the last 2 years. My property taxes are $200 less a month than they were last year 🙂 In general here, sales prices are almost always higher than assessed values. A few years back however, the city got ahead of themselves and “overvalued” assessments which caused over 7,000 residents to appeal their tax bills…

Matt Beall, PB

December 22, 2009

David, did you say your Assessed Value went DOWN?? Amazing, what a novel concept.

Matt Beall, PB

December 22, 2009

David, did you say your Assessed Value went DOWN?? Amazing, what a novel concept.

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