Condos are indeed the best option for staying in your own vacation home here on Kauai without a residential home’s maintenance. Plus, while you are away, you can rent out the unit to vacationers paying for many of the expenses.
Since Princeville is located within a Visitor Destination Area (VDA), 20 out of the 22 condominium projects are vacation rental eligible under County regulations and specific condominium By-Laws. Condos are becoming a more popular visitor accommodation by demand. Year-to-date, Kauai has experienced a 7.6% increase in total visitors; the most percent change of all the islands. According to the Star-Advertiser, Hotel units are dropping while vacation rentals are gaining momentum. Statewide, vacation rentals are the second-largest visitor accommodation making up 16% of total visitor lodging. While hotels supply 54% of the lodging in the state, their unit count dipped more than 2% from 2017 and vacation rentals rose over 3%. Furthermore, 13% of visitors stayed in a condo versus 10% in a rental house in 2018 [Source: Hawaii Tourism Authority].
Photo courtesy of @TheSurfShackKauai
2018 Sales and Stats
In Princeville alone, condo sales increased by 10.8% from 2017 to 2018; however, the number of units sold remained roughly the same from 107 to 106. The median sold price of a Princeville condo on Kauai last year was $606,900, an increase of 13% from $525,000. As illustrated in the graph from 2004 – 2018 below, condos in the past 9 years have generally increased in value. Although, we have not reached the height of the market, which was in 2008 where the median sales price was $825,000, the overall health of Princeville condos is steadily strong.
Recapping 2018, Princeville saw 106 units sell while only staying on the market for a median of 30 days. This is the least amount of median days on market since 2005 and 2006. Over 50% of the units in 2018 sold for 30 days or less, on the contrast 20% were sold over 120 days. The average sales price of the average list price was an astounding 97%. All figures point to a strong market in 2018.
Examining Each Princeville Condo
Each condominium in Princeville offers its own charm. No two complexes are alike — some sit ocean bluff, some offer garages, a few view spectacular mountain ranges, and others have resort-style pools and spas. Depending on your amenity preferences and view, you pay for what you get in Princeville. Ocean view units sell at a higher price than non-ocean view. Although only 1 Puu Poa unit sold in 2018 for $1.3 million, you’re paying for an amazing view of Bali Hai and 180 degrees of Pacific Ocean. Ka’iulani of Princeville came in second place for the highest median sales price of $1.2 million. Hanalei Bay Villas and Hanalei Bay Resort came within $1,000 of a tie for third place. Interestingly enough, Hale Honu had the lowest sales price of all condominiums at $337,000 with the highest turnover rate. Alternatively, the Cliffs at Princeville, Hanalei Bay Resort, and Puu Poa all experienced the lowest turnover rates for an average of the last 5 years.
2018 Significant Princeville Condo Sales
Ka’iulani of Princeville | $2,750,000
Ka’iulani of Princeville | $2,000,000
Puu Poa | $1,300,000
Condos Not Your Thing?
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March 28, 2019
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