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Did you Miss us?
We certainly hope so. As you are by now aware, we do our utmost to provide you with the most relevant information, concerning Kauai’s rapidly changing real estate market, in as timely fashion. We know that many of you have missed our monthly newsletters. As part of our ongoing commitment to you, we have revamped our delivery system to be more in-line with your expressed desires:
ü Newsletters will be published by the end of business on the 20th of the month. If the 20th falls on a Friday, Saturday, Sunday, or Holiday, the Newsletter will be published on the first Monday thereafter.
ü Newsletters will be shorter with links to more in-depth information for those who desire.
ü Our format has changed to, hopefully, present you with more detailed yet easier to read information.
ü We are, of course, Realtors©, first. Although, we try to stay abreast of the most recent technological advances, please let us know how we can improve our distribution, look, or information. After all, your satisfaction remains our number one priority.
St. Patty’s Day Reflections:
March 20th is an especially interesting day; first, Saint Patrick’s Day was just a few short days ago, and secondly, it falls just short of two weeks before the end of the first quarter. Whether you are Irish, or not, this is a great time to contemplate green. That is, how well are you using your green, spending your green, and saving your green? For those of you that are invested, or have considered investing, your green into Kauai’s real estate market now is a great time to reflect on Market trends. As part of our ongoing service, we are committed to keeping you up-to-date on Kauai real estate.
The PHD of Real Estate:
We are proud to announce that Kristin recently received her CRS (Certified Residential Specialist) designation. Oftentimes referred to as the PHD of Real Estate, less than Four Percent (4%) of Realtors© have been awarded this elite status. There are over one million REALTORS® in business today. However, only about 39,000 hold the Certified Residential Specialist Designation. So if you want to find that one-in-a-million REALTOR®, Start with Kristin. CRS is the symbol of excellence in residential real estate.CRS members have proven they have the experience, training and commitment to be among the best in their profession.
The ever changing market:
If there was ever any doubt, question no more. We are now firmly seated in a Buyer’s Market. Brought on by the sub-prime mortgage debacle and worsening economy of the United States, Mortgage rates continue to decrease. In fact, Hawaii’s Mortgage Rates are continuing to near forty-year lows. Seller’s expectations are beginning to become more realistic. MLS Market Statistics for February indicate a 28.6 percent decrease in the number of sales for 2007 compared to 2006. During the same time, sales volume fell 31.9 percent dropped 3.7 percent. However, it is important to note that within the North Shore area climbed up 3 percent in value.
The Law’s they are a changing:
Several ground breaking changes occurred at the Kauai County Council level occurred during the later part of 2007 and early 2008, they include:
Ordinance Number 843 relating to additional Dwelling Units on other than Residentially Zoned Lots.
Ordinance Number 860 relating to workforce housing, sets minimum guidelines for inclusion of workforce (previously called “affordable”) housing.
Ordinance 863 Relating to Shoreline Setback and Coastal Protection
Ordinance 864 Relating to the Comprehensive Zoning Ordinance; this ordinance directly affects and clarifies requirements for owners who rent their homes as Transient Vacation Rentals. It also more clearly identifies issues surrounding the Visitor Destination Areas (VDA’s).
Other proposals that have been or are currently up for consideration include:
A moratorium on Agricultural Subdivisions; despite strong community support this measure has been tabled (deferred indefinitely)
A moratorium on Gated Communities.
Additionally, the Council approved a new biomass electric production facility, the first on the island.
Furthermore, the State Legislature is considering a bill that would mandate that all new residential construction, effective beginning in 2010, include solar hot water.
Kauai Today:
All-in-all, Kauai remains a pristine oasis in the middle of the pacific. We continue to have wonderful weather. Generally, surf is up somewhere on the island. Although our rainfall map might suggest otherwise, the sun is shining more often than not. Residents and owners are becoming more and more aware of our fragile ecology and taking steps to protect it. If you are lucky enough to have a little nest- egg tucked away it may be an opportune time to purchase your very own piece of paradise. Property in this island community is holding its own better than many places on the mainland. In fact, visitors counts are up which contributes to a positive buying outlook. Princeville’s outlook is particularly inviting. In fact, the hotel itself is undergoing a major renovation, that should help increase value to the surrounding properties. Additionally we are all waiting with baited breath to see if Montage Resorts recent purchase of the old Club-Med will be turned to brick and mortar sometime soon. Of course when they do, it should be a real boon to nearby property owners. Princeville and Hanalei remain premier resort destinations which should continue to drive our market even in a declining economy.
We hope you had a safe and very, very, Green St. Paddy’s Day!
Sincerely,
Kristin M. Zimmerman & John F. Friedman
Kristin M. Zimmerman John F. Friedman
REALTOR© Associate, CRS Realtor© Associate
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