Kauai View Newsletter
Spring 2010 
IN THIS ISSUE
MARKET STATS
SFR CERTIFICATION
TAX CREDIT DEADLINE
HANALEI CHURCH 175th
WALK THE WOODS COURSE
Greetings!
 


It's Spring in Kauai.  The Farmer's Markets are filling up with fresh fruit and flowers.  Spring breakers are filling up the beaches and everyone is glad to see another winter come to an end.  Even Hawaii has a winter... although the subtle changes of the seasons here may be harder to detect. 

 

This Spring we have also seen a lot more activity in the local real estate market.  Lots of buyers are finally deciding that this may be their opportunity to jump in at the bottom of the market... both in terms of property prices and interest rates.  And to make it more exciting, some buyers are determined to qualify for their federal tax break before it's too late.  You can read more about the federal tax credits below.  Whether you are ready to buy or sell...if we can help you with your real estate needs this Spring, just give us a call!

 

Aloha,

Don & Sylvia 
 
 
KAUAI REAL ESTATE MARKET STATS - PICKING UP THE PACE 
 

The Kauai real estate market has picked up considerably since January 2010.  Year-to-Date condo sales were up 93% in the first quarter of 2010 over what they were in the first quarter of 2009.  Residential sales have also increased by more than 70% so far this year over last year. 

 

Most of the home and condo sales have been below $500,000

 
 Kauai Real Estate Price Chart
 

As in all parts of the country, Kauai has been seeing an increase in the sale of distressed properties, but the vast majority of sales are not pre-foreclosures or foreclosure properties.  Only one third of the sales are distressed properties.  REO (Bank Owned Properties) accounted for 22% of the Sales, Short Sales (Pre-Foreclosure) accounted for 11% of the sales and two thirds (66%) of the sales are regular sales so far this year.  Interestingly enough... Kauai is right on track with the national averages according to a recent National Association of Realtors survey.

 

 

Kauai Real Estate Sales by Type

 

Conventional Home Loans continue to be the most popular way for buyers to finance their purchase in Kauai.  But Cash purchases are more common with Condo buyers.

 

Kauai Real Estate Sales by Funding

 

The market was particularly strong in the month of March and continues to progress so far in April.  From April 1st through April 15th a total of 18 condos and 18 homes went into escrow.  There are now a total of 57 condos and 88 homes under contract in Kauai.  Last year at this time there were only 32 condos and 39 single family homes in escrow.

 

 
DON & SYLVIA LEUTZ EARN NAR'S SHORT SALE & FORECLOSURE CERTIFICATION 
 
 

This March we each completed the course work to earn the nationally recognized Short Sales and Foreclosure Resource Certification.  The National Association of Realtors offers the SFR certification to Realtors who want to help both Buyers and Sellers navigate these complicated transactions.  Demand for professional expertise has been continuing to grow right along with distressed sales growth in the real estate market.

 

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  Realtors who have earned the SFR certification know how to help Sellers maneuver the complexities of short sales as well as help Buyers pursue short sale and foreclosure opportunities.

 

The certification program includes extensive training on how to qualify sellers for short sales, negotiate with lenders, protect buyers and limit risk.  The Certification allows agents greater opportunities to stay current on national and state-specific information as the market for these distressed properties evolves. 

 

While our NAR Certification is new - we are not new to working in this area.  In June of 2008 we completed the Short Sale Solutions training program of America's Home Rescue headquartered in Austin, Texas.  In 2008, short sales were a new concept.  But since then we have seen many advancements in both the real estate and financial industries that are helping to improve the process.  New federal regulations are also helping owner occupants who find themselves facing the necessity of a short sale.   

 

As the old saying goes - "In Crisis is Opportunity".  So, in 2009, we introduced our new website to help Buyers stay up to date on REO opportunities (Bank Owned Foreclosure Properties offered for Sale) in Hawaii and other resort markets:  www.ResortMarketREO.com

 

We have helped our Buyers to purchase REO properties and our Sellers negotiate loan modifications and make hard decisions regarding their properties.  Whether you are a buyer or seller, we consistently strive to bring you knowledgeable, thorough and responsive real estate representation to help assure you a successful real estate transaction. 

 
LAST CHANCE FOR TAX CREDITS!
 

Obama Bucks

 
 
 

Buyers have until April 30th to qualify for the Extended Home Buyer Tax Credit 2009/2010.   

 

First time home buyers must enter into a binding purchase contract by April 30, 2010 and close escrow for the purchase by June 30, 2010 to receive up to an $8,000 tax credit.  The credit is $8,000 or 10% of the home's sales price - whichever is smaller.  This credit is available to single buyers with incomes up to $125,000 and married couples with incomes up to $225,000.  The home purchased must be less than $800,000.   To qualify as a "First Time Home Buyer", the purchaser and their spouse may not have owned a residence during the three years prior to the purchase.

 

Current Home Owners can qualify for a tax credit of up to $6,500 if they move into the home that they purchase.  They must have lived in their previous home for a minimum of five of the last eight years.  Homeowners do not have to sell their previous home to qualify for the credit. 

 

As with every good deal - certain restrictions apply.  So, if you are considering taking advantage of this program, be sure to check out the links below for all of the details:

 

 

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit 

 

http://www.irs.gov/newsroom/article/0,,id=215827,00.html

 
 
HANALEI'S FAMOUS LANDMARK CELEBRATES 175th ANNIVERSARY
 

Hanalei Church

 

The Mission Hall at the Wai'oli Hui'ia Church is the oldest surviving church building on the island of Kauai.  William and Mary Alexander, the first missionaries to Hanalei, arrived by double canoe from the Waimea Mission (on Kauai's West Side) in 1834.  A pole and thatch meeting house was first constructed by Hawaiians on the Mission Hall site in anticipation of the arrival of the missionaries.  Deborah Kapule, the Queen of Kauai was an earnest convert and assisted in the establishment of the Mission.  Governor Kaikioewa of Kauai provided the land and also encouraged the Mission in many ways. 

 

A timber frame and plaster building was constructed in 1841 with plaster made from coral that was dug at low tide from Hanalei Bay.  In 1843 the Mission Bell was acquired and placed in the belfry behind the Mission Hall.  The Mission School was started so that children and adults could read the Bible which the missionaries translated into the Hawaiian language.  In 1846 Abner and Lucy Wilcox arrived, spending over 20 years as educational missionaries and developing the school on the site of what is now Hanalei Elementary School. 

 

The famous green shingled church sanctuary was built in 1912 by three sons of Abner and Lucy Wilcox and the old Mission Bell was moved to the new belfry tower.  The Church Sanctuary and the Mission Hall have both survived three hurricanes and were most recently restored after sustaining significant damage in 1992 from Hurricane Iniki.  Both buildings are listed on the state and national registers for historic places.

 

The name "Wai'oli Hui'ia" roughly translates to Joyful Gathering Place by the Water.  Today the church holds worship services in English and Hawaiian languages every Sunday morning at 10am.  The Church Choir is well known for its repertoire of early Hawaiian hymns that are included in the Sunday morning service. 

 

For more information on the Wai'oli Hui'ia Church and this summer's 175th Anniversary Celebration events, check out their website:  http://hanaleichurch.org

 
 
Makai Golf CourseTAKE A WALK ON THE WOODS
 

 

More golfers are returning to the traditional style of paying golf... skipping the cart and walking the course.  It is great exercise and a GREAT deal at the Woods Course that has just reopened in Princeville.  The Woods is 9 holes, par 36 with total yardages from 2,829 to 3,445 yards... and the friendly local corner of the newly upgraded and renovated St. Regis Makai Course. 

 

 

 

 

 

Would you believe that Kauai residents can walk the Woods Course for just $10!  Non-Residents can walk for $30... which is still a pretty good deal.  If you are just too tired or not up to the walk, go ahead and get the cart for just $10 more! 

 

These rates will surely not last forever... but for now it is a great deal that you won't want to miss if you are here on the North Shore. 

 

For more info on the new Makai St. Regis course, check out their website at:

 

http://www.makaigolf.com/index.php 

 

 

Don & Sylvia Leutz

Don & Sylvia Leutz
Hawaii Realtor Brokers
 
 
808-652-9402
 
 
Email:  Leutz@Inreach.com
 
 Resort Market Specialists
Licensed in Hawaii, California and Hawaii
 
Accredited Buyer Representatives (ABR)
Graduates REALTOR Institute (GRI)
Resort and Second Home Property Specialists (RSPS)
E-Pro Certified (E-Pro) 
Members, Institute for Luxury Home Marketing
Don is a Certified Residential Specialist (CRS)
Short Sale & Foreclosure Resource (SFR) 



 

Century 21 All Islands
5-4280 Kuhio Highway, G4
Princeville Shopping Center
P.O. Box 223145
Princeville, HI 96722
 
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TorchWe can't remind you enough to visit our website... www.KauaiHomesandMore.com. It has a lot of interesting information about Kauai Real Estate - plus on our Real Estate Page you can do your own personal property search to see current listings on all parts of Kauai in all different price ranges. 
 

We can also easily set you up for our complimentary email notification service for new listings in your price range. Just drop us a line at Leutz@Inreach.comor give us a call at 808-652-9402. 

 
 
 
Aloha until next time...
 
Don & Sylvia
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National Open House

 NATIONAL OPEN HOUSE WEEKEND!
 

APRIL 10th AND 11th

Don & Sylvia's 
 

Princeville Open House

 
  
Greetings!


 

We are celebrating National Open House Weekend by holding our Princeville listings open! 
 
Can't make it?  That's OK, we've created a "virtual" open house just for you...
 Princeville Open House
National Open House
 
Open House Listings
ALII KAI II - 8H
ALII KAI I - 4-102
ALII KAI I - 4-104
4136 ALOALII DRIVE
Quick Links
 
 
Aloha
 
Aloha
Don & Sylvia Leutz
Hawaii Realtor Brokers (R)
 
 

Century 21 All Islands

 5-4280 Kuhio Highway
 Princeville, HI  96722
 
 
 

808-652-9402

 
 

Email:

 
 
 
 
 
 
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AlohaAlii Kai II - 8H 
Ocean View - Second Home and Vacation Rental
 
MLS#:  230124
Sales Price:  $679,000
Bedrooms:  2
Baths:  2
Sq.ft: 1,037
Description:  Updated ocean view condo with marble countertops, travertine floors, top of the line fixtures and stainless steel appliances.  Selling fully furnished with beautiful Hawaiian decor. 
Email us for a link to the Vacation Rental Website and rental history information.
 
 
 
AlohaAlii Kai I - 4-102 
Ocean Bluff - Second Home and Vacation Rental
 
MLS#:  210757
Sales Price: $888,000
Bedrooms: 2
Baths:  2
Sq.ft:  1,086
Description: Outstanding ocean views from this prime bluff location condo.  Quiet complex that is popular with second home owners and vacation visitors.  Easily accessible ground floor location.  Email us for a link to the Vacation Rental Website and rental history information.
 
 
 
 
 
AlohaAlii Kai I - 4-104
Ocean Bluff - Second Home and Vacation Rental
 
MLS#:  212982
Sales Price:  $875,000
Bedrooms:  2
Baths:  2
Sq.ft:  1,086
Description:  The ocean views just don't get any better! This bright and airy end unit condo has two bedrooms two baths. It is open to balmy trade winds and a spectacular ocean view on two sides!  Email us for a link to the Vacation Rental Website and rental history information. 
 
 
 
 
Aloha4136 Aloalii Drive
Dream Golf Course Lot on prestigious Queen Emma's Bluff
 
MLS#:  224000
Sales Price:  $654,000
Sq.ft:#  16,422
Description:  Build your dream home in Princeville's only gated single family home residential neighborhood.  This level lot has mature trees, underground utilities and sunset views.
 
 
 
Spring is the traditional time to start shopping for a new home.  But this year, you may want to get an early start.
 
Time is running out on the federal tax credits for first-time and repeat home buyers.  First-time buyers who enter a binding contract by April 30 and close escrow before July 1 - and meet the income limits - are eligible for the full $8,000 credit (maximum, or 10% of the sales price, whichever is less) on their federal tax returns.  The first time home buyer credit applies to homes purchased for $800,000 or less, and does not require repayment if the buyer lives in the residence for three or more years.
 
Existing homeowners may be eligible for a tax credit (10% of the purchase price, not to exceed $6,500).  To be eligible for this credit, homeowners must have lived in their current home for five consecutive years out of the last eight years and must enter a contract to purchase a new or existing home by April 30, 2010 and close escrow by July 1, 2010.  Existing homeowners do not need to sell their current home to qualify for this credit! 
 
We are currently seeing the lowest interest rates of our adult lives.  Most financial experts agree that the interest rates will be going up later this year.  There are many great deals coming on the market here on Kauai.  The best deals attract offers right away.  So why wait?  This might be just be the perfect time for you to make the move or to invest in your dream home in Kauai... and we are here to help!  Just give us a call. 
 
 
 
Aloha,
 
Don & Sylvia
 
 
Don & Sylvia Leutz
Century 21 All Islands
 
 

Kauai View Masthead

 Kauai View Newsletter 
Feb 27, 2010 - Tsunami Day Edition
Dear Sylvia,

 
If have been waiting for more news on how the tsunami impacted Kauai - this special edition of Kauai View Newsletter is for you.  By now you have probably heard that the tsunami predicted to hit the Hawaiian Islands has passed us by, with fortunately no damage.  But you might be wondering what it was like to be here watching and waiting.  
 
The day started early at 6AM as we woke to the sound of the Tsunami Siren Warning.  As residents, we were somewhat familiar with the sound of the siren as it is tested every first Wednesday of the month at 11:45am.  However, we have never heard it go off at any other time before.  After a minute or two that it took to wake up, we thought it might be a good idea to check the radio, just in case.  It wasn't long before the "Jawaiian" music was interrupted by the official honking of the radio station's Emergency Alert System announcement that a big earthquake had occurred and that Hawaii had been issued an official Tsunami Warning.  The tsunami was predicted to travel through the island chain, starting at 11:05am in Hilo and continuing to Kauai's Nawiliwili Harbor by 11:45am.  
 
Shortly after 6:30am, we received a recorded telephone call that also told us of the Tsunami Warning.  The phone call was repeated at 7:30am.  This is a service of Kauai County to all listed phone numbers on the island.  Residents can also register their cell phone numbers and unlisted phone numbers at the county's website.  Then, the Siren went off again at 7AM, 8AM, 9AM, 10AM, and 11AM. 
 
We live in Princeville on Kauai's North Shore which has an elevation of approximately 250 feet above sea level.  As the morning progressed we heard varying predictions of the Tsunami having possible heights of from 3 to 6 to 12 feet.  While we live safely above the warning areas, the wheels were in motion to evacuate everyone from Hanalei to the end of the road.  Soon Princeville began to fill up with the addition of our North Shore neighbors who were being evacuated from the lower elevations.  There were boats, and surfboards, coolers and campers and everyone set up to wait and watch from the safety of our Princeville bluffs. 
 
You could not have planned a more orderly or perfect drill - only this was the real thing.  Our state and local emergency officials worked all through the night and until the threat had safely passed.  The local radio stations provided non-stop coverage to advise residents of road conditions and other official local information.  The television stations had live web-cams at strategic points on all of the islands waiting to record the big event.  We saw the first ever "vertical" evacuation of Waikiki, where residents of the resort hotels were relocated to the floors above the third level.  As we watched the Hilo web-cam at 11:05am, there was little to indicate that anything was happening.  We waited another twenty minutes before heading out the door to see what we could see for ourselves from the vista point near the St. Regis Hotel in Princeville. 
 
Today was one of those picture perfect North Shore days where the weather was clear and warm and the surf was calm.  The tide was low and the visibility was crystal clear, both in the water and in the air.  We waited on the bluff for over an hour, talking to friends, watching the water and waiting.  We were actually relieved to not see anything at all unusual, except for the Coast Guard plane that kept flying by.  We are told that we did actually have a tsunami on Kauai, but that it only measured about one foot.  Later today one of the television stations put together a time lapse series of photos of Hilo Harbor that actually showed the ocean ebb and flow.  
 
At 2pm, the Tsunami Warning was lifted and everyone was allowed to return home.  Even the beaches were opened again, although officials warned that there could still be unusual tidal activity for the remainder of the day. 
 
It was a day we will always remember - and another one of those days when we can count our many blessings. 
 
We hope you enjoy some of our photos below.  We love our new camera, but are still learning how to use it.  The date and time is unfortunately 12 hours off!  2/26/10 at 23:55 is really 2/27/10 at 11:55am, etc!  Sorry about that!
 
 
Aloha,
 
Don & Sylvia
The crowd gathers... 
 

Princeville-Tsunami Watch 3  

 
 
 
 
  The tide is low as we arrive... Princeville Tsunami Watch 5
 
  The sea is very calm... Princeville Tsunami Watch 11
 The suspense builds... (note the webcam broadcast!)

Princeville Tsunami Watch 15

 The sea as we arrived at 11:54am... 

Princeville Tsunami Watch 10

 
  30 minutes later...at 12:26pm.  We think this might have been it - but we may never really know! 
Princeville Tsunami Watch 19