As we begin the start of the 2nd quarter, it’s clear to see that more energy continues to come into the Kauai real estate market. Investors and second home owners alike are seeing more and more value in the marketplace.
Kauai 1st Quarter Number of Sales shows a 25.97% increase
A consistent but slightly higher percentage of distressed property sales closed in March. Of the 74 transactions, strongest month of the year-to-date, 13 were short sales (helping to demystify that short sales can succeed), 17 were REO properties, and the remaining 34 were more traditional sales. So, that’s 40.5% of the closed sales in March came from distressed properties.
Dollar volume in the first quarter showed a big increase as well. This was fueled by some large transactions in Hanalei, and a number of sizable land deals where investors and developers purchased projects that the banks had foreclosed on and then cut a deal. Know that, if you are a developer, these opportunities exist and we anticipate seeing several more of them before all is said and done.
Kauai dollar volume of real estate sold is up 71.27% from the 1st quarter of 2010
We had 165 new listings come on the market in Kauai during the month of March. 18 of those listings (several of which are mine) are short sales. 24 new listings are REOs, some with very attractive financing options, especially for first time buyers.
That’s only 25% of the new listings that are distressed, but trust me, those are the majority of the well-priced listings in the marketplace. In other words, you can be sure that a higher percentage of those 42 new distressed listings will sell as compared to the other 123 listings.
I’ll be updating my blog with a search for foreclosure properties in addition to the Kauai foreclosure gallery that I update on a regular basis.
View Kauai Deals in my Kauai Foreclosure gallery →
View options to avoid foreclosure on my AVOID FORECLOSURE website
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