“THE SUN KEEPS SHINING ON POIPU . . . “
Generally speaking, the North Shore of Kauai has always been home to the island’s most expensive properties. The areas of Haena, Hanalei, Anini, and Kauapea have always had the lion’s share of “uber” property sales, where prices have ranged anywhere from $4M to $46M over the years. 2018 was no exception, as 17 of the island’s 23 sales of $4M+ properties took place on the North Shore, and a whopping 8 of those 17 sales were in excess of $10M.
2019 has been a different story for the North Shore, however. The very high-end of the market has slowed dramatically, with no residential sales in excess of $6.5M island-wide as of the time of this writing. There have been only 7 sales in excess of $4M on the island so far this year, and only 3 of those sales took place on the North Shore.
As the North Shore’s very high-end home market has slowed this year, the South Shore market – more specifically, the Poipu market – has remained strong. In fact, for the first time ever, Poipu has surged ahead as home to the majority of high-end property sales on the island. 4 of the 7 residential sales over $4M this year have taken place in Poipu, all of which were properties with connections to the club at Kukui’ula.
Kukui’ula has been a primary contributor to the sales success on the South Shore as a whole. So far in 2019, Kukui’ula has realized 40 sales (37 land parcels, 3 residences), generating total sales volume of approximately $103M – a little over 51% of this year’s total sales volume of residences and land for the entire South Shore, and nearly 19% of the same for the entire island of Kauai.
In a year that island-wide sales volume is trending to be down roughly 28%, the South Shore has held steady as the North Shore has languished. For the first time in a very long time (possibly ever), the South Shore is trending to beat the North Shore in total sales volume of every major property type classification – residences, condos, land and commercial.
Looking ahead to 2020 and beyond, it will be interesting to see if these trends will continue, or if the North Shore will weather the storm and bounce back.
Sean & Jim
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