The Kauai real estate market, which depends heavily on the tourism industry, is starting to show signs of life after a very tough couple of years. One positive influence is the local impact of the nationwide foreclosure prevention plan, according to a March 26, 2010 article from KITV 4 News. This article noted that “Hawaii banks and other lenders said Friday President Obama’s new initiatives to prevent foreclosures could be a great help in keeping local residents in their homes. Hawaii foreclosures are at record highs with 11,164 homes in foreclosure in the state…[including] 957 homes on Kauai. Bank of Hawaii said the new features in the Obama plan should help prevent more foreclosures…Padgett says it is in everyone’s interest to reduce foreclosures because they drive down everyone’s property values not just borrowers in default.”
Kauai homes for sale should begin to benefit from the recovery of the Hawaii tourism market, which was reported by E Turbo News on March 18, 2010. The article stated that “Hawaii tourism officials and their marketing contractors expressed cautious optimism Wednesday that a steady recovery of the state’s visitor industry is under way. The Hawaii Tourism Authority’s 2010 spring marketing update was held at the Hawaii Convention Center in Honolulu.” The piece, composed by Chad Blair, continued to say that “The recovery trend was evident in late 2009 and has continued into the new year, helped by increased air lift into Hawaii, media blitzes in key Mainland cities, and a robust increase in travel from South Korea.”
Some great news for Kauai real estate for sale was reported on March 25, 2010 by the Pacific Business News. This article noted that “Home sales in Hawaii’s resort market began to show a rebound in 2009, with just a 2 percent decline in sales from the previous year, according to a new report. The 2 percent decline followed a 37 percent drop in 2008 and was the smallest decline since the market began to drop in 2006, according to the residential resort market report from Data @ Work. Prices also dropped by some 20 percent, with the average sales price at $1.2 million.