Lihue is situated in Kauai County in the state of Hawaii. It is a census designated place. It is also one of the largest cities in the island of Kauai, located in the ancient district of Puna on the south-eastern coast. It is the main centre for transportation, trade and education. The main seaport, Nawiliwili Bay is located in this city and receives cruises and cargos on a daily basis. Lihue is thus an extremely busy city. It is also a popular tourist spot and provides connectivity to all other popular tourist locations on the island of Kauai. Tourists from all across the globe visit this city every year. Even though it is heavily populated, there are breath-taking getaways and scenic mountains located in close proximity to the city. Real estate in Lihue is thus a booming market. The homes and condominiums in this city are of great value and the people prefer living in Lihue due to the excellent infrastructure, comfort and amenities that the city provides.
Real estate in Lihue has been going through a roller coaster ride over the last five years. The average price per square foot currently stands at $207, which is a decrease of almost 25% compared to the previous year. The median sales prices for homes, after decreasing heavily in the first quarter of 2009, due to the country-wide real estate crisis, increased sharply towards the last quarter of 2009. However, there was again a decrease in the median sales price in the first quarter of 2010. In the second quarter, real estate in Lihue stabilised. In comparison to the first quarter of 2011, there has been a rise in the median sales prices by almost 13% in the second quarter. This, however, is a decrease of 40% compared to the previous year.
Over the past five years, the median sales prices have decreased by over 55%. However, the increasing median sales price compared to the previous quarter is an indication that real estate in Lihue is all set to make a comeback. The number of sales has also been increasing. The listing price average has also increased, which is an indication of the fact that realtors are beginning to expect more out of Lihue real estate. Thus, there is strong belief that real estate in Lihue is all set to grow and expand.
Being one of the most important cities in Kauai, there are a great number of mortgage brokers, lenders and banks who provide mortgages at varied interest rates. In general, the mortgage rates vary depending on the principal amount, number of years of expected interest payment, and the type of loan. The annual percentage rates range from 3 to 4% depending on whether the loan is 15 year, 30 year or 40 year fixed type.
Realtors and brokers
There are a large number of Kauai real estate agents in Lihue who offer homes and condominiums for sale and act as middlemen between buyers and sellers. The prices of homes on sale vary greatly depending on the size and location of the house. It is extremely important to do a survey of the neighbourhood and talk to residents to get an idea of home prices. Open houses are highly recommended.
People of Lihue lead a fast-paced city life but do not forget the most important things to a Hawaiian community – its culture and heritage. The crime rates are fairly low and the people enjoy a high standard of living.