Poipu is a popular tourist spot in the southern shore of Kauai County, in the state of Hawaii. It has a number of resorts and high-end hotels, which are of great value in the real estate market. It also has one main shopping centre. There is a total of 2.5 square miles as land area in Poipu. There are a total of 1,969 housing units spread throughout the town. Since tourism is the main industry, housing real estate is the one which is the least attractive. Real estate in Poipu, however, is all set to expand and grow.
Poipu has perhaps been one of the towns worst hit by the real estate crisis that USA recently experienced. It has also not been able to re-establish its stance as a front runner in the real estate industry. Over the past five years, the Poipu real estate market has experienced an unfortunate downfall. The process of recovery has been slow, almost to the point of being negligible. The median sales price for homes and condominiums now stands at almost $400,000. In comparison to the previous quarter, this represents a decline of almost 16%. In comparison to the previous year, the median sales price for homes and condominiums has decreased by almost 25%. Over the past five years, there has been a decline of almost 50% in the median sales prices.
This is particularly unfortunate, considering that Poipu is an extremely popular tourist spot, attracting tourists from all across the globe. The number of sales has also decreased, after going through periods of stagnation. The average listing price is now about $850,000. This represents a decline of more than 3% in comparison to the previous week. In comparison to the previous month, this represents a decline of 2.5%.
The average number of listings has, however, increased. This is indeed a ray of hope for the real estate market in Poipu, as long as an appropriate increase is experienced in the number of sales. There has also been a decrease in the average price per square foot. It now stands at almost $300 per square foot. This is a decline of almost 9% in comparison to the previous year. Real estate in Poipu has given any investor little reason to look at it as a safe and reliable place to invest, with guaranteed returns in the future. It is recommended that you wait for a few more months, to observe the market trends, before investing.
There are a number of reliable and registered mortgage brokers, lenders and banks in Poipu that give real estate loans at varying interest rates. The annual percentage rate varies depending on the principal amount of the loan, the number of years of expected interest payment and the type of loan that is preferred. The mortgage rates currently vary from 3% to 5% depending on whether the loans are 15 year, 30 year or 40 year fixed type. The mortgage rates have increased. This is however, expected as the median sales price has gone down and the number of sales have not substantially increased.
Realtors and brokers
There are a great number of real estate agents and brokers in Poipu who provide information about homes for sales and their prices. Open houses are highly recommended.
Poipu has a close-knit community, with people from different backgrounds making up the population. They lead comfortable lives. The crime rates are fairly low.