Hanalei is a small, beautiful, census designated town located on the north shore of the island of Kauai, near the mouth of the Hanalei River. Along the beach front, there are exclusive neighbourhoods, which though highly priced, are also extremely attractive in terms of amenities and quality of life. Real estate in Hanalei is thus a growing market and its value has increased in recent times due to the fact that the town has featured in a number of film productions. Long term return on investment in the Hanalei real estate market here is expected to grow in the coming years.
Real estate in Hanalei is a market that has re-emerged. The real estate bubble which burst in the recent past led to a fall in the market value of homes in Hanalei. This is the primary reason why the median sales prices for homes have decreased by 50% in the last five years. Although the re-emergence of the market was off to a shaky start this year, with the prices falling significantly in the second quarter, there has been an increase in median sales prices of almost 23% compared to the previous year. This is hope for real estate in Hanalei and proof of the fact that homes in the town are still of great value.
The average listing price for houses has risen to about $2 million over the past year. This is a positive sign from the realtors as it indicates that they have begun to expect more from the market. The average price per square foot has also increased significantly compared to the previous year and now stands at $512. The number of listings has however remained constant. With the growing volatility of the stock market and the economic crisis being experienced world-wide, it is only natural for investors to turn to the real estate market for investments. This can be seen in the increasing number of new homes for sale in Hanalei over the past one year. The growing real estate market in Hanalei is thus one of the main reasons why you may want to consider Hanalei Real Estate.
As Hanalei is a popular tourist spot and a filming location there are a number of lenders, mortgage brokers and banks offering mortgages at affordable interest rates. The interest rates vary depending on the principal amount, number of years of interest payment expected and the type of loan. The annual percentage rate is nominal and varies from 3 to 4% for 15-year to 40-year fixed type loans. The interest rates are even lower for non fixed loans. It is highly recommended that quotes are taken from different brokers before obtaining a loan.
Realtors and brokers
There are a number of realtors and brokers in Hanalei. Open houses are highly recommended. As prices vary greatly from one locality to the next, it is also important to do a survey of the prices in the town before jumping to a decision.
The people of Hanalei are a well-knit community. The racial make-up is diverse but they lead a relaxed life. There is also a traditional generation of farmers who continue to reside in this beautiful town, making it a perfect blend of the old and new. The crime rates are low and the residents lead a comfortable life with a high standard of living.