Cash buyers dominated Hannah Sirois’ Q1 sales in Kauai’s luxury home and property market. “Cash transactions are a clear sign of buyer confidence—it’s looking like 2019 will lead with a spike in land sales with a robust emphasis on Opportunity Zone acquisitions,“ according to Hannah Sirois, founder of the Sirois Kauai Heritage Portfolio and a 30-year expert broker in the region. “Roughly 90% of our sales were cash buyers, primarily from the Western United States,” she added.
Buyer Favorite: Poipu Oceanview Land
Investors continue to lean into property development opportunities both large and small, with sales of lots comprising almost half of Sirois KHP sales in Q1. Land acquisition authority, and Partner at Elite Pacific Properties, Hannah Sirois oversaw vacant land sales totaling $5,885,000 during the first quarter. An ocean view lot at $1,150,00 marked our highest lot sale of the quarter. A one-of-a-kind listing in Poipu Beach, this stunning 11,000 square feet grass-covered lot will afford its future home owners breathtaking views, access to Brennecke’s Beach, and ease of walking to Poipu Beach as well as surrounding amenities. Developed by Kauai’s highly regarded Toulon family, the small beachside subdivision is reflective of the Poipu’s quintessential beach town feel.
For impact investors and others interested in Opportunity Zones, Kauai offers qualifying acreage on both its south and north shores. Oceanfront lots in the Kaulu Makai neighborhood are the most recent parcels piquing investor interest, according to Sirois. “Investors with a long-term view see a vehicle through which they can divest in favor of buying in designated Opportunity Zones, which after 10 years of ownership can provide considerable tax benefits,” she added.
According to the State of Hawaii’s Department of Business and Economic Development, Kauai’s housing deficiency stands at over 5,000 units. “With a significant portion of Kauai’s southern coastline from Poipu Beach, to Kukui’ula, and through the edge of Old Koloa Town, Omao and Lawai being a designated Opportunity Zone, the hope is that developers, through Qualified Opportunity Funds, will invest here and provide not only much needed housing, but spur economic growth in these areas as well,” said Sirois.
Hannah Sirois one of Hawaii’s leading Opportunity Zone property experts. For more information, please contact Hannah at email@example.com, and watch for her upcoming blog on the subject.