This is your chance to get into the newly developed Poipu Beach Estates subdivision at a price not seen for a lot in Poipu since mid-2004!  An owner trying to sell their lot for over the past year has drastically reduced their asking price from $599,000 original asking price to $260,000 for their 11,256 sq. ft. lot.

 

 

 

After reducing the price last month it was no surprise that it went into escrow rather quickly, however it recently fell out of escrow and went back on the market a few days ago once again at the low asking price of $260,000.  Poipu Beach Estates is a 106 lot subdivision bordering the Kiahuna Golf Course in sunny Poipu and is only one short block away from the Sheraton Kauai Resort and beach, and a short 1.5 mile drive to Poipu Beach. The lots range in size from approximately 10,000sf to over 1 acre and offer fee simple ownership.  In addition to a main residence, many of the lots may qualify for an additional dwelling unit (ADU) which potential Buyers should verify with the County of Kauai Planning Dept. According to Kauai MLS, past sales in PBE have ranged from $350,000 - $685,000 while current active listings range in price from $319,000 - $825,000.  If you’d like a second chance at purchasing lot #140 listed for $260,000 in the beautiful Poipu Beach Estates subdivision don’t wait!  Contact Sleeping Giant Sotheby’s International Realty today! 

 

Many curious clients have been asking me why there are so many condo units for sale at Waipouli Beach Resort.  Built by Unlimited Construction Services, Inc. in 2006, this 196 unit beachfront resort is located on the eastern shore of Kauai in a small town called Waipouli which is situated between Wailua and Kapaa; approximately 7 miles from the Lihue Airport.  The resort has several amenities from a large, winding lagoon style pool, to a full service Aveda Salon & Spa.  The units are modern and spacious ranging in size from a 323sf studio to 1,414sf 2BR/3BA.  But why are there so many for sale?  When searching Kauai Multiple Listing Service (MLS) at first glance it does appear that with 55 active listings, nearly 28% of the resort’s units are currently for sale!  Upon closer examination however, we see that only 28 of the 55 active listings are actually re-sales while the other 27 are units being offered by the Developer’s real estate company.  With only two re-sales on record so far this year, no units currently in escrow, and 55 active listings on MLS, it would appear to be a great opportunity for potential Buyer’s.  Prices range from $233,795 - $2,200,000 for studio, one bedroom, and two bedroom units.    

Condominium Property Regime, or CPR, is a Hawaii state law that gives the guidelines for creating a condominium.  On Kauai, many people have used this law to legally divide up the ownership of properties that might not otherwise have qualified to be subdivided.

If you are interested in this for your property, the first thing to do is write a letter to the Kauai Planning Department and find out what the residential density is for that particular piece of property.  The Planning Department will tell you the zoning and how many houses are allowed in a return letter that could take up to three weeks or longer to receive.   If the property’s zoning allows for more than one house then you might be able to divide the property using a CPR.  

The next step would be to obtain a title report on the property find out if there are any deed restrictions, such as subdivision covenants, which are recorded against the title, that might prevent you from completing a CPR.  In older subdivisions there may not be a subdivision covenant document but there might be language in a previous deed that prevents a CPR.  Another step would be to find out if access and utilities such as additional water meters are available for all the divided units.  Sometimes the zoning will allow for additional homes, but water meter and/or waste water restrictions would greatly limit the density.  An example of this would be a 5 acre property that is zoned R-2 (which means that there are 2 houses allowed per acre) would result in a density of 10 houses.  However, the water department might currently only allow for 2 water meters for this property and they may also state that each water meter may only serve one house.  In this situation, you would be limited to only 2 houses and therefore your CPR would be limited to 2 units, rather than 10.    
 
In another case, the zoning might allow for 2 houses but the State Health Department rules allow for only1 wastewater system.  In this scenario you could create a 2 unit CPR but the units would have to share the wastewater system and each wastewater system is only allowed to service 5 bedrooms.  There would be a restriction on the 2 CPR units for 5 bedrooms, which would be a total for both houses combined.  This can be a problem if the owners of either of the units want to add on another bedroom in the future.

Government rules are always changing and even though a property would qualify for CPR in the past, it may not be the same now or in the future.  

The oceanfront estate compound formerly known as “Tara” sold this past Thursday Nov. 12th for a record setting $28 million cash, the highest price ever paid for an existing home on Kauai!  Listed for sale since July, 2004 with an asking price of $46,500,000, it was reduced down since then to $39,500,000 before selling last week for $28,000,000….CASH!  That’s nearly 30% off the asking price which according to Kauai MLS is in line with recent sales statistics island wide. 

 

 

 

The 174 acre “Papa’a Bay Plantation” located on the northeastern side of Kauai nearest Aliomanu, boasts not only incredible beauty in every direction, but lots of privacy too.  From the gated, lushly landscaped grand entryway to the majestic 15,000sf main residence, this property truly has it all.  The classic Hawaiian plantation style home was designed by well known Hawaii architect, Alwyn Trigg-Smith of Trigg-Smith Architects, and furnished by renowned California designer, Waldo Fernandez of Waldos Designs.  Built with the finest materials and workmanship the main residence has 6 bedrooms, 8 ½ bathrooms, gourmet kitchen, his and her private living rooms, and a huge wrap around lanai to name just a few of the many features.  In addition to the main estate, there are two 4,000sf guest cottages, a swimming pool, yoga studio, caretaker’s residence, horse stables, workshop, barn, fenced corrals, and a beach cabana. 

Many people are already familiar with the Papa’a Bay Plantation Estate as it was the site of several scenes shot for the 1998 action adventure hit movie “6 days, 7 Nights” starring Harrison Ford and Anne Heche.  The secluded crescent shaped white sand beach cove fronting the estate was the setting for several scenes throughout the movie.

 

Video Posted by Listing Agent on YouTube:

I am always telling people that I think that it is a golfer’s “heaven on earth” to be able to live here on Kauai and play golf everyday at Wailua.  This municipal course has an oceanfront location, lush, green fairways, and is playable almost every day of the year.  The best part is that is it only $60.00 a month if you buy a resident card for unlimited play for residents if you walk.  Otherwise, it is $18.00 for the cart for 18 holes and the cost can be shared by 2 riders.  If you are 65 years old then the local monthly card rate goes down to only $40.00.  What more could any golfer want?  For complete course details and photos check out their Web site at http://www.kauai.gov/default.aspx?tabid=66 .