While no sector of the Kauai Real Estate market escaped the correction of the past few years, it happened very slowly and somewhat quietly at Whalers Cove…no foreclosures, only a hint of distress and with recent sales activity…the first true signs of market recovery. The reset button settled in the range of $1.030 to $1.4 down from the last climb which topped out in the $1.5 to $1.7 range. (I know…asking prices did break the $2m mark but closings never topped out past $1.7). With only 38 units in the entire project, Whalers Cove captured a noticeable market share with 4 recorded sales since January 2010. Those numbers might seem small but considering the near screeching halt of the Po’ipu condo market for the period, it does show that luxe is still in demand (relatively so). Also interesting to note, the newest listing at Whalers Cove might already reveal a turning point in this market. With an asking price from $200 to $400k higher than all other active listings, $1.525 might be a bit premature and may only serve to help sell the lesser priced offerings at the moment but most definitely, this is a reflection of an increase in market confidence.
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