by Tyler Durden
Real estate on the no-longer sleepy island of Kauai has gotten
so hot that people are buying multi-million dollar homes
sight-unseen, as the pandemic-fueled housing boom continues seemingly unabated.
According to the
Wall Street Journal, luxury properties on Kauai - with a population of 72,000 permanent residents - start at $3 million, while just 3% of the island s 550 square miles are open to development, meaning that housing stock in all categories is scarce. And according to the report,
Californians looking for primary and secondary homes are squeezing prices even higher.
Ms. Cook, 46, a former commercial real-estate broker, and her husband, 51, a lawyer, had considered looking for a new home in the suburbs north of San Francisco, but were reluctant to test their luck in a seller’s market, where all-cash deals and multiple bidders had become the rule.