Short Sale in Kai Ikena
How has the recent turmoil in the mortgage and real estate market affected sales and values in Kai Ikena? Here are some recent statistics for the neighborhood as of October 10, 2008:
- Number of lots currently for sale – 3
- Number of lots sold to date in 2008 – 3
- Number of lots currently pending sale – 0
- Price range of lots currently for sale – $295,000 – $395,000
- Price range of lots sold to date in 2008 – $195,000 – $312,500
- Price range of lots currently pending sale – n/a
- Number of homes currently for sale – 7
- Number of homes sold to date in 2008 – 4
- Number of homes currently pending sale – 0
- Price range of homes currently for sale – $550,000 – $1,199,000
- Price Range of homes sold to date in 2008 – $660,000 – $860,000
- Price range of homes currently pending sale – n/a
Currently there are no pending sales (properties that are under contract but not sold yet) in Kai Ikena. With the downturn of the market we are even seeing some properties selling for less than what the Seller paid for it.
The home I have listed on Oni Place at $550,000 is in the unfortunate position of being for sale for less than the owner owes on it – this is what we call a short sale. However, two of the most recent home sales in the neighborhood sold in less than a month and both sold for over $750,000. Lot sales are also maintaining values well over $200,000. So even though sales are down, values haven’t dropped drastically. If you need to sell your property in this market, pricing it correctly is the most important factor. For Buyers, it is a good time to buy! Mortgage rates are still low and Sellers are finally reducing their prices to current market prices instead of prices based on the price boom of a couple of years ago.
Whether you are interested in buying or selling, or even just keeping up with the real estate market, please call or email me if I can be of assistance.
Fran McDonald, RA, ABR, Makai Prioperties, LLC, 808-635-0165 or FraninKauai@aol.com or check my website: www.FransKauaiRealEstate.com