Kauai Real Estate REOs & Foreclosures

Its a few days until November but New REOs have come up and are selling fast. Here’s the  list. I will save my editorial for the end of the blog.

New Kauai REOs:

1. 4540 Waiakalua St., Kilauea. Photos above. This 3 bedoom 2 bath home is located on 2 acres of Fruit bearing trees in the Kilaua Farms subdivision on the north shore. Priced at $729,900 MLS#217182.
2. Kauai Beach Resort #1331. Ocean view condo at the Kauai Beach Resort (Hilton) $195,900. MLS#217159
3. 4313 Maka Road, Kalaheo 3/2 bedroom for $421,900. Owned by Countrywide. In escrow.
4. Hale Lani Village at Puhi #Z101. 2 bedroom 2 bath condo for $220,000. Owned by Fannie Mae. MLS#217388
5. Emmalani Court #412, Princeville. 2 bedroom 2 bath condo owned by FannieMae $560,000. MLS#216880

Still Available:
1. 5013-D Moa Road, Kapaa. An incompleted house. See previous blog. $300,000. Owned by Wells Fargo. MLS#216449.
2. 6340 Kaahele St, Wailua Homesteads. Reduced to $399,900 MLS#214615 This is by far a good deal. There has been no sales in this subdivision below 400K in the past 4 years.
3. 276 Makani Road, Wailua House lots. Two dwellings on this property and a lot of illegal units for $499,900. MLS#2163504.
4. 5143 Iolani Pl, Princeville. 3/2 home in Princeville. Owned by Countrywide $779,900. MLS#2170175. 
5. 4588 Kuilei St, Lawai, 3/2 home in Lawai Valley Estates. $408,905 MLS#215332
6. 2469 Keneke St, Kilauea 4 bedroom 2 bath 3080 sq.ft. home. MLS#211611 Reduced to $519,500.

REOs in Escrow: Prices are listed prices not necessarily sale prices.
1.1730 Puu Kaa St, Kapaa 3/2 $334,900 Listed by Julie Black. Owned by Wells Fargo
2. 1683 Elika Pl, Kapaa 3/2 $407,500. Listed by Julie Black
3. 4062 Off Koloa Road (Blackstad Road) 2 homes on 1.28 acres. $629,900 Listed by Julie Black.
4. Hale Lani Village P106, Lihue, 2/1 condo. Listed at $159,900.
5. 4272 Kailewa St., Hanamaulu. Countrywide REO $403,900.

As I predicted in my earlier blogs more REOs are coming on the market as lenders are now catching up to their Hawaii inventory. I expect in to be this way for approximately another 9 months before the REOs start tapering off. The good news is that their are buyers. Buyers are realizing that this is most likely the bottom of the market. We are seeing more sales to first time home buyers and savy investors. Hawaii Banks fortunately have money to lend. Please email me julie@hisemail.net or call 808 652-6174 if you have any questions about these or any other REOs.

Countrywide foreclosed home in Princeville , Kauai, Hawaii came on the market yesterday. It is located at 5143 Iolani Place. Princeville is a Planned Unit Development on Kauai’s northshore. This is a 3 bedroom 2 bath home of approximately 2224 sq.ft living area on a lot of approximately 10,907 sq.ft. Priced at $779,900. here is a photo from a previous listing of the home.

Other updates include recent escrows.
The following REOs are in escrow  Prices are listed not necessarliy sale prices:
1. 1236 Milia St, Kakela Makai. Kalaheo Vacant lot listed at $229,9002.
2.1730 Puu Kaa St, Kapaa 3/2 SFR for $334,9003.
3.1683 Elika Pl, Kapaa, 3/2 for $407,5004.
4.Hale Lani Village at Puhi 2/1 for $159,9005.
5.4272 Ka’ilewa St, Hanamaulu 3/1.5 for $403,900

New & Upcoming REOS: No prices yet but contact me if you want more info on these two upcoming Bank REOS.
5796 Noni St, Wailua Homesteads
4540 Waiakalua St #1, Kilauea

As this update shows most of the REOs are selling quickly when priced right. It is best to be prepared when shopping for a REO bank foreclosed home and know the buying procedures. Call or email me if you have any questions. 808 652-6174-cell julie@hisemail.net Aloha Julie

Here’s Octobers list of REOs. I will update it as the month progresses. Its hard to say how Hawaii’s Act 137, the Mortgage Rescue Fraud Prevention Act, will effect the Hawaii market. The act designed to protect Hawaii consumers from persons who prey on homeowners who face property foreclosures may actually encourage more foreclosures as real estate agents and brokers are not exempt from the act. Under this act real estate agents & brokers can not have their actions be that of a “Distressed Property Consultant” unless they are willing to take the liability & limitations in pay that is mandated under this act. One of the results will be fewer agents will be willing to be involved in a short sale situation where prior to the act agents were very involved with Bank negotiations. Although well intentioned a negative effect of Act 137 will be the lack of agents willing to be involved in short sales and more properties may be heading for foreclosure. Contact me if you need more info on Act 137 or other questions about Hawaii foreclosures and REOs.
Aloha Julie Black

New REOs On The Market

Cedar ceiling detail

#1. 5013-D Moa Road, The house plans have this as a 3/2 but 1 bedroom and 1 bath is not framed/plumbed in. Partially completed house in Kapaa on a lot of 10059 sq.ft. Kapaa MLS#216449 $300,000.
#2. 1653 Elika Place, 3 bedroom 2 bath. $407,500. Already in escrow. Kapaa
#3. 1730 Puu Kaa, 3/2 Kapaa. MLS#216539 $334,900. Wells Fargo REO. You must prequalify with them to submit an offer. 10/8/08-in escrow
#4. 276 Makani Rd, Wailua Houselots. A large lot of 15090 sq.ft. with 2 dwellings of multiple bedrooms, bath rooms and rentals. MLS#216350. $499,900.

Price reductions:
#1. 4031-(off Koloa Rd) aka 4062 Blackstad Rd, Koloa. 2 homes and a cottage on 1.28 acres in Lawai. MLS#213597 Fixer reduced to $669,900. 10/9/08 Reduced to $629,900
Interior of Keneke
#2. 2469 Keneke St, Kilauea 4 bedroom 2 bath 3080 sq.ft. home. MLS#211611 Reduced to $564,500.
#3. 4588 Kui Lei St., Lawai. 3 bedroom 2 bath home on a lot of 9437 sq.ft. MLS#215332 Reduced to $408,905.
#4. Hale Lani Village P106 2/1 condo MLS#213537. Reduced to $179,900

Still Available:
#1. 6340 Kaahele St, Wailua Homesteads, 3 bedroom 2 bath home on a lot of 8785 sq.ft. MLS#214615 $429,977. Update-10/08/2008 Reduced to $399,900.

Upcoming:
#1. 5796 Noni St, Wailua Homesteads with Julie Black
#2 148 A & B Royal Drive, Wailua Homesteads.
#3. Kauai Beach Resort unit #1331. AKA the Hilton ocean views. with Julie Black
#3. 2242 Ioela, Kilauea
#4. Princeville home with Countrywide