Kauai Real Estate REOs & Foreclosures

It appeared for a couple of weeks that no new REOs were coming on the market. But the lull was just temporary. Here are two new bank owned houses that will be coming on the market soon.

4836A Puuwai Road, Kalaheo. This house will be listed with Julie Black (R) Kauai Dreams Realty. No price yet.

4119 Aheahe Pl, Lihue. This is a two story house with a 3 bedroom 2 bath home on top and a family room with bath or studio on bottom. Cul-de-sac location. Fannie Mae/Freddy Mac foreclosure/owned.

There are no more price changes since my last update or posting from the begining of the month. However email me if you would like to know the prices of the above mentioned REOs when they do get listed. Aloha Julie julie@hisemail.net

Back on the Market:

1. 4062 Blackstad Road aka 4031-L Koloa Rd (Off of). This REO has two homes and a cottage on 1.28 acres in Lawai. The homes need a lot of work as one was in the process of remodeling and was in just a real fixer. The location is great with views. $629,900 MLS#213597. Listed with Julie Black (R)

Price reductions:
1. 276 Makani Road. Wailua Houselots, Kapaa. $449,000. MLS#216350
2. 4588 Kuilei, Lawai Valley Estates. $388,959. MLS#215332

I will update this blog periodically but call or email if you have questions. Aloha Julie Black julie@hisemail.net

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

Realtors like myself have REOs listed for sale. These are properties that have been foreclosed on and taken back by the bank. You can bid on properties at the foreclosure sale, the bank most likely will only bid up to their loan amount. Most Hawaii foreclosures (all islands) are posted in the Honolulu Star-Bullentin Classified section. The link to the site is: http://classifieds.starbulletin.com/results.php?classification_id=1004&format=ascii&numPer=10&category_id=10&mls=&acTst=Grr
I often get asked is there a list of Kauai REOs? Besides the foreclosure lists at the Star-Bulletin and Realtytrac, my complied list is the most up to date source that I am aware of.

Here it is:

Available Kauai REOs:

Listed by Julie Black (R) Kauai Dreams Realty:

#1. 4062 Blackstad Road aka 4031-L Koloa Rd (Off of). This REO has two homes and a cottage on 1.28 acres in Lawai. The homes need a lot of work as one was in the process of remodeling and was in just a real fixer. $689,900 MLS#213597

#2. 1236 Milia St, Kakela Makai subdivision in Kalaheo. Vacant lot ocean views. MLS#213866. Just reduced again! $229,900. owned by IndyMac
#3. #1. 6340 Kaahele St, Wailua Homesteads. MLS#214615 Price $429,977
This is a 3 bedroom 2 bath home 1432 sq ft. living area in a nice neighborhood of Wailua on a 8,785 sq.ft. lot.

Countrywide Listed REO:s
#1. Kuhio Shores #313, Poipu. On the water condo for originally listed at$715,000 reduced to $693,900. MLS#213644

Other Kauai REOs listed with other brokers:
1.4588 Ku’i Lei St, Lawai, 3/2 home at $429,900. MLS#215332 Great price for this neighborhood.
2. Hale Lani Village P106 2/1 condo MLS#213537 at $209,900, a not so great price. Owned by Washington Mutual.
3. 4754 Kalamania Rd, Kilauea. 1/1 on a lot of 1.98 acres for only $669,900. MLS#215217. Owned by Fannie Mae.
4. Kauai Beach Resort #2304 probably its last price reduction at $179,9000. MLS# 209739

Upcoming REOs with Kauai Dreams Realty (not yet listed)

#1. 5013D Moa Road, Kapaa. An unfinished craftsman like home on a 10000 sq.ft. lot owned by Wells Fargo Bank.
#2. Kauai Beach Resort (Hilton) #1331 Ocean view 3rd floor studio condo unit.
#3 Royal Drive, 2 homes on the rim in Wailua-in eviction process.
#4 Pu’ u Ka’a St, Kapaa. 3 bedroom 1.5 bath home owned by Wells Fargo.
#5. Noni Street in Wailua Homesteads. 2 story well taken care of home.

You can click onto my website at www.kauaidreams.com and plug in the MLS # to get more information about any of the listed properties. You can call or email me about any questions you may have about REOs foreclosures or property in general. Aloha Julie julie@hisemail.net

The newest Bank owned REOs , listed by Kauai Dreams Realty, on the market are:

#1. 6340 Kaahele St, Wailua Homesteads. MLS#214615 Price $429,977
This is a 3 bedroom 2 bath home 1432 sq ft. living area in a nice neighborhood of Wailua on a 8,785 sq.ft. lot.

The banks I am dealing with are responding to offers almost immediately unlike short sales. However in general the banks are slower to approved the HUD closing statement needed to close mostly due to their unfamiliarity of Hawaii’s HARPTA laws. But as always if you have any questions be sure to email me at julie@hisemail.net
Aloha Julie

My computer crash last week temporarily causing me to loose my email contact list and delay my posting an updated blog. Three REOs with Kauai Dreams Realty went on the market since my last post and a few with other brokers.

NEW On the market with Kauai Dreams Realty:

1. 4062 Blackstad Road aka 4031-L Koloa Rd (Off of). This REO has two homes and a cottage on 1.28 acres in Lawai. The homes need a lot of work as one was in the process of remodeling and was in just a real fixer. $689,900 MLS#213597

2. 5261 Laipo Road, Kapaa, 3 bedroom 1 bath home on a larger fenced lot of 9614 sq.ft. Only $357,000 MLS#213299

Mauna Ikena photo

3. 1735 Mauna Ikena Road, Kapaa. 2 bedroom 1 bath home on a large CPR lot. In a upscale area. $397,900. MLS#213692

New on the Market with other Brokers:

1. Kuhio Shores #313, Poipu. On the water condo for $715,000. Owned by Countrywide MLS#213644

2. 4272 Kailewa St., Hanamaulu. 3 bedroom 1.5 bath home. Owned by Countrywide MLS#212729

3. 4433 Kilauea Road, Kilauea. 3 bedroom 2 bath home. Owned by Countrywide MLS#213506

It appears to me that Countrywide has not yet adjusted to the market and these prices most likely will come down.

Existing REO Price Changes and Updates:

#1. Kauai Beach Villas #2304 reduced to $254,900. Now $239,900
#2. 5309 Kualono St, Kapaa 3/2 home $379,900. Reduced to $359,900
#3. Islander on the Beach #168. Sold for $180,000 on 7/3/2008.

Still Upcoming :
#1. Kaahele St, 3/2 home in Wailua Homesteads Kapaa.
#2. Elika Place, 3/2 home in Kapaa.
#3 Moa Road, Unfinished craftsman home in Kapaa
#4. Kakela Makai, Vacant lot with ocean views in Kalaheo.
#5. Royal Drive 2 homes on the rim in Wailua Homesteads.

Buying a REO is still one of the best ways to insure that you are purchasing a bargain. However there are other well priced privately owned properties. It is best to check with a seasoned agent or broker to be sure that your purchase is in line with todays market. As always feel free to contact me if you have any questions about REOs, foreclosures or Kauai Real Estate in general. Aloha Julie julie@hisemail.net

Many Sellers in financial straits have become informed and are now listing and selling their property via a short sale. This is where the lender or Bank agrees to a sales price often less the the amount of the loan on the property. This can be a win win situation for both the bank(as they do not have to spend their time, resources on foreclosure) and the property owner (as a short sale may not be as devastating on a credit report as a foreclosure). However banks may take months to respond to a presented short sale and may not agree. If a buyer has the patience this can be away to purchase a property at current market prices as many home owners on Kauai are not yet willing to drop their prices to the current market levels.

Kauai’s Current REO’S:

Upcoming REOs with Kauai Dreams Realty: Photos are above subject address
#1. Kaahele St, 3/2 home in Wailua Homesteads Kapaa.

#2. Elika Place, 3/2 home in Kapaa.

#3 Moa Road, Unfinished craftsman home in Kapaa

#4. Kakela Makai, Vacant lot with ocean views in Kalaheo.
#5. Mauna Ikena, 2/1 home large lot in Kapahi.
#6. Royal Drive 2 homes on the rim in Wailua Homesteads.
#7. Laipo Road, 3/1 in Kapaa. To be listed shortly.
#8. Blackstad Road, 2 fixxer homes on over an acre in Lawai.

In escrow REOs:
#1. Puamana #26, Princeville listed for $319,900. Cash offer over listed price.
#2. Hale Lani condo Lihue. Listed (with another broker) for $254,900.
#3. Islander on the Beach #168 Listed (with another broker) for $200,000.

REOs still listed with other brokers:
#1. Kauai Beach Villas #2304 reduced to $254,900.
#2. 5309 Kualono St, Kapaa 3/2 home $379,900.
#3. 2469 Keneke St, Kilauea 4/2 home $634,500.

In general I foresee the REO inventory peaking this year for single family homes. Condo REO inventory will probably increase and peak next year especially in the lodging type condos such as Kauai Beach Villas and Islander on the Beach.

You can email me with any questions or inquiries you may have. If you sign up for my email list you will know the prices of any upcoming Kauai Dreams Realty REO before it hits the MLS. Aloha Julie julie@hisemail.net

6/13/08 Update: Puamana 26B is listed at $319,900.
Upcoming 1683 Elika Place, Kapaa. Custom home.

Recent changes in Kauai REO updates are:
#1. Sold on 5/30/08: Villas of Kamalii #35, Princeville for $665,000.
#2. Sold on 6/4/2008: 4243 Waiahi St, Hanamaulu for $369,900.
#3. Listed on 5/21/2008: 2469 Keneke St. 4/2 3080 sq.ft. living area, located across the Kilauea Gym. MLS#211611
#4. In escrow: Halelani Village 3/2 condo for $254,900.
#5. In escrow: Islander on the Beach, Unit #168, 0/1 condo for $200,000.

Not yet listed but available to see now:
#1. Puamana 26B in Princevile. 2/2 condo.
#2. 5261 Laipo Road, 3/1 home in Kapaa.

Photo of Laipo Road
#3. 4062M Blackstad Road, Koloa. 2 fixers on over an acre.

Upcoming:
#1. 1735 Mauna Ikena Road #A, Kapaa
#2. 148 Royal Drive, Wailua Homesteads.

Still available:
#1. MLS#207359 5309 Kualono St, Kapaa. 3/2 Reduced to $389,900.
#2. MLS#209739 Kauai Beach Villas #2304 0/1 Reduced to $269,900.

The Banks are pricing their REOs competitively to sell quickly. However most banks are still behind in selling their foreclosure inventory and I expect more REOs to be available as the year progresses. One way of estimating how many REOs will be coming on the market is by looking at the foreclosures posted by RealtyTrac (www.realtytrac.com). Although I have found this information to be useful it is not 100% accurate and does not encompass 100% of the foreclosures/upcoming REOs on Kauai. For more information on any of the REOs listed here or general questions, feel free to email or contact me. Aloha, Julie julie@hisemail.net