More on Fractionals on a perfect Princeville day
I must say, it was a beautiful view from my condo this morning. The sun was just coming up, the ocean was so calm and flat it almost looked like a sheet of ice the way the morning sun reflected off of it. Blue skies with a few puffy white clouds- just to offer contrast – completed the picture. Oh yes, cooling trades (tradewinds) makes for a picture perfect day.
If you are at all familiar with the Hawaiian Island, it is obvious that “Princeville” is not your traditional Hawaiian name. So just how did Princeville get is name? Very simply, Princeville was named in honor of King Kamehameha’s IV son, the young prince Albert. Robert Crichton Wyllie, a Scottish doctor who later became a Hawaiin foreign minister, owned much of the land in the area and was running a sugar cane and coffee plantation when the King, his wife and 2 year old son paid a visit. Dr. Wyllie enthusiasm for the young prince led him to name his plantation “Princeville” in honor of him.
If you own a Mauna Kai or Puamana condo in Princeville, you now know how your street ended up with the unusual spelling for Wyllie. If you are a property owner in Princeville, I have the meanings of many of the street names throughout the subdivision and will include them in a future blog if there is interest.
Yesterday I talked a little about fractionals, and today I received notification that one of our local lenders is finally offering financing. In the past, obtaining financing for fractional was rare to nonexistent, which meant you either had to take out a HELOC (Home Equity Line of Credit) on your primary residence or pay cash for your fractional. Not a good scenario. Fortunately, as more fractionals came on the market, other segments of the real estate field stepped up to meet the growing interest. This particular lender will either finance your fractional purchase or meet with you to set up your fractional property as you get ready to go to market.
This is what has taken place today in Princeville Condos Real Estate:
Copyright 4/12/2007 by Hawaii Information Service
NEW LISTINGS
MLS DATA
194129 SH A 0 4-5-4-5-39-80 FS $165,000 Cliffs At Princeville #3304 1,137 #3304 2/2.0
CONTINGENT SALES
167659 T C 215 4-5-4-6-1-40 FS $799,000 Villas Of Kamalii #40 1,800 #40 3/3.0 SALES
SOLD
194376 SH S 1 4-5-4-14-30 FS $312,500 3891 Kamehameha Rd 11,262 sqft 3,599 2/3.5
SOLD 4/12/2007 for $312,500 (CASH) DOM 1
You will notice the unit that came on the market today is Shared with a rotational ownership. What that means is that the owners rotate each year in continguous 8 week periods. We also had a sale of shared house today on Kamehameha which sold for $312,500. I remember when this house was fractionalized several years ago– the fractional for this timeframe which is from Januaury 15 to March 16 sold back in 7/2004 for $225,000! Nice appreciation!
Future topics will include discussion on the various condo complexes throughout Princeville, condo financing, Homeowner fees…..If you have a question or please post it. I just may be the topics of my next blog! A hui ho!
Aloha Elaine
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