Princeville condo update for the week of May 20 to 27

Despite beautiful weather with little rain, we are not seeing buyers flocking to our shores to scoop up their piece of paradise. There are undoubtedly many factors that may impact the mainland buyer: the Iraq war, the tightening of loan requirements, continuing news of the nationwide housing slump, the fact that many are getting ready for summer— who knows what the reasons are. Unfortunately, many may be missing an excellent opportunity to get a foothold in Kauai. Our market is very unique in that the things that bring people here are still here in abundance with sales perhaps suffering due to the belief that we are in a free fall and will continue to go down.

Personally, I feel that our soft pricing is due primarily to too much inventory. As I said, everything that people loved about Kauai in the past is still all here in spades. The difference is that we now have so much inventory that buyer’s think they can simply afford to wait and see what else may come on the market that they may like better. However, at some point, as the better buys and more desirable properties are taken, buyers will suddenly realize they “should have” made an offer on “that property” months ago, because it will be too late once someone else scoops it up.

Having said all that, here is your weekly update. You will see one Plantation unit went into escrow after over 150 days on the market and a price decrease from $635 to $595. Now, the next least expensive Plantation on the market is $639. And before you read the new listings and get all excited to see a Villas Of Kamalii for $245K, please take careful note of the “SH” at the beginning of the listing, indicating this is a fractional ownership. If you are interested in fractionals, I had the opportunity to preview this unit and it is first class all the way. On to the update:

Copyright 5/27/2007 by Hawaii Information Service

NEW LISTINGS

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
196201 T A 5 4-5-3-11-1-26 FS $999,900 Villas On The Prince #26 1,765 #26 3/3.0
196335 SH A 3 4-5-4-6-1-42 FS $245,000 Villas Of Kamalii #42 1,825 #42 3/3.0
195704 T A 1 4-5-4-5-39-114 FS $739,000 Cliffs At Princeville #4310 1,281 #4310 2/2.0

CONTINGENT SALES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
188890 T C 153 4-5-4-5-23-17 FS $595,000 Plantation At Princeville #511 1,153 #511 2/2.0

SALES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
193251 T S 1 4-5-4-15-21-25 FS $499,000 Sandpiper Village I #125 1,042 #125 2/2.0
SOLD 5/23/2007 for $499,000 (1031) DOM 1
169795 T S 416 4-5-4-12-10-34 FS $700,000 Emmalani Court #512 1,192 #512 2/2.0
SOLD 5/15/2007 for $700,000 (CNV) DOM 416
174737 T S 407 4-5-4-6-1-36 FS $799,000 Villas Of Kamalii #36 1,800 #36 3/3.0
SOLD 5/25/2007 for $799,000 (CNV) DOM 407

PRICE CHANGES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
192351 T A 84 4-5-4-5-3-3 FS $455,000+ Princeville Paniolo #103 1,058 #103 1/2.0
190666 T A 116 4-5-4-11-3-95 FS $525,000- Hanalei Bay Resort #P13 867 #P13 1/2.0
190632 T A 117 4-5-4-15-21-34 FS $550,000- Sandpiper Village I #134 1,042 #134 2/2.0
190979 T A 111 4-5-4-5-39-100 FS $629,000- Cliffs At Princeville #4206 917 #4206 1/2.0
193033 T A 72 4-5-4-5-23-3 FS $798,000- Plantation At Princeville #121 1,318 #121 3/3.0
191649 T A 100 4-5-4-5-24-40 FS $829,000- Nihilani At Princeville Resort #14A 1,800 #14A 3/2.5
193433 T A 53 4-5-4-12-9-15 FS $849,000- Pali Ke Kua Iii #136 1,100 #136 2/2.0
179830 T A 345 4-5-4-5-16-34 FS $995,000- Alii Kai At Hanalei #4302 1,086 #4302 2/2.0
188034 T A 169 4-5-4-11-3-13 FS $1,399,000- Hanalei Bay Resort #C15 1,705 #C15 3/3.0

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.

Just for the sake of comparison, here are the Plantation units remaining on the market:

Copyright 5/27/2007 by Hawaii Information Service

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
182792 T A 281 4-5-4-5-23-50 FS $629,000 Plantation At Princeville #1312 1,153 #1312 2/2.0
183283 T A 286 4-5-4-5-23-66 FS $629,000 Plantation At Princeville #1712 1,153 #1712 2/2.0
195533 T A 20 4-5-4-5-23-58 FS $638,000 Plantation At Princeville #1512 1,153 #1512 2/2.0
188004 T A 145 4-5-4-5-23-54 FS $665,000 Plantation At Princeville #1412 1,153 #1412 2/2.0
193699 T A 51 4-5-4-5-23-62 FS $667,900 Plantation At Princeville #1612 1,153 #1612 2/2.0
184581 T A 243 4-5-4-5-23-34 FS $679,000 Plantation At Princeville #912 1,153 #912 2/2.0
183699 T A 268 4-5-4-5-23-25 FS $695,000 Plantation At Princeville #711 1,153 #711 2/2.0
194769 T A 31 4-5-4-5-23-12 FS $725,000 Plantation At Princeville #322 1,318 #322 3/3.0
194753 T A 34 4-5-4-5-23-27 FS $759,000 Plantation At Princeville #721 1,318 #721 3/3.0
193033 T A 72 4-5-4-5-23-3 FS $798,000 Plantation At Princeville #121 1,318 #121 3/3.0

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.

I hope you are enjoying reading my blog as much as I am enjoying writing it. Unfortunately, my time has been diverted from this endeavor due to work required on my new website, which will soon link to this page enabling you to search the entire Kauai MLS. Please bear with me as I continue working on my site as I am very eager to get back to work on my blog.

Any and all feedback is appreciated. I am here to write this for your benefit but without your input, you’ll find yourself at my mercy in the choice of topics. Have a wonderful warm Memorial Day. I’m hoping to work on my suntan a bit.

Aloha,

Elaine Schaefer

May 27th, 2007