Princeville condo update for the week of July 8 to 14

Aloha and Happy Sunny Sunday,

It was an interesting week in condo sales in Princeville. You’ll see on the update that an upstairs 3 bedroom 3 bath Plantations condo sold for only $566,815 after being listed for $549K without ever hitting the market. Of course, I don’t know the circumstances behind this sale, but I’d say the seller really wanted to sell. Perhaps the extremely low price created a bit of a bidding war between two or more buyers. What’s even more interesting is that the buyer immediately put it back on the market at $749,000 which is the price these 3 bedroom units have been selling for. In fact, one is in escrow listed at $725K right now. Here’s your update:

Copyright 7/15/2007 by Hawaii Information Service

NEW LISTINGS

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
196541 T A 3 4-5-4-12-10-25 FS $565,000 Emmalani Court #413 952 #413 1/2.0
198318 T A 3 4-5-4-5-18-42 FS $649,000 Puamana #12B 1,532 #12B 2/2.0
194396 T A 4 4-5-4-5-4-17 FS $649,950 Ka’eo Kai Ph I #7B 2,800 #7B 3/3.0
197889 T A 6 4-5-4-12-9-3 FS $725,000 Pali Ke Kua Iii #7 1,135 #7 2/2.0
198320 T A 4 4-5-4-5-23-36 FS $749,000 Plantation At Princeville #922 1,318 #922 3/3.0
198314 T S 0 4-5-4-5-23-36 FS $549,000 Plantation At Princeville #922 1,318 #922 3/3.0
SOLD 7/11/2007 for $566,815 (CNV) DOM 0

BACK ON THE MARKET

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
187267 T A 230 4-5-4-11-3-54 FS $1,195,000 Hanalei Bay Resort #J22 1,324 #Apt.#7203-4 2/2.0

CONTINGENT SALES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
172114 T C 499 4-5-3-11-1-28 FS $889,000 Villas On The Prince #28 1,800 #11-28 3/3.0
184227 T C 254 4-5-4-5-39-107 FS $598,000 Cliffs At Princeville #4303 1,137 #4303 2/2.0
193436 T C 106 4-5-4-12-11-1 FS $1,499,000 Puu Poa #101 1,359 #101 2/2.0

SALES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
198314 T S 0 4-5-4-5-23-36 FS $549,000 Plantation At Princeville #922 1,318 #922 3/3.0
SOLD 7/11/2007 for $566,815 (CNV) DOM 0
194831 T S 416 4-5-4-12-10-41 FS $745,000 Emmalani Court #524 1,192 #524 2/2.0
SOLD 7/3/2007 for $700,000 (CNV) DOM 416
191642 T S 80 4-5-4-12-10-9 FS $839,900 Emmalani Court #222 1,192 #222 2/2.0
SOLD 7/11/2007 for $815,000 (CNV) DOM 80

WITHDRAWN

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
191411 T W 154 4-5-4-5-4-14 FS $669,000 Ka’eo Kai Ph I #4B 2,100 #4B 3/3.0
192671 T W 104 4-5-4-5-18-42 FS $675,000 Puamana #12B 1,532 #12B 2/2.0

PRICE CHANGES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
193146 T A 110 4-5-4-15-21-37 FS $445,000- Sandpiper Village I #137 1,042 #137 2/2.0
189454 T A 173 4-5-4-5-3-24 FS $475,000- Princeville Paniolo #211 1,058 #211 1/2.0
197467 T A 99 4-5-4-5-30-10 FS $589,000- Princeville Mauna Kai #F20 1,478 #F20 3/2.0
193631 T A 105 4-5-4-5-17-53 FS $710,000- Alii Kai Ii Hanalei #14E 1,037 #14E 2/2.0
188592 T A 221 4-5-4-5-24-63 FS $789,000- Nihilani At Princeville Resort #21C 1,972 #21C 2/3.0
194971 T A 67 4-5-4-12-10-13 FS $815,000- Emmalani Court #311 1,456 #311 2/2.0
172114 T C 499 4-5-3-11-1-28 FS $889,000- Villas On The Prince #28 1,800 #11-28 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.

To finish my thoughts on the Plantations; here’s what is currently on the market:

Copyright 7/15/2007 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
182792 T A 330 4-5-4-5-23-50 FS $619,000 Plantation At Princeville #1312 1,153 #1312 2/2.0
197158 T A 30 4-5-4-5-23-65 FS $629,000 Plantation At Princeville #1711 1,153 #1711 2/2.0
183283 T A 335 4-5-4-5-23-66 FS $629,000 Plantation At Princeville #1712 1,153 #1712 2/2.0
195533 T A 69 4-5-4-5-23-58 FS $638,000 Plantation At Princeville #1512 1,153 #1512 2/2.0
188004 T A 194 4-5-4-5-23-54 FS $665,000 Plantation At Princeville #1412 1,153 #1412 2/2.0
193699 T A 100 4-5-4-5-23-62 FS $667,900 Plantation At Princeville #1612 1,153 #1612 2/2.0
184581 T A 292 4-5-4-5-23-34 FS $679,000 Plantation At Princeville #912 1,153 #912 2/2.0
183699 T A 317 4-5-4-5-23-25 FS $695,000 Plantation At Princeville #711 1,153 #711 2/2.0
198320 T A 4 4-5-4-5-23-36 FS $749,000 Plantation At Princeville #922 1,318 #922 3/3.0
194753 T A 83 4-5-4-5-23-27 FS $759,000 Plantation At Princeville #721 1,318 #721 3/3.0
193033 T A 121 4-5-4-5-23-3 FS $798,000 Plantation At Princeville #121 1,318 #121 3/3.0
188890 T C 202 4-5-4-5-23-17 FS $595,000 Plantation At Princeville #511 1,153 #511 2/2.0
194769 T U 40 4-5-4-5-23-12 FS $725,000 Plantation At Princeville #322 1,318 #322 3/3.0

As you can see, the Plantation that sold was substantially less than any of the two bedroom units currently listed which start at $619K and go up to $695K. Even with it back on the market at $749K it’s still the least expensive 3 bedroom unit going. The last two on this list, the 2 bedroom for $595K and the 3 bedroom for $725K are both in escrow. You can see the “C” meaning Contingent and the U meaning the contingencies are removed and it is under contract, just past the MLS number on the left.

The Villas on the Prince #28 is a nice unit and quickly found a buyer after reducing from $949K to $889K on the 13th. This villas has been on the market 499 days and was once listed at $1,249,000 before winding its way down to $899K.

Let me stop to digress here a minute. Some of you may look at this and feel that the bottom is falling out of the market, as evidenced by the fact that this unit dropped from $1,249,000 to $899K. During 2006, two Villas on the Prince units sold- one was unit 1 that sold for $986K in 3/2006 and the other was — unit 28 that sold in 3/2006 for $975K. The day after it closed, it was back on the market at the higher price. Apparently the new buyer/seller thought the market could support the increase. No other Villas sold during 2006 to indicate the market was moving up. These are the units currently on the market:

Copyright 7/15/2007 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
185798 T A 272 4-5-3-11-1-14 FS $899,000 Villas On The Prince #14 1,737 #14 3/3.0
190834 T A 165 4-5-3-11-1-30 FS $899,900 Villas On The Prince #30 1,760 #30 3/3.0
184077 T A 285 4-5-3-11-1-36 FS $950,000 Villas On The Prince #36 1,760 #36 3/3.0
197799 T A 16 4-5-3-11-1-10 FS $999,000 Villas On The Prince #10 1,732 #10 3/3.0
196201 T A 54 4-5-3-11-1-26 FS $999,900 Villas On The Prince #26 1,765 #26 3/3.0

The journey from $1,249,000 to $899,000 was one of “optimistic pricing.” Yes, the market has softened since 2006 but the softening is the difference between the original purchase of $975K and today’s price of $899K not the difference between $1,249,000 and $899K. We don’t yet know the final price of this unit, as $899K is only the list price, but at present, the difference between $975K and $899K is only 8% not the 28% difference between $1.249K and $899K.

Last but not least, there are some really great buys on the market now. How about a 3 bedroom townhouse style condo in Princeville for only $425K? The seller has recently reduced $50K simply because he really want to sell his unit now, not next month or the month after. Here are the 5 least expensive Fee simple condos in Princeville:

Copyright 7/15/2007 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
188646 T A 208 4-5-4-5-3-4 FS $412,000 Princeville Paniolo #104 1,058 #104 1/2.0
195591 T A 68 4-5-4-5-27-20 FS $425,000 Hale Honu #10B 1,085 #10B 3/1.5
178630 T A 409 4-5-4-5-39-72 FS $435,000 Cliffs At Princeville #3204 917 #3204 1/2.0
193146 T A 110 4-5-4-15-21-37 FS $445,000 Sandpiper Village I #137 1,042 #137 2/2.0
192351 T A 133 4-5-4-5-3-3 FS $455,000 Princeville Paniolo #103 1,058 #103 1/2.0

At 1,085 square feet with 3 bedrooms and 1 bath upstairs and the living area and half bath downstairs, Hale Honu 10B is the best unit for the price by far. Here are some pictures of the unit:

Any questions, please email or call.

Aloha,

Elaine Schaefer (R, GRI, ABR)
Broker in Charge – Princeville Resort Office
Graduate, Realtor’s Institute
Accredited Buyer’s Representative
Top Producer 100% Club

RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email: sold@hawaii.rr.com
website: www.kauaiforsale.com
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

July 15th, 2007