Princeville condo update for the week of September 2 to 8
Aloha,
We saw quite a bit of activity this week, with several condos going into escrow and even a couple of closings. This is the first time in a long while where we have seen more condos come off the market by way of going into escrow and selling than came on the market. If we can keep this type of activity up for several months, we’ll finally have a much more manageable inventory. Here is your activity for this past week:
Copyright 9/8/2007 by Hawaii Information Service
NEW LISTINGS
200231 T A 4 4-5-4-12-2-30 FS $555,000 Hale Moi #210 1,033 #210 1/2.0
200693 T A 4 4-5-4-5-16-37 FS $879,000 Alii Kai At Hanalei #5101 1,086 #5101 2/2.0
CONTINGENT SALES
196176 SH C 107 4-5-4-6-1-42 FS $245,000 Villas Of Kamalii #42 1,825 #42 3/3.0
193146 T C 165 4-5-4-15-21-37 FS $409,000 Sandpiper Village I #137 1,042 #137 2/2.0
188360 T C 273 4-5-4-5-39-123 FS $615,000 Cliffs At Princeville #5201 963 #5201 1/2.0
194901 T C 131 4-5-4-5-24-85 FS $739,900 Nihilani At Princeville Resort #29A 1,874 #29A 3/2.5
188662 T C 262 4-5-4-12-10-23 FS $799,000 Emmalani Court #411 1,456 #411 2/2.0
SALES
168753 T S 605 4-5-4-12-5-5 FS $795,000 Pali Ke Kua Incr I, Ii, Iii #105A 717 #105A 1/1.0
SOLD 8/31/2007 for $795,000 (1031) DOM 605
191939 T S 158 4-5-4-6-1-45 FS $954,000 Villas Of Kamalii #45 1,825 #45 3/3.0
SOLD 9/4/2007 for $850,000 (CASH) DOM 158
EXPIRED
162008 TS X 731 4-5-4-5-6-2 FS $18,000 Ka’eo Kai Ph Iii #24A 1,503 #24A 2/2.0
177183 T X 494 4-5-4-5-13-13 FS $686,000 Kamahana #13 2,073 #13 3/2.0
WITHDRAWN
188890 T W 255 4-5-4-5-23-17 FS $595,000 Plantation At Princeville #511 1,153 #511 2/2.0
184356 T W 359 4-5-4-5-13-29 FS $599,000 Kamahana #29 1,732 #29 2/2.0
PRICE CHANGES
196201 T A 109 4-5-3-11-1-26 FS $998,000+ Villas On The Prince #26 1,765 #26 3/3.0
185973 SH A 428 4-5-4-15-21-28 FS $299,000- Sandpiper Village I #128 1,042 #128 2/2.0
179543 SH A 428 4-5-4-15-21-28 FS $299,000- Sandpiper Village I #128 1,042 #128 2/2.0
198541 T A 52 4-5-4-15-21-5 FS $395,500- Sandpiper Village I #105 1,042 #105 2/2.0
196884 T A 92 4-5-4-5-18-68 FS $519,000- Puamana #19B 1,660 #19B 3/2.0
196786 T A 78 4-5-4-15-21-28 FS $535,000- Sandpiper Village I #128 1,042 #128 2/2.0
191680 T A 177 4-5-4-5-13-28 FS $679,000- Kamahana #28 1,145 #28 2/2.0
198320 T A 59 4-5-4-5-23-36 FS $699,000- Plantation At Princeville #922 1,318 #922 3/3.0
193237 T A 170 4-5-4-6-1-41 FS $875,000- Villas Of Kamalii #41 1,825 #41 3/3.0
186819 T A 304 4-5-4-6-1-20 FS $930,000- Villas Of Kamalii #20 1,825 #20 3/3.0
196784 T A 78 4-5-4-15-21-65 FS $1,195,000- Sandpiper Village I #228 1,173 #228 2/2.5
197466 T A 77 4-5-4-11-3-7 FS $1,224,000- Hanalei Bay Resort #B13 1,324 #9123/4 2/2.0
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Fractional properties are slowly catching on as another of the Villas of Kamali’i fractionals went into escrow. This fractionalized unit came on the market the end of May and already two of the 6 offerings are in escrow. Compared to the first few fractionalized properties that came on the market, this one is really moving along quite nicely, not to mention that it is a superior product. Some sellers who are not knowledgeable about fractionals think it’s an easy way to make money. Buy a unit, divide it up and go from there. Nothing could be further from the truth. I won’t go into all the legalese associated with fractionals, but I will say that fractional buyers demand and expect a property that is in top of the line condition with high end furnishing and decor, which this one has. If you want more conversation or details on buying or selling fractionals, please call or email.
Also going into escrow is Sandpiper 137. This is my personal unit, and I started pricing at $479 on 3/27 but had to heed the advice I give my seller clients, and just kept coming down while continuing to improve the unit. I recently refinished both the bathtub and shower pan which was over $700 but it made the bathrooms look like a $$Million! Money well spent.
Cliffs 5201 started out at 12/9/06 at $655K, finally finding a buyer after the price was reduced to $615K on 7/5/07. Nihilani 29A is a steal at $739,900. This unit started out at $869K on 4/30/07 and slowly worked its way down in price over a period of 131 days before going into escrow. I don’t think the developer can even sell this Makana floor plan for this price. This unit has over $90K in upgrades according to the listing information which consisted of plantation shutters, travertine flooring, ss appliances, and ceiling fans. Just to give you an idea of cost, the developer charges in the area of $800 for a ceiling fan. Not only was this unit upgraded but it is sold fully furnished with high end furniture. The seller clearly wanted to sell as they paid $790,910 for the unit in 7/06. Whoever put this unit into escrow got a great buy.
Emmalani Court was on the market 262 days and was originally listed at $809K. This unit only came down a small amount to $799 in 5/07 before finding a buyer this week. Sometimes its a matter of “price point” that can make the difference. Most agents search for properties in price increments of either 25 or 50. For example, if you tell me you’d like to buy a house for $865K I’ll probably search everything up to $900K– or up to $875K if your budget is tight. Moving Emmalani Court down into the $700’s picked up all the buyers looking up to the $800K price point. A small reduction with a big payoff.
For sales this week, we see the Pali Ke Kua 105 that was the topic of my July 27th blog “Price changes-the award goes to” when it had a one time $200K price reduction, closed for full price. Or so it would seem. At one point while on the market this unit was listed for $1,395,000. It closed for full price when the “price was right.” Villas of Kamali’i #45 sellers obviously were serious as they came down quite a bit from their list price to accept an offer of $850K.
The moral of the story is : You can only sell for the amount that buyers are willing to pay. It really doesn’t matter what sellers think their property is worth. It doesn’t even matter if they are right. All that matters is- is anyone offering to buy your property? So when you get that offer, as bad as it may seem, don’t forget to ask yourself “Do I have any other offers” and “Do I really to sell?” and go from there. Good luck to buyers and sellers alike.
I have to include the beautiful sunset we had the other night. The colors were marvelous. I thought you might like to see it too…
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:soldonkauai@yahoo.com
website: www.kauairealestatenow.com
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
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