Princeville condo update for the week of Oct 14th to Oct 20th

Aloha,

Here is your update for this past week. You’ll see there is only one property that went into escrow this past week with three others closing escrow.

Copyright 10/22/2007 by Hawaii Information Service

NEW LISTINGS

198699 T A 6 4-5-3-11-1-25 FS $999,000 Villas On The Prince #25 1,740 #25 3/3
202550 T A 6 4-5-3-6-22-41 FS $1,899,000 Kaiulani Of Princeville #41 2,479 #41 3/3
202686 T A 4 4-5-4-5-4-9 FS $629,000 Ka’eo Kai Ph I #9A 1,503 #9A 2/2
202822 T A 2 4-5-4-12-10-29 FS $770,000 Emmalani Court #422 1,192 #422 2/2
202645 T A 5 4-5-4-5-24-48 FS $795,000 Nihilani At Princeville Resort #16C 1,972 #16C 3/3

CONTINGENT SALES

190666 T C 248 4-5-4-11-3-95 FS $525,000 Hanalei Bay Resort #P13 867 #P13 1/2

SALES

152037 T S 0 4-5-3-6-22-23 FS $1,400,000 Kaiulani Of Princeville #23 2,873 #23 3/3.5
SOLD 10/19/2007 for $1,427,200 (CNV) DOM 0

196335 SH S 53 4-5-4-6-1-42 FS $245,000 Villas Of Kamalii #42 1,825 #42 3/3
SOLD 10/15/2007 for $245,000 (MISC) DOM 53

188662 T S 258 4-5-4-12-10-23 FS $799,000 Emmalani Court #411 1,456 #411 2/2
SOLD 10/12/2007 for $740,000 (CASH) DOM 258

EXPIRED

185973 SH X 466 4-5-4-15-21-28 FS $299,000 Sandpiper Village I #128 1,042 #128 2/2

PRICE CHANGES

198541 T A 96 4-5-4-15-21-5 FS $360,000- Sandpiper Village I #105 1,042 #105 2/2
196403 T A 145 4-5-4-5-18-81 FS $410,000- Puamana #22C 1,790 #22C 2/2
183283 T A 434 4-5-4-5-23-66 FS $578,000- Plantation At Princeville #1712 1,153 #1712 2/2
198320 T A 103 4-5-4-5-23-36 FS $710,000+ Plantation At Princeville #922 1,318 #922 3/3
200223 T A 60 4-5-4-5-24-40 FS $789,000- Nihilani At Princeville Resort #14A 1,874 #14A 3/2.5

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

Of the new listings, Ka’e O Kai 9A was previously on the market from 3 to 9 2007 starting at $675K and going down to $650K during the life of the listing. Before that it was listed from 12/2006 to 8/2006 when it was withdrawn. At this time, the unit was listed for $645K. Now we have it on the market with a new agent at $629K. This condo was completely remodeled in 2006 and the seller is providing financing incentives by way of a mortgage buydown. What this means is the seller pays the lender to decrease your interest rate for the first three years, in this case they are offering a 3-2-1 buydown for the first 3 years. Many sellers are becoming more and more creative as they try to attract buyers and make their unit stand out from the many already on the market.

Nihilani 16C listed at $795K is the largest Nihilani with a total of 1,972 sqft. This unit was purchased in 6/2006 for $769,570 which means this seller does not have much room once commissions are paid.

Under Sales you’ll see a Villas of Kamali’i for $245K. Please note, this is the sale of a fractional. I am a big proponent of fractionals and think we’ll see more and more of these throughout the coming years as buyers become more comfortable and knowledgeable about the concept.

There are some good price reductions this last week. Sandpiper 105 reduced to $360K having started out at $410K a little over 3 months ago. The sale of my unit, #137 for $379K has put pressure on the other units to come down in price if they want to sell. My unit was highly upgraded while unit 105 is in need of quite a bit of work. 105 is on the main road which means a little more noise but you also have views of the mountains, waterfalls and golf course which my unit did not. Puamana 22C had another reduction bringing it from $425K to $410K. This unit started out at $499K on 7/24/2007. Plantation #1712 at $578K is well below the original purchase price of $645 back on 6/2006.

The most interesting price change is Plantation #922 that saw a price increase from $699K to $710K. It looks like this seller is trying to find the right price since it started at $749K on 7/11, then dropped to $739K on 7/31, $729K on 8/17, $725K on 8/27, $710K on 8/30 and finally down to $699K on 9/6 before heading up again this last week. Interestingly enough, the seller just bought this unit on 7/10/2007 for $566,800 and listed it the next day for $749K. Time will tell if the market will support this type of price increase.

And I just have to mention that I saw Banyan Harbor unit #12 reduce down to $299K, having started at $349K back in 3/2007. Banyan Harbor, for those of you unfamiliar with this complex, is located down in Lihue across from Kalapaki Bay and within walking distance of Duke’s and several other restaurants and shops. Although an older complex, the units are popular for location alone. I was surprised to see a Banyan Harbor drop into the $200’s since recent sales have been in the $335K to $350K price range. In addition, current pricing is from $299K to $397K. Just thought I’d throw this into the mix for those of you who are looking for something outside of Princeville. Even though this blog is targeted toward Princeville, I do keep an eye out Islandwide for “interesting” reductions! Please call or email with any questions.

Aloha, Elaine

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!

October 22nd, 2007