Princeville condo update for the week of Oct 21st to Oct 27th

Aloha,

Despite a week filled with doomsday news, (as noted in my previous blog “Bad news is good for buyers” ) it did not stop some buyers from moving forward. Here is your market activity for last week:

Copyright 10/28/2007 by Hawaii Information Service

NEW LISTINGS

203022 T A 2 4-5-3-11-1-30 FS $860,000 Villas On The Prince #30 1,761 #12-30 3/3
202473 T A 5 4-5-3-6-22-27 FS $1,965,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5
202357 T A 4 4-5-4-15-21-73 FS $535,000 Sandpiper Village I #236 1,173 #236 2/2.5
202868 T A 6 4-5-4-5-16-3 FS $599,000 Alii Kai At Hanalei #1103 1,085 #1103 2/2
202839 T A 6 4-5-4-6-1-11 FS $1,150,000 Villas Of Kamalii #11 1,825 #11 3/3
202670 T A 6 4-5-4-12-11-53 FS $2,249,000 Puu Poa #411 1,777 #411 2/2

CONTINGENT SALES

194129 SH C 199 4-5-4-5-39-80 FS $150,000 Cliffs At Princeville #3304 1,137 #3304 2/2
198541 T C 102 4-5-4-15-21-5 FS $360,000 Sandpiper Village I #105 1,042 #105 2/2
200357 T C 61 4-5-4-5-23-42 FS $629,000 Plantation At Princeville #1112 1,153 #1112 2/2

SALES

152038 T S 0 4-5-3-6-22-24 FS $1,400,000 Kaiulani Of Princeville #24 2,873 #24 3/3.5
SOLD 10/26/2007 for $1,400,000 (CNV) DOM 0

197467 T S 136 4-5-4-5-30-10 FS $589,000 Princeville Mauna Kai #F20 1,478 #F20 3/2
SOLD 10/23/2007 for $565,000 (CNV) DOM 136

188360 T S 264 4-5-4-5-39-123 FS $615,000 Cliffs At Princeville #5201 963 #5201 1/2
SOLD 10/19/2007 for $550,000 (CNV) DOM 264

197296 T S 87 4-5-4-12-8-5 FS $825,000 Pali Ke Kua Ii #119 763 #119 1/1
SOLD 10/26/2007 for $807,500 (1031) DOM 87

199483 T S 142 4-5-4-12-9-15 FS $825,000 Pali Ke Kua Iii #136 1,135 #136 2/2
SOLD 10/23/2007 for $756,000 (CNV) DOM 142

EXPIRED

186819 T X 350 4-5-4-6-1-20 FS $930,000 Villas Of Kamalii #20 1,825 #20 3/3

WITHDRAWN

190834 T W 266 4-5-3-11-1-30 FS $849,000 Villas On The Prince #30 1,760 #30 3/3
179543 SH W 474 4-5-4-15-21-28 FS $299,000 Sandpiper Village I #128 1,042 #128 2/2
196795 SH W 124 4-5-4-15-21-65 FS $390,000 Sandpiper Village I #228 1,173 #228 2/2.5
196403 T W 145 4-5-4-5-18-81 FS $410,000 Puamana #22C 1,790 #22C 2/2
196786 T W 124 4-5-4-15-21-28 FS $535,000 Sandpiper Village I #128 1,042 #128 2/2
196784 T W 124 4-5-4-15-21-65 FS $1,195,000 Sandpiper Village I #228 1,173 #228 2/2.5

PRICE CHANGES

196201 T A 159 4-5-3-11-1-26 FS $985,000- Villas On The Prince #26 1,765 #26 3/3
201635 T A 27 4-5-4-12-2-28 FS $499,000- Hale Moi #208 1,033 #208 1/2
183228 T A 430 4-5-4-15-21-33 FS $510,000- Sandpiper Village I #133 1,042 #133 2/2
199987 T A 72 4-5-4-6-1-35 FS $775,000- Villas Of Kamalii #35 1,815 #35 3/3
198480 T A 97 4-5-4-5-24-13 FS $835,000- Nihilani At Princeville Resort #5A 1,874 #5A 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.

One of the new listings, Villas on the Prince #30 is actually an “old” new listing. It was previously listed with another agent from 1/31/07 to 10/24/07 starting at $935K and ending at $849K when it was withdrawn. Before that it was listed from 5/5/06 at $1,095,000 and was once again withdrawn on 10/10/06 having been reduced to $965K. It is now again listed at $860K and came on the market on 10/26/07. Since it did not attract a buyer at $849K I would be surprised to see one step up to the plate at the new higher price. But you never know….

Sandpiper 236 is a new entry into the crowded Sandpiper field. This is an upstairs unit which has the additional 3rd loft bedroom and half bath more than the downstairs units. At $535K is it a bit more expensive than the other upstairs units, although it says it is “Lovingly decorated with authentic Hawaiiana including the stage costumes of the lead wahine hula dancer at Harrahs in Reno from 1950-1968, and named for “The Hula Girl” as she was known.” The other 4 upstairs Sandpipers start at $460K and go up to $575K. Please note, the unit for $575K has been on the market for 456 days with no price reductions. Personally, I think unit 204 is a good value listed at $460K. This seller has come down substantially over the past 723 days of his listing and I suspect he is ready to look at all offers. This unit is owned by the listing agent. Here are all the upstairs Sandpipers on the market:

Copyright 10/28/2007 by Hawaii Information Service

163432 T A 723 4-5-4-15-21-41 FS $460,000 Sandpiper Village I #204 1,173 #204 3/2.5
196998 T A 478 4-5-4-15-21-43 FS $499,900 Sandpiper Village I #206 1,173 #206 2/2.5
202357 T A 4 4-5-4-15-21-73 FS $535,000 Sandpiper Village I #236 1,173 #236 2/2.5
181966 T A 456 4-5-4-15-21-50 FS $575,000 Sandpiper Village I #213 1,173 #213 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.

It’s nice to see some units going into escrow— Two weeks ago I reported that Sandpiper 105 was finally at price ripe to attract a buyer. (it was dropped from $375,500 to $360,000 on 10/19) As you can see, it did go into escrow on 10/27. We also had on of the Cliffs fractionals go into escrow listed at $150K. I’ve done quite a bit of research on the complexities of fractionals, so if you have any questions, do not hesitate to ask.

On to the sales: The Cliffs unit 5201 closed at $550K while listed at $615K. This is right in line with the previous sale of unit 7202 for $575 on 7/31/07. Building 7 sits in front of building 5 and offers better ocean views although unit 5201 is the ultimate in privacy, as it’s an end unit overlooking a private greenbelt. Considering the two locations, the sale price of $550K makes sense. It’s a nice unit.

Pali Ke Kua 119, which offers both ocean and Bali Hai views, closed for $807,500 after a big price reduction on 8/20/07 from $950K to $825K. Again, this is right in line with the previous sale of unit 105 on 8/30/07 for $795K which also had dynamite views of Bali Hai and Hanalei Bay. Both of these units are 1 bedroom 1 bath units.

If you were wondering how much the Bali Hai / Hanalei Bay view impacts the market, it’s easy to see with the sale of Pali Ke Kua unit 136 which is a 2 bedroom 2 bath but closed for much less than the 1 bedroom units at $756K. This unit only has ocean views….. and does not offer Bali Hai or Hanalei Bay. Pali Ke Kua remains a very popular complex due to location, location, location. There is also relatively new ownership of the onsite restaurant called Saffron which has received good reviews from locals and visitors alike, making it a nice addition to the complex.

That’s about it for this week. If you have any questions, you know where to find me…and I’m always happy to help!

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 28th, 2007