Princeville condo update for the week of Nov 4th to Nov 10th
Finally! Someone put an offer in on Sandpiper #204 priced at $460K after 732 days on the market. I’ve mentioned this unit several times, most recently in the update for the week of Oct 21-27. Originally listed for $596 back in 9/2005, this unit has worked its way down to current pricing and finally found a buyer. What’s nice about this unit is that both bathrooms have been redone in tile, an expensive upgrade if you don’t have the skill to do it yourself. It also has a kitchen sink and cabinets in the lockout or B side along with what looks like Pergo flooring throughout.
One of our “new” listings is actually a property that was listed previously, withdrawn and then relisted. Kamahana #29 was listed from 9/06 to 9/07 at $599K. It came back on the market this week at $589K. Sometimes an agent (at the seller’s request) will take a property off the market to “reset” the DOM. (Days on the Market) It used to be if you pulled a property off for even a day then relisted it, the DOM showed at 0 again.
Apparently someone didn’t like that practice because the MLS rules changed (I think it was back in 05) so that DOM is only reset after the property has been withdrawn from the market for 30 days. I had to pull a property off the market once to reset the days, (again, by the seller’s request) and was chided by another agent for doing so. Personally, it doesn’t bother me one way or another because all you have to do is run the TMK number and the entire listing history comes up. (which is what I do while writing this update.) Even if your agent does not run the TMK to find the listing history, I don’t know if changing the DOM impacts what a buyer is willing to pay or not. Some agents/sellers think that a property with numerous days on the market looks bad and that buyers will either avoid the property, thinking something is “wrong” with it since it hasn’t sold or they will make a low offer because they think the seller is desperate. In today’s market I am finding low offers the norm and don’t know if DOM impacts that or not. I’ll leave that up to you to decide.
Our other new listing this week is Pu’u Po’a 107, listed for $2,399,000. This unit has been completely upgraded with an expanded kitchen, granite, and top of the line appliances. This unit was purchased for $1,902,500 in 4/2006. It does offer wonderful ocean views, as do all the Pu’u Po’as and as a ground floor unit, you can walk out and enjoy it all the more. These are the Pu’u Po’a units currently on the market:
Copyright 11/11/2007 by Hawaii Information Service
201944 T A 38 4-5-4-12-11-46 FS $1,675,000 Puu Poa #404 1,352 #404 2/2
200456 T A 73 4-5-4-12-11-14 FS $1,849,000 Puu Poa #114 2,065 #114 2/2
179527 T A 519 4-5-4-12-11-33 FS $1,895,000 Puu Poa #305 1,352 #305 2/2
202670 T A 20 4-5-4-12-11-53 FS $2,249,000 Puu Poa #411 1,777 #411 2/2
202256 T A 1 4-5-4-12-11-7 FS $2,399,000 Puu Poa #107 2,065 #107 2/2
172688 T A 608 4-5-4-12-11-54 FS $2,675,000 Puu Poa #412 1,359 #412 2/2
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
I think for the money I’d take top floor 404 and spruce it up myself! There hasn’t been much activity at Pu’u Po’a this year, with only one sale since 1/2007 which was unit 101 which sold 8/2007 for $1,350,000. I don’t recall seeing this unit while it was listed but the listing indicates it was an active vacation rental and pictures show granite countertops, tile flooring and nice furnishings. Hmmm…quite a jump from that sale to the current list prices. Unit 305 which has been on the market 519 days was originally listed for $2,390,000 in 6/06 while unit 412 was listed at $2,875,000 back in 2/06.
Since I’ve been talking so much about the update, perhaps now is a good time to present this weeks update:
Copyright 11/11/2007 by Hawaii Information Service
NEW LISTINGS
203513 T A 3 4-5-4-5-13-29 FS $589,000 Kamahana #29 1,732 #29 2/2
202256 T A 1 4-5-4-12-11-7 FS $2,399,000 Puu Poa #107 2,065 #107 2/2
BACK ON THE MARKET
200357 T A 75 4-5-4-5-23-42 FS $618,000 Plantation At Princeville #1112 1,153 #1112 2/2
CONTINGENT SALES
182792 T C 449 4-5-4-5-23-50 FS $578,000 Plantation At Princeville #1312 1,153 #1312 2/2
SALES
197158 T S 116 4-5-4-5-23-65 FS $629,000 Plantation At Princeville #1711 1,153 #1711 2/2
SOLD 11/5/2007 for $599,999 (CNV) DOM 116
UNDER CONTRACT
163432 T U 732 4-5-4-15-21-41 FS $460,000 Sandpiper Village I #204 1,173 #204 3/2.5
EXPIRED
195525 T X 184 4-5-4-11-3-90 FS $788,500 Hanalei Bay Resort #N34 867 #1537-8 1/2
194640 T X 182 4-5-4-12-9-27 FS $1,100,000 Pali Ke Kua Iii #237 1,135 #237 2/2
WITHDRAWN
197466 T W 135 4-5-4-11-3-7 FS $1,224,000 Hanalei Bay Resort #B13 1,324 #9123/4 2/2
PRICE CHANGES
201635 T A 41 4-5-4-12-2-28 FS $485,000- Hale Moi #208 1,033 #208 1/2
181966 T A 470 4-5-4-15-21-50 FS $549,999- Sandpiper Village I #213 1,173 #213 3/2.5
200357 T A 75 4-5-4-5-23-42 FS $618,000- Plantation At Princeville #1112 1,153 #1112 2/2
189728 T A 289 4-5-4-5-12-19 FS $633,000- Sealodge Ii #H1 556 #H1 1/1
191680 T A 241 4-5-4-5-13-28 FS $649,000- Kamahana #28 1,145 #28 2/2
202822 T A 22 4-5-4-12-10-29 FS $725,000- Emmalani Court #422 1,192 #422 2/2
202645 T A 25 4-5-4-5-24-48 FS $794,750- Nihilani At Princeville Resort #16C 1,972 #16C 3/3
201267 T A 55 4-5-4-5-24-87 FS $825,000- Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
201278 T A 48 4-5-4-6-1-16 FS $995,000- Villas Of Kamalii #16 1,761 #16 3/3
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
You’ll see that one Plantation unit, #1112 came back on the market (fell out of escrow) while another Unit #1312 went into escrow (as a short sale) and unit #1711 closed for $599,999. That seems to be the magic number for these downstairs Plantation units– somewhere in the $590K’s.
We have the usual assortment of reductions but nothing that was dropped $100K or $200K like we have seen in the past when the seller gets REALLY serious! On a final note, one of our agents just obtained her real estate license in California and will be working the Santa Barbara / Carpinteria area. Having lived in both Santa Barbara and Carpinteria many many years ago, I know that many of our buyers and sellers who like that area love Kauai too, and vice versa. If you find yourself wanted to buy or sell in the Santa Barbara County area, let me know and I’ll put you in touch with this top notch agent. For anything on Kauai, you know who to call!
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!
November 18th, 2007 at 11:50 am
I have been in until #404. It is quite clean, but almost everything in the condo will need to be updated. I would prefer to have had the entry “balcony” be glassed in to provide more usable square footage.
There also is not a direct Bali Hai view, but there are very nice mountain views off of the back bedroom.
This unit would benefit greatly from some staging. There is absolutely nothing in the condo right now!
I thought the unit would sell in a matter of weeks, but that apparently isn’t the case. She bought the unit and is the original owner, so she probably has the entire thing paid off.
I can see it going for 1.3-1.4 which would make the units in Pali Ke Kua greatly overpriced.
Being the top floor, i would also probably also retrofit an air conditioning unit into the unit, especially if you glass in the entry balcony as many do.
November 18th, 2007 at 2:37 pm
Thanks for the great insights Scott. Input is always appreciated! We’ll see how long this one takes to sell.