Princeville condo (and house) update for the week of Jan 20th to Jan 26th

Aloha,

Last week was pretty slow for condos. Take a look at last weeks activity and you’ll see what I mean:

Copyright 1/27/2008 by Hawaii Information Service

NEW LISTINGS

206307 T A 4 4-5-3-11-1-18 FS $999,000 Villas On The Prince #18 1,800 #18 3/3
206549 T A 2 4-5-3-6-22-3 FS $1,900,000 Kaiulani Of Princeville #3 2,843 #3 3/3.5
206596 T A 1 4-5-4-5-24-82 FS $599,000 Nihilani At Princeville Resort #28A 1,406 #28A 2/2

BACK ON THE MARKET

171233 T A 744 4-5-4-11-3-84 FS $488,000 Hanalei Bay Resort #N22 867 #1513 1/2

PRICE CHANGES

194231 T A 291 4-5-3-6-22-43 FS $1,685,000- Kaiulani Of Princeville #43 2,443 #43 3/3.5
202473 T A 96 4-5-3-6-22-27 FS $1,899,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
201428 T A 129 4-5-4-5-3-16 FS $505,000- Princeville Paniolo #116 1,058 #116 1/2
206596 T A 1 4-5-4-5-24-82 FS $599,000- Nihilani At Princeville Resort #28A 1,406 #28A 2/2
199453 T A 108 4-5-4-12-10-19 FS $695,000- Emmalani Court #322 1,192 #322 2/2
185586 T A 475 4-5-4-12-10-24 FS $698,000- Emmalani Court #412 1,192 #412 2/2
200223 T A 157 4-5-4-5-24-40 FS $769,000- Nihilani At Princeville Resort #14A 1,874 #14A 3/2.5
201267 T A 132 4-5-4-5-24-87 FS $785,000- Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
193435 T A 303 4-5-4-6-1-1 FS $947,500- Villas Of Kamalii #1 1,761 #1 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.

Of the new listings, only Villas on the Prince #18 is really “new” as this is the first time listed since it was purchased by the owner in 3/02 for $487,355. I remember when “Villas” was released – it seemed like so much money then. Little did we know how the market would take off. Kai’ulani #3 is a developer’s sale and was previously listed for the same price for 255 days before expiring on 8/07. Nihilani #28, which also shows as a new listing, was previously listed from 1/07 to 11/07 at $697,000. It was purchased on 9/06 for $640,945. In this market it will be hard for the seller to recoup their costs.

Hanalei Bay Resort N22 is back on the market after expiring, and was originally listed at $599K before being reduced to $488K, which is the price it is now as it returns to the market.

If nothing else, we always know there will be price changes every week, at least for the forseeable future. This week Kai’ulani #43 went from $1.995M to $1.685M, the first time we have seen a Kai’ulani dip below the developer’r price, which in this case was $1,861,490. Kai’ulani #27 started at $1.965M and was reduced this week from $1.945 to $1.899M. It was originally purchased from the developer for $1,652,100.

Paniolo #116 went from $519K to $505K. This unit was purchased in 6/05 for $455K so there’s not too much room to work with there. Nihilani 28A, which shows as a new listing this week, was initially listed for $599,999 and then quickly adjusted to $599K down from the price of $697K when it was listed the first time. Emmalani Court #322 was purchased in 4/93 for $347K and was recently reduced from $709K to $695K. As I’ve said before, sometime the long time owners are the least likely to come down “hard” because they don’t have to. Many times their note is so low that any rental activity covers it (also part of the HOA and taxes perhaps) so the motiviation to reduce it not as strong as someone who is under the gun and losing ground every month on a newer mortgage.

Emmalani Court #412, on the other hand, is already upside down, having been purchased in 2/06 for $775K. It is now listed for $698K after being reduced from $722K. Nihilani 29C wihch started out at $869,900 went from $799K to $795K and is fast approaching the purchase price of $747,320 from the developer’s sale in 7/06. Villas of Kamali’i started at $1.075M and is down to $947,500 from $997K with a purchase price of $743K in 3/05. And that about wraps it up for Princeville condos.

If you’re curious about how Princeville homes are doing, here is last weeks snapshot:

Copyright 1/27/2008 by Hawaii Information Service

NEW LISTINGS

205619 RS A 3 4-5-4-24-12 FS $1,450,000 4246 Waileia Pl 11,741 sqft 2,939 4/3
206198 RS A 5 4-5-4-17-21 FS $1,595,000 4914 Emmalani Dr 10,500 sqft 3,238 4/3.5
206177 RS A 5 4-5-4-9-55 FS $1,650,000 5331 Honoiki Rd 10,689 sqft 2,554 3/3
206377 RS A 5 4-5-4-10-22 FS $1,795,000 4078 Liholiho Rd 10,200 sqft 2,515 3/4

CONTINGENT SALES

203558 RS C 55 4-5-3-11-43 FS $1,725,000 4128 Aloalii Dr 10,616 sqft 3,054 3/3.5
204442 RS C 59 4-5-4-16-21 FS $1,239,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3

SALES

184383 RS S 420 4-5-4-16-67 FS $1,100,000 4421 Emmalani Dr 11,463 sqft 1,705 3/2
SOLD 1/23/2008 for $980,000 (CASH, EXCH) DOM 420

EXPIRED

202991 RS X 92 4-5-4-16-9 FS $1,295,000 5015 Emmalani Dr 10,500 sqft 2,469 3/3
202875 RS X 91 4-5-4-13-65 FS $1,350,000 3717 Albert Rd 12,762 sqft 2,533 3/2.5
189976 RS X 364 4-5-4-16-65 FS $1,500,000 4465 Emmalani Dr 10,896 sqft 2,122 3/2

WITHDRAWN

204441 SH W 53 4-5-4-16-21 FS $275,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3
204439 SH W 53 4-5-4-16-21 FS $285,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3
204440 SH W 53 4-5-4-16-21 FS $294,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3
204438 SH W 53 4-5-4-16-21 FS $294,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3
204436 SH W 53 4-5-4-16-21 FS $294,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3
204364 SH W 50 4-5-4-16-21 FS $298,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3

PRICE CHANGES

168524 RS A 787 4-5-4-22-4 FS $722,500- 4087 Nalani Ln 11,244 sqft 1,424 3/2
167523 RS A 806 4-5-4-16-19 FS $775,000- 4064 Kaa’humanu Pl 12,058 sqft 2,489 2/3
203965 RS A 68 4-5-4-20-3 FS $1,199,000- 5121 Kapi’olani Loop 30,742 sqft 1,989 3/2.5
198602 RS A 46 4-5-4-16-86 FS $1,290,000- 4114 Nalani Ln 12,012 sqft 4,000 4/4
195521 RS A 265 4-5-4-15-3 FS $1,478,975- 3979 Kamehameha Rd 10,772 sqft 3,425 5/3.5

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

4246 Waileia Place is a new listing for a new home built in 2008. The land was purchased 11/05 fro $460K. 4914 Emmalani was previously listed for 248 days for $1.499M. This home was purchased in 5/05 for $1,017,500. The seller is willing to consider trading for a North Shore condo if you have one, and want a house instead! 5331 Honoiki was purchased in 1/92 for $275K (were houses really selling for that little amount of money back then???…)

4078 Liholiho is back as a “new listing” having been listed before for 529 days from 5/06 to 10/07. This home was built in 2003 and the lot purchased in 5/97 for $85K. I would go on if time permitted but since my focus is Condos and not Princeville Houses, I am not always able to go through the entire house update like I do the condos. If, however, you have an interest in any particular home and want the background information, just call or email and I’ll be happy to get it. I’ll continue to try to comment on PV homes when time permits but will make a regular practice to at least publish the changes each week.

A hui ho!

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

January 27th, 2008