Princeville condo (and house) update for the week of Jan 27th to Feb 2nd

Aloha,

One of my fellow agents told me that I was less likely to get a real estate call on Super Bowl Sunday than on any other day of the year. In other words, she was letting me know that I’d have plenty of uninterrupted work time today. Who am I kidding– I got hooked watching the last half of the Super Bowl myself! The other highlight of the day was the lightening and thunder show Mother Nature put on for all of us. While rain is a normal part of North Shore living, lightening and thunder are a rarity.

As for real estate, we had several new listings, one that went into escrow and one developer’s sale. Here is your update for this week:

Copyright 2/4/2008 by Hawaii Information Service

NEW LISTINGS

203210 T A 3 4-5-3-6-22-20 FS $2,650,000 Kaiulani Of Princeville #20 2,864 #20 3/3.5
206436 T A 6 4-5-4-15-21-7 FS $419,000 Sandpiper Village I #107 1,042 #107 2/2
206653 T A 6 4-5-4-5-18-95 FS $433,000 Puamana #26B 1,532 #26B 2/2
206852 T A 2 4-5-4-6-1-29 FS $925,000 Villas Of Kamalii #29 1,788 #29 3/3

BACK ON THE MARKET
202839 T A 64 4-5-4-6-1-11 FS $1,150,000 Villas Of Kamalii #11 1,825 #11 3/3

CONTINGENT SALES
206596 T C 8 4-5-4-5-24-82 FS $599,000 Nihilani At Princeville Resort #28A 1,406 #28A 2/2

SALES
152058 T S 0 4-5-3-6-22-68 FS $895,000 Kaiulani Of Princeville #68 1,892 #68 2/2.5
SOLD 1/31/2008 for $898,250 (CNV) DOM 0

EXPIRED
152029 T X 0 4-5-3-6-22-11 FS $1,650,000 Kaiulani Of Princeville #11 2,873 #11 3/3.5
198740 T X 190 4-5-4-5-18-91 FS $470,000 Puamana #25B 1,532 #25B 2/2
189728 T X 371 4-5-4-5-12-19 FS $633,000 Sealodge Ii #H1 556 #H1 1/1
198758 T X 194 4-5-4-5-24-8 FS $699,000 Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
202822 T X 103 4-5-4-12-10-29 FS $717,000 Emmalani Court #422 1,192 #422 2/2
189708 T X 376 4-5-4-11-3-32 FS $1,400,000 Hanalei Bay Resort #H26 1,324 #H26 2/2

WITHDRAWN
206787 T W 413 4-5-3-6-22-50 FS $1,800,000 Kaiulani Of Princeville #50 2,443 #50 3/3.5

PRICE CHANGES
205059 T A 24 4-5-3-11-1-3 FS $815,000- Villas On The Prince #3 1,737 #3 3/3
202550 T A 110 4-5-3-6-22-41 FS $1,590,000- Kaiulani Of Princeville #41 2,479 #41 3/3
206653 T A 6 4-5-4-5-18-95 FS $433,000+ Puamana #26B 1,532 #26B 2/2
196998 T A 236 4-5-4-15-21-43 FS $480,000- Sandpiper Village I #206 1,173 #206 2/2.5
205596 T A 22 4-5-4-15-21-30 FS $499,000- Sandpiper Village I #130 1,042 #130 2/2
202686 T A 108 4-5-4-5-4-9 FS $579,000- Ka’eo Kai Ph I #9A 1,503 #9A 2/2
199987 T A 170 4-5-4-6-1-35 FS $725,000- Villas Of Kamalii #35 1,815 #35 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.

We have another Kai’ulani on the market this week which was purchased on 11/07 for $1,980,180. This unit joins several other Kai’ulanis, including some of the developer’s units, currently on the market. Sandpiper #107 is a new listing this week and is very attractively priced at $419K. There is a nice kitchenette built in on the B side along with hardwood floors. This unit was purchased for $365K in 9/04. Puamana #26B was previously listed from 7/07 to 11/07, starting out at $499K and going down to $450. Apparently the seller is intent on selling judging from the new list price of $433K. This unit was initially purchased in 99 for $90K as a leasehold property. It was converted from leasehold to fee simple when the “fee” was purchased for $35,700 in 2000. This is one seller who has plenty of equity to work with. Villas of Kamali’i #11 is the last new listing and was purchased on 6/05 for $750K.

Nihilani 28A went into escrow after only 8 days on the market and no wonder; it was purchased on 9/06 for $649,945 and at a list price of $599K, offers good value for the dollar. Where else can you get 2 year old condo with 1400 sqft, with A/C, a two car garage, and all the amentities typical of newer construction?

Speaking of Nihlani, I am happy to report that I am now a member of the Board of Directors and will be working with other Board members throughout my 2 year tenure to continue the successful growth of Nihilani as the developer moves towards completion and exiting of the complex.

Moving right along to the sales for this week: All we have is another Kai’ulani developer’s sale of unit #68 for $898,250 followed by the many price changes. Villas on the Prince #3 reduced from $850K to $815K. This unit was purchased form $840K on 9/05 which puts this seller in an upside down position! Not surprisingly, Kai’ulani #41 went from $1.690M to $1.590M. This unit was purchased for $1,609,050 in 2/07 putting this upside down also!

Puamana #26B is the lone price increase (and is also one of our new listings this week) going from $430,500 to $433,000. I always wonder what the seller’s numerical beliefs are when I see changes like this that seem to be tarketing a combination of specific numbers. Does this change make it a lucky number? Only time will tell.

Sandpiper #206, which started at $525K, went from $499,900 to $480K. This is another seller with room to negotiate, having purchased the unit in 11/99 for $114,500. Sandpiper #130, last purchased for $238K in 6/03, reduced from $535K to $499K. Ka’Eo Kai #9A went from $629K to $579, and has a purchase price of $492K on 8/05. Rounding out the price changes is Villas of Kamali’i #35 which went from $749,900 to $725K. This townhouse was purchased in 2/05 for $620K but has been foreclosed and is now a bank owned property.

For those of you who are curious about what went on with Princeville Homes last week, here is your update:

Copyright 2/3/2008 by Hawaii Information Service

NEW LISTINGS
206641 RS A 4 4-5-3-12-30 FS $1,675,000 3982 Aloalii Dr 8,072 sqft 2,229 3/2

BACK ON THE MARKET
202991 RS A 99 4-5-4-16-9 FS $1,295,000 5015 Emmalani Dr 10,500 sqft 2,469 3/3
202875 RS A 98 4-5-4-13-65 FS $1,350,000 3717 Albert Rd 12,762 sqft 2,533 3/2.5

CONTINGENT SALES
195521 RS C 273 4-5-4-15-3 FS $1,350,000 3979 Kamehameha Rd 10,772 sqft 3,425 5/3.5

EXPIRED
195389 RS X 274 4-5-4-14-17 FS $1,550,000 3835 Albert Rd 10,579 sqft 2,743 3/3.5

WITHDRAWN
169856 RS W 763 4-5-4-19-19 FS $1,095,000 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
201069 RS W 136 4-5-4-18-59 FS $1,099,000 4185 Kinau Pl 10,445 sqft 2,070 3/3

PRICE CHANGES
195550 RS A 269 4-5-3-12-9 FS $1,690,000- 4001 Aloalii Dr 8,081 sqft 3,461 2/3
168524 RS A 795 4-5-4-22-4 FS $719,500- 4087 Nalani Ln 11,244 sqft 1,424 3/2
200685 RS A 151 4-5-4-15-6 FS $739,000- 3881 Albert Rd 11,515 sqft 1,272 3/2
198759 RS A 199 4-5-4-15-16 FS $749,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
197977 RS A 214 4-5-4-21-36 FS $995,000- 4892 Cr Kaui Rd/pepelani 28,847 sqft 2,274 4/3.5
206607 RS A 771 4-5-4-19-19 FS $1,065,000- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
195521 RS C 273 4-5-4-15-3 FS $1,350,000- 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.

The two properties that are back on the market, Emmalani and Albert, had expired and were brought back active. I’m not surprised to see 3979 Kamehameha go into escrow as it’s a beautiful home. It started out at $1,689,000 273 days ago and dropped to $1,589,000 on 8/22/07. The next big reduction was on 12/8/07 when it went to $1,499,975. Shortly thereafter, on 12/27/2007 the house started a slow but steady reduction of $1000 a day. This is one way to keep a property in the forefront as it shows up on the listings update page every day with a price reduction.

3835 Albert expired at $1,550,000 having started out at $1,750,000 back in 5/07. This a spec home built in 2006 on land that was purchased in 2003 for $249K.

The two homes that were withdrawn are owned by real estate professionals – one – the house on Napookala is owned by a realtor who purchased the property in 5/03 for $648K while the other, Kinau Place, was purchased by a lender on 7/05 for $970K leaving little room for negotiation.

As for reductions, 4001 Aloali’i was purchased in 4/05 for $1.350M and started out at $2.066M before reducing down from $1.850M to $1.690M. 4087 Nalani is owed by the same individual who owns Napookala. This home was purchased in 10/04 for $599K and has been listed as high as $975K. This property’s price has gone up and down over the last 795 days and was most recently reduced from $722,500 to $719,500.

The home on the corner of Kaui / Pepelani was built by the seller, who purchased the land in 3/98 for $65K. The home was originally listed for $1.095M and reduced to $995K. And finally, 5086 Napookala, which shows as withdrawn by the owner / agent came back on the market, relisted with another agent in the office, showing a price reduction from $1.075M to $1.065.

That’s a brief summary of Princeville homes. If you have questions about any property in Princeville (or anywhere else on the Island for that matter) please do not hesitate to call or email me for further information. That’s why I’m here, to be your real estate resource.

And finally, this update would have been out sooner but the thunderstorm knocked out the electricity several times Sunday. It’s still overcast today but no rain yet. Think I’ll go out for a power walk before it decides to rain. Have a good week!

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!

3881 Albert, which was reduced from $789K to $739K is also owned by a real estate agent, having been purchased in 6/05 for $745K. 3834 Haulani was purchased in 4/04 for $700K and reduced from $800K to $749,900.

February 4th, 2008