Princeville condo (and house) update for the week of Feb 17th to Feb 23rd

I knew it just couldn’t last forever.. I mean the weather was so stunningly picture perfect every day last week I just had to go to the beach yesterday. I’ve been working all week at my home office where I can look out and see the ocean from my condo as well as any activity on the bluff in front of my place. Recently, I’ve had some “long term” neighbors who are here for a month in the timeshare downstairs. Almost every day as I sat typing away on the computer, when I looked out towards the ocean there they were, sitting in the sun, having pulled their lanai chairs off the lanai and onto the grass so they could bask in the sun for yet another few hours…that’s why I say I just HAD to go to the beach and soak up some of that sun myself.

Today brought with it a storm front with grey clouds, grey ocean and intermittant rain. Take the picture from the last blog and paint the sky and ocean grey (instead of the beautiful blue) and you’ll see what I mean. So, on to our update for this week:

Copyright 2/24/2008 by Hawaii Information Service

NEW LISTINGS
207727 T A 3 4-5-4-5-3-18 FS $459,000 Princeville Paniolo #203 1,058 #203 1/2
207634 T A 5 4-5-4-5-39-16 FS $499,000 Cliffs At Princeville #1206 917 #1206 1/2
207661 T A 1 4-5-4-5-4-5 FS $521,000 Ka’eo Kai Ph I #5A 1,503 #5A 2/2
207020 T A 6 4-5-4-5-7-13 FS $730,000 Princeville Sealodge #B5 748 #B5 2/2

BACK ON THE MARKET
200223 T A 184 4-5-4-5-24-40 FS $769,000 Nihilani At Princeville Resort #14A 1,874 #14A 3/2.5

CONTINGENT SALES
199734 T C 192 4-5-4-12-2-40 FS $575,000 Hale Moi #220 1,033 #220 1/2
205964 T C 41 4-5-4-12-11-5 FS $1,600,000 Puu Poa #105 2,065 #105 2/2
179527 T C 624 4-5-4-12-11-33 FS $1,850,000 Puu Poa #305 1,352 #305 2/2

SALES
183283 T S 522 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 #1712 2/2
SOLD 2/19/2008 for $515,000 (CNV) DOM 522

190979 T S 322 4-5-4-5-39-100 FS $620,000 Cliffs At Princeville #4206 917 #4206 1/2
SOLD 2/21/2008 for $570,000 (CNV) DOM 322

UNDER CONTRACT
172114 T U 709 4-5-3-11-1-28 FS $799,000 Villas On The Prince #28 1,800 #11-28 3/3

WITHDRAWN
206653 T W 24 4-5-4-5-18-95 FS $448,000 Puamana #26B 1,532 #26B 2/2
171233 T W 768 4-5-4-11-3-84 FS $450,000 Hanalei Bay Resort #N22 867 #1513 1/2

PRICE CHANGES
195595 T A 290 4-5-4-5-27-8 FS $415,000- Hale Honu #4B 866 #4B 2/1
200357 T A 180 4-5-4-5-23-42 FS $570,000- Plantation At Princeville #1112 1,153 #1112 2/2
193631 T A 329 4-5-4-5-17-53 FS $685,000- Alii Kai Ii Hanalei #14E 1,037 #14E 2/2
193033 T A 345 4-5-4-5-23-3 FS $785,000- Plantation At Princeville #121 1,318 #121 3/3
200693 T A 173 4-5-4-5-16-37 FS $879,000+ Alii Kai At Hanalei #5101 1,086 #5101 2/2
201944 T A 143 4-5-4-12-11-46 FS $1,450,000- Puu Poa #404 1,352 #404 2/2
179527 T C 624 4-5-4-12-11-33 FS $1,850,000- Puu Poa #305 1,352 #305 2/2
206653 T W 24 4-5-4-5-18-95 FS $448,000+ Puamana #26B 1,532 #26B 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.

Paniolo 203 was purchased for $445K in 7/05 leaving little room for any capital gains with an initial list price of $459K. Cliffs 1206 is prettly much in the same predicament, as it was purchased in 9/05 for $520K and is listed for $499K. Ka Eo Kai 5A has some equity to draw on, as it was purchased in 8/02 for $200K and is listed for $521K. Sealodge B5 has long time owners, who bought in 12/99 for $220K and will undoubtedly reap the benefit of their investment even if they do reduce from their list price of $730K.

Nihilani 14A is back on the market after expiring. It is currently listed at $769K and was purchased on 3/06 for $761,450.

Hale Moi 220 went into escrow this week after 192 days on the market. It was never reduced during this listing period and was purchased in 6/02 for $260K. Two Pu’u Po’a’s went into escrow this week, unit 105 and 305. 105’s seller paid $1.345M for this unit in 11/05. Although it looks like this unit went into escrow after only 41 days on the market it was previously listed from 2/06 to 4/06 for $1.875M and from 10/06 to 10/07, starting at $2.149M and dropping to $1.789M. This owner remodeled the unit, to include a new kitchen, then furnished it with designer furnishings.

Pu’u Po’a 305 went into escrow listed at $1.850M. It came down slightly from the original list price of $1.895M on 2/20. This unit was purchased in 5/00 for $350K.

Plantation 1712 closed this past week at a new all time low of $515K, as a short sale. I mentioned this unit in an earlier blog. It was purchased in 6/06 for $645K, and listed on 8/06 for $798K, obviously with the intention of flipping the unit and making some good money. It’s a great idea, just the wrong time to do it! Cliffs 4206 was purchased in 7/05 for $545K, remodeled and put back on the market in 8/05 for $662K, moved up to a high of $735K on 9/26/05 then reduced back down to $695K where it stayed until the listing expired after 358 days on the market. The second time it was on the market for 322 days, starting at $649K before being reduced down to $620K in 8/07. Not much gain on a sale price of $545K.

Villas on the Prince went under contract on 2/14 and has now moved to under contract, meaning the contingencies have been removed. As you may recall from previous updates, this condo was once listed at an all time high of $1.249M and has over 700 days on the market.

Pumana 26B was increased (you’ll also see it under price changes) from $433K to $448K on 2/18 then withdrawn on 2/21. I guess you needed to move fast if you wanted this unit at the new higher price. It was previously listed from 7/07 to 11/07, starting at $499K and lowering to $450K with 97 days on the market.

Hanalei Bay Resort unit N22 was finally withdrawn after no one was willing to pay the asking price (apparently) after 768 days on the market. It is owned, in part, by a real estate agent.

On to the price changes:

Hale Honu 4B went started out 290 days ago at $495K, was reduced to $465K and this week went form $465K to $416K, then to $415K. It was purchased in 3/06 for $430K. Plantation 1112, purchased for $430K in 11/05 and was reduced $2K this week to $570K. It’s been going up and down a little bit every couple of days just to keep it on the “daily updates” page.

Ali’i Kai 14E started out in 4/07 at $725K, reduced this week from $695K to $685K and was purchased 1/04 for $430K. Yes, that’s right…the last three units were all purchased for $430K!!! Pretty strange…. This unit was previously listed for 238 days from 7/06 to 3/07 starting out at $739K and ending at $725K.

Plantation 121 has 345 days on the market, starting out at $829K before being reduced to $798K and then to $785. It’s purchase price in 5/505 was $488,993 from the developer. Ali’i Kai 5101 is bucking the downward trend by increasing the price from $849K to $879K. It was purchased in 5/04 for $595K and is owned by a real estate agent.

Pu’u Po’a 404 came down again from $1.549M to $1.450M, from a high of $1.675M. It was purchased 7/91 for $325K and appears to be pretty much in original condition. Although the location on the 4th floor is great, it needs a lot of work which will involve not only time and money, but will also bring a great deal of frustration that also seems to come when remodeling or building anything on this Island.

As for houses, here is your update:

Copyright 2/24/2008 by Hawaii Information Service

NEW LISTINGS
207583 RS A 6 4-5-4-8-47 FS $3,275,000 5045 Kapiolani Lp 16,502 sqft 4,226 5/4.5

UNDER CONTRACT
204442 RS U 51 4-5-4-16-21 FS $1,239,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3

PRICE CHANGES
206607 RS A 791 4-5-4-19-19 FS $1,045,000- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
205193 RS A 60 4-5-4-14-31 FS $1,695,000- 3885 Kamehameha Rd 12,127 sqft 2,372 4/3

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

The new listing at 5045 Kapiolani Loop is not all that new, having been previously listed from 3/07 to 1/08 at $3.475M at which time it was withdrawn from the market after 154 days. It was purchased in 3/06 for $2,813,500. (What is it that happens in the negotiations where you end up with these weird numbers?…)

4070 Kaahumanu went into escrow this past week listed at $1.239M after only 51 market days. This home was also previously listed from 5/06 to 4/07 at which time it was withdrawn. It started at $1.450M and ended at $1.199M during this listing period. It was also listed as a fractional from 11/07 to 1/08 but was withdrawn. This home was purchased in 5/05 for $1.150M.

5086 Napookala was reduced from $1.055M to $1.045M after 791 days on the market. (Yes, you read that right.) This home is owned by a real estate agent, and was previously listed starting in 12/05 for $1.595M dropping to $1.095M when it was temporarily withdrawn by the agent / owner and turned over to an agent in the same office. There have been several reductions recently, first from $1.095M to $1.075M, then on 2/1 to $1.065M, on 2/15 to $1.055M and most recently on 2/18 to $1.045M. The house was purchased in 5/03 for $648K.

And finally there is 3885 Kamehameha which shows a priced reduction from $1.795M to $1.695M after 60 days on the market, this time….. Yes, this house was listed previously from 10/05 to 3/06 for $2.275M dropping to $1.980M at which time it was withdrawn after 161 days on the market and relisted with another agent from 3/06 to 8/07, starting at $1.98M and coming off the market at $1.950M, although it did drop briefly to $1.790M for several months before heading back up. The purchase price on this home was $1,137,500 on 2/05.

And that’s this weeks round up. I will do the residential research as my time permits, but if you ever have a question about a house or condo and need research, do not hesitate to call or email.

Until next time,

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!

February 24th, 2008