Princeville condo (and house) update for the week of Feb 24th to Mar 1st

Aloha,

It sure seems to me that real estate activity has suddenly picked up — at least for this past two weeks. I know I’ve been busy showing property as have several other agents in our office, plus I’ve had several showing requests which is a welcome change of pace. Perhaps the outstanding weather we’ve been having is making it hard for our visitors to go home without a piece of real estate to call their own. On to the news of the week- your condo update!

Copyright 3/1/2008 by Hawaii Information Service

NEW LISTINGS
207580 T A 5 4-5-3-11-1-20 FS $975,000 Villas On The Prince #20 1,767 #20 3/3
207945 T A 4 4-5-4-5-18-81 FS $419,000 Puamana #22C 1,790 #22C 2/2
208089 T A 2 4-5-4-5-24-43 FS $650,000 Nihilani At Princeville Resort #15A 1,406 #15A 2/2
207652 T A 3 4-5-4-5-24-25 FS $659,200 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
207651 T A 3 4-5-4-5-24-29 FS $699,200 Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
207389 T A 3 4-5-4-5-24-44 FS $819,200 Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
207650 T A 3 4-5-4-5-24-99 FS $849,200 Nihilani At Princeville Resort #33C 1,972 #33C 2/3
207497 T A 5 4-5-4-11-3-49 FS $1,195,000 Hanalei Bay Resort #J11 1,324 #7101-2 (J11) 2/2
207864 T A 1 4-5-4-11-3-32 FS $1,339,000 Hanalei Bay Resort #H26 1,324 #H26 2/2

BACK ON THE MARKET
183571 T A 517 4-5-4-5-3-7 FS $465,000 Princeville Paniolo #107 1,058 #107 1/2
204020 T A 93 4-5-4-12-2-28 FS $495,000 Hale Moi #208 1,033 #208 2/2

CONTINGENT SALES
193631 T C 335 4-5-4-5-17-53 FS $685,000 Alii Kai Ii Hanalei #14E 1,037 #14E 2/2

SALES
172114 T S 709 4-5-3-11-1-28 FS $799,000 Villas On The Prince #28 1,800 #11-28 3/3
SOLD 2/29/2008 for $799,000 (CASH) DOM 709

152027 T S 152 4-5-3-6-22-9 FS $1,900,000 Kaiulani Of Princeville #9 2,864 #9 3/3.5
SOLD 2/26/2008 for $2,008,270 (CASH) DOM 152

EXPIRED
192144 SH X 408 4-5-4-11-3-32 FS $250,000 Hanalei Bay Resort #H26 1,324 #H26 2/2
191680 T X 348 4-5-4-5-13-28 FS $599,000 Kamahana #28 1,145 #28 2/2

WITHDRAWN
198765 T W 204 4-5-4-15-21-32 FS $434,000 Sandpiper Village I #132 1,042 #132 2/2
192351 T W 358 4-5-4-5-3-3 FS $455,000 Princeville Paniolo #103 1,058 #103 1/2
193209 T W 344 4-5-4-5-7-11 FS $629,900 Princeville Sealodge #B3 570 #B3 1/1

TEMPORARILY WITHDRAWN
202645 T T 133 4-5-4-5-24-48 FS $794,750 Nihilani At Princeville Resort #16C 1,972 #16C 3/3

PRICE CHANGES
203022 T A 127 4-5-3-11-1-30 FS $819,000- Villas On The Prince #30 1,761 #12-30 3/3
200674 T A 182 4-5-4-5-24-4 FS $699,200- Nihilani At Princeville Resort #2A 1,406 #2A 2/2
199987 T A 197 4-5-4-6-1-35 FS $699,900- Villas Of Kamalii #35 1,815 #35 3/3
207020 T A 12 4-5-4-5-7-13 FS $719,000- Princeville Sealodge #B5 748 #B5 2/2
200673 T A 182 4-5-4-5-24-21 FS $812,200- Nihilani At Princeville Resort #7C 1,972 #7C 2/3
193435 T A 337 4-5-4-6-1-1 FS $935,000- 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.

Villas on the Prince #20 is a new listing, and is being offered by the owner / agent who bought it for $495,172 in 3/02 from the developer. Puamana 22C was previously listed from 5/07 to 10/07, starting out at $510K and reducing to $410K after 145 DOM. It’s always interesting to me how when it doesn’t sell at a lower price, the remedy seems to be to relist at a new higher price. It is now listed for $419K and was purchased in 1/04 for $342,500. Nihilani 15A is another owner / agent listing which was purchased in 4/06 for $644,085. With a list price of $650K we’ve got another tax write off in the making.

The other Nihilani’s are all developer units, still unsold! All were previously listed under another agent / office. Nihilani 9A, now listed for $659,200 was listed from 6 to 10 of 07 for $657,570. Unit 10B was previously listed during the same time frame for $730,800 and is now listed for $699,200. 15B is listed for $819,200 and was previously listed for $839,600. Unit 33C was listed for $879,400 and is now available for $849,200.

Hanalei Bay Resort J11 is no stranger to the MLS. It was purchased in 9/03 for $504,145, and was listed from 10/06 to 5/07, starting at $1.399M and dropping to $1.295M, then from 7/07 to 1/08 listed from $1.295M to $1.195M. Hanalei Bay Resort H26 was purchased in 11/03 for $507,290 (what is it with these odd numbers?) and has been on the market ever since. It was first listed from 1/04 to 9/04 for $750K. When it didn’t sell after 265 DOM, it was listed again from 9/04 to 9/05 starting at $995K and moving up to $1.250M. After this listing expired, they tried again from 10/05 to 10/06. This time they just listed it for $1.4M. Unfortunately, no one caught on that the price increases were simply a reflection of the rapid appreciation of the unit, so it was again listed from 1/07 to 1/08 for the same price. Since no one has stepped up to the plate the last 4 years, they reduced it to $1,339,000 in the hopes that this is the magic number. It was even listed as a fractional from 2/07 to 2/08 listed at $250K.

Back on the market is Paniolo #107 which hasd expired. It started out at $525K and reduced down to $465K. This unit was purchased in 9/05 for $475K. More tax deductions…..

Hale Moi #208 was purchased in 11/01 for $215K and came back on the market after falling out of escrow. It went under contract on 2/15/08 so at least it didn’t lose too much market time. Ali’i Kai 14E finally went into escrow after 335 DOM. This condo was purchased in 1/04 for $430K and was previously listed from 7/06 to 3/07, starting at $739K and dropping to $725K. It started out at $725K this time and reduced to $685K before going into escrow.

Villas on the Prince #28 finally closed at $799K, which was the last asking price. As discussed in my prior blog, this unit started out at $1.195M, moved up to $1.249M then worked it’s way slowly down the food chain until it hit $799K, at which time it went into escrow and sold for “full price.” Ka’iulani #9 is a developer’s sale at $2,008,270.

Under the “expireds” you’ll see the Hanalei Bay Resort H26 unit previously discussed under new listings. Kamahana #28 was purchased in 4/06 for $599K, starting out at $725K and moving down to $599K during the life of the listing.

Several sellers decided to hang it up for now and withdraw their units from the market. Sandpiper 132 went from $484 to $434 during the life of the listing, having been purchased in 8/04 for $330K. Paniolo #103 was purchased in 4/05 for $410K, leaving the seller with little margin for bargaining with a list price of $455K. Sealodge was purchased in 12/99 for $98K and went from $737K to $629,900 during the listing period.

Nihilani 16C was temporarily withdrawn when it was listed at $794,750. This unit was purchased in 6/06 for $769,570. Perhaps the seller saw the writing on the wall and realized there was no “gain” to be made in this market.

Finally, our favorites: the reductions. Villas on the Prince #30 went from $859K to $819K, and has a purchase price of $565K in 3/04. Nihilani 2A is a developer’s unit and was reduced from $716K to $699,200. I wonder how the owners who paid the asking price for their developer’s unit feel seeing these reductions?! Villas of Kamali’i, which is bank owned, went from $725K to $699,900. Sealodge B5 went from $730K to $719K. Nihilani 7C is another developer’s unit which is being reduced from $829K to $812,200. And finally we have Villas of Kamali’i, down from $947,500 to $935K. This unit was purchased 3/05 for $743k and started this listing at $1.075M.

Moving right along, here is your Princeville house update:

Copyright 3/1/2008 by Hawaii Information Service

NEW LISTINGS
206819 RS A 5 4-5-4-8-4 FS $999,000 3921 Punahele Rd 11,872 sqft 1,556 3/2
208122 RS A 2 4-5-4-7-19 FS $1,225,000 3928 Punahele Rd 9,999 sqft 1,694 3/2
206045 RS A 4 4-5-4-21-18 FS $1,250,000 4922 Akai Pl 10,879 sqft 3,064 3/2.5
207373 RS A 6 4-5-4-10-5 FS $1,495,000 4126 Liholiho Rd 9,969 sqft 2,439 3/2.5

BACK ON THE MARKET
200239 RS A 190 4-5-3-12-12 FS $1,795,000 3985 Aloalii Dr 8,554 sqft 3,340 2/3
188351 RS A 422 4-5-4-17-2 FS $1,128,000 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5

CONTINGENT SALES
197977 RS C 240 4-5-4-21-36 FS $995,000 4892 Cr Kaui Rd/pepelani 28,847 sqft 2,274 4/3.5

SALES
204442 RS S 51 4-5-4-16-21 FS $1,239,000 4070 Kaa’humanu Pl 10,536 sqft 2,334 3/3
SOLD 2/28/2008 for $1,100,000 (CASH, PMM) DOM 51

184687 RS S 434 4-5-4-18-29 FS $1,395,000 4216 Kinau Pl 12,534 sqft 3,432 4/3.5
SOLD 2/7/2008 for $1,300,000 (CASH) DOM 434

EXPIRED
199054 SH X 220 4-5-4-16-22 FS $365,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199057 SH X 220 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199055 SH X 220 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
189500 RS X 416 4-5-4-18-22 FS $769,000 4163 Kalani Pl 9,802 sqft 1,755 2/2

WITHDRAWN
194237 RS W 323 4-5-3-12-31 FS $1,875,000 3988 Aloalii Dr 8,137 sqft 2,473 3/3.5
205218 RS W 63 4-5-4-8-34 FS $875,000 5105 Kapi’olani Loop 10,049 sqft 2,150 4/3

PRICE CHANGES
192103 RS A 361 4-5-4-24-5 FS $760,000- 4200 Waileia Pl 9,639 sqft 1,928 3/2.5
206819 RS A 5 4-5-4-8-4 FS $999,000- 3921 Punahele Rd 11,872 sqft 1,556 3/2
206607 RS A 797 4-5-4-19-19 FS $1,025,000- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
204680 RS A 68 4-5-4-19-25 FS $1,295,000- 5137 Napo’okala Cir 15,482 sqft 2,288 3/2
194846 RS A 316 4-5-4-18-20 FS $1,400,000- 4173 Kalani Pl 10,630 sqft 3,464 4/3.5

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

Unfortunately, time does not permit for comment on all the house changes, but I’d like to touch on the recent sale of 4070 Kaahumanu which looks like it sold after only 51 DOM. After it was purchased on 5/05 for $1.150M, it was listed from 5/06 to 4/07, starting at $1.45M and ending at $1.199M. It was then relisted with another agent, selling this time for $1.1M. A little bit of a loss on this one. 4216 Kinau Place sold for $1.3M, with a final list price of $1.395M. This property actually started out at $1.990M. The last sale was for the land only on 6/05 for $450K.

If you would like additional information on any of the Princeville House changes this week, just call or email. That’s why I’m here! Hope you have a sunny week filled with tropical breezes. As for me, I’ll take the same along with continued interest from buyers and sellers. Maybe we can get some of these good buys into escrow!

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!

March 1st, 2008