Princeville condo (and house) update for the week of March 16th to 22nd

Happy Easter,

….and what a glorious day it is! To me, the perfect day is one with bright blue skies, a few puffy white clouds, and cooling trades– and that is just what we have today. The combination of warm sun and cool tradewinds keeps your body temperature just perfect. I hope all of you are enjoying your Easter Sunday in a similarily enjoyable fashion. Here is your weekly update:

Copyright 3/23/2008 by Hawaii Information Service

NEW LISTINGS
208656 T A 3 4-5-4-5-39-7 LH $475,000 Cliffs At Princeville #1107 917 #1107 1/2
208333 T A 5 4-5-4-5-30-6 FS $499,000 Princeville Mauna Kai #F6 1,400 ##5 3/2
209061 T A 1 4-5-4-12-2-6 FS $524,000 Hale Moi #106 1,033 #106 2/2
208668 T A 3 4-5-4-12-5-28 LH $635,000 Pali Ke Kua Incr I, ii, iii #210C 1,127 #210C 2/2
208230 T A 7 4-5-4-5-18-82 FS $644,900 Puamana #22D 1,673 #22D 3/3
208900 T A 3 4-5-4-5-4-12 FS $650,000 Ka’eo Kai Ph I #2B 2,100 #2B 3/3

SALES
194231 T S 306 4-5-3-6-22-43 FS $1,685,000 Kaiulani Of Princeville #43 2,443 #43 3/3.5
SOLD 3/20/2008 for $1,650,000 (CASH) DOM 306

193631 T S 332 4-5-4-5-17-53 FS $685,000 Alii Kai Ii Hanalei #14E 1,037 #14E 2/2
SOLD 3/19/2008 for $680,000 (CASH) DOM 332

179527 T S 622 4-5-4-12-11-33 FS $1,850,000 Puu Poa #305 1,352 #305 2/2
SOLD 3/20/2008 for $1,535,000 (CNV) DOM 622

EXPIRED
193038 T X 262 4-5-4-12-2-34 FS $520,000 Hale Moi #214 1,033 #214 1/2

PRICE CHANGES
192607 SH A 342 4-5-4-5-39-80 FS $120,000- Cliffs At Princeville #3304 1,137 #3304 2/2
200357 T A 208 4-5-4-5-23-42 FS $565,000- Plantation At Princeville #1112 1,153 #1112 2/2
208089 T A 24 4-5-4-5-24-43 FS $635,000- Nihilani At Princeville Resort #15A 1,406 #15A 2/2
207020 T A 34 4-5-4-5-7-13 FS $699,000- Princeville Sealodge #B5 748 #B5 2/2
204622 T A 101 4-5-4-12-8-28 FS $849,000- Pali Ke Kua Ii #232 993 #232 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.

Starting with our new listings: Cliffs 1107 is LH listed for $475K. This is in building one, which is the closest one to Edward Road, ground floor with one bedroom and two baths. It was purchased in 2/04 for $205K. This is the first time this unit has been listed since that time. The pricing on this unit is only slightly less than two other fee simple units in the same building on the second floor. (Units 1202, 1206) Here are the units currently listed at the Cliffs:

Copyright 3/23/2008 by Hawaii Information Service

208656 T A 3 4-5-4-5-39-7 LH $475,000 Cliffs At Princeville #1107 917 #1107 1/2
199692 T A 226 4-5-4-5-39-12 FS $499,000 Cliffs At Princeville #1202 917 #1202 1/2
207634 T A 33 4-5-4-5-39-16 FS $499,000 Cliffs At Princeville #1206 917 #1206 1/2
188728 T A 428 4-5-4-5-39-55 FS $629,500 Cliffs At Princeville #2305 1,137 #2305 2/2
208369 T A 17 4-5-4-5-39-127 FS $650,000 Cliffs At Princeville #5205 917 #5205 1/2
183879 T A 570 4-5-4-5-39-163 FS $799,000 Cliffs At Princeville #7205 917 #7205 1/2
200484 T A 207 4-5-4-5-39-169 FS $875,000 Cliffs At Princeville #7305 1,137 #7305 2/2
195741 T A 283 4-5-4-5-39-188 FS $895,000 Cliffs At Princeville #9102 917 #9102 1/2
199811 T A 215 4-5-4-5-39-191 FS $939,000 Cliffs At Princeville #9201 963 #9201 1/2
206628 T A 48 4-5-4-5-39-154 FS $945,000 Cliffs At Princeville #6306 1,186 #6306 2/2

These are the sales of units in buildings three which are generally in the same area as building 1 and 2. They are all fee simple units. In the past, the fee has been sold for around $80K +-:

203796 T S 7 4-5-4-5-39-72 FS $399,500 Cliffs At Princeville #3204 917 #3204 1/2
SOLD 1/16/2008 for $380,000 (CASH) DOM 7

163832 T S 470 4-5-4-5-39-76 FS $450,000 Cliffs At Princeville #3208 963 #3208 1/2
SOLD 2/10/2007 for $435,000 (CNV) DOM 470

194312 T S 53 4-5-4-5-39-68 FS $459,000 Cliffs At Princeville #3108 963 #3108 1/2
SOLD 7/18/2007 for $452,000 (CASH) DOM 53

Moving right along: Mauna Kai F6 (unit #5) is listed for $499 and was purchased in 11/04 for $431,650. Hale Moi 106 sold for $485K in 10/05, and is listed this time for $524K. This unit was previously listed from 10/05 to 11/06, starting at $599K and falling to $550K, was listed again from 1/07 to 3/07 for $555K, and again from 5/07 to 1/08, starting at $559K and decreasing to $515K. Not quite sure what the thought is in the uptick of the price when it didn’t sell for less before, but maybe the seller is hoping they will be their lucky numbers.

Pali Ke Kua 210 is another Leasehold property, listed for $636K down from the $695K it was previously listed for from 3/07 to 3/08. Along with a new lower price the seller brought on a new agent. This property was purchased in 11/99 for $430K. Puamana 22D is new on the market at $644,900. This unit was purchased in 6/98 for $58,500 as a leasehold property, then the lease was purchased on 1/01 for $38,675. Lots of room for this seller to negotiate! Ka Eo Kai 2B is new on the market at $650K, and was purchased in 4/01 for $240K. This unit is owned by the list agent.

This week we see what I believe is the first resale of Ka’iulani. The seller purchased this unit for $1,861,490 in 3/07 and listed it for $2.15M. The unit moved downwards from that price, closing at $1.650M after 306 days on the market. Not a good time to try to flip property. Ali’i Kai 14E was purchased for $430K in 1/04, and sold for $680K while listed for $685K. Unit 14E started out at $725K. Pu’u Po’a 305 is our final sale this week. Unit 305 was on the market 622 days, starting out at $2.390M and moving up to $2.495M before being reduced to $1.850M. This unit was purchased for $350K in 5/00 (can you believe it?) and closed for $1.535M – quite a bit under the asking price.

Hale Moi #214 expired this week, after 262 days on the market. Starting at $580K, the unit ended at $520K. THis seller had absolutey no room to negotiate, as it was purchased 5/06 for $606,500.

Price changes this week include Cliffs 3304, which is a fractional offering. This unit went from $150K to $120K. I always thought that fractional shares were non-negotiable since you are offering 6 segments. However, I see that a fraction of this unit sold 12/07 for $90K while listed for $150K! Plantation unit 1112 is down from $570K to $565K. You’ll often see a small incremental decrease in this unit as the agent tends to make small changes just to keep the unit in the forefront. Plantation 1112 was purchased for $430K in 11/05. Nihilani 15A moved
from $650K to $635K. This is another seller with no bargaining room, having purchased the unit from the developer for $664,085. Sealodge B5 went from $719K to $699K. This unit was purchased for $220K in 12/99, and started out at $730K Pali Ke Kua 232 went from $869K to $849K, having been purchased for $650K in 9/04. Judging from the recent sales (see below) this unit may still be in need of a price decrease:

Copyright 3/23/2008 by Hawaii Information Service

168753 T S 605 4-5-4-12-5-5 FS $795,000 Pali Ke Kua Incr I, Ii, Iii #105A 717 #105A 1/1
SOLD 8/31/2007 for $795,000 (1031) DOM 605

198742 T S 50 4-5-4-12-9-25 FS $799,000 Pali Ke Kua Iii #235 1,135 #235 2/2
SOLD 10/10/2007 for $755,000 (CNV) DOM 50

197296 T S 87 4-5-4-12-8-5 FS $825,000 Pali Ke Kua Ii #119 763 #119 1/1
SOLD 10/26/2007 for $807,500 (1031) DOM 87

199483 T S 142 4-5-4-12-9-15 FS $825,000 Pali Ke Kua Iii #136 1,135 #136 2/2
SOLD 10/23/2007 for $756,000 (CNV) DOM 142

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

Here are the Princeville home changes for this week:

Copyright 3/23/2008 by Hawaii Information Service

NEW LISTINGS
208541 RS A 2 4-5-4-13-66 FS $1,425,000 3705 Albert Rd 10,586 sqft 2,010 4/3
208903 RS A 3 4-5-4-9-49 FS $3,495,000 5289 Pokii Ln 20,868 sqft 3,510 4/4

WITHDRAWN
196967 RS W 287 4-5-4-20-32 FS $1,199,000 5145 Kapi’olani Loop #III 9,826 sqft 1,920 3/2

PRICE CHANGES
168524 RS A 843 4-5-4-22-4 FS $695,000- 4087 Nalani Ln 11,244 sqft 1,424 3/2
208282 RS A 18 4-5-4-8-23 FS $895,000- 5070 Kamamalu Loop 11,067 sqft 1,755 3/3.5
188351 RS A 444 4-5-4-17-2 FS $994,000- 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5
205770 RS A 73 4-5-4-13-29 FS $4,350,000- 3565 Kaweonui Rd 13,089 sqft 2,614 4/4.5

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

That wraps it up for this week. Obviously, I’m back up on the North Shore, planning my next “trip” into town. I wish there was a way to combine the North Shore beauty and the convenience of Lihue / Puhi. I’ll let you know if I find a way. Until then…

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!

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March 23rd, 2008