Princeville condo (and house) update for the week of March 30th to April 6th

Aloha,

Finally, this week there are a few new low listing prices along with some good price reductions, leading me to believe there are some motivated sellers still out there that are not clinging to the mantra of “I know this is a buyer’s market…but”… (which is a topic for a later blog.) Here is your condo up date for this week:

Copyright 4/6/2008 by Hawaii Information Service

NEW LISTINGS
209244 T A 6 4-5-3-6-22-63 FS $1,089,000 Kaiulani Of Princeville #63 1,901 #63 2/2.5
209209 T A 6 4-5-4-15-21-32 FS $399,000 Sandpiper Village I #132 1,042 #132 2/2

BACK ON THE MARKET
202473 T A 165 4-5-3-6-22-27 FS $1,899,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5
209209 T A 6 4-5-4-15-21-32 FS $399,000 Sandpiper Village I #132 1,042 #132 2/2
199453 T A 158 4-5-4-12-10-19 FS $670,000 Emmalani Court #322 1,192 #322 2/2

CONTINGENT SALES
209158 T C 12 4-5-4-15-21-53 FS $399,000 Sandpiper Village I #216 1,173 #216 3/2.5

SALES
208353 T S 0 4-5-3-6-22-8 FS $1,950,000 Kaiulani Of Princeville #8 2,864 #8 3/3.5
SOLD 3/31/2008 for $1,939,420 (CASH) DOM 0

EXPIRED
192590 T X 366 4-5-4-5-16-41 FS $899,000 Alii Kai At Hanalei #5201 1,086 #5201 2/2
200456 T X 214 4-5-4-12-11-14 FS $1,749,000 Puu Poa #114 2,065 #114 2/2

WITHDRAWN
202550 T W 170 4-5-3-6-22-41 FS $1,590,000 Kaiulani Of Princeville #41 2,479 #41 3/3
202839 T W 123 4-5-4-6-1-11 FS $1,150,000 Villas Of Kamalii #11 1,825 #11 3/3

PRICE CHANGES
205685 T A 88 4-5-4-15-21-21 FS $439,000- Sandpiper Village I #121 1,042 #121 2/2
207661 T A 43 4-5-4-5-4-5 FS $499,000- Ka’eo Kai Ph I #5A 1,503 #5A 2/2
194396 T A 270 4-5-4-5-4-17 FS $575,000- Ka’eo Kai Ph I #7B 2,603 #7B 3/3
205172 T A 101 4-5-4-5-13-13 FS $599,000- Kamahana #13 2,073 #13 3/2
208089 T A 38 4-5-4-5-24-43 FS $600,000- Nihilani At Princeville Resort #15A 1,406 #15A 2/2
199453 T A 158 4-5-4-12-10-19 FS $670,000- Emmalani Court #322 1,192 #322 2/2
188592 T A 487 4-5-4-5-24-63 FS $675,000- Nihilani At Princeville Resort #21C 1,972 #21C 2/3
207497 T A 41 4-5-4-11-3-49 FS $1,095,000- Hanalei Bay Resort #J11 1,324 #7101-2 (J11) 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.

Ka’iulani #63 joins the ever growing list of available Ka’iulani units, athough this is only one of two smaller Ka’iulani units currently on the market. #63 was purchased by the owner / agent in 3/08 for $975K and at $1.089M is only slightly less than unit #67, which has been on the market for 62 days at $1.095K. Sandpiper 132 is no stranger to the market, having been listed from 9 to 10 of 05 for $525K with 43 DOM, from 8/06 to 2/07 for $499K with 181 DOM and again from 8/07 to 2/08, starting at $484K and dropping to $434K while on the market for 204 days. Purchased in 8/04 for $330K, it has a much better chance of selling at it’s current list price of $399K than ever before. There’s going to be some pressure on Sandpiper list prices now that unit 216 has gone into escrow listed at $399K – and this is an upstairs unit with a great courtyard view and a loft bedroom and half bath which the downstairs units do not have.

Back on the market is Ka’iulani #27 which expired after starting out at $1.965M. This unit was purchased in 8/07 for $1,652,100 and came back on the market at $1.899M. Sandpiper 132, discussed above in new listings, was apparently taken off the market for one day after being listed, then put back on. Emmalani court #322 also expired and is back on the market at $670K with a previous purchase price of $347K in 4/93. This unit’s starting list price was $709K.

As I predicted in my blog of — Sandpiper 216 listed at $399K did not last long at all. After coming on the market on 3/27 it took just a few days for it to go into escrow on 4/1. At this price, this buyer is no “April fool!”

We have another developer’s Ka’iulani sale this week, unit #8 which sold for $1,939,420.

Two properties expired: Ali’i Kai 5201 which started at $898,900, jumped to $989,900 then started back down to its most recent price of $899K. With a purchase price os $875K in 8/05, these sellers did not have much room to negotiate before ending up on the ‘losing’ end. Pu’u Po’a 114 also expired after 214 DOM. This unit started out at $1.849M and was previously listed from 3/07 to 7/07 for $1.975K. It was purchased in 9/05 for $1.4M.

Ka’iulani #41 was withdrawn after failing to sell at $1.590M. This unit was purchased for $1,609,050 in 2/07 and started out listed at $1,899,900. Villas of Kamali’i #11 also came off the market after being listed for 123 days with no price reductions. This unit was purchased in 3/04 for $669K.

Sandpiper 121 is the first of our price reductions, going from $459K to $439K, and was purchased for $510K in 1/06. With the new listing of unit 132 for $399K and with 216 in escrow listed at $399K, I don’t think this price reduction will do much to catch the attention of potential buyers. Ka’eo Kai #5a, which sold for $200K in 8/02, went from $510K to $499K, #7b dropped to $575K from $599,950 and Kamahana #13 went from $639K to $599K. The last two units are upside down, with #7B selling for $625K in 10/04, and the Kamahana unit selling for $640K in 10/05. No upside on these two.

Nihilani 15A is another one, selling to the owner / agent in 4/06 for $664,085 and reducing this week from $625K to $600K. Jumping down to another Nihilani reduction, unit 21C — will someone please buy this unit? It is the largest model in the complex, was purchased for $844,795 in 10/06 and just reduced again from $699,750 to $675K. This unit is on the road with golf course, mountain and waterfall views. Why it isn’t selling is a mystery to me! Just convert the family room to the third bedroom, an element which was a developer’s option during the construction phase, and you’ll have a very roomy one level upstairs 3 bedroom unit.

Going back to Emmalani Court #322, this unit reduced from $695K to $670K and was purchased in 4/93 for $347K. These are the Emmalani Courts currently on the market:

Copyright 4/6/2008 by Hawaii Information Service

196541 T A 235 4-5-4-12-10-25 FS $595,000 Emmalani Court #413 952 #413 1/2
206939 T A 63 4-5-4-12-10-16 FS $670,000 Emmalani Court #314 1,192 #314 2/2
199453 T A 158 4-5-4-12-10-19 FS $670,000 Emmalani Court #322 1,192 #322 2/2
185586 T A 545 4-5-4-12-10-24 FS $698,000 Emmalani Court #412 1,192 #412 2/2
206915 T A 169 4-5-4-12-10-29 FS $716,000 Emmalani Court #422 1,192 #422 2/2
204435 T A 123 4-5-4-12-10-41 FS $749,000 Emmalani Court #524 1,192 #524 2/2

And our final reduction, and the award this week goes to Hanalei Bay Resort unit J11 which reduced $100K from $1.195M to $1.095M. With a purchase price of $504,145 in 9/03, this seller is accustomed to making $100K reductions, having done so during past listings. From 10/06 to 5/07 the unit was listed for $1.399M, reducing to $1.295. It was listed again from 7/07 to 1/08, starting at $1.295K and reducing to $1.195. Someday, hopefully, he will hit the magic number to bring in a buyer.

Here is your house update for this past week:

Copyright 4/6/2008 by Hawaii Information Service

NEW LISTINGS
209485 SH A 2 4-5-4-15-3 FS $395,000 3979 Kamehameha Rd 10,772 sqft 3,558 5/3.5
209478 RS A 5 4-5-4-16-40 FS $799,000 4130 Kekaulike Ln 10,500 sqft 1,625 3/2
209601 RS A 2 4-5-4-23-55 FS $825,000 3781 Milimakani Pl 7,187 sqft 1,295 3/2
208360 RS A 3 4-5-4-25-4 FS $4,200,000 5174 Hanalei Plantation 16,307 sqft 4,215 2/3

CONTINGENT SALES
192103 RS C 398 4-5-4-24-5 FS $760,000 4200 Waileia Pl 9,639 sqft 1,928 3/2.5

SALES
189932 RS S 393 4-5-4-18-17 FS $679,000 4725 Emmalani Dr 10,248 sqft 1,388 2/2
SOLD 3/31/2008 for $620,000 (CNV) DOM 393

205270 RS S 72 4-5-4-23-53 FS $849,000 3785 Milimakani Pl 7,812 sqft 1,678 3/2
SOLD 4/2/2008 for $800,000 (CASH) DOM 72

195521 RS S 269 4-5-4-15-3 FS $1,350,000 3979 Kamehameha Rd 10,772 sqft 3,425 5/3.5
SOLD 4/1/2008 for $1,236,100 (1031, CNV) DOM 269

EXPIRED
201776 RS X 183 4-5-4-8-19 FS $1,095,000 5056 Kamamalu Loop 11,472 sqft 1,907 3/2

PRICE CHANGES
197400 RS A 291 4-5-3-11-46 FS $1,995,000- 4140 Aloalii Dr 18,188 sqft 3,469 3/3
200833 RS A 194 4-5-4-16-6 FS $649,500- 5035 Emmalani Dr 10,500 sqft 1,599 2/2
207318 RS A 51 4-5-4-10-10 FS $699,000- 4115 Kekuanao’a Ln 9,969 sqft 1,228 3/1.75
168524 RS A 857 4-5-4-22-4 FS $720,000+ 4087 Nalani Ln 11,244 sqft 1,424 3/2
206607 RS A 833 4-5-4-19-19 FS $1,095,000+ 5086 Napo’okala Cir 15,326 sqft 2,206 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.

Please note that the new 3979 Kamehamaha listed is for a fractional share of 60 days and not the “whole house.” 4120 Kekualike is a nicely upgraded, well maintained house which is listed by the owner / agent for $799K. It was previously listed for $898,900 from 10/06 to 5/07 and again from 7/07 to 12/07 for the same price. At $799K, this home has a lot to offer and is pretty much in move in condition.

Waileia Place finally went into escrow listed at $760K as a short sale. You may remember that this golf course home was drastically reduced down to $699K after being as high as $999,995. When it hit $699K as a short sale, there was a lot of interest, causing the lender to rethink their strategy, at which point they priced it back up to $899K where it sat until it was reduced back down to $760K. This home has only been on the market 398 days.

On the sale side of things, it looks like 4725 Emmalani Drive only closed $59K off it’s list price of $679K, with a sale price of $620K, but no! This home was originally priced at $879K. This home had the unique feature of having a full room spa adjacent to the master bedroom. The location at the end of Emmalani is good but the floor configuration had appeal to only a few. 3979 Kamehameha is a beautiful home with top of the line everything. This home started out at $1.689M but it was only while listed at $1.350M that it found a buyer and closed for $1,236,100.

In price reductions, we have 4140 Aloali’i which started out at $1.989M, then moved up to $2.190M before reducing back down to $1.995M this week. 5035 Emmalani Drive is a home which needs work which is why it started out at $690K, before reducing to $699K and again reducing this week for $649,500. If you are someone who can do their own work, there are several great homes available in Princeville at this time. Another one is 4115 Kekuanao’a which came on the market 51 days ago at $750K and just reduced down to $699K. This older home, built in 1984 shows pride of ownership throughout. It’s in need up updating and could use a full second bath but the basic floor plan with vaulted ceilings is great and the location is even better. The land was purchased in 3/76 for $22K. Finally, we have Nalani Lane, up from $685K to $720K and 5086 Napo’okala Circle, up from $995K to $1.095. Both of these homes are owned by a real estate agent, although only one, Nalani, is represented by the owner. The seller recently gave his Napo’okala listing to an in house agent to handle it for them. Both homes have substantial market time, Nalani with 857 DOM and Napo’okala with 833 DOM and both have seen price changes up and down too many times to mention. Napo’okala is listed as a short sale, although the original purchase price was $648K in 9/03. I can only assume some additional financing has taken place on this property.

As you know, I don’t always get into the analysis of homes, but this weekend I had the time to do so, and selected a few on which to comment. If you have an interest in a property and would like a behind the scenes view of what has taken place with any real estate property Islandwide, just ask. In the meantime, I’ll keep you updated with the latest in listings and the best reductions each week.

A hui ho kakou (until we meet again)

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!

April 6th, 2008