Princeville condo (and house) update for the week of May 10th to May 17th

Aloha,

I’m on the mainland enjoying the peace and tranquility of Chincoteague Island in VA, and was previously in VT and NH visiting relatives which is why my update is a day late. One thing I love about Real Estate, (aside from the fact that I just love it–) is that I can travel and take my work with me. Some people seem to think this is a bad thing. They apologize when they call and find out I am away from home or are reluctant to send an email because they don’t “like to bother” me while I am on “vacation.”

I, however, see it quite differently. I think it is amazing that I can go different places and still conduct business as long as I have my laptop and cell phone. How many other jobs allow that kind of flexibility and latitude? All I can say is keep the calls and emails coming. Just know my response time is different when on the road than when I am at home in Princeville.

Anyhow, due to airline travel, this update is a day late. (I always aim to have it online no later than Monday –) so let’s get right to your weekly update:

Copyright 5/17/2008 by Hawaii Information Service

NEW LISTINGS
211258 T A 8 4-5-4-5-3-19 FS $395,000 Princeville Paniolo #204 1,058 #204 1/2
211307 T A 4 4-5-4-5-30-22 FS $490,000 Princeville Mauna Kai #D102 1,164 #D102 2/2
211463 T A 4 4-5-4-5-24-20 FS $684,900 Nihilani At Princeville Resort #7B 1,476 #7B 2/2
211188 T A 10 4-5-4-5-18-52 FS $689,000 Puamana #14D 1,673 #14D 3/3
211355 T A 4 4-5-4-12-5-5 FS $1,100,000 Pali Ke Kua Incr I, ii, iii #105A 717 #105A 1/1
211272 T A 4 4-5-4-5-16-35 FS $1,165,000 Alii Kai At Hanalei #4303 1,086 #4303 2/2

BACK ON THE MARKET
210598 T A 15 4-5-4-5-24-8 FS $603,300 Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5

CONTINGENT SALES
210611 T C 22 4-5-4-5-24-33 FS $799,200 Nihilani At Princeville Resort #11C 1,972 #11C 3/3
204295 T C 172 4-5-4-12-3-4 FS $875,000 Hanalei Bay Villas #4 1,248 #4 2/2.5

SALES
196332 SH S 327 4-5-4-6-1-42 FS $230,000 Villas Of Kamalii #42 1,825 #42 3/3
SOLD 4/15/2008 for $230,000 (CASH) DOM 327

207174 T S 657 4-5-4-5-12-33 FS $925,000 Sealodge Ii #J6 754 #J6 2/2
SOLD 5/14/2008 for $695,000 (CNV) DOM 657

205964 T S 80 4-5-4-12-11-5 FS $1,600,000 Puu Poa #105 2,065 #105 2/2
SOLD 5/14/2008 for $1,475,000 (CNV) DOM 80

UNDER CONTRACT
210321 T U 7 4-5-4-12-8-20 FS $995,000 Pali Ke Kua Ii #227 993 #227 2/2

WITHDRAWN
210071 T W 19 4-5-4-12-2-34 FS $490,000 Hale Moi #214 1,033 #214 1/2

PRICE CHANGES
209673 T A 42 4-5-4-5-3-4 FS $365,000- Princeville Paniolo #104 1,058 #104 1/2
210504 T A 25 4-5-4-15-21-59 FS $514,900- Sandpiper Village I #222 1,173 #222 3/2.5
194396 T A 314 4-5-4-5-4-17 FS $550,000- Ka’eo Kai Ph I #7B 2,603 #7B 3/3
210822 T A 18 4-5-4-5-13-28 FS $552,900- Kamahana #28 1,145 #28 2/2
207326 T A 96 4-5-4-5-24-62 FS $589,000- Nihilani At Princeville Resort #21B 1,400 #21B 2/2
206915 T A 213 4-5-4-12-10-29 FS $674,000- Emmalani Court #422 1,192 #422 2/2
211188 T A 10 4-5-4-5-18-52 FS $689,000- Puamana #14D 1,673 #14D 3/3
201267 T A 246 4-5-4-5-24-87 FS $725,000- Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
205638 T A 130 4-5-4-11-3-13 FS $995,000- Hanalei Bay Resort #C15 1,705 #C15 3/3
208628 T A 68 4-5-4-12-11-55 FS $1,675,000- Puu Poa #413 1,359 #413 2/2
202670 T A 211 4-5-4-12-11-53 FS $1,995,000- Puu Poa #411 1,777 #411 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.

Our first new listing, Paniolo #204, at $395K was previously listed from 11/06 to 3/07 for $479K and again from 6/07 to 12/07, starting at $479,900 and ending at $427K before it was withdrawn. This unit sold for $337,500 in 6/04. Mauna Kai D102, listed for $490K was purchased for $59,500 in 11/77. (Can you believe it?) This is the first time it has been listed! Nihilani #7B is a resale, having sold for $686,080 on 4/07 and is already on the downside listed at $684,900. Puamana #14D sold for $369,500 in 6/03 and is listed for the first time since then at $689K. It originally came on the market slightly higher at $710K but was quickly reduced.

Pali Ke Kua #105 sold in 8/07 for $795K. What’s interested about this unit is that it was listed for $1.195M in 12/05 and slowly reduced to $995K without finding a buyer. It was only after the prior owner reduced it an unbelievable $200K dropping to $795K that it sold for “full price.” I guess the current seller thinks I really is worth what the prior seller was asking as he has now listed it for $1.1M! They must be planning to attract the same type of buyer that put PKK unit #111 into escrow back in 3/3/08 for $1.1M. It will be interesting to see if this seller can generate a $300K profit for themselves after such a short period of ownership. Rounding out the new listings is Ali’i Kai #4303 which was purchased for $490K in 12/03, after which the owner sold 56% interest for $313K in 1/06. It is now listed for $1.165M.

Nihilani #3B, a developer’s unit, is back on the market for $603,300 after going briefly into escrow on 5/8/08.

Another developer’s Nihilani # 11C went into escrow listed at $799,200 while Hanalei Bay Villa #4 went in listed at $875K. This unit started out at $925K and was purchased in 8/84 for $83K.

I’m happy to see several sales this week, one of which was mine. Villas of Kamali’i sold a fractional share for $230K. The unit was purchased on 6/07 for $805K and has been selling quite well. Sealodge #J6 is another interesting sale. Listed for $925K for 657 days without any price reduction, it finally sold for $695K. It’s not that this seller couldn’t reduce, since it was purchased in 11/78 for $62K. I guess it was more a case of the seller hoping to hold out for the price they want, only to realize after about 2 years on the market that it wasn’t going to happen anytime soon. Pu’u Po’a 105, purchased for $1.345M in 11/05 sold for $1.475M after only 80 days on the market.

Pali Ke Kua #227 is a surprise (at least to me) this week going under contract after only 7 days on the market, with a list price of $995K and a purchase price of $795K in 7/04. This unit sold in 7/04 for $795K. This is another example of “timing is everything,” as this unit was listed from 8/06 to 4/07 for $1.1M, then again fom 6/07 to 1/08, starting at $1.1M and dropping to $995K. No takers then but obviously the timing was right this time!

Hale Moi #214 was withdrawn after only 19 days on the market listed at $490K . This property sold for $606,500 in 5/06.

On to price changes: Paniolo #104, purchased for $240K in 9/03 reduced from $385K to $365K while Sandpiper #222 went from $529,900 to $514,900 and was purchased for $474,230 on 9/05. Ka E’o Kai #7B reduced from $575K to $550, from an all time high of $649,900. This unit sold for $599K in 4/06. Nihilani #21B, purchased for $656,650 in 10/06 decreased from $600K to $589K while Emmalani #422 reduced from $716K to $674K, selling for $705K in 1/07. Puamana #14D, as discussed under new listings, reduced from $710K to $689,000 within a matter of days. Nihilani #29C, a resale that originally sold on 7/06 for $747,320, reduced from $759K to $725K. No profit to be made there! Hanalei Bay Resort #C15 went form $1.2M to $995K and sold for $375K in 4/99. Pu’u Po’a #413 went from $1.2M to $995K having sold for $375K in 4/99. And finally, Pu’u Po’a 411 went from $2.149M to $1.995. This unit sold for an unbelievable $320K in 6/97. Now THAT’S a good investment even if the seller does have to reduce more to attract a buyer.

As for houses: Here is your Princeville house update for last week:

Copyright 5/20/2008 by Hawaii Information Service

NEW LISTINGS
211384 RS A 4 4-5-3-12-31 FS $1,695,000 3988 Aloalii Dr 8,137 sqft 2,473 3/3.5
211335 RS A 5 4-5-4-17-28 FS $895,000 4812 Emmalani Dr 10,817 sqft 2,444 4/3

BACK ON THE MARKET
199159 RS A 317 4-5-3-12-33 FS $1,885,000 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5

CONTINGENT SALES
205770 RS C 131 4-5-4-13-29 FS $3,999,000 3565 Kaweonui Rd 13,089 sqft 2,614 4/4.5

SALES
208282 RS S 29 4-5-4-8-23 FS $895,000 5070 Kamamalu Loop 11,067 sqft 1,755 3/3.5
SOLD 5/15/2008 for $850,000 (CASH) DOM 29

197977 RS S 273 4-5-4-21-36 FS $995,000 4892 Cr Kaui Rd/pepelani 28,847 sqft 2,274 4/3.5
SOLD 5/15/2008 for $905,000 (CASH, CNV) DOM 273

PRICE CHANGES
209749 SH A 44 4-5-4-13-6 FS $230,000- 3695 Kaweonui Rd 11,121 sqft 2,492 4/3
200833 RS A 238 4-5-4-16-6 FS $629,500- 5035 Emmalani Dr 10,500 sqft 1,599 3/2
210804 RS A 44 4-5-4-13-6 FS $1,295,430- 3695 Kaweonui Rd 11,121 sqft 2,492 4/3
203900 RS A 181 4-5-4-14-26 FS $2,100,000- 3925 Kamehameha Rd 20,093 sqft 3,925 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.

That’s it for this week. We’re seeing a little more activity this past week which we are hopeful will continue as we move in towards summer. With current pricing, there are plenty of great buys out there, and even if the pricing isn’t so good, if you’re brave enough to write what you think what the property is worth, you just may find yourself buying a condo like the new owners of Sealodge J6 did.

Have a great week and don’t forget to call or email with any questions. I’m here to make sure you don’t overspend if you’re a buyer or price yourself out of the market if you’re a seller. If you need to know what’s what on a particular property, just ask.

Aloha, Elaine

Elaine’s Photo

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!


One Response to “Princeville condo (and house) update for the week of May 10th to May 17th”

  1. Dulce Bautista Says:

    Wow, that was a lot of really useful information!

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Aloha!

Elaine

Elaine Schaefer (R)
Broker in Charge
Certified Residential Specialist
Accredited Buyer's Representative
Graduate, Realtor's Institute

Cellular:
808.639.2935
Fax:
808.440.4552
Email:
soldonkauai@gmail.com
Web:
KauaiRealEstateNow.com

RE/MAX Kauai
Princeville Resort Office
5-4280 Kuhio Hwy. Suite 203
Princeville HI 96722

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