Princeville condo (and house) update for the week of May 18th to May 24th

Aloha,

I’m finally back on Kauai after a short trip to the mainland. On my Friday return I was greeted with hazy views of the mountains caused by the “vog” from the Big Island. Apparently, our trades had died leaving Kauai shrouded by this unfamiliar vog which is a by-product of the volcanic eruption on the Big Island. Thankfully, the trades are back and the vog is gone. If you’re not familiar with vog, think if LA smog and just put a “v’ in place of the “sm” and you’ll get the idea. That’s one of the concerns I hear from those thinking to relocate to the Big Island. Apparently it is an issue in Kona and elsewhere and can be almost incapacitating for those with severe allergies. Not so on Kauai. This was the first time I’d seen what looked like fog over our mountains and I don’t hope to see it anytime soon again. On to your update:

Copyright 5/25/2008 by Hawaii Information Service

NEW LISTINGS
211499 SH A 5 4-5-4-6-1-20 FS $250,000 Villas Of Kamalii #20 1,825 #20 3/3
211496 SH A 5 4-5-4-6-1-20 FS $250,000 Villas Of Kamalii #20 1,825 #20 3/3
211500 SH A 5 4-5-4-6-1-20 FS $265,000 Villas Of Kamalii #20 1,825 #20 3/3
211498 SH A 5 4-5-4-6-1-20 FS $265,000 Villas Of Kamalii #20 1,825 #20 3/3
211497 SH A 5 4-5-4-6-1-20 FS $265,000 Villas Of Kamalii #20 1,825 #20 3/3
211495 SH A 5 4-5-4-6-1-20 FS $265,000 Villas Of Kamalii #20 1,825 #20 3/3
211294 T A 5 4-5-4-5-18-34 FS $497,950 Puamana #9C 1,532 #9C 2/2
209990 T A 3 4-5-4-5-30-19 FS $619,000 Princeville Mauna Kai #D301 1,488 #D301 3/2
211099 T A 2 4-5-4-5-12-13 FS $777,777 Sealodge Ii #G4 567 #G4 1/1
211664 T A 3 4-5-4-12-9-24 FS $895,000 Pali Ke Kua Iii #234 1,135 #234 2/2
211712 T A 2 4-5-4-11-3-7 FS $1,095,000 Hanalei Bay Resort #B13 1,324 #9123/4 2/2

CONTINGENT SALES
205685 T C 137 4-5-4-15-21-21 FS $439,000 Sandpiper Village I #121 1,042 #121 2/2
205638 T C 135 4-5-4-11-3-13 FS $995,000 Hanalei Bay Resort #C15 1,705 #C15 3/3

SALES
151413 T S -82 4-5-3-6-22-58 FS $875,000 Kaiulani Of Princeville #58 1,781 #58 2/2.5
SOLD 5/19/2008 for $876,400 (CASH, CNV) DOM -82

UNDER CONTRACT
200357 T U 240 4-5-4-5-23-42 FS $525,000 Plantation At Princeville #1112 1,153 #1112 2/2
186819 T U 533 4-5-4-6-1-20 FS $855,000 Villas Of Kamalii #20 1,825 #20 3/3
209676 T U 0 4-5-4-11-3-54 FS $1,095,000 Hanalei Bay Resort #J22 1,324 #Apt.#7203-4 2/2

EXPIRED
196307 SH X 2 4-5-4-5-24-5 FS $75,000 Nihilani At Princeville Resort #2B 1,874 #2B 3/2.5
204087 T X 169 4-5-4-12-11-17 FS $1,649,000 Puu Poa #203 1,352 #203 2/2

PRICE CHANGES
205059 T A 136 4-5-3-11-1-3 FS $779,000- Villas On The Prince #3 1,737 #3 3/3
209244 T A 55 4-5-3-6-22-63 FS $999,000- Kaiulani Of Princeville #63 1,901 #63 2/2.5
211066 T A 16 4-5-4-5-18-30 FS $599,000- Puamana #8C 1,532 #8C 2/2
211188 T A 15 4-5-4-5-18-52 FS $649,000- Puamana #14D 1,673 #14D 3/3
207497 T A 90 4-5-4-11-3-49 FS $998,000- Hanalei Bay Resort #J11 1,324 #7101-2 (J11) 2/2
197083 T A 347 4-5-4-11-3-24 FS $1,495,000- Hanalei Bay Resort #G32 1,324 #G32 2/2
202256 T A 197 4-5-4-12-11-7 FS $1,699,000- Puu Poa #107 2,065 #107 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.

One of the more interesting new listings this week is Villas of Kamali’i #20 which makes its debut as a fractional. This unit is being offered at pricing from $250k up to $265K which is a “pre-completion price” up until 7-15-08 after which it goes up $20K. This unit also shows up in the “under contract” portion of the update, where you will see that it is listed for $855K with 533 days on the market. My guess is the purchaser of Kamali’i #42 which is also a fractional, is in the process of buying and fractionalizing #20. Once all the documents are complete, the price goes up.

Kamali’i #42 has always impressed me as a fractional, both in the quality of furnishings and upgrades in the unit and also in the presentation. This seller offers good value for the dollar, in my opinion, on the fractional. Of the 6 shares of #42 originally on the market, only 2 remain, priced at $230K and $245K. Looks like pricing is going up! Industry experts conservatively estimate that fractionals will comprise 20% to 25% of the market within 5 years. I call them the new timeshare and think that in due time, once they are fully understood, they will take off, just like timeshare did. Any questions on fractionals please call or email. As for unit #20, it was purchased in 10/04 for $709K.

Coming back on the market as a new listing is Puamana #9C at $497,950. This unit was previously listed from 7/06 to 1/8 when it was withdrawn, starting at $539,900 and dropping to $497,500 during that time. It was purchased in 4/02 for $175K. Mauna Kai D301 is a new listing, priced at $619K. This unit sold for $525K in 10/06. Sealodge G4 at $777,777 (perhaps lucky numbers for the seller) was purchased in 11/03 for $385K. Pali Ke Kua #234 listed for $895K has been on the market from 3/05 to 3/06 starting at $895K and moving up to $995K; from 3/06 to 4/08 during which time it went from $995K to $895K and also as a fractional interest from 4/06 to 9/07 where the fractionals were listed from $199K to $225K. This unit was purchased in 11/95 for $160K as leasehold with the “fee” being purchased in 12/99 for $43,800. Hanalei Bay Resort #B13 is new on the market at $1.095M with a purchase price of $304,800 in 6/04.

There are two contingent sales this week, the first being Sandpiper 121, listed for $439K with a purchase price of $510K in 1/06. (Ouch!) Also going into escrow this week is Hanalei Bay Resort unit #C15 listed at $995K which was purchased for $374K in 4/90. One happy seller there!

Under the Sales department we have another developer’s Ka’iulani unit #58 which sold for $876,400. Under contract is Plantation #1112 which went into escrow several weeks back and is now getting ready to close. This unit was purchased in 11/05 for $430K. You’ll also find Villas of Kamali’i #20 listed here which was discussed under new listings. We also have Hanalei Bay Resort unit #J22 which was previously listed from 9/04 to 1/05 for $975K, from 10/05 to 1/06 for $1.495M, and from 11/06 to 9/07 starting at $1.295M and falling to $1.195M. The unit shows no days on the market with a list price of $1.095M which probably means someone who saw it when it was previously listed decided to make an offer on it.

Nihilani #2B expired as a fractional while Pu’u Po’a #203, purchased for $960K in 4/04 expired after 169 days on the market listed at $1.649M.

As for price changes, Villas on the Prince, which sold for $840K in 9/05 reduced from $808K to $779K. No profit here! Ka’iulani #63 which sold for $975K on 3/08 reduced from $1,079M to $999K. This is another one that will end up selling for less than the owner paid. Puamana #8C reduced from $644,900 to $599K and was purchased as leasehold in 7/88 for $95K then converted to fee simple in 5/00 for $35,700. Puamana #14D reduced from $689K to $649K. This is the second reduction is a very short period of time, showing this seller is motivated. Their prior reduction was from $710K to $689K. It was purchased in 6/03 for $369,500. Hanalei Bay Resort # J11 went from $1.095M to $998K and was purchased in 9/03 for $504,145. Hanalei Bay Resort # G32 reduced from $1.560M to $1.495M and was purchased in 7/05 for $1.250M. Pu’u Po’a #107 went from $2.399M to $1.699M which comes as no surprise seeing as Pu’u Po’a #105 just closed last week for $1.475M and had approximately $200K in improvements and upgrades. #107 was purchased for $1,902,500 in 4/06.

Here is your Princeville housing update for the last week:

Copyright 5/25/2008 by Hawaii Information Service

NEW LISTINGS
211117 RS A 6 4-5-4-17-48 FS $1,075,000 4716 Emmalani Dr 15,967 sqft 1,942 4/3

BACK ON THE MARKET
202850 RS A 216 4-5-4-20-31 FS $999,000 5141 Kapi’olani Loop 9,669 sqft 2,262 5/3
202991 RS A 190 4-5-4-16-9 FS $1,295,000 5015 Emmalani Dr 10,500 sqft 2,469 3/3

WITHDRAWN
211384 RS W 6 4-5-3-12-31 FS $1,695,000 3988 Aloalii Dr 8,137 sqft 2,473 3/3.5
209749 SH W 45 4-5-4-13-6 FS $230,000 3695 Kaweonui Rd 11,121 sqft 2,492 4/3

PRICE CHANGES
209601 RS A 51 4-5-4-23-55 FS $805,000- 3781 Milimakani Pl 7,187 sqft 1,295 3/2
206819 RS A 90 4-5-4-8-4 FS $925,000- 3921 Punahele Rd 11,872 sqft 1,556 3/2
210804 RS A 49 4-5-4-13-6 FS $1,190,000- 3695 Kaweonui Rd 11,121 sqft 2,492 4/3
200621 RS A 274 4-5-4-21-7 FS $1,265,000- 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5

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

Any questions? You know who to call. By the way, I was in Chincoteague VA while off Island (among other places) a town that makes Kauai looks like a metropolis. If you are a horse lover, you probably know about the annual wild pony penning. But that’s another story – one I can tell you about if you are tired of the same old real estate news. So call or email with questions, real or pony penning. Enjoy your Memorial Day be please remember those to whom this day is dedicated.

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!

May 25th, 2008