Princeville condo (and house) update for the week of July 27th to Aug 2nd

Aloha,

This week I hope to get things back to normal after a great time touring the Mainland. I managed to travel over 3000 miles and cover ground in WA, MT, WY, and SD. Saw the Grand Coulee Dam, went through Glacier National Park, saw Mt. Rushmore and Crazy Horse and even went through Yellowstone, stopping to take in Old Faithful on the way back to my starting point which was Seattle. I hope to share some of the pictures I took along the way over the next few weeks.

As for this weeks update, lets get right to it:

Copyright 8/5/2008 by Hawaii Information Service

NEW LISTINGS
214173 T A 8 4-5-4-12-2-34 FS $439,000 Hale Moi #214 1,033 #214 1/2
214167 T A 6 4-5-4-12-8-24 LH $555,000 Pali Ke Kua Ii #130 1,100 #130 2/2
214373 T A 4 4-5-4-5-23-58 FS $599,000 Plantation At Princeville #1512 1,153 #1512 2/2

CONTINGENT SALES
211307 T C 81 4-5-4-5-30-22 FS $490,000 Princeville Mauna Kai #D102 1,164 #D102 2/2

SALES
212437 T S 5 4-5-4-5-18-95 FS $319,900 Puamana #26B 1,532 #26B 2/2
SOLD 7/29/2008 for $325,000 (CASH) DOM 5

197083 T S 366 4-5-4-11-3-24 FS $1,495,000 Hanalei Bay Resort #G32 1,324 #G32 2/2
SOLD 7/30/2008 for $1,350,000 (CNV) DOM 366

EXPIRED
198699 T X 290 4-5-3-11-1-25 FS $999,000 Villas On The Prince #25 1,740 #25 3/3

WITHDRAWN
185586 T W 661 4-5-4-12-10-24 FS $698,000 Emmalani Court #412 1,192 #412 2/2

PRICE CHANGES
202473 T A 286 4-5-3-6-22-27 FS $1,850,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
207661 T A 164 4-5-4-5-4-5 FS $369,000- Ka’eo Kai Ph I #5A 1,503 #5A 2/2
211781 T A 64 4-5-4-5-3-24 FS $399,000- Princeville Paniolo #211 1,058 #211 1/2
210027 T A 121 4-5-4-5-30-6 FS $430,000- Princeville Mauna Kai #F6 1,400 ##5 3/2
210522 T A 102 4-5-4-12-2-16 FS $459,000- Hale Moi #116 1,033 #116 1/2
213365 T A 31 4-5-4-5-24-80 FS $549,900- Nihilani At Princeville Resort #27B 1,567 #27B 3/2.5
207326 T A 173 4-5-4-5-24-62 FS $579,000- Nihilani At Princeville Resort #21B 1,400 #21B 2/2
208134 T A 155 4-5-4-5-18-42 FS $595,000- Puamana #12B 1,532 #12B 2/2
206915 T A 290 4-5-4-12-10-29 FS $635,000- Emmalani Court #422 1,192 #422 2/2
213369 T A 30 4-5-4-5-24-94 FS $749,000- Nihilani At Princeville Resort #32A 1,874 #32A 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.

Our first new listing is Hale Moi 214, listed at $439K and purchased for $606,500 in 5/06. This unit was previously listed from 6/07 to 3/08, starting at $580K and dropping to $520K over the life of the listing. It was also briefly listed from 2/08 to 5/08 for $490K before it was withdrawn from the market. Considering that it comes on the market this week at a new low of $439K, and knowing that the seller paid substantially more indicates to me that they are serious about finding a buyer.

Returning once again to active listings is Pali Ke Kua 130, a leasehold property purchased in 3/06 for $429K. This unit, which is currently listed for $555K, was previously listed from 8/06 to 5/07 starting at $699K and dropping to $649K and was again listed 6/07 to 6/08 starting at $649K and decreasing to $585K. Owned by an agent, #130 sold for $429K in 3/06. Plantation 1512 is also back on the market this week at $599K. It sold for $520,402 in 2/06 and was listed from 5/07 to 5/08 starting at $638K and reducing to $619K when it expired.

Only one property went into escrow and that is Mauna Kai #21. Listed at $490K, this seller is undoubtedly happy considering the unit was purchased in 11/77 for $59,500. That was probably a lot of money back then.

Two units closed, one which was an REO – (a property owned by the bank which in this case was Wells Fargo.) The last transfer of the condo was on 5/2008 when it shows as being quit claimed to Wells Fargo for $422,841. It looks like the bank decided to take what they could get as it sold for $325K. Also selling was Hanalei Bay Resort unit 4323/24. This unit was purchased in 7/05 for $1.250M and sold for $1.350M making this seller a nice profit in a short amount of time. (A rare occurrence in today’s soft market.)

Villas on the Prince expired after 290 market days. Purchased in 4/02 for $537,777, this property came on the market at $999K and stayed there throughout the life of the listing.

Emmalani Court 412 was withdrawn from the market after 661 days. It started out at $770K and reduced to $698K before being withdrawn. This seller unfortunately had nowhere to go as it they purchased the unit in 2/06 for $775K!

As usual, our biggest category is the price changes. Ka’iulani 27, which sold in 8/07 for $1.652,100, reduced from $1.899M to $1.850M. Ka’eo Kai 5A went from $430K to $369K and was purchased in 8/02 for $200K. Paniolo 211, which sold for $125K as a leasehold in 12/89 reduced to $399K from $409K. The fee was purchased in 2/03 for $45K. Mauna Kai F6 went from $450K to $430, with the last transfer being in 11/04 for $431,650. This unit is agent owned. Hale Moi 116 went from $470K to $459, and sold for $459K in 11/04. This looks like another short sale in the making if they don’t get a buyer at this price.

Nihilani 27B, which was my buy of the day awhile back when it reduced to $569K has reduced once again to $549,900 and is in short sale status. This is the same floor plan I own and was purchased by the seller from the developer in 10/06 for $682,180. That’s around what I paid so I’m not particularly thrilled to see this unit reduced over $100K from my purchase price but it just means 1) I’ll be keeping my unit for a good long while (until the market turns around) and 2) someone has a good opportunity to buy a nice unit at a good price. This is the Hoku model which started out as a 2 bed / 2.5 bath but this seller, like myself, chose the developer upgrade of converting the downstairs family room to a third bedroom.

Nihilani 21B also reduced, going from $589K to $579K. This is a one level downstairs unit which sold in 10/06 for $656,650 and will probably have to reduce considerably more to be competitive with the other Nihilani units on the market. Puamana 12B went from $649K to $595K which is a nice drop but nowhere near what Puamana 26B sold for this week. ($325K) It was purchased for $540K in 8/05. Emmalani Court 422, which was purchased in 1/07 for $705K reduced from $674K to $635K and will undoubtedly be a tax write off for the seller. Finally, we have Nihilani 32A, which is owned by the same seller that has unit 27B. This unit went from $849K to $749K and started out at $999K just a few weeks ago. It was purchased for $985K in 3/06. It is quite clear that this seller is very anxious to attract a buyer, however, at $749K they are still ahead of the market as there are several 3 bedroom 2.5 bath Makani unit like this one that are priced from $679K to $699K. Perhaps there are numerous upgrades in this unit….

As for Princeville houses, here is your market activity for last week. Remember, if you are homebuyer or seller, please do contact me for statistical information on the home of your choice. I have the information available to me but simply do not have the time to provide the same in-depth analysis for homes that I do for condos. Here is your update:

Copyright 8/5/2008 by Hawaii Information Service

NEW LISTINGS
214181 RS A 7 4-5-4-24-12 FS $1,295,000 4246 Waileia Pl 11,741 sqft 3,006 4/3
214254 RS A 6 4-5-4-18-20 FS $1,375,000 4173 Kalani Pl 10,630 sqft 3,464 4/3.5

SALES
195550 RS S 328 4-5-3-12-9 FS $1,690,000 4001 Aloalii Dr 8,081 sqft 3,461 2/3
SOLD 7/31/2008 for $1,450,000 (CASH) DOM 328

EXPIRED
199054 SH X 327 4-5-4-16-22 FS $365,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199057 SH X 91 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199055 SH X 375 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5

PRICE CHANGES
200685 RS A 334 4-5-4-15-6 FS $689,000- 3881 Albert Rd 11,515 sqft 1,732 3/2.25
213380 RS A 29 4-5-4-24-18 FS $849,000- 4275 Waileia Pl 10,390 sqft 2,044 3/2
200621 RS A 346 4-5-4-21-7 FS $998,500- 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5
200380 RS A 336 4-5-4-13-7 FS $1,950,000+ 3687 Kaweonui Rd 11,420 sqft 3,588 4/3.5
203900 RS A 258 4-5-4-14-26 FS $2,150,000+ 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.

If you are a Princeville condo or homeowner I would be delighted to highlight your home in my blog. Have a great week and don’t forget to call or email with any questions or concerns.

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!

August 5th, 2008