New this week - good pricing!

Aloha,

We’ve been talking for a long time about sellers that don’t quite seem to get that it’s totally a buyer’s market… not a little bit of a buyer’s market or a wanna be buyer’s market but a full on full tilt buyer’s market. Yep, that’s what we’re in and guess what? Some sellers are finally pricing like — we’re in a buyer’s market!

Case in point: this week there are two interesting listings. First up is Pu’u Po’a 103 priced at $1,399,999. Now, to the average person this may seem exorbitantly priced but when you consider that the last two sales were at $1.475M for 105 and $1.535M for 305 it seems almost downright reasonable. New on the market this week, unit 103 is well below the other Pu’u Po’a’s on the market. Take a look:

Copyright 8/14/2008 by Hawaii Information Service

214847 T A 2 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2
213637 T A 23 4-5-4-12-11-46 FS $1,475,000 Puu Poa #404 1,352 #404 2/2
212665 T A 57 4-5-4-12-11-2 FS $1,595,000 Puu Poa #102 1,352 #102 2/2
208628 T A 154 4-5-4-12-11-55 FS $1,595,000 Puu Poa #413 1,777 #413 2/2
200456 T A 344 4-5-4-12-11-14 FS $1,625,000 Puu Poa #114 2,065 #114 2/2
202256 T A 278 4-5-4-12-11-7 FS $1,699,000 Puu Poa #107 2,065 #107 2/2
213416 T A 29 4-5-4-12-11-20 FS $1,875,000 Puu Poa #206 1,359 #206 2/2
205418 T A 223 4-5-4-12-11-37 FS $2,245,000 Puu Poa #309 1,352 #309 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.

From the photos, it looks like 103 has been recently upgraded and the marketing copy says the Seller is MOTIVATED! Hmmm. It will be interesting to see what, if anything, the other sellers do in response. Hopefully, those sellers who don’t really need or want to sell will take their property off the market until such time that the conditions are more favorable to seller pricing.

Also new this week is the first Cliffs unit I’ve seen in the $300’s in a long time. Unit 2103 just reduced from $475K to $399K. This big reduction makes it the most affordable unit in the complex. It’s been listed almost continuously since 4/05 starting out at $560K. This most recent listing has been active for 63 days starting at $495K, then reducing to $479K only to drop this week to $399K. Here are the other Cliffs units on the market:

Copyright 8/14/2008 by Hawaii Information Service

204804 T A 63 4-5-4-5-39-33 FS $399,000 Cliffs At Princeville #2103 917 #2103 1/2
208656 T A 147 4-5-4-5-39-7 LH $475,000 Cliffs At Princeville #1107 917 #1107 1/2
210902 T A 101 4-5-4-5-39-4 FS $489,000 Cliffs At Princeville #1104 917 #1104 1/2
207634 T A 177 4-5-4-5-39-16 FS $499,000 Cliffs At Princeville #1206 917 #1206 1/2
188728 T A 572 4-5-4-5-39-55 FS $589,000 Cliffs At Princeville #2305 1,137 #2305 2/2
208369 T A 161 4-5-4-5-39-127 FS $600,000 Cliffs At Princeville #5205 917 #5205 1/2
199811 T A 359 4-5-4-5-39-191 FS $765,000 Cliffs At Princeville #9201 963 #9201 1/2
183879 T A 714 4-5-4-5-39-163 FS $799,000 Cliffs At Princeville #7205 917 #7205 1/2
200484 T A 351 4-5-4-5-39-169 FS $849,450 Cliffs At Princeville #7305 1,137 #7305 2/2
213606 T A 30 4-5-4-5-39-198 FS $945,000 Cliffs At Princeville #9302 1,231 #9-302 2/2
212117 T A 70 4-5-4-5-39-175 FS $995,000 Cliffs At Princeville #8201 963 #8201 1/2

2103 is now in short sale status but at this new lower price, it may finally find a buyer. The last great pricing this week goes to Mauna Kai #5 that fell from $430K to $369K putting it too squarely in short sale status. This unit was originally listed for $521K. Look how many unit are currently listed in the $300’s—

Copyright 8/14/2008 by Hawaii Information Service

174822 T A 805 4-5-4-12-9-28 LH $335,000 Pali Ke Kua Iii #238 993 #238 1/1.5
207661 T A 173 4-5-4-5-4-5 FS $369,000 Ka’eo Kai Ph I #5A 1,503 #5A 2/2
209209 T A 136 4-5-4-15-21-32 FS $379,000 Sandpiper Village I #132 1,042 #132 2/2
210027 T A 130 4-5-4-5-30-6 FS $380,000 Princeville Mauna Kai #F6 1,400 ##5 3/2
210059 T A 122 4-5-4-5-27-18 FS $390,000 Hale Honu #9B 1,085 #9B 3/2
183571 T A 683 4-5-4-5-3-7 FS $395,000 Princeville Paniolo #107 1,058 #107 1/2
211258 T A 94 4-5-4-5-3-19 FS $395,000 Princeville Paniolo #204 1,058 #204 1/2
207502 T A 119 4-5-4-5-3-17 FS $399,000 Princeville Paniolo #202 1,058 #202 1/2
211781 T A 73 4-5-4-5-3-24 FS $399,000 Princeville Paniolo #211 1,058 #211 1/2
195595 T A 429 4-5-4-5-27-8 FS $399,000 Hale Honu #4B 866 #4B 2/1
204804 T A 63 4-5-4-5-39-33 FS $399,000 Cliffs At Princeville #2103 917 #2103 1/2
206436 T A 199 4-5-4-15-21-7 FS $399,000 Sandpiper Village I #107 1,042 #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.

So from where I sit, it looks like good pricing is on it’s way in. Get ready for the good buys but don’t wait too long. Now, while the market is still soft is when you, as a buyer, have the greatest negotiating power. Once a few of these units start selling the power to negotiate will swing back the other way.

Have fun in this market. Call before you list or buy so you have all the facts on your side.

Aloha, Elaine

Here is one of the many waterfalls I saw while on my Mainland journey.

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 14th, 2008