Princeville condo (and house) update for the week of Aug 24th to 30th

Aloha,

This is going to be a short update, due in part to the fact I just returned from Oahu where I took the final class needed for my CRS (certified residential specialist) designation but mainly because very little has happened last week as you can see in this update:

Copyright 8/31/2008 by Hawaii Information Service

NEW LISTINGS
215271 T A 6 4-5-3-6-22-48 FS $1,799,000 Kaiulani Of Princeville #48 2,479 #48 3/3
214168 T A 3 4-5-4-11-3-121 FS $650,000 Hanalei Bay Resort #T35 867 #2309-10 1/2
215386 T A 1 4-5-4-6-1-16 FS $945,000 Villas Of Kamalii #16 1,761 #16 3/3

EXPIRED
200564 T X 366 4-5-4-5-16-2 FS $539,000 Alii Kai At Hanalei #1102 1,086 #1102 2/2
205798 T X 233 4-5-4-6-1-34 FS $849,000 Villas Of Kamalii #34 1,825 #34 3/3

WITHDRAWN
176670 T W 856 4-5-4-5-16-57 FS $725,000 Alii Kai At Hanalei #7202 886 #7202 2/2

PRICE CHANGES
204980 SH A 201 4-5-4-5-23-28 FS $175,000- Plantation At Princeville #722 1,318 #722 3/3
214373 T A 30 4-5-4-5-23-58 FS $575,000- Plantation At Princeville #1512 1,153 #1512 2/2
207651 T A 186 4-5-4-5-24-29 FS $643,300- Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
211272 T A 107 4-5-4-5-16-35 FS $1,075,000- Alii Kai At Hanalei #4303 1,086 #4303 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 is Ka’iulani 48 which sold in 9/07 for $1,502,610 and is listed for $1.799M. This unit joins numerous others whose owners are also trying to flip their Ka’iulani units in this “quiet” market. Next is Hanalei Bay Resort 2309/10 which sold for $125K (yes, condos did once sell for that amount) back in 11/84 and is now listed for $650K. Finally we have Villas of Kamali’i 16, listed this time for $945K. It was previously listed from 5/06 to 6/07 starting at $1.295M and moving to $1.195M before it was withdrawn with 373 market days. It was listed again from 9/07 to 12/07 for 81 days before it was withdrawn, starting at $1.095M and reducing to $995K. This condo was purchased from the developer on 8/03 for $511,365.

There were no sales or any units that went into escrow this past week. Both Ali’i Kai 1102, purchased in 11/87 for $100K and Villas of Kamali’i 34, purchased in 12/04 for $670K expired this week. Ali’i Kai 7202 was withdrawn after an unprecedented 856 days on the market. This unit sold for $115K in 1/88 and is owned by the list agent.

There was so little activity this past week – we are already at our favorite section which is price changes. Plantation 722, which is being sold as a fractional, went from $198K to $175K after selling for $740K in 11/06. Plantation 1512 also reduced, going from $599K to $575K. This unit sold for $520,402 in 2/06. Even the Nihilani developer is getting into the action here, reducing their 2 bedroom 2.5 bath Hoku unit from $699,200 to $643,300. This still can’t compete with the resale prices available in this complex. Finally, we have Ali’i Kai 4303 which went from $1.125M to $1.075M. This unit sold in 12/03 for $490K. The owner then sold 55.26% interest to another family member for $313K on 1/06.

And that’s about it for condo changes in Princeville this week. Here is your Princeville home update:

Copyright 8/31/2008 by Hawaii Information Service

NEW LISTINGS
215181 RS A 6 4-5-4-23-58 FS $825,000 3784 Milimakani Pl 7,928 sqft 1,336 3/2
215193 RS A 7 4-5-4-23-8 FS $848,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
215324 RS A 5 4-5-4-9-58 FS $925,000 5345 Honoiki Rd 10,005 sqft 2,572 3/3

BACK ON THE MARKET
215193 RS A 7 4-5-4-23-8 FS $848,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5

CONTINGENT SALES
200833 RS C 341 4-5-4-16-6 FS $629,500 5035 Emmalani Dr 10,500 sqft 1,599 3/2

EXPIRED
200239 RS X 369 4-5-3-12-12 FS $1,795,000 3985 Aloalii Dr 8,554 sqft 3,340 2/3

WITHDRAWN
188351 RS W 604 4-5-4-17-2 FS $994,000 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5

PRICE CHANGES
205193 RS A 249 4-5-4-14-31 FS $1,150,000- 3885 Kamehameha Rd 12,127 sqft 2,372 4/3
192009 RS A 552 4-5-4-10-27 FS $1,450,000- 5222 Honoiki Rd 10,174 sqft 2,860 3/4
213886 RS A 8 4-5-4-16-20 FS $1,475,000+ 4066 Kaahumanu Pl 11,857 sqft 3,424 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.

You’ll see we have one optimistic seller and that is the owner of 4066 Kamehameha who increaed the price from $1.4M to $1.475M. This land sold for $450K in 6/04 and the home was built in 2007.

My feelings that this is a good time to buy were reiterated at the CRS class this week. The instructor said the smart money is buying now, while buyers still have the opportunity to pick and choose. If you try to wait to catch the market when it reaches bottom, like so many buyers say they want to do, the sad news is that you won’t know it’s hit bottom until it starts back up, at which point it will be too late. The other factor to consider is that interest rates are at historic lows — with no guarantee that they’ll stay that way. Don’t miss out. Buy now for the best selection and for the best opportunity to negotiate.

Have a great labor day and enjoy yourselves. If you are thinking of buying or selling, don’t go it alone. Call for all the facts you’ll need to make an informed buying or selling decision.

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 31st, 2008