Princeville condo (and house) update for the week of Aug 31st to Sep 6th

Aloha,

It was another slow week with a minimum of condo activity as you’ll see from the following update. Just out of curiosity, I checked the week’s activity Island wide and found there were 19 new listings, 18 that came back on the market, 13 contingent sales (went into escrow) 9 sales, 3 that went under contract, 29 that expired, 13 that were withdrawn, 4 were temporarily withdrawn and there were 54 price changes. All but 6 of the price changes were reductions. Of the 6 that were increases, all but 1 were on the North Shore, and 3 of those were Princeville condos! Here is your update for this past week:

Copyright 9/7/2008 by Hawaii Information Service

NEW LISTINGS
215563 SH A 5 4-5-4-5-18-76 FS $178,000 Puamana #21B 1,700 #21B 2/2
215367 T A 5 4-5-4-12-9-17 FS $799,000 Pali Ke Kua Iii #139 993 #139 2/2

BACK ON THE MARKET
213153 T A 55 4-5-4-5-18-60 FS $459,000 Puamana #17A 1,312 #17A 2/2
210598 T A 117 4-5-4-5-24-8 FS $588,300 Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
188728 T A 580 4-5-4-5-39-55 FS $589,000 Cliffs At Princeville #2305 1,137 #2305 2/2

SALES
210613 T S 103 4-5-4-5-24-100 FS $731,500 Nihilani At Princeville Resort #34A 1,874 #34A 3/2.5
SOLD 8/29/2008 for $731,500 (CASH) DOM 103

EXPIRED
210603 T X 112 4-5-4-5-24-102 FS $769,200 Nihilani At Princeville Resort #34C 1,972 #34C 3/3

PRICE CHANGES
209209 T A 160 4-5-4-15-21-32 FS $349,000- Sandpiper Village I #132 1,042 #132 2/2
204804 T A 87 4-5-4-5-39-33 FS $359,000- Cliffs At Princeville #2103 917 #2103 1/2
210822 T A 65 4-5-4-5-13-28 FS $450,000- Kamahana #28 1,145 #28 2/2
210598 T A 117 4-5-4-5-24-8 FS $588,300- Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
210698 T A 193 4-5-4-5-24-25 FS $610,000- Nihilani At Princeville Resort #9A 1,406 #9A 2/2
213025 T A 72 4-5-4-5-12-28 FS $709,000- Sealodge Ii #J1 754 #J1 2/2
210695 T A 124 4-5-4-5-24-24 FS $720,500- Nihilani At Princeville Resort #8C 1,874 #8C 3/2.5
210607 T A 119 4-5-4-5-24-6 FS $735,200- Nihilani At Princeville Resort #2C 1,972 #2C 3/3
210693 T A 124 4-5-4-5-24-28 FS $780,500+ Nihilani At Princeville Resort #10A 1,874 #10A 3/2.5
210696 T A 124 4-5-4-5-24-32 FS $780,500+ Nihilani At Princeville Resort #11B 1,874 #11B 3/2.5
207497 T A 195 4-5-4-11-3-49 FS $1,085,000+ Hanalei Bay Resort #J11 1,324 #7101-2 (J11) 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.

Puamana 21B, priced at $178K, is your first new listing. This property sold as leasehold in 11/99 for $70K after which, in 2000, the fee was purchased for $35,700. This unit was previously listed back in 2002 at $488K for 159 days before it was withdrawn. Pali Ke Kua 139 which sold for $499K in 6/02 is your second new listing and comes on the market at $799K.

Back on the market this week are Puamana 17A, which had been under contract, one of the developer’s Nihilani units, 3B and Cliffs 2305 which had expired. Puamana 17A last sold in 3/04 for $320K, Nihilani 3B was previously listed for $686,200 and is now priced at $588,300 and the Cliffs unit is down from the high price of $689,500 579 days ago. Cliffs 2305 was purchased for $680K in 6/06.

There were no contingent sales this week and only one sale which was a developer’s Nihilani unit 34A, closing for $731,500. Nihilani 34C expired while listed at $769,200.

All that remains for this week are the price changes, starting with Sandpiper 132 which reduced from $399K to $349K. This condo, which sold for $330K in 8/04, represents good value at this price assuming the unit is in relatively decent shape. Since Sandpiper has the lockout feature, you can generally rent the B side for anywhere from $850 to $1000 month and the A side for $1200 to $1400. When I had my Sandpiper, I rented the B side for $875 and the A side for $1200 which means I brought in over $2000 month! When you consider the initial investment which in this case would be somewhere in the low $300’s, it’s not a bad return at all! Cliffs 2103 reduced from $399 to $359 driving it deeper into short sale territory while Kamahana 28 moved from $475K to $450K. Kamahana is also a short sale, having sold in 4/06 for $599K. Wow.

This week we have even more developer’s reductions in Nihilani: Unit 3B went from $603,300 to $588,300; unit 9A went from $659,200 to $610,000, 8C from $761,500 to $720,500, 2C from $769,200 to $735,200 while 10A went the other way, rising from $761,500 to $780,500 along with 11B that went from $761,500 to $780,500. I wonder who will step up to the plate to buy these units at these prices when there are so many others that are priced at so much less!

The other price reduction this week is Sealodge J1 going from $729K to $709K having sold in 9/02 for $325K. There is one other price increase which is Hanalei Bay Resort unit 7101/02 which went from $998K to $1.085M. 7101/02 sold in 9/03 for $504,145 and was previously listed from 10/06 to 5/07 during which time it went from $1.399M to $1.295M and from 7/07 to 1/08 when it was listed for $1.295M reducing to $1.195M before it was withdrawn. And that is your update for this week.

Here is what went on with Princeville Homes:

Copyright 9/7/2008 by Hawaii Information Service

NEW LISTINGS
215559 RS A 2 4-5-4-7-6 FS $2,499,000 3932 Namakeha Lp 12,575 sqft 2,848 3/3.5

BACK ON THE MARKET
200239 RS A 376 4-5-3-12-12 FS $1,795,000 3985 Aloalii Dr 8,554 sqft 3,340 2/3
206819 RS A 179 4-5-4-8-4 FS $925,000 3921 Punahele Rd 11,872 sqft 1,556 3/2

EXPIRED
206101 RS X 227 4-5-4-15-15 FS $875,000 3838 Haulani Pl 14,510 sqft 2,262 4/3

WITHDRAWN
210005 RS W 145 4-5-4-16-7 FS $1,295,000 5029 Emmalani Dr 10,500 sqft 3,304 4/3
212945 RS W 70 4-5-4-13-24 FS $4,400,000 3574 Keoniana Pl 14,406 sqft 3,500 4/4.5

PRICE CHANGES
209485 SH A 156 4-5-4-15-3 FS $375,000- 3979 Kamehameha Rd 10,772 sqft 3,558 5/3.5
214429 RS A 30 4-5-4-16-41 FS $899,900- 4136 Kekaulike Ln 10,500 sqft 3,024 3/3
211117 RS A 111 4-5-4-17-48 FS $999,000- 4716 Emmalani Dr 15,967 sqft 1,942 4/3
214432 RS A 32 4-5-4-21-5 FS $1,199,000+ 3722 Albert Rd 13,401 sqft 2,218 3/2
214764 RS A 156 4-5-4-15-3 FS $1,675,000- 3979 Kamehameha Rd 10,772 sqft 3,558 5/3.5

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

This week I had the pleasure of hiking to one of our many water falls. Thought you would like to see it too:

Have a great week and don’t forget to call or email with your questions and concerns.

Aloha Elaine

PS While on my recent trip, we were in Yellowstone looking for wildlife. I looked at several elk herds from afar but was shocked to come into Mammoth Hot Spring in Yellowstone and see an elk napping basically on what amounted to the front lawn of one of the stores. See for yourself:

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!

September 7th, 2008