Princeville condo (and house) update for the week of Sep 7th to 13th

Aloha,

It’s been another stellar week with bright blue skis, warm breezes and equally warm water – not that I’ve had time to find out for myself. Today however, I am going to take time for the beach because the ocean looks so very inviting as I sit here and type. You first have to know that I am not a surfer – so when the water is as flat and glassy as it is today I must go and immerse myself in the ocean. It is so flat it looks like a huge tub of bathwater. What a change a few months from now will bring when we get the customary huge winter swells – but for now, I’ll go enjoy the ocean for a few hours as soon as I am done here.
Aloha,

It’s been a little on the quiet side, at least from my point of view. The parking lot at the Cliffs has more vacant parking spots as we head out of summer and into the quieter months. I always use the parking lot here as a gauge of Island activity as the Cliffs is comprised of two timeshare organizations in addition to whole ownership. Still plenty of people here – don’t get me wrong – but nowhere near what we usually experience during the peak summer months. Naturally, more people brings more activity and more sales – so now is the time for the serious sellers to take a hard look and decide if they really want to sell or not and to price accordingly. If your unit has been on the market for 150 days and counting, it’s time to reduce or improve your property or something because letting it just sit there and accrue days on the market benefits no one. Ok, I’m done with my opinion on that. Here is your update for Princeville condos:

Copyright 9/14/2008 by Hawaii Information Service

NEW LISTINGS
215773 SH A 5 4-5-4-5-27-7 FS $110,000 Hale Honu #4A 866 #4A 2/1
215877 T A 2 4-5-4-5-18-30 FS $449,000 Puamana #8C 1,532 #8C 2/2
215869 T A 2 4-5-4-5-23-16 FS $599,900 Plantation At Princeville #422 1,318 #422 3/3
215650 T A 6 4-5-4-5-12-2 FS $999,900 Sealodge Ii #F2 567 #F2 1/1

BACK ON THE MARKET
209295 T A 151 4-5-4-11-3-14 FS $1,350,000 Hanalei Bay Resort #C16 1,705 #4101-2-3 3/3

CONTINGENT SALES
211203 T C 110 4-5-4-5-13-9 FS $435,000 Kamahana #9 1,759 #9 2/2

SALES
208189 T S 119 4-5-3-11-1-29 FS $749,000 Villas On The Prince #29 1,732 #29 3/3
SOLD 9/8/2008 for $700,000 (CNV) DOM 119
208668 T S 139 4-5-4-12-5-28 LH $635,000 Pali Ke Kua Incr I, ii, iii #210C 1,127 #210C 2/2
SOLD 9/11/2008 for $585,000 (CASH) DOM 139

WITHDRAWN
205596 T W 239 4-5-4-15-21-30 FS $449,000 Sandpiper Village I #130 1,042 #130 2/2

PRICE CHANGES
205059 T A 248 4-5-3-11-1-3 FS $720,000- Villas On The Prince #3 1,737 #3 3/3
210770 T A 135 4-5-3-11-1-30 FS $779,000- Villas On The Prince #30 1,732 #30 3/3
211258 T A 125 4-5-4-5-3-19 FS $349,900- Princeville Paniolo #204 1,058 #204 1/2
212639 T A 89 4-5-4-5-18-1 FS $475,000- Puamana #1A 1,312 #1A 2/2
210504 T A 142 4-5-4-15-21-59 FS $499,900- Sandpiper Village I #222 1,173 #222 3/2.5
205172 T A 262 4-5-4-5-13-13 FS $524,000- Kamahana #13 2,073 #13 3/2
204435 T A 284 4-5-4-12-10-41 FS $620,000- Emmalani Court #524 1,192 #524 2/2
213315 T A 72 4-5-4-5-24-37 FS $648,000- Nihilani At Princeville Resort #13A 1,874 #13A 3/2.5
211463 T A 121 4-5-4-5-24-20 FS $669,900- Nihilani At Princeville Resort #7B 1,476 #7B 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.

Hale Honu 4A is no stranger to the MLS. It is currently listed as a fractional unit for $110K and was purchased back in 5/02 for $153K. This unit was previously listed from 12/04 to 6/05 for $528,800 as a “whole unit”, from 8/05 to 5/06 for $558,800 and from 5/06 to 10/06 for $558,800. In all cases, it was withdrawn from the market. The seller then tried to do a fractional with a full service agent, listing it for $389K and $289K depending on which two month period you wanted to buy. It was listed as a shared or fractional unit from 2/07 to 8/07. This listing is a no service listing which means the agent simply puts it on the MLS and any buyer will be dealing directly with the seller. The $110K fractional price goes up by $10K depending on what months you choose for your fractional ownership.

Puamana 8C, purchased in 7/88 as a leasehold unit for $95K and converted to fee simple in 5/00 for $35,700 is now listed for $449K. It was previously listed for one month in 5/08, starting at $644K and dropping to $599K. Pricing this time is definitely at a more realistic level. Plantation 422, purchased in 11/05 for $738K is now at $599,900. Not good. (For the seller, that is.) Also, Sealodge F2 comes on the market this week at a whopping $999,900! This unit last sold in 7/01 for $268K. It says it’s been totally remodeled and is “a unit like no other in Sealodge.” I haven’t had the opportunity to see this unit yet but at that price, I can certainly agree that it is definitely priced unlike any other Sealodge unit! Here are the other listings in this complex:

Copyright 9/14/2008 by Hawaii Information Service

210590 T A 139 4-5-4-5-7-9 FS $499,000 Princeville Sealodge #B1 566 #B1 1/1
208790 T A 138 4-5-4-5-7-11 FS $499,999 Princeville Sealodge #B3 570 #B3 1/1
207020 T A 209 4-5-4-5-7-13 FS $659,000 Princeville Sealodge #B5 748 #B5 2/2
186761 T A 681 4-5-4-5-12-1 FS $660,000 Sealodge Ii #F1 556 #F1 1/1
208778 T A 183 4-5-4-5-12-6 FS $695,000 Sealodge Ii #F6 567 #F6 1/1
213025 T A 79 4-5-4-5-12-28 FS $709,000 Sealodge Ii #J1 754 #J1 2/2
214768 T A 32 4-5-4-5-12-35 FS $728,000 Sealodge Ii #J8 743 #J8 2/2
209200 T A 172 4-5-4-5-7-5 FS $750,000 Princeville Sealodge #A5 564 #A5 1/1
210501 T A 102 4-5-4-5-7-34 FS $775,000 Princeville Sealodge #D5 570 #D5 1/1
211099 T A 114 4-5-4-5-12-13 FS $777,777 Sealodge Ii #G4 567 #G4 1/1
215650 T A 6 4-5-4-5-12-2 FS $999,900 Sealodge Ii #F2 567 #F2 1/1

Back on the market is Hanalei Bay Resort units 4101-2-3 listed for $1.350M and purchased back in 9/98 for $250K. It’s always a shame to see a unit come back on the market after being in escrow as this one has for almost 3 months. My guess would be that with the way financing guidelines are changing, and knowing that Hanalei Bar Resort qualifies as a condhotel, making financing even more difficult, that the buyer ended up not being able to qualify for a loan. It’s a great location at a good price and just needs someone willing to come in and do a general rehab to make this unit come to life.

Kamahana 9, purchased for $280K in 8/03 went into escrow listed at $435K. It will be nice to see a unit close that actually nets a profit for the seller.

Two sales closed this week, Villas on the Prince 29 for $700K and Pali Ke Kua 210 for $585K. Villas was a purchased by the seller from the developer in 5/02 for $468,710 while Pali Ke Kua last sold in 11/99 for $430K. This PKK unit is leasehold.

Sandpiper 130 listed at $449K apparently saw how the other units were decreasing in pricing and perhaps decided to withdraw until such time that the market could support their asking price.

Price changes continued down this week, with Villas on the Prince 3 going further into short sale territory reducing from $739K to $720K. This unit last sold in 9/05 for $840. Ouch! Another Villas on the Prince, unit 30 also reduced from $799K to $779K, having been purchased in 3/04 for $565K. Paniolo 204 went from $395K to $349,900. It was purchased for $337,500 in 6/04. Puamana 1A went from $515K to $475, and last sold for $157K in 7/01. Sandpiper 222 dropped from $514,900 to $499,900 and has a purchase price of $474,230 in 9/05. I doubt this seller will see any profit in this market.

Kamahana 13, purchased in10/05 for $640K decreased from $539K to $524. Emmalani Court 524 takes the cake this week for a price reduction, going directly into short sale territory with a drop from $719K to $620K. I’d say this seller, who is a real estate agent, is ready to sell. Purchased in 7/07 for $700, this unit has been extensively remodeled. Nihilani 13A went from $698K to $648K and last sold for $680,485 in 3/06. And finally we have Nihilani 7B which decreases this week from $684,900 to $669,900. This unit sold in 4/07 for $686,080. More tax write offs!

As for Princeville homes, here is your update:

Copyright 9/14/2008 by Hawaii Information Service

NEW LISTINGS
215837 RS A 4 4-5-3-12-11 FS $1,895,000 3991 Aloalii Dr 7,827 sqft 3,389 3/2.5

BACK ON THE MARKET
206101 RS A 233 4-5-4-15-15 FS $875,000 3838 Haulani Pl 14,510 sqft 2,262 4/3

SALES
212113 RS S 28 4-5-3-12-31 FS $1,450,000 3988 Aloalii Dr 8,137 sqft 2,483 3/3.5
SOLD 9/12/2008 for $1,200,000 (CNV) DOM 28

PRICE CHANGES
197400 RS A 452 4-5-3-11-46 FS $1,745,000- 4140 Aloalii Dr 18,188 sqft 3,469 3/3
214882 RS A 30 4-5-3-12-33 FS $1,795,000- 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
206454 RS A 222 4-5-4-16-65 FS $1,295,000- 4465 Emmalani Dr 10,896 sqft 2,122 3/2
205193 RS C 263 4-5-4-14-31 FS $1,075,000- 3885 Kamehameha Rd 12,127 sqft 2,372 4/3

I’m off to the beach for an hour or two, but thought I’d share a picture of the falls I hiked to off Kapahi Road in Kapaa yesterday. Don’t forget to call or email when your ready to sell or buy. Until then,

Aloha Elaine

This falls is a bit further in on the trail.

Ho’opi’i’ Falls is a short hike in. Great pool to play in at the base of the falls. There was a group of people jumping into the pool from the rocks which I do not recommend until you are familiar with the underwater terrain as it’s quite rocky.

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 14th, 2008