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

Aloha,

This week ended as a wet one, with our first big winter storm slamming into the Island, causing flooding, road closures and flash flood warnings. The storm was Island wide with an average of 4 to 6 inches per hour of rain falling over most of the Island, with as much as 8 to 10 inches in some areas. (This per the Garden Island newspaper.) When it rains this hard, it’s a great time to stay home and catch up with all the things you always meant to do ‘on a rainy day.’ Naturally, there weren’t too many people out looking at real estate. Here’s your update:

Copyright 12/13/2008 by Hawaii Information Service

NEW LISTINGS
218883 T A 4 4-5-4-5-23-55 FS $557,777 Plantation At Princeville #1421 1,318 #1421 3/3
218864 T A 3 4-5-4-5-23-11 FS $699,000 Plantation At Princeville #321 1,318 #321 3/3
218777 T A 4 4-5-4-11-3-29 FS $990,000 Hanalei Bay Resort #H23 1,324 #5207-8( (H23) 2/2

BACK ON THE MARKET
200564 T A 372 4-5-4-5-16-2 FS $539,000 Alii Kai At Hanalei #1102 1,086 #1102 2/2

SALES
211984 T S 120 4-5-3-6-22-71 FS $835,000 Kaiulani Of Princeville #71 1,901 #71 2/2.5
SOLD 12/10/2008 for $795,000 (CNV) DOM 120

212717 T S 142 4-5-4-5-24-13 FS $699,000 Nihilani At Princeville Resort #5A 1,874 #5A 3/2.5
SOLD 12/12/2008 for $650,000 (CNV) DOM 142

210620 T S 192 4-5-4-5-24-97 FS $731,500 Nihilani At Princeville Resort #33A 1,874 #33A 3/2.5
SOLD 12/8/2008 for $625,000 (CNV) DOM 192

EXPIRED
204622 T X 363 4-5-4-12-8-28 FS $750,000 Pali Ke Kua Ii #232 993 #232 2/2
196893 T X 549 4-5-4-12-9-30 FS $800,000 Pali Ke Kua Iii #242 1,135 #242 2/2

PRICE CHANGES
204804 T A 184 4-5-4-5-39-33 FS $299,000- Cliffs At Princeville #2103 917 #2103 1/2
196998 T A 550 4-5-4-15-21-43 FS $385,000- Sandpiper Village I #206 1,173 #206 2/2.5
186493 T A 778 4-5-4-5-17-55 FS $499,999- Alii Kai Ii Hanalei #14G 1,037 #14G 2/2
209990 T A 205 4-5-4-5-30-19 FS $525,000- Princeville Mauna Kai #D301 1,488 #D301 3/2
206915 T A 420 4-5-4-12-10-29 FS $525,000- Emmalani Court #422 1,192 #422 2/2
214167 T A 136 4-5-4-12-8-24 LH $549,000- Pali Ke Kua Ii #130 1,100 #130 2/2
208900 T A 268 4-5-4-5-4-12 FS $597,000+ Ka’eo Kai Ph I #2B 2,100 #2B 3/3
211272 T A 211 4-5-4-5-16-35 FS $949,000- Alii Kai At Hanalei #4303 1,086 #4303 2/2
207497 T A 292 4-5-4-11-3-49 FS $998,000- Hanalei Bay Resort #J11 1,324 #7101-2 Banana 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.

We have three new listings this week, starting with Plantation 1421. This unit last sold in 2/06 for $536,066 and is listed for $557,777. Plantation 321 is also a new this week. Listed at $699K, this unit last sold for $435K in 7/05. The last listing is Hanalei Bay Resort 5207/08. Purchased for $950K in 9/05 this unit was previously listed from 8/06 to 5/07, starting at $1.350M and ending at $1.249M when it was withdrawn from the market. It comes on the market this time at $990K.

Ali’i Kai 1102 is back on the market listed for $539K after expiring with 372 days on the market. This unit sold for $100K on 11/87.

There were no contingent sales this week but there were three closings, starting with Ka’iulani 71. Ths unit sold for $825,990 on 6/08 and closed for $795K after starting out listed at $925K. It was at $835K when it went into escrow. Nihilani 5A, which was a short sale, finally closed at an amazing $650K after being listed for $695K. This is a beautiful unit with close to $100K in upgrades. Unfortunately, the seller paid $929,606 for 5A in 12/06. Also closing this week is one of the developer’s Nihilani units, 33A. Listed at $731,500, the developer showed they are willing to get down and dirty and compete with the resale prices by selling this unit for $625K. If there was a resale that sold for less, it looks like the developer will be competitive with pricing. Finally!

Two Pali Ke Kua units expired this week. Unit 232, purchased for $650K in 9/04 expired after 363 market days listed at $750K. Pali Ke Kua 242, listed for $880K was purchased for $555K in 5/04 and expired after 549 market days.

As for price changes, there were eight reductions and one optimistic increase. Our first reduction is Cliffs 2103 which went from $359K to $299K, making this the first Cliffs I’ve seen in the $200’s in a long, long time. This is a ground floor unit with a very nice greenbelt in the back which offers a good deal of privacy. It needs some updating but at the current price, it’s a good buy in my book. Especially since Cliffs is in the process of putting in their new pool! This unit was purchased for $50K in 12/98 as a leashold then converted to fee simple in 6/03 for $63K. It’s obviously been refinanced as it’s now a short sale. Sandpiper 206, which last sold for $114,500 in 11/99 reduced from $420K to $385K. This is an unstairs unit with views across the golf course. Of course, it’s also on the road but you can’t have one without the other. Ali’i Kai 14G went from $569K to $499,999 and last sold for $583K in 8/05. It is not listed an a short sale despite the fact that the seller appears to be upside down in this one. Mauna Kai 26 is one of the larger units located in the back. It takes a very respectable reduction from $619K to $525K which indicates this seller is ready to sell. It was purchased for $525K in 10/06. Emmalani Court 422 also took a good reduction going from $575K to $525K. It last sold for $705K in 1/07.

Pali Ke Kua 130, an agent owned leashold unit, reduced from $575K to $549K. It last sold for $429K in 3/06. Ka’eo Kai 2B is the lone increase, moving from $550K to $597K. It started at $650K, then dropped to $550K before moving back up to it’s current price of $597K. Ali’i Kai 4303, purchased for $490K in 12/03 moved from $1.025M to $949K. On 1/06 the seller sold 55% for $313K. Our last price change is Hanalei Bay Resort 7101-02 which reduced from $1.085M to $998K. This unit last sold for $504,145 on 9/03.

It’s refreshing to see some “dramatic” price changes this week. Sellers must know by now that $5K here or $10K there is not going to attract a buyer’s attention but when you start seeing $50K+ price changes, it tends to make you look twice. I’ve been saying this for awhile now and I’m not about to stop with our prices so dramatically low along with interest rates; now is a good time to buy – a really good time to buy.

As for houses, here is your Princeville home update for this week:

Copyright 12/13/2008 by Hawaii Information Service

NEW LISTINGS
218518 RS A 2 4-5-4-23-71 FS $895,000 3784 Mapuana Pl 9,985 sqft 1,857 3/2.5
218860 RS A 5 4-5-4-7-5 FS $947,500 3934 Namakeha Loop 13,387 sqft 2,047 3/2
218770 RS A 5 4-5-4-16-77 FS $998,000 4117 Kekaulike Ln 10,650 sqft 2,878 3/2.5

BACK ON THE MARKET
208367 RS A 282 4-5-4-17-23 FS $895,000 4890 Victoria Loop 10,678 sqft 1,780 3/3

WITHDRAWN
209601 RS W 250 4-5-4-23-55 FS $750,000 3781 Milimakani Pl 7,187 sqft 1,295 3/2

TEMPORARILY WITHDRAWN
206819 RS T 274 4-5-4-8-4 FS $925,000 3921 Punahele Rd 11,872 sqft 1,556 3/2

PRICE CHANGES
214882 RS A 72 4-5-3-12-33 FS $1,695,000+ 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
213887 RS A 131 4-5-3-12-4 FS $2,195,000- 4035 Aloalii Dr 9,415 sqft 3,407 3/3
213870 RS A 142 4-5-4-6-12 FS $610,000- 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
217017 RS A 58 4-5-4-20-25 FS $717,900- 5143 Iolani Pl 10,907 sqft 2,224 3/2
208367 RS A 282 4-5-4-17-23 FS $895,000- 4890 Victoria Loop 10,678 sqft 1,780 3/3
209601 RS W 250 4-5-4-23-55 FS $750,000+ 3781 Milimakani Pl 7,187 sqft 1,295 3/2

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

That’s it for this week. Looks like we could get more rain but don’t let that stop you from finally getting your dream property. Please call or email for info, updates, advice, recommendations, restaurants, whatever; but whatever you do, before you buy or sell, get the facts. Until then, keep working on your Christmas shopping done because you are running out of time! Don’t forget to confuse those you know by wishing them a Mele Kalikimaka. That’s Merry Christmas in Hawaiian. Call me if you can’t say it. Tutoring is free.

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!

December 15th, 2008