Princeville condo (and house) update for the week of February 1st to 7th

Aloha,

It’s been a pretty quiet week with little activity which is reflected in this week’s update. There are hardly even any price reductions! Maybe everyone is settling down to work on their taxes now that Superbowl is over or maybe everyone is waiting to hear what, if anything, the new stimilus package will bring besides more parties for the beleagured banks. Here’s your update for this week:

Copyright 2/8/2009 by Hawaii Information Service

NEW LISTINGS
220906 T A 2 4-5-4-5-23-21 FS $559,000 Plantation At Princeville #611 1,153 #611 2/2

BACK ON THE MARKET
207634 T A 353 4-5-4-5-39-16 FS $310,000 Cliffs At Princeville #1206 917 #1206 1/2
206436 T A 367 4-5-4-15-21-7 FS $329,000 Sandpiper Village I #107 1,042 #107 2/2

CONTINGENT SALES
218924 T C 17 4-5-4-6-1-11 FS $945,000 Villas Of Kamalii #11 1,825 #11 3/3

EXPIRED
207166 T X 366 4-5-3-6-22-59 FS $995,000 Kaiulani Of Princeville #59 1,892 #59 2/2.5
206788 T X 366 4-5-3-6-22-70 FS $995,000 Kaiulani Of Princeville #70 1,781 #70 2/2.5

WITHDRAWN
217262 T W 105 4-5-4-5-18-20 FS $498,000 Puamana #6A 1,312 #6A 2/2

PRICE CHANGES
217907 T A 76 4-5-3-6-22-27 FS $1,795,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
219389 T A 39 4-5-4-5-7-18 FS $493,000- Princeville Sealodge #B10 566 #B10 1/1

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

Our only new listing this week is Plantation 611 which comes on the market at $559K, putting it in the middle of two 3 bedroom units which are priced just about the same. 611 is a two bedroom unit. Here are the current Plantation listings:

Copyright 2/8/2009 by Hawaii Information Service

218883 T A 61 4-5-4-5-23-55 FS $557,777 Plantation At Princeville #1421 1,318 #1421 3/3
220906 T A 2 4-5-4-5-23-21 FS $559,000 Plantation At Princeville #611 1,153 #611 2/2
215869 T A 149 4-5-4-5-23-16 FS $559,900 Plantation At Princeville #422 1,318 #422 3/3
220548 T A 11 4-5-4-5-23-22 FS $573,000 Plantation At Princeville #612 1,153 #612 2/2
214373 T A 191 4-5-4-5-23-58 FS $575,000 Plantation At Princeville #1512 1,153 #1512 2/2
214741 T A 181 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 #1712 2/2
217123 T A 102 4-5-4-5-23-34 FS $579,000 Plantation At Princeville #912 1,153 #912 2/2
216340 T A 128 4-5-4-5-23-41 FS $580,000 Plantation At Princeville #1111 1,153 #1111 2/2
183699 T A 891 4-5-4-5-23-25 FS $619,000 Plantation At Princeville #711 1,153 #711 2/2
214863 T A 173 4-5-4-5-23-49 FS $625,000 Plantation At Princeville #1311 1,140 #1311 2/2
210042 T A 129 4-5-4-5-23-24 FS $649,500 Plantation At Princeville #622 1,366 #622 3/3
218708 T A 66 4-5-4-5-23-12 FS $679,900 Plantation At Princeville #322 1,318 #322 3/3
216921 T A 117 4-5-4-5-23-3 FS $685,000 Plantation At Princeville #121 1,318 #121 3/3
218864 T A 60 4-5-4-5-23-11 FS $699,000 Plantation At Princeville #321 1,318 #321 3/3

As you can see, most have been doing little more than accruing market time. As for sales, there are none in escrow and the last group of sales was mid year 2008. See for yourself:

200357 T S 240 4-5-4-5-23-42 FS $525,000 Plantation At Princeville #1112 1,153 #1112 2/2
SOLD 6/3/2008 for $498,500 (CNV) DOM 240

214012 T S 0 4-5-4-5-23-26 FS $529,000 Plantation At Princeville #712 1,153 #712 2/2
SOLD 7/23/2008 for $529,000 (CNV) DOM 0

206958 T S 107 4-5-4-5-23-17 FS $549,000 Plantation At Princeville #511 1,153 #511 2/2
SOLD 7/3/2008 for $525,000 (CASH) DOM 107

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

Cliffs 1206 and Sandpiper 107 are both back on the market at the same price after expiring with a year (give or take a day or two) on the market. Cliffs started out at $499K and is now at $310K while Sandpiper originally started out at $419K and is at $329K. At these prices, they should be finding buyers, especially Sandpiper with the ability to rent each “side” separately. You can’t beat the income relative to the purchase price.

Villas of Kamali’i 11 is the only unit that found a buyer this week, going into escrow listed at $945K after having been purchased for $669K in 3/04. This unit was previously listed for $1.150M from 10/07 to 4/08 but was finally withdrawn with 123 market days. I’ll let you know what this one closes for. The last sale, which closed on 11/08, sold for $835K for unit 16, well off the list price of $945K.

Two of the developer’s Ka’iulani units expired this week. They’re caught in the same crunch of Nihilani — trying to build and sell in a oversaturated, declining market.

Puamana 6A was withdrawn listed at $498K. This unit sold for $490K in 3/07. It’s easy to understand why they’d take it off the market at this stage of the game. Too much to lose and nothing to gain but a tax write off.

There were only two price changes this week in the Princeville condo market. I think the Princeville condo sellers must have been sleeping as there were plenty of price changes throughout the rest of the Island. Take a look– these are all the price changes Island wide for the past week to include condos, land and houses:

Copyright 2/8/2009 by Hawaii Information Service

PRICE CHANGES
217250 T A 108 4-2-8-27-17-33 FS $349,000- Manualoha Ph I & Ii #605 852 #605 1/1
217799 T A 90 4-2-8-20-3-54 FS $398,000- Makahuena #IIC104 1,145 #IIC104 2/2
207566 T A 356 4-2-8-18-27-3 FS $455,000- Hale Kahanalu #3 720 #3 2/1
211164 T A 275 4-2-8-19-22-9 FS $795,000- Nihi Kai Villas #302 1,221 #302 2/2
219587 T A 34 4-2-8-27-20-73 FS $815,000- Regency At Poipu Kai #924 1,438 #924 3/2.5
204224 T A 431 4-2-8-19-4-24 FS $899,999- Poipu Shores #A403 912 #A403 2/2
215297 T A 153 4-3-2-5-8-85 FS $328,000- Banyan Harbor #85 924 #85 2/1.5
211527 T A 265 4-3-3-3-48-7 FS $415,000- Regency Huleia #7 1,265 #7 2/2.5
215244 T A 165 4-3-7-3-15-202 FS $119,000- Kauai Beach Resort #2503 320 #2503 0/1
213578 T A 209 4-3-7-1-17-19 LH $239,000- Sun Village-kauai #A206 747 #A206 2/1
208911 T A 321 4-3-7-3-14-40 FS $509,000- Kauai Beach Villas #C4 684 #C4 1/1
215314 T A 164 4-3-8-7-18-3 FS $325,000- Paradise Court-kauai #C 869 #C 2/2
220292 T A 10 4-4-3-2-13-203 FS $125,000- Islander On The Beach #368 372 #368 0/1
217190 T A 108 4-4-3-2-13-56 FS $145,000- Islander On The Beach #321 372 #321 0/1
218530 T A 66 4-4-3-2-13-61 FS $225,000- Islander On The Beach #126 372 #126 0/1
193018 T A 696 4-4-3-2-17-76 FS $245,000- Plantation Hale #E12 584 #E12 1/1
210885 T A 279 4-4-3-2-13-127 FS $269,000- Islander On The Beach #148 372 #Niihau 148 0/1
218003 T A 78 4-4-3-9-4-27 LH $299,000- Kapaa Shores #307 909 #307 2/2
203235 T A 465 4-4-3-8-1-145 FS $499,500- Waipouli Beach Resort #G103 823 #G103 1/2
210886 T A 279 4-4-3-2-13-126 FS $530,000- Islander On The Beach #147 744 #Niihau 147 146 0/1
209417 T A 305 4-4-3-8-1-53 FS $545,900- Waipouli Beach Resort #C205 1,158 #C205 2/3
190987 T A 737 4-4-3-2-10-60 FS $595,000- Lae Nani #431 1,072 #431 2/2
214518 T A 186 4-4-3-2-13-65 FS $2,995,000+ Islander On The Beach #131 372 #130* 0/1
217907 T A 76 4-5-3-6-22-27 FS $1,795,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
219389 T A 39 4-5-4-5-7-18 FS $493,000- Princeville Sealodge #B10 566 #B10 1/1
207664 LN A 354 4-2-6-16-84 FS $900,000- Kukuiula Residential Subdivision Ph I Lot #:84 13,207 sqft
217827 LN A 92 4-2-8-18-5 FS $1,250,000- 2244 Pane Rd 12,216 sqft
207679 LN A 348 4-3-3-17-120 FS $265,000- Pikake Ph Ii Subdivision Lot #:1725 9,728 sqft
217220 LN A 62 4-3-3-17-141 FS $270,000- Pikake Ph Ii Subdivision Lot #:1746 10,043 sqft
207378 LN A 360 4-3-3-17-40 FS $315,000- Kauila St 10,398 sqft
218888 LN A 59 4-3-3-17-42 FS $339,000- Kauila St 11,031 sqft
213157 LN A 222 4-4-6-4-52 FS $459,000- Kapaa Homesteads Lot #:3 2.27 ac
213968 LC A 195 4-5-2-4-83-2 FS $1,500,000- 4030 Pali Moana Pl #2 2.28 ac
206084 LC A 432 4-5-2-21-41-1 FS $1,695,000- 4370 Kahili Makai St #A 17.89 ac
194651 LC A 660 4-5-2-12-9-5 FS $2,545,000- Kilauea Agricultural Subdivision 11.13 ac
220094 LN A 231 4-5-3-11-30 FS $494,000- 4058 Aloalii Dr 14,077 sqft
213206 LN A 221 4-5-5-10-82 FS $699,000- 05-5134 Kuhio Hwy 12,747 sqft
216423 LN A 129 4-5-8-7-19 FS $250,000- Wainiha Lot #:238 1.07 ac
216433 LN A 129 4-5-8-7-16 FS $500,000- Wainiha Power Hse Rd 2.62 ac
219260 LN A 48 4-5-9-5-27 FS $2,300,000- 05-7820 Kuhio Hwy 15,030 sqft
211615 RS A 199 4-1-2-8-37 FS $425,000- 9705 Maule Rd 18,232 sqft 1,104 3/1.5
215742 RO A 108 4-1-6-4-4 FS $499,000- 4610 Alawai Rd 12,081 sqft 2,140 3/3
218920 RS A 60 4-2-3-21-22 FS $635,000- 4420 Kai Ikena Dr 8,100 sqft 1,952 3/2.5
215810 RS A 146 4-2-3-23-95 FS $1,199,000- Lima Rd 10,115 sqft 3,418 4/3.5
212515 RS A 223 4-2-3-23-56 FS $1,250,000- 1178 Pua Melia St 10,811 sqft 2,748 4/3
219749 RS A 31 4-2-4-6-5-4 FS $365,000- 4801 Lae Rd #4 21,780 sqft 1,104 3/2
208928 RO A 319 4-2-4-10-39 FS $589,000- 4722 Maikai St 11,858 sqft 1,682 4/3
211242 RS A 251 4-2-5-11-22 FS $499,000- 3600 Pua-kenikeni St 11,189 sqft 1,149 3/2
217361 RS A 86 4-2-6-12-6 FS $4,750,000- 4784 Lawai Rd 11,848 sqft 2,010 2/2.5
208220 RS A 343 4-2-6-11-7 FS $5,900,000- 4658 Amio Rd 19,650 sqft 3,292 4/4
210130 RS A 296 4-2-8-4-58 FS $399,000- 3521 Wailani Rd 7,000 sqft 900 3/1
215868 RS A 150 4-2-8-24-25 FS $605,000- 2490 Kipuka St 10,345 sqft 994 3/2
205991 RS A 364 4-2-8-28-36 FS $744,000- 1753 Kelaukia St 6,477 sqft 1,283 2/2
213711 RS A 206 4-2-8-29-11 FS $1,295,000- 5353 Puuone Pl 11,031 sqft 1,784 3/2.5
219312 RS A 47 4-3-3-17-107 FS $1,543,000- Pikake Ph Ii Subdivision Lot #:1712 12,610 sqft 3,123 4/4.5
220422 RC A 13 4-4-1-8-3 FS $379,000- 4825 Haleilio Rd 8,320 sqft 720 3/1
213656 RC A 131 4-4-4-4-28-5 FS $2,835,000- 6230-P Hauiki Rd #E 5.07 ac 2,434 3/2.5
216919 RS A 26 4-4-6-41-92 FS $275,000- 5343A Kawaihau Rd 8,604 sqft 1,168 4/1
199060 RS A 537 4-4-6-16-59 FS $750,000+ 4670 Pelehu Rd 1.04 ac 2,060 6/2.5
212641 RS A 223 4-4-9-14-14 FS $1,350,000- 3539 Moloaa Rd 7,060 sqft 1,518 3/2
195920 RC A 636 4-5-1-5-13-4 FS $710,000- Kilauea Farms Lot 4.89 ac 500 1/1
218623 RS A 215 4-5-2-15-9 FS $469,000- 4155 Momi St 6,220 sqft 1,028 3/2
219109 RC A 74 4-5-2-19-6-2 FS $549,900- 4754 Kalamania Rd #B 1.98 ac 800 1/1
219958 RC A 25 4-5-2-10-7-2 FS $577,000- Kalihiwai Lot #: 7,858 sqft 1,123 3/2
216585 RS A 128 4-5-2-9-29 FS $695,500- Kolo Rd 17,598 sqft 2,820 5/3.5
219850 RC A 25 4-5-2-10-7-2 FS $987,000- Kalihiwai Lot #: 10,720 sqft 936 2/2
218427 RC A 68 4-5-2-5-31-1 FS $8,200,000- 2878 Kauapea Rd #A 4.02 ac 3,104 4/4
219545 RS A 37 4-5-4-22-26 FS $630,000- 4372 Emmalani Dr 11,390 sqft 1,294 3/2
210765 RS A 278 4-5-4-23-24 FS $750,000- 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
218872 RC A 54 4-5-5-3-22-2 FS $1,995,000- 5345 Weke Rd 4,016 sqft 1,936 3/3.5
219161 RS A 54 4-5-5-3-17 FS $2,695,000- 5325-B0 Weke Rd 12,719 sqft 3,278 8/6
211771 RS A 254 4-5-5-10-32 FS $3,600,000- 5111 Weke Rd 7,568 sqft 2,656 5/3.5
209531 RC A 311 4-5-8-8-11-1 FS $749,000- 05-7242-A Kuhio Hwy 7,550 sqft 1,520 3/3
220016 RS U 21 4-4-8-9-5 FS $300,900- 4217 Anahola Rd 7,290 sqft 1,056 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.

These are the only price changes: Ka’iulani 27, purchased for $1,652,100 in 8/07 from the developer, reduced from $1.850M to $1.795M while Sealodge B10 went from $567K to $493K. This unit sold in 4/05 for $530K. Now on to your Princeville home update:

Copyright 2/8/2009 by Hawaii Information Service

NEW LISTINGS
220705 RS A 6 4-5-4-19-19 FS $889,900 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
220890 RS A 1 4-5-4-18-56 FS $1,450,000 4158 Kamalani Ln 16,029 sqft 2,834 3/2.5
220623 RS A 6 4-5-4-13-74 FS $2,495,000 3651 Albert Rd 10,838 sqft 3,263 3/3.5
220738 RS S 0 4-5-4-23-47 FS $610,000 3783 Moae Pl 6,124 sqft 1,678 3/2
SOLD 2/3/2009 for $610,000 (CNV) DOM 0

BACK ON THE MARKET
214181 RS A 191 4-5-4-24-12 FS $1,295,000 4246 Waileia Pl 11,741 sqft 3,006 4/3

CONTINGENT SALES
211760 RS C 255 4-5-4-7-8 FS $1,195,000 3928 Namakeha Loop 10,007 sqft 1,884 3/2

SALES
220738 RS S 0 4-5-4-23-47 FS $610,000 3783 Moae Pl 6,124 sqft 1,678 3/2
SOLD 2/3/2009 for $610,000 (CNV) DOM 0

WITHDRAWN
196353 RS W 245 4-5-4-15-10 FS $960,000 3829 Haulani Pl 11,502 sqft 1,884 3/2

PRICE CHANGES
219545 RS A 37 4-5-4-22-26 FS $630,000- 4372 Emmalani Dr 11,390 sqft 1,294 3/2
210765 RS A 278 4-5-4-23-24 FS $750,000- 3807 Makani Kai Pl 10,386 sqft 1,535 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.

If you want to sell, you first have to realize that the pool of available qualified buyers keeps diminishing with each round of changes in the lending market. I had one escrow that closed a month late because guidelines changed in the middle of the transaction and my buyer had to go back to square one in order to complete the sale — and this was last year. Things have only gotten worse as we have moved into 2009. Lenders are becoming more and more restrictive as to what is acceptable to them. Remember the stated income loans? Those are a memory from the past. Or when you could buy a second home with 10% down? Not so anymore. Plus, be prepared as a buyer, to document, document, document.

Lenders are getting grey hair three times faster than in 2008 (ask any of them, they’ll support this “factoid”) because guidelines can and do change rapidly, and loans in the “pipeline” that were qualilfied under prior standard are not always able to be completed. Like one lender said, when Fannie Mae changes guidelines, it doesn’t happen as of some future date — it usually happens right then and if you have a loan in process that is affected, you just may be out of of luck. A good lender, more than ever, is one of your most valuable resources in the industry.

But getting back to sellers. Here’s the thing — it really doesn’t matter what you think your property is worth, in fact it really doesn’t matter if you do price “pie in the sky” and actually do find that once in a lifetime buyer who just has to have your property at any price. Why doesn’t it matter? Because, unless your buyer is an all cash buyer, your property will never, yes — take a good look at that word – never appraise. And then the financing falls apart on day 30 of a 45 day escrow. Unless, of course, you renegotiate at that point to save your deal.

Take a look at what has sold and then price accordingly. Forget about “wanting to price high so you have room to negotiate.” You can use the same stats the buyer is using when they look at available properties and see that they are overpriced. If your price is fair, based on recent sales, any buyer will have to admit to the facts. You’ll most likely get an offer sooner at a “market based price” than you would will with your “I wish it would sell for” price.

Here’s a thought, imagine if all the overpriced listings were magically eliminated from the MLS. Maybe then we could all get down to the business of buying and selling instead of standing around wishing and hoping.

Ok, just thought I’d stir up some controversy since it was a slow week. Don’t forget to call or email before you buy or sell. Enjoy the bright blue skies and cooling trades. It looks like a great start to a wonderful week.

Aloha Elaine

Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
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!

February 8th, 2009