Princeville condo (and house) update for the week of February 22nd to 28th

Aloha,

Welcome to March, already! Our cool weather and gusty winds have been constant this past week along with occasional showers. We are all hoping for a warmer week and the return of “normal” trades. Here is your update for the past week:

Copyright 3/1/2009 by Hawaii Information Service

NEW LISTINGS
221227 T A 7 4-5-4-5-3-17 FS $235,000 Princeville Paniolo #202 1,058 #202 1/2
221360 T A 3 4-5-4-12-2-36 FS $395,000 Hale Moi #216 1,033 #216 2/2
221307 T A 5 4-5-4-5-18-86 FS $495,000 Puamana #24A 1,312 #24A 2/2

BACK ON THE MARKET
207020 T A 370 4-5-4-5-7-13 FS $659,000 Princeville Sealodge #B5 748 #B5 2/2

CONTINGENT SALES
206915 T C 498 4-5-4-12-10-29 FS $450,000 Emmalani Court #422 1,192 #422 2/2
215878 T C 166 4-5-4-5-16-31 FS $949,000 Alii Kai At Hanalei #4203 1,086 #4203 2/2

SALES
201267 T S 488 4-5-4-5-24-87 FS $599,000 Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
SOLD 2/26/2009 for $565,000 (CNV) DOM 488

EXPIRED
211294 T X 283 4-5-4-5-18-34 FS $440,000 Puamana #9C 1,532 #9C 2/2
207652 T X 101 4-5-4-5-24-25 FS $659,200 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
207389 T X 101 4-5-4-5-24-44 FS $819,200 Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
207650 T X 101 4-5-4-5-24-99 FS $849,200 Nihilani At Princeville Resort #33C 1,972 #33C 2/3

WITHDRAWN
218708 T W 83 4-5-4-5-23-12 FS $679,900 Plantation At Princeville #322 1,318 #322 3/3
206852 T W 340 4-5-4-6-1-29 FS $855,000 Villas Of Kamalii #29 1,825 #29 3/3

PRICE CHANGES
208790 T A 306 4-5-4-5-7-11 FS $385,000- Princeville Sealodge #B3 570 #B3 1/1
200564 T A 450 4-5-4-5-16-2 FS $525,000- Alii Kai At Hanalei #1102 1,086 #1102 2/2
217318 T A 127 4-5-4-5-24-20 FS $529,000- Nihilani At Princeville Resort #7B 1,406 #7B 2/2
214607 T A 202 4-5-4-12-9-9 FS $629,000- Pali Ke Kua #13 1,135 #13 2/2
213707 T A 694 4-5-4-5-16-41 FS $650,000- Alii Kai At Hanalei #5201 1,086 #5201 2/2
221029 T A 17 4-5-4-12-3-26 FS $799,000- Hanalei Bay Villas #26 1,244 #26 2/2.5
221026 T A 17 4-5-4-12-3-1 FS $899,000+ Hanalei Bay Villas #1 1,244 #1 2/2.5
221028 T A 17 4-5-4-12-3-2 FS $899,000+ Hanalei Bay Villas #2 1,244 #2 2/2.5
208628 T A 353 4-5-4-12-11-55 FS $1,099,000- Puu Poa #413 1,777 #413 2/2

The first new listing this week is Paniolo 202, listed at $235K. Purchased as a leasehold in 5/94 for $120K it was converted to fee simple in 11/94 for $27K. This unit was previously listed from 4/08 to 2/09 for $399K before it was withdrawn. Obviously, the seller has decided to jump ahead of the market (instead of trailing it like so many others) with an aggressive list price. Check out the Paniolos currently on the market. Take a look at the latest three listings (ck DOM – days on market which are the top three) and you’ll see each new listing has come down in price!

Copyright 3/1/2009 by Hawaii Information Service

221227 T A 7 4-5-4-5-3-17 FS $235,000 Princeville Paniolo #202 1,058 #202 1/2
221121 T A 17 4-5-4-5-3-3 FS $260,000 Princeville Paniolo #103 1,058 #103 1/2
220078 T A 37 4-5-4-5-3-19 FS $299,000 Princeville Paniolo #204 1,058 #204 1/2
211781 T A 272 4-5-4-5-3-24 FS $369,000 Princeville Paniolo #211 1,058 #211 1/2
216338 T A 157 4-5-4-5-3-13 FS $385,000 Princeville Paniolo #113 1,058 #113 1/2
201428 T A 528 4-5-4-5-3-16 FS $469,000 Princeville Paniolo #116 1,058 #116 1/2
218092 T A 102 4-5-4-5-3-15 FS $650,000 Princeville Paniolo #115 1,058 #115 1/2

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

Next is Hale Moi 202 listed for $395K and purchased in 3/05 for $460K. The seller totally remodeled this unit to include granite tile kitchen counter tops with new maple cabinets, stainless steel appliances, new Glacier Bay bathroom vanity tops along with new maple vanities in both bathrooms, new faucets, light fixtures, ceiling fans (2 in bedroom and 2 in living area) plus paint and carpet. There’s absolutely nothing left for the new owner to do. Professionally managed, this unit is currently rented for $1950 while listed. Yes, this is my listing but I’m writing about it because it offers good value for the dollar. Take a look at the other Hale Moi units currently listed and you’ll see what I mean:

Copyright 3/1/2009 by Hawaii Information Service

221360 T A 3 4-5-4-12-2-36 FS $395,000 Hale Moi #216 1,033 #216 2/2
210522 T A 307 4-5-4-12-2-16 FS $419,000 Hale Moi #116 1,033 #116 1/2
209061 T A 319 4-5-4-12-2-6 FS $450,000 Hale Moi #106 1,033 #106 2/2
204020 T A 458 4-5-4-12-2-28 FS $495,000 Hale Moi #208 1,033 #208 2/2
193722 T A 692 4-5-4-12-2-35 FS $529,000 Hale Moi #215 1,033 #215 1/2
219471 T A 60 4-5-4-12-2-39 FS $539,000 Hale Moi #219 1,033 #219 1/2

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

Want to see it? Just call or email for an appointment.

Puamana 22A, which last sold for $605K on 12/05 is the last new listing this week at $495K. At this price, it’s right in the middle of the other Puamana’s:

Copyright 3/1/2009 by Hawaii Information Service

206918 T A 585 4-5-4-5-18-91 FS $385,000 Puamana #25B 1,532 #25B 2/2
215563 SH A 180 4-5-4-5-18-76 FS $389,000 Puamana #21B 1,700 #21B 3/2
214486 T A 209 4-5-4-5-18-89 FS $399,999 Puamana #24D 1,532 #24D 2/2
218778 T A 86 4-5-4-5-18-60 FS $435,000 Puamana #17A 1,312 #17A 2/2
219363 T A 65 4-5-4-5-18-68 FS $449,000 Puamana #19B 1,660 #19B 3/2
221307 T A 5 4-5-4-5-18-86 FS $495,000 Puamana #24A 1,312 #24A 2/2
216508 T A 143 4-5-4-5-18-38 FS $499,500 Puamana #11A 1,312 #11A 2/2
217229 T A 123 4-5-4-5-18-6 FS $549,000 Puamana #2B 1,532 #2B 2/2
191813 T A 740 4-5-4-5-18-21 FS $579,000 Puamana #6B 1,732 #6B 3/2
211523 O A 237 4-5-4-5-18-9 FS $599,000 Puamana #3A 1,532 #3A 2/2

Sealodge B5 is back on the market priced at $659K after expiring with 370 days on the market. It was purchased for $220K in 12/99 and came on the market at $730K. Emmalani Court 422, a short sale listed at $450K went into escrow this week. This unit sold for $705K in 1/07. Also going into escrow is Ali’i Kai 4203, listed at $949K. This unit sold for $605K in 4/04.

Finally, Nihilani 29C closed. This unit sold for $747,320 in 7/06 and started out in the high $800K’s before it found a buyer while listed at $599K, finally selling for $565K fully furnished. This was not a short sale either! The developer at Nihilani is not going to like this!

Speaking of Nihilani, three of the developer’s units expired this week: units 9A, 15B and 33C. Also expiring was Puamana 9C listed for $440K with a sale price of $175K in 4/02. I’ve been noticing that the sellers that are often most motivated and are most willing to offer price concessions are the ones who purchased within the last year or two. Those with equity in their properties, the ones who could most easily (I assume) reduce are the ones who keep their pricing high. Perhaps with a lower mortgage payment the motivation just isn’t there.

Plantation 322 was withdrawn after 83 market days listed at $679,900. This unit sold for $700K in 7/07. Villas of Kamali’i 29, which last sold for $750K in 6/05, started out at $925K and reduced to $855K before it was taken off the market after 240 days.

Price changes this week include a few increases. (for a change..) Sealodge B3 went from $499,999 to $385K and last sold in 12/99 for $95K. Ali’i Kai 1102 reduced from $539K to $525K and sold for $100K in 11/87. Like I was saying earlier, you would think these sellers could easily reduce their list price to make them so attractive to buyers that they would go flying off the shelves, but that does not seem to be the case. To continue, the Nihilani resale of unit 7B went from $555K to $529K and sold in 4/07 for $686,080. Pali Ke Kua 13, purchased for $121K in 8/96 went from $639K to $629K. I hate to say it, but in today’s market, $10K in reduction is not going to attract much attention from buyers. Ali’i Kai 5201 went from $699K to $650K and sold for $875K in 8/05. It is now a short sale.

Hanalei Bay Villas 28 reduced from $865K to $799K and last sold for $860K in 5/07. Villas #1, purchased for $700K in 6/05 increased in price from $865K to $899K while Villas #2, purchased for $875K in 3/07 increased from $865K to $899K. These three units are owned by brothers. In my opinion the value of the week is Pu’u Po’a 413, which is a top floor end unit vacation rental. Purchased for $410K in 2/00 this is one seller who can and does reduce quite effectively, going from $1.278M to an all time low (for Pu’u Po’a’s) of $1.099M. I don’t expect to see this last long. Sales last year were in the $1.4M to $1.5 range. There are two in escrow right now; one listed at $1.3M and another for $1.295M.

Now on to your Princeville home update:

Copyright 3/1/2009 by Hawaii Information Service

NEW LISTINGS
221587 RS A 2 4-5-4-9-49 FS $1,395,000 5289 Pokii Ln 20,868 sqft 3,510 4/4
221404 RS A 7 4-5-4-14-32-5 FS $1,890,000 3875 Kamehameha Rd #5 10,332 sqft 3,709 5/5

BACK ON THE MARKET
215193 RS A 189 4-5-4-23-8 FS $698,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5

CONTINGENT SALES
218263 RS C 95 4-5-4-18-22 FS $598,000 4163 Kalani Pl 9,802 sqft 1,755 2/2

WITHDRAWN
206101 RS W 395 4-5-4-15-15 FS $895,000 3838 Haulani Pl 14,510 sqft 2,262 4/3

PRICE CHANGES
219545 RS A 58 4-5-4-22-26 FS $598,000- 4372 Emmalani Dr 11,390 sqft 1,294 3/2
211335 RS A 290 4-5-4-17-28 FS $749,000- 4812 Emmalani Dr 10,817 sqft 2,444 4/3
215324 RS A 187 4-5-4-9-58 FS $875,000- 5345 Honoiki Rd 10,005 sqft 2,572 3/3
220705 RS A 27 4-5-4-19-19 FS $876,800- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
220820 RS A 12 4-5-4-13-40 FS $995,000- 3618 Keoniana Rd 12,013 sqft 3,081 4/3.5
208122 RS A 367 4-5-4-7-19 FS $1,135,000- 3928 Punahele Rd 9,999 sqft 1,694 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.

I mentioned Kalani Place last time, saying I had shown this home in the past when it was listed in the $800K’s and $700K’s. It was off the market awhile and came back on as a short sale and it is no surprise that it has quickly gone into escrow. The question I have is, was the offer accepted by the bank or by the seller? I am asking this in theory and am not looking for an answer from the listing agent…

For those of you unfamiliar with short sales, the bank must ok the offer, not the seller, however it can take the bank a v-e-r-y long time to do so, sometimes as long as 3 months. For this reason, some list agents indicate that the property has gone into escrow when an offer comes in despite the fact that the bank has not ok’d it. I think the rational of immediately putting it contingent is that the list agent is trying to offer the buyer’s agent an incentive to keep their buyer in the game until the bank f-i-n-a-l-l-y accepts the offer.

Other agents argue that to put it contingent prior to the bank accepting it does a disservice to the seller because there is no guarentee the bank will accept the offer. It seems to be one of those “6 of 1, half dozen of the other” or maybe it’s more appropriate to say “darned if you do, darned it you don’t. Opinions fall on both sides of the fence. I’d be interested in some input on this as I’m pretty much on the fence myself. If I was representing a buyer I’d probably want the list agent to show it contingent as soon as they got my offer but if I was the list agent, I’d want to keep it active and open for other offers in case offer #1 doesn’t get accepted. Can’t have it both ways though.

I was down in Poipu showing condos this week and can only say that my belief that there are many good buys throughout the Island is reaffirmed. Lots of great properties at great prices. Will the pricing still go down? You betcha… after all, every single buyer out there right now seems to be unwilling and unlikely to pay anywhere near asking so guess what? It’s a self fulfilling prophecy. However, the important thing to remember is that right now we have historically low pricing AND low interest rates. A low interest rate may offer more savings in the long run over the purchase of a property at lower price but with a higher interest rate. I’ll keep on saying it, now it is good time to buy. Call or email for the facts before you do either. That’s it for this week.

Aloha Elaine

I like the way the light is in this photo so much I just had to post it again. Enjoy the Hanalei Pier!

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!

March 1st, 2009