How I see this market….Since you asked.
Aloha,
I believe that a picture is worth a thousand words so take a look below where you’ll find a birds-eye view of all the Princeville homes that came on the market, went into escrow, sold etc during February:
Copyright 3/3/2009 by Hawaii Information Service
NEW LISTINGS
220705 RS A 29 4-5-4-19-19 FS $876,800 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
219047 RS A 18 4-5-4-13-59 FS $980,000 3682 Keoniana Rd 10,247 sqft 1,676 3/2
220820 RS A 14 4-5-4-13-40 FS $995,000 3618 Keoniana Rd 12,013 sqft 3,081 4/3.5
221587 RS A 4 4-5-4-9-49 FS $1,395,000 5289 Pokii Ln 20,868 sqft 3,510 4/4
220949 RS A 17 4-5-4-20-14 FS $1,395,000 5118 Iolani Pl 19,012 sqft 3,918 3/3.5
220890 RS A 24 4-5-4-18-56 FS $1,450,000 4158 Kamalani Ln 16,029 sqft 2,834 3/2.5
221067 RS A 20 4-5-4-14-17 FS $1,475,000 3835 Albert Rd 10,579 sqft 2,743 3/3.5
221404 RS A 9 4-5-4-14-32-5 FS $1,890,000 3875 Kamehameha Rd #5 10,332 sqft 3,709 5/5
220623 RS A 29 4-5-4-13-74 FS $2,495,000 3651 Albert Rd 10,838 sqft 3,263 3/3.5
221684 RS A 4 4-5-4-9-49 FS $2,695,000 5289 Pokii Ln 20,868 sqft 3,510 4/4
220782 RS A 21 4-5-4-4-40 FS $16,900,000 4951 Hanalei Plantation Rd 1.08 ac 5,800 4/5
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
215193 RS A 191 4-5-4-23-8 FS $698,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
214181 RS A 214 4-5-4-24-12 FS $1,295,000 4246 Waileia Pl 11,741 sqft 3,006 4/3
220949 RS A 17 4-5-4-20-14 FS $1,395,000 5118 Iolani Pl 19,012 sqft 3,918 3/3.5
CONTINGENT SALES
218263 RS C 97 4-5-4-18-22 FS $598,000 4163 Kalani Pl 9,802 sqft 1,755 2/2
211760 RS C 278 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WITHDRAWN
206101 RS W 395 4-5-4-15-15 FS $895,000 3838 Haulani Pl 14,510 sqft 2,262 4/3
196353 RS W 245 4-5-4-15-10 FS $960,000 3829 Haulani Pl 11,502 sqft 1,884 3/2
219075 RS W 67 4-5-4-19-25 FS $1,099,000 5137 Napo’okala Cir 15,482 sqft 2,288 3/2
217234 RS W 111 4-5-4-19-2 FS $1,475,000 5074 Napookala Cir 23,703 sqft 3,138 4/3.5
PRICE CHANGES
203978 RS A 467 4-5-3-11-41 FS $1,375,000- 4120 Aloalii Dr 9,103 sqft 2,521 3/3.5
219545 RS A 60 4-5-4-22-26 FS $598,000- 4372 Emmalani Dr 11,390 sqft 1,294 3/2
219148 RS A 77 4-5-4-15-16 FS $664,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
211335 RS A 292 4-5-4-17-28 FS $749,000- 4812 Emmalani Dr 10,817 sqft 2,444 4/3
210765 RS A 301 4-5-4-23-24 FS $750,000- 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
218518 RS A 82 4-5-4-23-71 FS $869,000- 3784 Mapuana Pl 9,985 sqft 1,857 3/2.5
215324 RS A 189 4-5-4-9-58 FS $875,000- 5345 Honoiki Rd 10,005 sqft 2,572 3/3
220705 RS A 29 4-5-4-19-19 FS $876,800- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
220820 RS A 14 4-5-4-13-40 FS $995,000- 3618 Keoniana Rd 12,013 sqft 3,081 4/3.5
208122 RS A 369 4-5-4-7-19 FS $1,135,000- 3928 Punahele Rd 9,999 sqft 1,694 3/2
218263 RS C 97 4-5-4-18-22 FS $598,000- 4163 Kalani Pl 9,802 sqft 1,755 2/2
219075 RS W 67 4-5-4-19-25 FS $1,099,000- 5137 Napo’okala Cir 15,482 sqft 2,288 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’m sure you noticed that with all the new listings, back on the market etc that only one house sold and two went into escrow. How about condos? They fared slightly better with 3 sales and 5 going into escrow:
Copyright 3/3/2009 by Hawaii Information Service
NEW LISTINGS
220884 T A 22 4-5-3-11-1-27 FS $750,000 Villas On The Prince #27 1,732 #27 3/3
220019 T A 15 4-5-3-6-22-20 FS $2,650,000 Kaiulani Of Princeville #20 2,864 #20 3/3.5
221121 T A 19 4-5-4-5-3-3 FS $260,000 Princeville Paniolo #103 1,058 #103 1/2
221360 T A 5 4-5-4-12-2-36 FS $395,000 Hale Moi #216 1,033 #216 2/2
221307 T A 7 4-5-4-5-18-86 FS $495,000 Puamana #24A 1,312 #24A 2/2
220906 T A 25 4-5-4-5-23-21 FS $559,000 Plantation At Princeville #611 1,153 #611 2/2
220974 T A 21 4-5-4-5-24-63 FS $599,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
221018 T A 17 4-5-4-5-12-28 FS $615,000 Sealodge Ii #J1 754 #J-1 2/2
221272 T A 13 4-5-4-5-24-102 FS $650,000 Nihilani At Princeville Resort #34C 1,972 #34C 3/3
221029 T A 19 4-5-4-12-3-26 FS $799,000 Hanalei Bay Villas #26 1,244 #26 2/2.5
221026 T A 19 4-5-4-12-3-1 FS $899,000 Hanalei Bay Villas #1 1,244 #1 2/2.5
221028 T A 19 4-5-4-12-3-2 FS $899,000 Hanalei Bay Villas #2 1,244 #2 2/2.5
221227 T C 9 4-5-4-5-3-17 FS $235,000 Princeville Paniolo #202 1,058 #202 1/2
BACK ON THE MARKET
207166 T A 390 4-5-3-6-22-59 FS $995,000 Kaiulani Of Princeville #59 1,892 #59 2/2.5
206788 T A 390 4-5-3-6-22-70 FS $995,000 Kaiulani Of Princeville #70 1,781 #70 2/2.5
214620 T A 203 4-5-3-6-22-39 FS $1,400,000 Kaiulani Of Princeville #39 2,479 #39 3/3
207634 T A 376 4-5-4-5-39-16 FS $310,000 Cliffs At Princeville #1206 917 #1206 1/2
206436 T A 390 4-5-4-15-21-7 FS $329,000 Sandpiper Village I #107 1,042 #107 2/2
207661 T A 373 4-5-4-5-4-5 FS $349,000 Ka’eo Kai Ph I #5A 1,503 #5A 2/2
210999 T A 288 4-5-4-12-10-42 FS $549,900 Emmalani Court #525 1,456 #525 2/2
207020 T A 372 4-5-4-5-7-13 FS $659,000 Princeville Sealodge #B5 748 #B5 2/2
CONTINGENT SALES
206915 T C 500 4-5-4-12-10-29 FS $450,000 Emmalani Court #422 1,192 #422 2/2
219933 T C 133 4-5-4-12-10-24 FS $475,000 Emmalani Court #412 1,192 #412 2/2
218924 T C 40 4-5-4-6-1-11 FS $945,000 Villas Of Kamalii #11 1,825 #11 3/3
215878 T C 168 4-5-4-5-16-31 FS $949,000 Alii Kai At Hanalei #4203 1,086 #4203 2/2
217448 T C 121 4-5-4-12-11-15 FS $1,300,000 Puu Poa #201 1,359 #201 2/2
SALES
199453 T S 245 4-5-4-12-10-19 FS $480,000 Emmalani Court #322 1,192 #322 2/2
SOLD 2/10/2009 for $387,000 (CNV) DOM 245
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
214678 T S 113 4-5-4-12-5-31 FS $1,195,000 Pali Ke Kua Incr I, ii, iii #213B 904 #213B 2/2
SOLD 2/18/2009 for $1,100,000 (CASH) DOM 113
EXPIRED
211294 T X 283 4-5-4-5-18-34 FS $440,000 Puamana #9C 1,532 #9C 2/2
207326 T X 363 4-5-4-5-24-62 FS $560,000 Nihilani At Princeville Resort #21B 1,400 #21B 2/2
214863 T X 183 4-5-4-5-23-49 FS $625,000 Plantation At Princeville #1311 1,140 #1311 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
205502 T X 407 4-5-4-11-3-125 FS $995,000 Hanalei Bay Resort #R17 867 #3105-6 1/2
214847 T X 174 4-5-4-12-11-3 FS $1,249,000 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2
WITHDRAWN
207393 T W 340 4-5-3-6-22-64 FS $900,000 Kaiulani Of Princeville #64 1,738 #64 2/2.5
207502 T W 305 4-5-4-5-3-17 FS $399,000 Princeville Paniolo #202 1,058 #202 1/2
216532 T W 133 4-5-4-5-18-87 FS $467,000 Puamana #24B 1,700 #24B 3/2
217262 T W 105 4-5-4-5-18-20 FS $498,000 Puamana #6A 1,312 #6A 2/2
210590 T W 290 4-5-4-5-7-9 FS $499,000 Princeville Sealodge #B1 566 #B1 1/1
210596 T W 288 4-5-4-5-24-23 FS $578,000 Nihilani At Princeville Resort #8B 1,567 #8B 2/2.5
208134 T W 344 4-5-4-5-18-42 FS $595,000 Puamana #12B 1,532 #12B 2/2
188592 T W 799 4-5-4-5-24-63 FS $599,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
207651 T W 356 4-5-4-5-24-29 FS $643,300 Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
210698 T W 356 4-5-4-5-24-25 FS $664,000 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
218708 T W 83 4-5-4-5-23-12 FS $679,900 Plantation At Princeville #322 1,318 #322 3/3
210700 T W 287 4-5-4-5-24-98 FS $690,000 Nihilani At Princeville Resort #33B 1,406 #33B 2/2
208778 T W 340 4-5-4-5-12-6 FS $695,000 Sealodge Ii #F6 567 #F6 1/1
210607 T W 282 4-5-4-5-24-6 FS $735,200 Nihilani At Princeville Resort #2C 1,972 #2C 3/3
210608 T W 343 4-5-4-5-24-99 FS $774,200 Nihilani At Princeville Resort #33C 1,972 #33C 3/3
210696 T W 287 4-5-4-5-24-32 FS $780,500 Nihilani At Princeville Resort #11B 1,874 #11B 3/2.5
210611 T W 295 4-5-4-5-24-33 FS $799,200 Nihilani At Princeville Resort #11C 1,972 #11C 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
216836 T A 142 4-5-3-11-1-30 FS $769,000- Villas On The Prince #30 1,767 #30 3/3
217907 T A 99 4-5-3-6-22-27 FS $1,795,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
215773 SH A 175 4-5-4-5-27-7 FS $279,000+ Hale Honu #4A 866 #4A 2/1
217211 T A 97 4-5-4-5-39-39 FS $325,000- Cliffs At Princeville #2109 917 #2109 1/2
196998 T A 630 4-5-4-15-21-43 FS $365,000- Sandpiper Village I #206 1,173 #206 2/2.5
208790 T A 308 4-5-4-5-7-11 FS $385,000- Princeville Sealodge #B3 570 #B3 1/1
215563 SH A 182 4-5-4-5-18-76 FS $389,000+ Puamana #21B 1,700 #21B 3/2
173568 T A 1,055 4-5-4-5-17-15 FS $399,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
192528 T A 726 4-5-4-5-13-27 FS $444,000- Kamahana #27 1,732 #27 2/2
219389 T A 62 4-5-4-5-7-18 FS $493,000- Princeville Sealodge #B10 566 #B10 1/1
200564 T A 452 4-5-4-5-16-2 FS $525,000- Alii Kai At Hanalei #1102 1,086 #1102 2/2
217318 T A 129 4-5-4-5-24-20 FS $529,000- Nihilani At Princeville Resort #7B 1,406 #7B 2/2
215869 T A 172 4-5-4-5-23-16 FS $539,900- Plantation At Princeville #422 1,318 #422 3/3
210598 T A 294 4-5-4-5-24-8 FS $550,000- Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
210699 T A 299 4-5-4-5-24-31 FS $620,000- Nihilani At Princeville Resort #11A 1,406 #11A 2/2
214607 T A 204 4-5-4-12-9-9 FS $629,000- Pali Ke Kua #13 1,135 #13 2/2
210691 T A 361 4-5-4-5-24-44 FS $648,000- Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
213707 T A 696 4-5-4-5-16-41 FS $650,000- Alii Kai At Hanalei #5201 1,086 #5201 2/2
209200 T A 342 4-5-4-5-7-5 FS $677,000- Princeville Sealodge #A5 564 #A5 1/1
210693 T A 299 4-5-4-5-24-28 FS $765,000- Nihilani At Princeville Resort #10A 1,874 #10A 3/2.5
221029 T A 19 4-5-4-12-3-26 FS $799,000- Hanalei Bay Villas #26 1,244 #26 2/2.5
221026 T A 19 4-5-4-12-3-1 FS $899,000+ Hanalei Bay Villas #1 1,244 #1 2/2.5
221028 T A 19 4-5-4-12-3-2 FS $899,000+ Hanalei Bay Villas #2 1,244 #2 2/2.5
208628 T A 355 4-5-4-12-11-55 FS $1,099,000- Puu Poa #413 1,777 #413 2/2
200456 T A 545 4-5-4-12-11-14 FS $1,425,000- Puu Poa #114 2,065 #114 2/2
219178 T A 75 4-5-4-11-3-4 FS $1,595,000- Hanalei Bay Resort #A22 1,705 #9201-2-3 (A22) 3/3
207393 T W 340 4-5-3-6-22-64 FS $900,000- Kaiulani Of Princeville #64 1,738 #64 2/2.5
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
I’m often asked what I think about the market so here it is: Many buyers are holding off because they are afraid the market is still going to go down. I touched on this briefly in my last posting. Yes, the market will continue to go down as long as buyers continue to offer less than asking price. Since buyers think the market is going down they offer less to “recoup” the amount they think the market will drop thus justifying their purchase. However, that sale then becomes the benchmark for the next buyer who also feels the same way so they too offer less and so it goes. The market will continue to go down until such time that properties are listed at such a price that makes buyers jump up to buy them because they see good value for the dollar.
Fortunately, we are actually seeing some of these this year. Take a look at the last three Paniolos that came on the market.
Copyright 3/4/2009 by Hawaii Information Service
221121 T A 20 4-5-4-5-3-3 FS $260,000 Princeville Paniolo #103 1,058 #103 1/2
220078 T A 40 4-5-4-5-3-19 FS $299,000 Princeville Paniolo #204 1,058 #204 1/2
221227 T C 10 4-5-4-5-3-17 FS $235,000 Princeville Paniolo #202 1,058 #202 1/2
Each was priced less than the one before but when Paniolo 202 came on the market at $235K it was such a good buy that it went into escrow in a record 10 days! I wouldn’t be surprised if this closes very close to the list price. This is an upstairs unit compared to the next lowest priced Paniolo which is unit 103 at $260K followed by unit 204 at $299K. So yes, prices will continue to go down until sellers start setting prices that excite buyers, as this Paniolo did.
Let’s look at that mantra about “we want to wait until the market hits bottom.” I hate to say this but the only way you can tell the market has hit bottom is when it starts to go back up and then — guess what — ITS TOO LATE! So you may as well just forget about waiting to “see” the market hit bottom.
My advice is to take advantage of the market now. What makes this market so affordable is not just the low interest rates and competitive prices, but most importantly, it is the fear factor. We already know buyers are not buying because they’ve lost confidence in the real estate market, (and the financial market in general) but they are overlooking the fact that sellers are also in fear…because they know the mindset of buyers and they know that to sell they will have to come down, they will have to make concessions, they will have to do whatever it is they have to do! Who do you think is more fearful, the buyers or the sellers? Do you think for one moment that once the market turns that the sellers will feel this way? NO WAY!!! While sellers will undoubtedly still be negotiating offers, they too will know the market has turned and that hope is on the horizon.
Let’s take a look at our inventory for a minute. First, an abundant inventory doesn’t mean that there will always be something there for you. Even though it looks like there are millions of properties to choose from, the fact of the matter is that when it comes right down to it, there are only one or maybe two properties that you’d really want. This is also true in condo complexes. Even though the units may be the same inside, (which, in truth, they seldom are) the location is always different. One is on the road, another may be too close to the adjacent building or may be an interior unit and you wanted exterior etc. Not all condos are created equal! It sure looks like a big inventory when it’s on paper and your agent can easily drag you around to 40 or 50 properties to look at but having done that, I can almost guarantee that you will be lucky to find one or two that you actually feel like spending hundreds of thousands of dollars on.
I’ve always felt there is a dollar value to getting what you want. By that I mean, it may cost you a little more to buy now, but it is worth it to get what you want. After all, what the point of standing by and seeing pricing go down another $20K, $50K or whatever and lose your dream home in the process? Who cares if it costs less if it’s not what you want? Besides, interest rates are not always going to be this low and you can easily lose any benefit of waiting for a lower price if you end up with a higher interest rate.
Bottom line, if you, the buyer, are afraid, recognize that the seller is even more so and use that to your advantage while you can. The reason we have a buyer’s market in part, is because buyers are afraid to buck the trend and buy while things are trending down. Strangely, they’d much rather buy when things are going up and pay more. Don’t ask me why but that’s the way it is. So, if you really want to capitalize on this temporary buyers market (that means it will not last forever) I will say it again — now is the time to buy. Don’t be one of those many who said “I wish I had” during 05 and 06 as the market rose skyward.
This is a second opportunity to own in one of the most beautiful places on earth. Oh, and one last thing. When I first bought real estate, (back in 1976) it was considered a long term investment. Somehow, somewhere people got spoiled over the last few years and now think that they are owed and guaranteed some sort of huge appreciation each year (or each month) on their investment. Nope… not any more. Buy what you love and hold on to it. Go back to basics. The market will come back and you’ll be one happy camper.
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!
Leave a Comment