Princeville condo (and house) update for the week of March 8th to 14th

Aloha,

It’s been a relatively quiet week, except for a few closings, one of which was mine. The weather remained on the cool side, with intermittent rain along with very high surf on the North Shore. I took pictures of the waves both on Friday and Saturday but it’s very hard to capture their beauty and power (at least for me) through the camera lens. Friday we had a misty rain that turned everything grey (including the cruise ship) while Saturday showed a marked improvement with periods of blue skies! Unfortunately, a local surfer apparently drowned in the water off Anahola in a surf spot known as Crack 14. He was reported missing Friday and has not been found. Witnesses said he lost his board around 1:40 PM on Friday and was trying to make his way in, but if the waves there were anything like what I was seeing up here in Princeville, it would not be an easy task. Please exercise caution when in doubt as our waters are certainly beautiful but can also be very treacherous. Here is your update for the week.

Copyright 3/15/2009 by Hawaii Information Service

NEW LISTINGS
221046 T A 2 4-5-3-6-22-64 FS $900,000 Kaiulani Of Princeville #64 1,738 #64 2/2.5
221745 T A 2 4-5-3-6-22-29 FS $1,975,000 Kaiulani Of Princeville #29 2,864 #29 3/3.5
222149 T A 3 4-5-4-5-18-1 FS $410,000 Puamana #1A 1,312 #1A 2/2
221962 T A 6 4-5-4-5-18-30 FS $416,900 Puamana #8C 1,532 #8C 2/2
222114 T A 3 4-5-4-6-1-25 FS $795,000 Villas Of Kamalii #25 1,800 #25 3/3
221737 T A 5 4-5-4-12-8-21 FS $795,000 Pali Ke Kua Ii #228 1,135 #228 2/2

BACK ON THE MARKET
210822 T A 254 4-5-4-5-13-28 FS $350,000 Kamahana #28 1,145 #28 2/2

CONTINGENT SALES
208628 T C 367 4-5-4-12-11-55 FS $1,099,000 Puu Poa #413 1,777 #413 2/2

SALES
210695 T S 261 4-5-4-5-24-24 FS $720,500 Nihilani At Princeville Resort #8C 1,874 #8C 3/2.5
SOLD 3/12/2009 for $600,000 (CNV) DOM 261

218924 T S 15 4-5-4-6-1-11 FS $945,000 Villas Of Kamalii #11 1,825 #11 3/3
SOLD 3/13/2009 for $927,000 (CNV) DOM 15

EXPIRED
215754 T X 174 4-5-4-5-39-193 FS $1,097,000 Cliffs At Princeville #9203 1,864 #9203 4/4

WITHDRAWN
214777 T W 209 4-5-4-11-3-13 FS $1,125,000 Hanalei Bay Resort #C15 aka #4104/5/6 1,705 #C15 3/3

PRICE CHANGES
209599 T A 276 4-5-4-15-21-31 FS $345,000- Sandpiper Village I #131 1,042 #131 2/2
210822 T A 254 4-5-4-5-13-28 FS $350,000- Kamahana #28 1,145 #28 2/2
181966 T A 276 4-5-4-15-21-50 FS $399,999- Sandpiper Village I #213 1,173 #213 3/2.5

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

There are two Ka’iulani listings this week, units 64 listed for $900K and 29 listed for $1.975M. Unit 64 sold for $861,070 in 3/08 and was previously listed from 3/08 to 2/09, starting at $975K and reducing to $900K. Unit 29 sold for $1,875,850 in 7/07 and has not been listed before. Puamana 1A is back as a new listing at $410K and has a purchase price of $157K in 7/01. This unit was listed from 10/06 to 2/07 starting at $588K and reduced to $545K before it was withdrawn. It was listed again from 6/08 to 1/09, starting at $515K and reducing to $440K. Puamana 8C is also back on the market listed at $416,900. This unit last sold as a leasehold property for $95K in 7/88 and was converted to fee simple in 5/00 for $37,500. It was previously listed for a few days in 5/08 going from $644,900 to $599K and again from 9/08 to 2/09 for $449K. Villas of Kamali’i 25, which sold for $625K in 3/04 is new on the market at $795K along with Pali Ke Kua unit 228, listed for $795K. This unit last sold for $236,800 in 4/98.

Kamahana 28, which is a short sale, is unfortunately back on the market after going contingent on 3/2. It was purchased in 4/06 for $599K. This unit went into escrow listed at $399K and is back on the market at a the reduced price of $350K. You’ll also see it mentioned in the price changes portion of this update. It’s no surprise that Pu’u Po’a 413 is in escrow. Listed at an unbelievably low price of $1.099M, this sold for $410K in 2/00 and was listed at $1.279M from 11/17 to 2/27. On the 27th the seller apparently decided they really wanted to sell and reduced to this new low price which immediately attracted the attention of several buyers. Whoever snagged this unit really got themselves a bargain!

Nihilani 8C, a developer’s unit closed this past week, listed at $720,500. This unit closed at $600K which is more in line with recent sales and just goes to show that the developer will negotiate when necessary. In fact, they recently reduced their list prices on several units in order to attract buyers and agents who may not have been aware that negotiation was a possibility. These are the Nihilani units currently available:

Copyright 3/16/2009 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
217318 T A 142 4-5-4-5-24-20 FS $529,000 Nihilani At Princeville Resort #7B 1,406 #7B 2/2
210598 T A 307 4-5-4-5-24-8 FS $550,000 Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
216718 T A 160 4-5-4-5-24-50 FS $565,000 Nihilani At Princeville Resort #17B 1,567 #17B 2/2.5
220974 T A 34 4-5-4-5-24-63 FS $599,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
210699 T A 312 4-5-4-5-24-31 FS $620,000 Nihilani At Princeville Resort #11A 1,406 #11A 2/2
210691 T A 374 4-5-4-5-24-44 FS $648,000 Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
221272 T A 26 4-5-4-5-24-102 FS $650,000 Nihilani At Princeville Resort #34C 1,972 #34C 3/3
216359 T A 171 4-5-4-5-24-68 FS $667,500 Nihilani At Princeville Resort #23B 1,406 #23B 2/2
209062 T A 356 4-5-4-5-24-51 FS $695,000 Nihilani At Princeville Resort #17C 1,874 #17C 3/2.5
210693 T A 312 4-5-4-5-24-28 FS $765,000 Nihilani At Princeville Resort #10A 1,874 #10A 3/2.5

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

The resales in this list are units 7B, 17B, 21C, 23B and 17C so you can see that the developer’s pricing is more in line with the resales, which is a good thing. Villas of Kamali’i 11, which was originally purchased for $669K in 3/04, sold for $927K after being listed at $945K. This is a nicely furnished golf course unit which was previously listed for $1.150M from 10/07 to 4/08 when it was withdrawn.

Cliff’s 9203 expired this week, listed for $1.097M with 174 days on the market. If you are accustomed to the Cliffs, please take note that this is one of the few 4 bedroom units in the complex. It’s laid out with the entrance on the second floor with a staircase down to the lower level where there is a master suite directly underneath the master suite upstairs and two additional bedrooms in the front of the unit where the living area and kitchen are in the unit above. It sold for $669K in 3/04.

Hanalei Bay Resort 4104/5/6 was withdrawn this week after 209 days on the market and no takers listed at $1.125M. This unit was purchased in 6/08 for $950K. Prior to the current owners purchasing it, the unit was listed at $1.350M on 1/08, then reduced to $1.2M on 3/08 and finally to $995 on 5/08 which prompted the sale. I guess these sellers realized that in this softer market no one was willing to pay more than what they paid in 08 which was a better market!

There are very few price reductions this week, starting with Sandpiper 131 which went from $399K to $345K and was purchased for $110K in 4/01. Not a bad price but it can’t compete with the other Sandpiper reduction this week which was the upstairs unit, 213 that went from $499,999 to $399,999. This unit may need to come down a bit further but a $100K price reduction is not to be overlooked. It tells me the seller is finally getting serious. This unit sold for $183K in 1/02. The short sale Kamahana 28 reduced slightly when it came back on the market, going from $399K to $350K. That’s it for this week, now on to your Princeville homes update:

Copyright 3/15/2009 by Hawaii Information Service

NEW LISTINGS
221985 RS A 5 4-5-4-19-1 FS $1,495,000 4165 Liholiho Rd 25,212 sqft 3,235 3/2.5
222122 RC A 3 4-5-4-4-46 FS $1,695,000 4901 Hanalei Plant Rd 1.41 ac 1,802 2/2

PRICE CHANGES
213870 RS A 234 4-5-4-6-12 FS $601,000- 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
210781 RS A 313 4-5-4-23-35 FS $675,000- 3793 Moae Pl 6,386 sqft 1,651 3/2
210765 RS A 313 4-5-4-23-24 FS $699,000- 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
200621 RS A 568 4-5-4-21-7 FS $859,000- 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5

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

Clearly, not much is happening in the residential section of Princeville as nothing went into escrow, sold, was taken off the market or anything. Just a couple of new listings and the usual array of price reductions. I must say, the house on the corner of Kaweonui and Albert has come down substantially during its 569 days on the market, having started at $1.350M. 3807 Makani Kai is another one. This home was previously listed from 11/05 to 3/07 starting at an unbelievable $1.050M and reducing to $929K before it was withdrawn. It was listed again from 5/07 to 2/08 for $888K but still did not sell nor was the price ever reduced. It came on the market this time in 5/08 listed at $850K and is finally getting down into the realm of possibility at $699K. This house sold for $220K in 9/98.

That’s it for this week. Don’t forget to call or email before you buy or sell. The pictures below are of the ocean on Friday and again on Saturday. Both days the waves were awesome.

Aloha, Elaine

The waves from the bluff of the Cliffs on a rainy Friday afternoon.

Yes, that’s the cruise ship out there on the horizon, which is really white in color and is quite a sight to see — but not today!

Things are looking up in the blue sky and sunshine department on Saturday.

I love to see the mist blowing off the tops of the waves as they come crashing in to the shoreline.

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 16th, 2009