Princeville condo (and house) update for the week of March 29th to April 4th

Aloha,

I guess it won’t suprise you if I say it’s been rainy and windy this week so I’ll just cut to the chase and give you the update. I will say that we’ve seen an uptick in activity, with buyers saying they are more interested in buying now with interest rates down in the 4’s and money available from the bank. Yes, you do still have to qualify for the loan and stated income is a thing of the past, but if you can afford a mortgage, and if you take the time to look, you’ll find plenty of good buys on the market. Here is your update:

Copyright 4/5/2009 by Hawaii Information Service

NEW LISTINGS
221506 T A 7 4-5-3-6-22-17 FS $2,399,000 Kaiulani Of Princeville #17 2,864 #17 3/3.5
222635 T A 2 4-5-4-5-12-19 FS $509,000 Sealodge Ii #H1 556 #H1 1/1

BACK ON THE MARKET
210027 T A 365 4-5-4-5-30-6 FS $380,000 Princeville Mauna Kai #F6 1,400 #5 3/2
208900 T A 371 4-5-4-5-4-12 FS $597,000 Ka’eo Kai Ph I #2B 2,100 #2B 3/3
212901 T A 258 4-5-4-5-16-37 FS $749,000 Alii Kai At Hanalei #5101 1,086 #5101 2/2

CONTINGENT SALES
221121 T C 52 4-5-4-5-3-3 FS $239,900 Princeville Paniolo #103 1,058 #103 1/2
222630 T C 9 4-5-4-12-10-20 FS $330,000 Emmalani Court #323 952 #323 1/2
222621 T C 9 4-5-4-12-10-12 FS $449,000 Emmalani Court #225 1,456 #225 2/2

UNDER CONTRACT
222697 T U 4 4-5-3-11-1-3 FS $576,900 Villas On The Prince #3 1,737 #3 3/3
222340 SH U 11 4-5-4-5-23-23 FS $165,000 Plantation At Princeville #621 1,318 #621 3/3

EXPIRED
192607 SH X 718 4-5-4-5-39-80 FS $120,000 Cliffs At Princeville #3304 1,137 #3304 2/2
209296 T X 349 4-5-4-11-3-100 FS $700,000 Hanalei Bay Resort #P24 867 #1207-8 1/2
209295 T X 349 4-5-4-11-3-14 FS $1,350,000 Hanalei Bay Resort #C16 1,705 #4101-2-3 3/3

WITHDRAWN
207661 T W 402 4-5-4-5-4-5 FS $349,000 Ka’eo Kai Ph I #5A 1,503 #5A 2/2
210522 T W 339 4-5-4-12-2-16 FS $419,000 Hale Moi #116 1,033 #116 1/2
211523 O W 266 4-5-4-5-18-9 FS $599,000 Puamana #3A 1,532 #3A 2/2
218304 T W 129 4-5-4-12-10-13 FS $649,900 Emmalani Court #311 1,456 #311 2/2
215367 T W 211 4-5-4-12-9-17 FS $799,000 Pali Ke Kua Iii #139 993 #139 2/2

PRICE CHANGES
210822 T A 275 4-5-4-5-13-28 FS $325,000- Kamahana #28 1,145 #28 2/2
210999 T A 321 4-5-4-12-10-42 FS $499,000- Emmalani Court #525 1,456 #525 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.

Ka’iulani 17, purchased for $1,971,790 in 1/08 is new on the market at $2,399,000 which represents just less than a 22% price increase in a declining market. Sealodge H1 is back on the market as a new listing, at a new low price of $509K. Previously listed from 1/07 to 6/08, this unit started at $749K and reduced to $599,999 before it was withdrawn. It last sold for $560K in 8/05.

One unit that was withdrawn and two that expired are back on the market. Mauna Kai 5, purchased for $431,650 in 11/04 is back as a short sale listed at $380K. Kae’o Kai 2B, purchased for $240K in 4/01, has quite a bit of uograding and is back after expiring still listed at $597K. Ali’i Kai 5101 expired listed at $749K and is back on the market at the same price. This unit was purchased in 5/04 for $595K.

As I mentioned in the beginning of the blog, we’re seeing more activity which is resulting in properties going into escrow, starting with Paniolo 103, listed at $239,900. Purchased in 4/05 for $410K and taken over by the bank in 1/09, this is an REO which started at $260K then reduced to the current price. Emmalani Court 323 and 225, both of which were extremely attractively priced, went into escrow this week. 323 was only listed for $330K and sold for $275K in 4/93 while 225, listed at $449K sold for $397,500 in 4/93. These are not short sales or bank REO’s but rather just a seller who wants to sell, and actually has the equity to price low and still make a small profit.

Villas on the Prince 3 went quickly into escrow as I thought it would, priced at an unbelievable $576,900 as a bank REO. Purchased in 9/05 for $840K, the bank took it over in 2/09 and finally found a buyer. The owner tried to sell this unit for about a year and went as low as $699K during their listing period but couldn’t find anyone who was interested. A fractional share of Plantation 621, listed at $165K went under contract. The entire unit was purchased in 8/05 for $550K. This fractional was previously listed from 4/07 to 12/07 at the same price before it was withdrawn.

Several units expired this week, starting with a fractional share of Cliffs 3304, listed for $120K. Apparently no one wanted to enjoy two months at this unit since it was listed for 718 days! Hanalei Bay Resort 1207/8, priced at $700K and purchased for $250K in 9/98 also expired after 349 days at the same list price. The same thing happenned to Hanalei Bay Resort 4101/2/3 which was also listed for 349 days at the same price of $1.350M. It too sold for $250K in 9/98. Both are owned by the same seller.

Ka’eo Kai 5A, listed at $349K and purchased for $200K in 8/02 was withdrawn from the market as was Hale Moi 116, listed at $419K and purchased for $459K in 10/04. With the upstairs unit 216 on the market at $395K it makes sense that this seller would withdraw this unit until the larger, upgraded upstairs unit sells. Puamana 3A, purchased for $640K in 7/06 was withdrawn from the market listed at $599K. It was on the market 266 days but was not reduced during the life of the listing. Emmalani Court 311, listed at $649,900, was purchased for $695K in 8/05 and stayed on the market 129 days, starting out at $669K. Pali Ke Kua 139, purchased for $499K in 6/02 and listed for $799K was on the market for 211 days at the same price.

As for price changes, there are only two this week, which is an all time low. Kamahana 28, a short sale, reduced from $350K to $325K and was purchased for $599K in 4/06. Emmalani Court 525, purchased for $400K in 1/03 reduced from $549,900 to $499K but judging from what the other Emmalani Courts just went into escrow at, this unit probably still has a ways to go before it finds a buyer. Building 5 parallels Ka Haku, the main road in Princeville and has more road noise than any of the other 4 buildings.

Now on to your Princeville home update:

Copyright 4/5/2009 by Hawaii Information Service

NEW LISTINGS
222745 RS A 5 4-5-4-23-35 FS $675,000 3793 Moae Pl 6,386 sqft 1,651 3/2
222919 RS A 2 4-5-4-17-2 FS $767,500 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5
222647 RS A 6 4-5-4-16-18 FS $769,000 4060 Kaa’humanu Pl 11,792 sqft 2,364 3/3

BACK ON THE MARKET
210725 RS A 339 4-5-4-8-47 FS $2,999,000 5045 Kapiolani Lp 16,502 sqft 4,226 5/4.5

SALES
217017 RS S 102 4-5-4-20-25 FS $594,900 5143 Iolani Pl 10,907 sqft 2,224 3/2
SOLD 3/30/2009 for $567,000 (CNV) DOM 102

208367 RS S 321 4-5-4-17-23 FS $895,000 4890 Victoria Loop 10,678 sqft 1,780 3/3
SOLD 3/31/2009 for $795,000 (CNV) DOM 321

206045 RS S 335 4-5-4-21-18 FS $998,000 4922 Akai Pl 10,879 sqft 3,064 4/3.5
SOLD 4/1/2009 for $700,000 (MISC) DOM 335

WITHDRAWN
210781 RS W 328 4-5-4-23-35 FS $675,000 3793 Moae Pl 6,386 sqft 1,651 3/2

PRICE CHANGES
215193 RS A 224 4-5-4-23-8 FS $674,000- 4838 Ou Pl 8,104 sqft 1,213 3/1.5
212844 RS A 288 4-5-4-22-5 FS $678,000- 4077 Cr Pauahi Pl/nalani 10,270 sqft 2,169 4/2
218860 RS A 118 4-5-4-7-5 FS $895,000- 3934 Namakeha Loop 13,387 sqft 2,047 3/2
213625 RS A 261 4-5-4-20-31 FS $985,000- 5141 Kapi’olani Loop 9,669 sqft 2,262 5/3
218120 RS A 137 4-5-4-8-62 FS $1,475,000- 3812 Punahele Rd 14,573 sqft 2,900 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 your update for this week. Remember, even though it’s been raining and windy, it’s still paradise, and those of you who are experiencing flooding or snowstorms or whatever else Mother Nature has in store for you, will probably find it very warm and inviting here. Don’t let this time go by…if you are serious about owning a home or condo or land on Kauai, this is the time to start looking. You may have missed your chance in 2005 as things took off skyward but you have a rare second chance to get into the market at an affordable price. If you have questions or concerns or just want the fact, don’t forget to call or email. That’s why I’m here.

Aloha Elaine

View from Hale Moi 216 priced to sell at $395K

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!

April 6th, 2009