Princeville condo (and house) update for the week of April 26th to May 2nd

Aloha,

Saturday marked the end of one beautiful week and beginning of yet another. It was absolutely picture perfect Sunday which warranted a trip down to Anini beach for a couple of hours. Everyone else had the same idea so it made for a fun time. As is often the case with great weather, I’m seeing an increase in buyers as evidenced by more showings of listings, buyers getting prequalified with lenders and more and more properties going into escrow. Still plenty of great pricing and more importantly, excellent interest rates. You can’t beat the combination of the two. It is a rare opportuninty to get into the market if you have the desire. Here is your update:

Copyright 5/3/2009 by Hawaii Information Service

NEW LISTINGS
223148 T A 4 4-5-4-5-18-71 FS $382,750 Puamana #20A 1,532 #20A 2/2
223040 T A 4 4-5-4-11-3-127 FS $650,000 Hanalei Bay Resort #R25 867 #Guava R25 1/2
223690 T U 0 4-5-4-5-24-99 FS $640,000 Nihilani At Princeville Resort #33C 1,972 #33C 2/3

BACK ON THE MARKET
221121 T A 80 4-5-4-5-3-3 FS $239,900 Princeville Paniolo #103 1,058 #103 1/2

UNDER CONTRACT
221489 T U 22 4-5-4-5-16-13 FS $495,000 Alii Kai At Hanalei #2201 1,086 #2201 2/2
223690 T U 0 4-5-4-5-24-99 FS $640,000 Nihilani At Princeville Resort #33C 1,972 #33C 2/3

EXPIRED
210902 T X 361 4-5-4-5-39-4 FS $489,000 Cliffs At Princeville #1104 917 #1104 1/2
219471 T X 120 4-5-4-12-2-39 FS $493,000 Hale Moi #219 1,033 #219 1/2
186761 T X 909 4-5-4-5-12-1 FS $660,000 Sealodge Ii #F1 556 #F1 1/1
176670 T X 1,063 4-5-4-5-16-57 FS $675,000 Alii Kai At Hanalei #7202 886 #7202 2/2
210501 T X 327 4-5-4-5-7-34 FS $749,000 Princeville Sealodge #D5 570 #D5 1/1
210757 T X 362 4-5-4-5-16-26 FS $888,000 Alii Kai At Hanalei #4102 1,086 #4102 2/2

WITHDRAWN
209505 T W 357 4-5-3-11-1-32 FS $895,000 Villas On The Prince #32 1,737 #32 3/3
212012 T W 324 4-5-3-11-1-16 FS $970,000 Villas On The Prince #16 1,732 #16 3/2.5
200484 T W 609 4-5-4-5-39-169 FS $745,000 Cliffs At Princeville #7305 1,137 #7305 2/2

PRICE CHANGES
223402 T A 13 4-5-3-11-1-30 FS $729,500- Villas On The Prince #30 1,732 #30 3/3
173568 T A 1,116 4-5-4-5-17-15 FS $380,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
210873 T A 307 4-5-4-5-16-52 FS $629,000- Alii Kai At Hanalei #7101 886 #7101 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.

Puamana 20A is new on the market at $382,750, (must be their lucky number) having been purchased in 9/01 for $170K. This unit was briefly listed from 5/05 to 6/05 for $495K. Hanalei Bay Resort R25, which last sold for $240K in 4/92 is new on the market since that sale listed at $650K. A developer’s Nihilani unit 33C, the upstairs Mahina floor plan, is back on the market at $640K and is also under contract. This unit had previously been listed and withdrawn from the market and is back on with a buyer in tow.

Paniolo 103, a bank REO, listed at $239,900 is back on the market after going into escrow on 3/31. It last sold for $410K in 4/05 and was taken over by the bank on 1/09.

Ali’i Kai 2201 went from contingent to under contract status as it nears closing. I’m happy to say this is my listing which went into escrow priced at $495K after only 22 days on the market. This unit last sold for $137,500 in 12/98. I’ll be able to report the sale price next week. As noted under new listings, we also have Nihilani 33C under contract.

Several units expired this week: Cliffs 1104 was priced at $489K and purchased for $135K in 3/01. Hale Moi 219, listed at $493K and purchased for the same amount in 3/05 expired with 120 market days. I guess they didn’t want to have their list price go below their purchase price. Also, I have Hale Moi 216, which is just a few doors away, listed at $395K. 216 was totally remodeled by the seller and is turnkey and ready to go. At this price, it is the least expensive unit in the complex and offers great value with the ability to rent both sides separately or live in one side and rent the other — or live in the whole unit. To continue; Sealodge F1, purchased for $600K in 6/05 expired listed at $660K while Ali’i Kai 7202, listed at $675K also expired. THis is an agent owned unit purchased in 1/88 for $115K. Sealodge D5, purchased for $525K in 4/04 expired listed at $749K. Our final unit is Ali’i Kai 4102 which sold for $261K in 6/00 and expired listed at $888K.

Two Villas on the Prince units were withdrawn: Villas 32 which last sold for $545K in 2/03. It started out listed at $980K dropping to $895K during the 357 days it was on the market. Villas 16, listed at $970K and purchased for $467,580 in 3/02 was on the market for 324 days with no price reductions. Cliffs 7305, purchased for $242K in 8/00 was withdrawn listed at $745K. This unit came on the market 609 days ago starting at $875K.

There were only 3 price changes this week. Villas on the Prince 30, purchased for $565K in 3/04 reduced from $750K to $729,500. Ali’i Kai 9G, purchased for $151K in 12/99 reduced from $390K to $380K. This unit started at $629K 1,116 days ago! Unfortunately, it looks like the seller has been chasing the market instead of leading it the whole time otherwise you would have thought there would be a buyer by now. Also reducing is Ali’i Kai 7101, going from $679K to $629K. This unit sold for $625K in 4/07.

That’s your condo update for this week. Now on to your Princeville house update:

Copyright 5/3/2009 by Hawaii Information Service

NEW LISTINGS
223501 RS A 6 4-5-4-19-14 FS $1,350,000 5101 Kuhina Pl 20,646 sqft 3,276 4/3.5

EXPIRED
214181 RS X 271 4-5-4-24-12 FS $1,295,000 4246 Waileia Pl 11,741 sqft 3,006 4/3

WITHDRAWN
222399 RS W 42 4-5-4-16-79 FS $859,000 4105 Kekaulike Ln 10,408 sqft 1,700 2/2
215559 RS W 238 4-5-4-7-6 FS $1,995,000 3932 Namakeha Lp 12,575 sqft 2,848 4/3.5

PRICE CHANGES
219148 RS A 138 4-5-4-15-16 FS $588,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
222919 RS A 30 4-5-4-17-2 FS $717,500- 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5
223364 RS A 16 4-5-4-20-31 FS $829,500- 5141 Kapi’olani Loop 9,669 sqft 2,262 5/3
220531 RS A 92 4-5-4-13-44 FS $970,000- 3646 Kaweonui Rd #II 10,937 sqft 2,240 3/2
221067 RS A 81 4-5-4-14-17 FS $1,375,000- 3835 Albert Rd 10,579 sqft 2,743 3/3.5

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

Pricing is getting down there on some of these houses. I’ve shown 3834 Haulani Place many times over the last couple of years. It’s been all over the board in pricing: starting out at $989M in 6/05 to 11/05, then it went to $1.025M in 11/05. It then came on the market in the $800’s and $700’s before it faced foreclosure. Purchased in 4/04 for $700K, it was taken over by the bank in 1/09 listed at $713,900. My buyers just haven’t like it. The backyard of this home backs up to the Albert street parking lot for Sandpiper condo complex. Sandpiper is very well managed, (Ed has been there forever) and I’ve never known that parking lot to be a problem. Nevertheless, buyer (my buyers that is) didn’t seem to care for the location. Also, the floor plan is very open…too open for many. It’s basically one big room with the kitchen off to the left. The three bedrooms open directly into the living area. Still, it’s a solid house that just needs the turquoise tile changed out of the one bedroom and maybe some granite countertops at some point in the kitchen. Right now, its ceramic tile.

4959 Emmalani Drive is another one. This is a big house that needs work and was originally listed at $1.375M in 1/07 dropping to $850K when it became a short sale. After 712 market days it expired and came back on the market at $767,500 as a short sale heading to foreclosure on 4/3/09. It reduced to $717,500 this past week. This is a house that with some work (ok maybe lots of work) should yield a return as it is on the golf course. It’s also a reverse floor plan with 3 bedrooms downstairs and the master upstairs. If you are curious or need more info on either of these homes or any other home or condo, you know who to call or email. Get the facts before you buy or sell. There are some good bargains out here.

Speaking of bargains, did any of you watch the Kentucky Derby Saturday? Did you know that the winning horse, Mine That Bird, was purchased for $9,800 and earned his owner $1,417,200 by winning the derby? Not only that, but he was a 50 to 1 longshot that paid $103.20 for a $2 bet, the second largest payout in Derby history. Now there’s a bargain. If you didn’t see the race, I’m sure you can find it on You Tube. It’s a great testament to the underdog coming from behind to win big time!

Aloha Elaine

Another great shot as I head home from the stable.

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: http://blogs.alohaliving.com/princeville-condo-sales/

……you can have your own piece of paradise
ask me how!

May 4th, 2009