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Princeville Kauai condo (and house) update for the week of April 5th to 11th

By
Real Estate Broker/Owner with Sold on Kauai Realty RB-18142

Aloha,

Hope you had a very Happy Easter. If you are here on Kauai then you enjoyed a magnficent day of sunshine, blue skies and strong trades - in other words, it was just perfect. Several of the visitors here at the Cliff's condos had an Easter egg hunt on my "front lawn" overlooking the ocean. Kids were excitedly running everywhere finding eggs and candy in the bushes, under trees...looked like a good time was had by all. Here is your update for this past week:

Copyright 4/12/2009 by Hawaii Information Service

NEW LISTINGS
216801 T A 4 4-5-4-12-9-28 LH $252,000 Pali Ke Kua Iii #238 993 #238 1/1.5
222926 T A 4 4-5-4-5-24-66 FS $620,000 Nihilani At Princeville Resort #22C 1,874 #22C 3/2.5
222895 T A 5 4-5-4-11-3-60 FS $1,150,000 Hanalei Bay Resort #J34 1,324 #7307-8 2/2

BACK ON THE MARKET
211530 T A 72 4-5-4-12-11-24 FS $1,795,000 Puu Poa #210 1,700 #210 2/2

CONTINGENT SALES
207634 T C 416 4-5-4-5-39-16 FS $310,000 Cliffs At Princeville #1206 917 #1206 1/2
217211 T C 137 4-5-4-5-39-39 FS $325,000 Cliffs At Princeville #2109 917 #2109 1/2
221489 T C 28 4-5-4-5-16-13 FS $495,000 Alii Kai At Hanalei #2201 1,086 #2201 2/2

SALES
217448 T S 101 4-5-4-12-11-15 FS $1,300,000 Puu Poa #201 1,359 #201 2/2
SOLD 4/8/2009 for $825,000 (CNV) DOM 101

EXPIRED
210045 T X 348 4-5-4-5-27-1 FS $440,000 Hale Honu #1A 1,085 #1A 3/1.5
209990 T X 324 4-5-4-5-30-19 FS $525,000 Princeville Mauna Kai #D301 1,488 #D301 3/2
193722 T X 729 4-5-4-12-2-35 FS $529,000 Hale Moi #215 1,033 #215 1/2

PRICE CHANGES
204804 T A 304 4-5-4-5-39-33 FS $260,000- Cliffs At Princeville #2103 917 #2103 1/2
211781 T A 314 4-5-4-5-3-24 FS $324,900- Princeville Paniolo #211 1,058 #211 1/2
214486 T A 251 4-5-4-5-18-89 FS $380,000- Puamana #24D 1,532 #24D 2/2
221307 T A 47 4-5-4-5-18-86 FS $385,000- Puamana #24A 1,312 #24A 2/2
201428 T A 570 4-5-4-5-3-16 FS $425,000- Princeville Paniolo #116 1,058 #116 1/2
216359 T A 198 4-5-4-5-24-68 FS $575,000- Nihilani At Princeville Resort #23B 1,406 #23B 2/2
214607 T A 244 4-5-4-12-9-9 FS $609,000- Pali Ke Kua #13 1,135 #13 2/2
218310 T A 83 4-5-4-12-5-9 FS $863,400- Pali Ke Kua Incr I, ii, iii #109A 717 #109A 1/1
211272 T A 331 4-5-4-5-16-35 FS $895,000- Alii Kai At Hanalei #4303 1,086 #4303 2/2
212736 T A 263 4-5-4-5-16-48 FS $950,000- Alii Kai At Hanalei #5304 1,085 #5304 2/2
211530 T A 72 4-5-4-12-11-24 FS $1,795,000- Puu Poa #210 1,700 #210 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.

The first new listing this week is really an old favorite of mine, one that I've shown many, many times during the prior 862 days on the market from 3/06 to 10/08. Listed this time at a new low of $252K, this unit previously started out in 06 at $699K and worked its way down to $335K before it was withdrawn. Yes, this is an ocean view Pali Ke Kua but it is leasehold with a monthly lease fee of $798K and HOA fee of $585K. It needs some updating but if you need tax write offs (both the lease fee and HOA are generally deductible - ck with your accountant) and / or want an inexpensive place to call home, maybe this is the unit for you. The seller puchased this unit for $369K in 5/04. Any offers are subject to lender approval. Nihilani 22C, a 3 bedroom, 2.5 bath Makani unit comes on the market at $620K and was purchased from the developer for $848,956 in 11/06. This short sale has many upgrades but faces out onto the main road (Ka Haku) which offers beautiful mountain, waterfall and golf course views. Hanalei Bay Resort 7307-8 is new on the market listed at $1.150. This unit was purchased in 10/01 for $695K then 50% was sold in 6/04 for $420K. This offering is for the complete unit.

Pu'u Po'a 210 is back on the market after being withdrawn several months ago. It is back on the market at $1.795M down from the prior price of $1.888M. This is also the last unit listed under price changes. It was purchased for $338K in 5/99.

Two Cliffs units and one Ali'i Kai went into escrow this past week. Cliffs 1206, listed at $310K and purchased for $520K in 9/05 went into escrow as a short sale after 416 DOM. Cliffs 2109 went into escrow listed at $325K and last sold for $183K in 10/02. Ali'i Kai 2201, purchased for $137,500 in 12/98 went into escrow after only 28 days on the market listed at $495K. Nice to see some of these units moving.

There was one sale this week which absolutely floored me - Pu'u Po'a 201, listed at $1.3M sold for an amazingly low price of $825K. This seller paid $350K in 10/00 and must have decided not to be greedy, and to just call it a day, put some money in the bank and be done with it. These are the current Pu'u Po'a listings and sales since 1/1/2008. You'll see that two of the units are currently in escrow:

Copyright 4/12/2009 by Hawaii Information Service
Active:
222345 T A 23 4-5-4-12-11-3 FS $1,259,000 Puu Poa #103 1,354 #103 2/2
200456 T A 585 4-5-4-12-11-14 FS $1,425,000 Puu Poa #114 2,065 #114 2/2
222524 T A 18 4-5-4-12-11-53 FS $1,500,000 Puu Poa #411 1,777 #411 2/2
212665 T A 297 4-5-4-12-11-2 FS $1,595,000 Puu Poa #102 1,352 #102 2/2
202256 T A 519 4-5-4-12-11-7 FS $1,699,000 Puu Poa #107 2,065 #107 2/2
211530 T A 72 4-5-4-12-11-24 FS $1,795,000 Puu Poa #210 1,700 #210 2/2

Escrow:
208628 T C 395 4-5-4-12-11-55 FS $1,099,000 Puu Poa #413 1,777 #413 2/2
216008 T C 198 4-5-4-12-11-47 FS $1,295,000 Puu Poa #405 1,800 #405 2/2

217448 T S 101 4-5-4-12-11-15 FS $1,300,000 Puu Poa #201 1,359 #201 2/2
SOLD 4/8/2009 for $825,000 (CNV) DOM 101

205964 T S 80 4-5-4-12-11-5 FS $1,600,000 Puu Poa #105 2,065 #105 2/2
SOLD 5/14/2008 for $1,475,000 (CNV) DOM 80

179527 T S 622 4-5-4-12-11-33 FS $1,850,000 Puu Poa #305 1,352 #305 2/2
SOLD 3/20/2008 for $1,535,000 (CNV) DOM 622

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

Several units expired starting with Hanle Honu 1A which has been listed for 348 days with only one price reduction back in 5/08 from $460K to $440K. It last sold for $385,400 in 7/04. Mauna Kai D301 expired listed at $525K after 324 market days and one price reduction from $619K to $525K in 12/08. Hale Moi 215, listed at $529K and purchased for $425K in 8/04 was also on the market a long time - for 729 days also with only one price reduction in 1/08 when it went from $559K to $529K. These three are good examples of non motivated sellers.

We have several price changes this month starting with Cliffs 2103 which reduced from $275K to $260K as a short sale. This unit sold for $50K as a leasehold in 12/98 then was converted to fee simple in 6/03 for $63K. Paniolo 211, purchased for $125K in 12/89 as a leasehold property converted to fee simple in 2/03 for $45K was reduced from $369K to $324,900. Puamana 24D, purchased for $268K in 9/03 reduced from $399,999 to $385K while Puamana 24A, purchased for $605K in 12/05 is a short sale that reduced from $495K to $385K. That's what I call keeping up with the competition. Another Paniolo, unit 116, last sold for $455K in 6/05, and was reduced from $469K to $425K.

Nihilani 23B, a 2 bedroom, 2 bath Moana unit, reduced from $625K to $575K and sold from the developer on 11/06 for $685,160. At $575K compared to the larger units, this unit is still quite a bit overpriced. Pali Ke Kua 13, purchased for $121K in 8/96 went from $629K to $609K while Pali Ka Kua 109, which has full on Hanalei Bay and Bali Hai views, went from $863,900 to $863,400. This unit is being reduced by $500 a day and has been doing this since 3/30. It's a good strategy to keep it on the daily update sheet but as far as reductions go, it doesn't generate much excitement or interest from buyers.

Ali'i Kai 4303 which last sold for $490K in 12/03 went from $949K to $895K. Ali'i Kai 5304, purchased for $135K in 1/87 went from $975K to $950K. The last one, Pu'u Po'a 210 was addressed under "back on the market."

Here is your Princeville home update:

Copyright 4/12/2009 by Hawaii Information Service

NEW LISTINGS
222875 RS A 4 4-5-4-18-24 FS $825,000 4679 Emmalani Dr 11,128 sqft 1,861 4/3

CONTINGENT SALES
215324 RS C 229 4-5-4-9-58 FS $875,000 5345 Honoiki Rd 10,005 sqft 2,572 3/3

PRICE CHANGES
195505 RS A 708 4-5-3-4-23 FS $1,350,000- 3635 Anini Rd 19,075 sqft 3,291 3/4
218502 RC A 89 4-5-3-8-67-1 FS $1,787,000- 5335-B Kapa'ka St #A 33,541 sqft 2,801 5/5
217243 RC A 167 4-5-3-8-67-2 FS $1,996,000- 5335-B Kapa'ka St #B 4.23 ac 2,499 3/3.5
213870 RS A 262 4-5-4-6-12 FS $574,500- 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
219148 RS A 117 4-5-4-15-16 FS $624,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
220705 RS A 69 4-5-4-19-19 FS $842,900- 5086 Napo'okala Cir 15,326 sqft 2,206 3/3
213625 RS A 268 4-5-4-20-31 FS $879,900- 5141 Kapi'olani Loop 9,669 sqft 2,262 5/3
209942 RS A 367 4-5-4-8-9 FS $999,000- 3887 Punahele Rd 11,139 sqft 3,246 4/3
210722 RS A 347 4-5-4-18-7 FS $1,200,000- 4170 Mahina Pl 10,751 sqft 2,310 2/3

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 it for this week. I'm hopeful that the beautiful weather we experienced today will stay with us for a couple of week. We're certainly due for some extended sunshine after all the rain, but I must admit, the waterfalls and all the lush greenery is also very beautiful.

Don't forget to call or email to get the facts before you buy or sell.

Aloha Elaine

hanalei-pier-in-winter-waves.JPG

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!

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