Aloha,
Ok, so it's not a sizzling hot summer - but that's not due to lack of good inventory. A large part of it may be difficulty in obtaining a loan. Whatever normal roadblocks there used to be, you can now multiply that by 5 or 10 and plan on extending your closing while you're at it. Getting a loan these days - especially for a condo in a resort area, can be quite challenging due to the guidelines set forth by Fannie Mae and Freddie Mac, and if you go for a portfolio loan, be ready to pay higher points with a higher interest rate.
As a result, I've been seeing more and more cash sales which pretty much ensures that the buyer will close (once you get past the inspections) and certainly gives them even more negotiating power with the seller. After all, with cash, there's no worry as to if the property will appraise or if the buyer will qualify and having those two factors off the table is worth money. I still say it's a great time to buy even if you have to get financing but it's definitely an exceptional time to buy if you are a cash buyer.
This month we had some agents changing brokerages, which results in properties being withdrawn and relisted with the new agency. Check it out:
Copyright 6/27/2010 by Hawaii Information Service
NEW LISTINGS
236265 RES GA,HR,LR,MR,PH CF A 3 4-5-4-15-21-23 $250,000 Sandpiper Village I #123 1,042 #123 2/2.00
236160 RES LR,OT,SA CF A 5 4-5-4-5-3-24 $350,000 Princeville Paniolo #211 1,058 #211 1/2.00
236129 RES SA CF A 6 4-5-4-5-39-72 $399,000 Cliffs At Princeville #3204 917 #3204 1/2.00
236149 RES LR CF A 5 4-5-4-12-10-29 $490,000 Emmalani Court #422 1,192 #422 2/2.00
236084 RES LR CF A 4 4-5-4-5-12-20 $515,000 Sealodge Ii #H2 567 #H2 1/1.00
236081 RES LR CF A 5 4-5-4-12-10-41 $580,000 Emmalani Court #524 1,192 #524 2/2.00
236134 RES SA CF A 6 4-5-4-6-1-54 $799,000 Villas Of Kamalii #54 1,767 #54 3/3.00
236037 RES SA CF A 5 4-5-4-12-11-10 $1,400,000 Puu Poa #110 2,065 #110 2/2.00
WITHDRAWN
224986 RES LR CF W 370 4-5-4-5-39-72 $439,000 Cliffs At Princeville #3204 917 #3204 1/2.00
235382 RES LR CF W 20 4-5-4-12-10-29 $490,000 Emmalani Court #422 1,192 #422 2/2.00
228953 RES CD CF W 53 4-5-4-5-16-37 $649,000 Alii Kai At Hanalei #5101 1,086 #5101 2/2.00
227179 RES SA CF W 297 4-5-4-6-1-54 $799,000 Villas Of Kamalii #54 1,767 #54 3/3.00
PRICE CHANGES
236265 RES GA,HR,LR,MR,PH CF A 3 4-5-4-15-21-23 $250,000- Sandpiper Village I #123 1,042 #123 2/2.00
230839 RES SA CF A 170 4-5-4-5-18-60 $349,000- Puamana #17A 1,312 #17A 2/2.00
236129 RES SA CF A 6 4-5-4-5-39-72 $399,000- Cliffs At Princeville #3204 917 #3204 1/2.00
234053 RES SA CF A 72 4-5-4-11-3-32 $994,000- Hanalei Bay Resort #H26 1,324 #H26 2/2.00
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 is Sandpiper 123, purchased for $359K in 8/04 and offered as a short sale for $250K. New flooring was installed in this unit in 2009. Next up is Paniolo 211 at $350K which last sold for $300K in 11/09. This seller is apparently trying to flip this unit. Cliffs 3204 is a "relisting" due to the agent changing his brokerage. It sold for $380K in 1/08 and is back on the market at a new price of $399K. You'll also see this unit under withdrawn and price changes as the price was reduced from $439K to $399K when it was relisted. Emmalani Court 422 sold for $365K in 9/09 and is "relisted" for $490K. Once again, the agent on this unit changed their brokerage so you'll see this unit under the withdrawn portion of the update. It was previously listed this past month (6/10) priced at $580K reducing to $490K.
Sealodge H2 is a new listing priced at $515K. This unit last sold in 7/98 for $128K. Emmalani Court 524 is new this week priced at $580K. This unit sold for $380K in 6/09 and was remodeled prior to that sale. This seller also owns unit 422 and is apparently trying to capitalize on their previous good buys. Villas of Kamali'i 54 is another case of the agent changing brokerages. This unit sold for $607,500 in 11/03 and was first listed from 5/06 to 1/07 starting at $1.185M reducing to $1.095M and most recently from 8/09 to 6/10 at which time it was listed at $849K dropping to $799K after 297 days on the market. You'll see this unit under the withdrawn portion of this update. Pu'u Po'a 110 hits the market this week as a new listing priced at $1.4M having been purchased for $1,637,500 in 7/05. This is quite a bit higher than recent sales. See for yourself: (Take note of how many were cash transactions.)
Copyright 6/25/2010 by Hawaii Information Service
228145 RES CD CF S 100 4-5-4-12-11-3 $999,000 Puu Poa #103 1,771 #103 2/2.00
SOLD 3/11/2010 for $900,000 (CNV) DOM 100
232251 RES CD CF S 28 4-5-4-12-11-46 $1,095,000 Puu Poa #404 1,352 #404 2/2.00
SOLD 2/11/2010 for $900,000 (CASH) DOM 28
208628 RES CD CF S 362 4-5-4-12-11-55 $1,099,000 Puu Poa #413 1,777 #413 2/2.00
SOLD 4/24/2009 for $1,000,000 (CASH, CNV) DOM 362
217448 RES CD CF S 101 4-5-4-12-11-15 $1,300,000 Puu Poa #201 1,359 #201 2/2.00
SOLD 4/8/2009 for $825,000 (CNV) DOM 101
216008 RES CD CF S 301 4-5-4-12-11-47 $1,500,000 Puu Poa #405 1,800 #405 2/2.00
SOLD 10/1/2009 for $1,050,000 (CASH) DOM 301
222524 RES CD CF S 59 4-5-4-12-11-53 $1,500,000 Puu Poa #411 1,777 #411 2/2.00
SOLD 7/7/2009 for $1,300,000 (CASH) DOM 59
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Moving right along : As I explained under new listings, most of the units shown under "withdrawn" were due to agents changing brokerages. This applies to Cliffs 3204, Emmalani Court 422 and Villas of Kamali'i 54. Ali'i Kai 5101 priced at $649K was also withdrawn after a mere 53 days on the market, this time. It seems this seller has wanted to sell since buying it in 5/04 for $595K - first listing this unit in 8/04 to 10/04 for $639K, again from 7/06 to 8/06 for $975K, from 4/07 to 8/07 starting at $879K and dropping to $849K, from 9/07 to 11/08 for $879K, again from 6/08 to 9/09 starting at $849K and reducing to $649K and finally this last time, from 12/09 to 6/10 for $649K. Whew! What with all the foreclosures and short sales in Ali'i Kai, it's no surprise this unit didn't sell. Take a look at the sale price on these ocean view units:
Copyright 6/25/2010 by Hawaii Information Service
230507 RES CD CF S 35 4-5-4-5-16-56 $426,800 Alii Kai At Hanalei #7201 886 #7201 2/2.00
SOLD 4/7/2010 for $422,500 (CNV) DOM 35
231100 RES CD CF S 109 4-5-4-5-16-50 $448,900 Alii Kai At Hanalei #6102 1,088 #6102 2/2.00
SOLD 6/8/2010 for $448,900 (CASH) DOM 109
229489 RES CD CF S 69 4-5-4-5-16-45 $530,900 Alii Kai At Hanalei #5301 1,086 #5301 2/2.00
SOLD 3/29/2010 for $528,500 (CNV) DOM 69
229125 RES CD CF S 85 4-5-4-5-16-33 $599,000 Alii Kai At Hanalei #4301 1,086 #4301 2/2.00
SOLD 6/16/2010 for $600,000 (CASH) DOM 85
213707 RES CD CF S 1009 4-5-4-5-16-41 $599,000 Alii Kai At Hanalei #5201 1,086 #5201 2/2.00
SOLD 3/19/2010 for $528,000 (CNV) DOM 1009
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
There were no contingent sales, units going under contract, or expired this week. As for price changes: The new Sandpiper listing, unit 123, initially came on the market at $325K but quickly changed to a much more favorable $250K. Puamana 17A, purchased for $320K in 3/04 reduced from $367,500 to $349K. I already mentioned that Cliffs 3204 reduced from $439K to $399K as it came back as a new listing. Hanalei Bay Resort H26, which sold for $507,290 in 11/03 reduced from $1.099M to 4994K. Now on to your Princeville home update:
Copyright 6/27/2010 by Hawaii Information Service
NEW LISTINGS
236123 RES SD FS A 6 4-5-3-12-3 $1,788,000 4043 Aloalii Dr 8,972 sqft 3,588 3/3.01
233889 RES SD FS A 2 4-5-3-12-18 $2,890,000 3957 Aloalii Dr 9,206 sqft 3,777 4/4.00
236130 RES SD FR A 0 4-5-4-15-3 $329,000 3979 Kamehameha Rd 10,772 sqft 3,558 5/3.01
236133 RES SD FR A 0 4-5-4-16-22 $345,000 4080 Kaa'humanu Pl 9,731 sqft 2,460 4/3.01
236176 RES SD FS A 5 4-5-4-6-12 $600,000 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2.00
236113 RES SD FS A 6 4-5-4-19-19 $643,800 5086 Napo'okala Cir 15,326 sqft 2,206 3/3.00
236139 RES SD FS A 6 4-5-4-13-59 $829,000 3682 Keoniana Rd 10,247 sqft 1,676 3/2.00
236140 RES SD FS A 6 4-5-4-14-26 $1,570,000 3925 Kamehameha Rd 20,093 sqft 3,925 4/3.01
236250 RES SD FS A 3 4-5-4-7-27 $1,900,000 3862 Punahele Rd 12,999 sqft 2,538 3/2.01
235779 RES SD FS C 3 4-5-4-13-44 $750,000 3646 Kaweonui Rd 10,937 sqft 2,240 3/2.00
236138 RES SD FS C 6 4-5-4-7-19 $799,000 3928 Punahele Rd 9,999 sqft 1,694 3/2.00
BACK ON THE MARKET
229218 RES SD FS A 222 4-5-4-24-11 $625,000 4240 Waileia Pl 12,336 sqft 2,074 3/2.00
CONTINGENT SALES
231558 RES SD FS C 145 4-5-3-12-4 $1,875,000 4035 Aloalii Dr 9,415 sqft 3,232 3/3.00
235779 RES SD FS C 3 4-5-4-13-44 $750,000 3646 Kaweonui Rd 10,937 sqft 2,240 3/2.00
236138 RES SD FS C 6 4-5-4-7-19 $799,000 3928 Punahele Rd 9,999 sqft 1,694 3/2.00
SALES
234014 RES SD FS S 25 4-5-4-14-5 $998,000 3778 Kelii Pl 13,508 sqft 2,952 4/3.00
SOLD 6/25/2010 for $962,000 (CASH, CNV) DOM 25
210725 RES SD FS S 752 4-5-4-8-47 $2,795,000 5045 Kapiolani Lp 16,502 sqft 4,226 5/4.01
SOLD 6/22/2010 for $2,170,000 (CASH) DOM 752
UNDER CONTRACT
228923 RES RS FS U 158 4-5-4-9-42 $1,095,000 4184 Kekuanaoa Ln 13,913 sqft 2,940 3/3.01
WITHDRAWN
227009 RES SD FS W 299 4-5-3-12-3 $1,788,000 4043 Aloalii Dr 8,972 sqft 3,588 3/3.01
233993 RES SD FR W 65 4-5-4-15-3 $329,000 3979 Kamehameha Rd 10,772 sqft 3,558 5/3.01
233991 RES SD FR W 18 4-5-4-16-22 $345,000 4080 Kaa'humanu Pl 9,731 sqft 2,460 4/3.01
226593 RES RS FS W 293 4-5-4-6-12 $600,000 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2.00
231979 RES SD FS W 129 4-5-4-7-19 $799,000 3928 Punahele Rd 9,999 sqft 1,694 3/2.00
233372 RES SD FS W 67 4-5-4-13-59 $829,000 3682 Keoniana Rd 10,247 sqft 1,676 3/2.00
221067 RES SD FS W 315 4-5-4-14-17 $1,065,000 3835 Albert Rd 10,579 sqft 2,743 3/2.01
229262 RES SD FS W 222 4-5-4-14-26 $1,570,000 3925 Kamehameha Rd 20,093 sqft 3,925 4/3.01
PRICE CHANGES
234352 RES SD FS A 61 4-5-4-15-12 $489,900- 3837 Haulani Pl 11,421 sqft 1,510 #0 3/2.00
226808 RES OT FS A 313 4-5-4-23-50 $810,000- 3788 Moae Pl 6,974 sqft 1,937 3/2.00
233592 RES SD FS A 76 4-5-4-13-66 $825,000- 3705 Albert Rd 10,586 sqft 2,010 4/3.00
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Of the twelve new listings, 7 were generated by the brokerage change. It's good to see some sales this week with both Keli'i Place and Kapiolani Loop closing. Although it looks like Keli'i Place was only on the market for 25 days, it was previously offered for sale as a FSBO. (For Sale By Owner.) Also, under contingent sales, the home on Punahele was previously listed from 9/06 to 11/07 starting at $1.695M and reducing to $1.185M; from 2/08 to 11/09 during which time it went from $1.225M to $1.135M and this last time from 2/10 to 6/10 for $799K at which time the agent changed his brokerage. This home sold for $980K in 7/06. Please don't get the idea that the market has dropped so much that a home that was worth $1.695M is now under contract listed at $799K. The answer to that question is very simple; the house was overpriced for a most of the time it was listed. Nothing more. Yes, the market is soft but not so soft that homes that were actually worth $1.695M in 07 are now only "worth" $799K.
That's it for this week. It's been a mixed bag as far as the weather goes, alternating between glorious sunshine, gentle sprinkles of rain and all out downpours. I had the good fortune to be in the middle of a riding (horseback) clinic the other day when the sky opened up and just dumped. But as they say, it's still paradise and no harm was done. Rain or shine, it's beautiful here. Remember to call for the facts before you buy or sell. That's why I'm here.
Aloha Elaine
Check out my new listing 
Had fun in DC for a few days last month.
Elaine Schaefer (R, CRS, GRI, ABR, SFR)
Click here to see all my listings
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
Graduate, Realtor's Institute
Accredited Buyer's Representative
Short Sale and Foreclosure Resource Certification
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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