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Princeville Kauai condo (and house) + short sale update for the week of Jul 18th to 24th

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

Aloha,

The weather has been stellar, the winds warm with beautiful blue skies and white puffy clouds, but the real estate - not quite so good. Here were are almost into August and it's pretty quiet in most parts of town. Now, don't get me wrong - the buys out there are nothing short of phenomenal and interest rates are spectacular (however actually qualifying for one of those loans is another matter entirely) so I'm not quite sure why buyers are still sitting on the sidelines. The quality of life here is certainly something to write home about but perhaps the general economy, the Gulf oil spill and just about everything else is keeping people's money in their pockets.

There were four sales this week, three of which were bank owned properties. Take a look at this week's update:

Copyright 7/25/2010 by Hawaii Information Service

NEW LISTINGS
237228 CND AT CPR A 1 4-5-3-11-1-30 FS $579,000 Villas On The Prince #30 1,732 #30 3/3.00
237043 CND AT CPR A 4 4-5-4-5-16-53 FS $475,000 Alii Kai At Hanalei #7102 886 #7102 2/2.00
235576 CND AT CPR A 5 4-5-4-5-7-47 FS $525,000 Princeville Sealodge #E9 566 #E9 1/1.00
237167 CND DT CPR A 3 4-5-4-12-3-1 FS $614,900 Hanalei Bay Villas #1 1,244 #1 2/2.01
237124 CND AT CPR A 4 4-5-4-6-1-25 FS $699,000 Villas Of Kamalii #25 1,825 #25 3/3.00
237022 CND AT CPR U 0 4-5-4-12-11-20 FS $1,875,000 Puu Poa #206 1,654 #206 2/2.00

CONTINGENT SALES
236584 CND AT CPR C 19 4-5-4-5-23-21 FS $377,000 Plantation At Princeville #611 1,153 #611 2/2.00

SALES
230827 CND CPR S 95 4-5-4-5-27-3 FS $194,900 Hale Honu #2A 866 #2A 2/1.00
SOLD 7/23/2010 for $204,000 (CNV) DOM 95

232789 CND AT CPR S 5 4-5-4-5-18-68 FS $229,999 Puamana #19B 1,532 #19B 2/2.00
SOLD 7/23/2010 for $245,000 (CNV) DOM 5

234220 CND AT CPR S 17 4-5-4-5-18-71 FS $359,000 Puamana #20A 1,532 #20A 2/2.00
SOLD 7/19/2010 for $315,000 (CASH) DOM 17

234870 CND AT CPR S 11 4-5-4-11-3-29 FS $480,000 Hanalei Bay Resort #H23 1,324 #5207-8 2/2.00
SOLD 7/19/2010 for $483,280 (CNV) DOM 11

UNDER CONTRACT
237022 CND AT CPR U 0 4-5-4-12-11-20 FS $1,875,000 Puu Poa #206 1,654 #206 2/2.00

EXPIRED
225956 CND CPR X 313 4-5-4-5-24-56 FS $495,000 Nihilani At Princeville Resort #19B 1,567 #19B 2/2.01

PRICE CHANGES
235162 CND AT CPR A 64 4-5-3-6-22-25 FS $1,099,000- Kaiulani Of Princeville #25 2,864 #25 3/3.01
227872 CND AT CPR A 300 4-5-4-5-24-16 FS $498,000- Nihilani At Princeville Resort #6A 1,874 #6A 3/2.01
236084 CND AT CPR A 32 4-5-4-5-12-20 FS $499,000- Sealodge Ii #H2 567 #H2 1/1.00
236696 CND AT CPR A 18 4-5-4-5-24-15 FS $529,000- Nihilani At Princeville Resort #5C 1,986 #5C 3/3.00

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

The first new listing is anything but - Villas on the Prince 30 - which sold for $565K in 3/04, has been listed 7 times before by 6 different agents, going as high as $1.095M back in 5/06. It has generally trailed the market in the past but takes a leap to the head of the class this week with a new short sale price of $579K. This listing already has an offer under consideration by the bank and is looking for backups. Ali'i Kai 7102 was also previously listed, first from 11/05 to 10/06 starting at $975K and dropping to $885K and again from 10/06 to 10/08 starting at $885K and reducing to $789,500. Purchased in 5/05 for $652K, this Ali'i Kai comes back listed at $475K and does not appear to be a short sale. Sealodge E9 sold for $285K in 12/00 and is making its first appearance on the MLS since that time priced at $525K.

Hanalei Bay Villas 1 is a bank REO priced at $614,900 that was previously listed from 2/09 to 8/09 at $865K, increasing to $899K during the life of the listing. This unit sold for $700K in 6/05 and returned to the bank in 4/10. Villas of Kamali'i 25 is back priced at $699K. It was listed from 3/09 to 4/10 starting at $759K and reducing to $699K when it was withdrawn from the market. This unit sold for $625K in 3/04 and is not a short sale. Pu'u Po'a 206, purchased for $340K in 6/99 was listed from 7/08 to 3/09 priced at $1.875M and returns to the market showing as under contract while listed at that same price.

The short sale Plantation 611, priced at a very low $377K went into escrow this week. This unit sold for $630K in 10/06 and was only on the market for (no surprise) 18 days.

There were 4 sales this week, three of which were bank REO's. Hale Honu 2A was priced at $194,900 and sold for $204K. This unit sold for in $155K in 5/02 but was foreclosed on by the bank in 10/09. Puamana 19B, also a foreclosure, was priced at $229,999 and closed at $245K. Hanalei Bay Resort 5207/08 is the last REO and was priced at $480K closing at $483,280.

These three sales are a good example of what TO DO when buying a well priced property. All too often, buyers shoot themselves in the foot by offering a low ball offer on a property that is already very well priced. If your agent tells you that the property is a bank REO or a short sale that is ahead of the market, you will often need to offer asking or over asking to obtain the property. Yes, there are plenty of overpriced properties out there that can be negotiated down, but you have to know the difference - which is what your agent is probably trying to tell you. The final sale is Puamana 20A, purchased for $170K in 9/01, priced at $359K and closing for $315K.

As noted under new listings, Pu'u Po'a 206 came onto the market with a buyer while listed at $1.875M. Nihilani 19B, a short sale purchased for $669,500 in 9/06 expired while listed for $495K.

Ka'iulani 25 reduced in price this week form $1.195M to $1.099M and is still not a short sale even though it sold for $1,621,790 in 10/07. Nihilani 6A, which is a short sale reduced from $520K to $498K, having sold for $770,080 in 2/07. Sealodge H2, which sold for $128K in 7/98 reduced from $515K to $499K while Nihilani 5C, a short sale purchased for $969,582 in 2/07 went from $549K to $529K in an effort to find a buyer. Now on to your Princeville home update:

Copyright 7/25/2010 by Hawaii Information Service

NEW LISTINGS
237229 RES DT FL A 1 4-5-4-20-31 FS $549,000 5141 Kapi'olani Loop 9,669 sqft 2,262 5/3.00
236829 RES DT FL A 2 4-5-4-21-11 FS $895,000 3856 Kaweonui Rd 10,796 sqft 2,442 #0 3/2.01
237216 RES DT FL A 2 4-5-4-16-86 FS $1,290,000 4114 Nalani Ln 12,012 sqft 2,896 3/4.00
237173 RES DT FL A 2 4-5-4-13-29 FS $3,900,000 3565 Kaweonui Rd 13,089 sqft 2,614 4/4.01

SALES
234016 RES FL S 60 4-5-4-20-26 FS $849,000 5145 Iolani Pl 10,995 sqft 2,704 3/3.00
SOLD 7/21/2010 for $835,000 (CASH) DOM 60

228923 RES FL S 158 4-5-4-9-42 FS $1,095,000 4184 Kekuanaoa Ln 13,913 sqft 2,940 3/3.01
SOLD 7/21/2010 for $1,000,000 (CASH) DOM 158

WITHDRAWN
233410 RES DT FL W 85 4-5-4-17-14 FS $1,850,000 4825 Emmalani Dr 12,290 sqft 3,313 4/3.01

PRICE CHANGES
234801 RES DT FL A 73 4-5-4-18-33 FS $649,000- 4225 Kina'u Pl 9,838 sqft 2,620 #0 3/2.01
232759 RES DT FL A 139 4-5-4-10-28 FS $689,000- 5230 Honoiki Rd 10,189 sqft 1,688 3/2.01
236797 RES DT FL A 15 4-5-4-16-77 FS $695,000- 4117 Kekaulike Ln 10,650 sqft 3,100 3/2.01
234784 RES DT FL A 69 4-5-4-16-43 FS $1,150,000- 4466 Emmalani Dr 10,683 sqft 2,555 #0 3/2.01
226733 RES DT FL A 345 4-5-4-18-10 FS $2,750,000- 4184 Mahina Pl 12,200 sqft 3,927 3/3.01

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 new listings this week, the home on Kapiolani for $549K has been listed 5 times before for as high as $1.080M back in 4/08 and is now on the market as a short sale (again) for $549K. 3856 Kaweonui has been on the market before listed at $1.3975M in 9/08 and was withdrawn from the market listed at $1.175M in 5/09. This house has a pool and is back as a new listing at $895K.

If you have any questions about these or any other properties, please let me know. Get the facts on short sales, foreclosures or any "regularly priced" properties before you buy or sell.

As I mentioned in the beginning of this update, the weather has been supreme so yesterday we took some time to lie out in the hammock after hiking down to the bluff to the water here at the Cliffs where we saw several turtles. See the view below!

Aloha Elaine


Turtles at the Cliffs - taken by my step daugher Abby. Check out her website http://www.phoenixcreationgallery.com/default.html for her other photos and jewelry.


View of the palm tree from the hammock

Elaine Schaefer (R, CRS, GRI, ABR, SFR)
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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