Aloha from Sunny Kauai! We finally have a perfect day with everything you'd expect from a tropical paradise. Sun, blue sky, fluffy white clouds and of course, the tradewinds. I live in a complex (Cliffs) that not only has whole ownership but also timeshare, and I often feel sorry for the visitors that get here just in time for a week of rain. Sometime I think it bothers me more than it bothers them, as they simply put on their rain slickers and go about their daily walk or on shopping jaunts. I'm sure what I fail to consider is that a rainy day here is better than a freezing one at home. Just goes to show you how spoiled you can become living here. It was a busy weekend, so let me get right to your weekly update!
Copyright 2/10/2008 by Hawaii Information Service
NEW LISTINGS
207166 T A 3 4-5-3-6-22-59 FS $995,000 Kaiulani Of Princeville #59 1,892 #59 2/2.5
206788 T A 3 4-5-3-6-22-70 FS $995,000 Kaiulani Of Princeville #70 1,781 #70 2/2.5
206220 T A 6 4-5-3-6-22-67 FS $1,095,000 Kaiulani Of Princeville #67 1,901 #67 2/2.5
207194 T A 2 4-5-3-6-22-72 FS $1,295,000 Kaiulani Of Princeville #72 1,901 #72 2/2.5
206958 T A 5 4-5-4-5-23-17 FS $565,000 Plantation At Princeville #511 1,153 #511 2/2
206939 T A 7 4-5-4-12-10-16 FS $670,000 Emmalani Court #314 1,192 #314 2/2
206801 T A 1 4-5-4-5-7-48 FS $759,000 Princeville Sealodge #E10 633 #E-10 1/1
206628 T A 6 4-5-4-5-39-154 FS $945,000 Cliffs At Princeville #6306 1,186 #6306 2/2
BACK ON THE MARKET
189728 T A 376 4-5-4-5-12-19 FS $599,999 Sealodge Ii #H1 556 #H1 1/1
CONTINGENT SALES
206096 SH C 25 4-5-4-5-23-23 FS $165,000 Plantation At Princeville #621 1,318 #621 3/3
SALES
152030 T S 0 4-5-3-6-22-12 FS $1,700,000 Kaiulani Of Princeville #12 2,873 #12 3/3.5
SOLD 2/7/2008 for $1,732,190 (CNV) DOM 0
WITHDRAWN
180178 T W 592 4-5-4-5-12-33 FS $925,000 Sealodge Ii #J6 754 #J6 2/2
PRICE CHANGES
185798 T A 482 4-5-3-11-1-14 FS $869,000- Villas On The Prince #14 1,737 #14 3/3
173568 T A 669 4-5-4-5-17-15 FS $470,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
191060 T A 362 4-5-4-5-13-4 FS $499,000- Kamahana #4 1,145 #4 2/2
200357 T A 166 4-5-4-5-23-42 FS $576,000- Plantation At Princeville #1112 1,153 #1112 2/2
189728 T A 376 4-5-4-5-12-19 FS $599,999- Sealodge Ii #H1 556 #H1 1/1
200456 T A 164 4-5-4-12-11-14 FS $1,749,000- Puu Poa #114 2,065 #114 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.
For new listings, we have two more developer's Kai'ulani's on the market, units 59 and 70. It looks like these may have been previously in escrow and fallen out for some unknown reason. Two more resale Kai'ulani's came on the market at the same time: Kai'ulani #67 which was purchased for $895K on 11/08 and priced at a 22% increase at $1,095,000 along with #72 which gathered even more appreciation, 51%, since it's purchase in 4/07 for $857,2270 and is now listed for $1,295,000! If you are looking to buy a Kai'ulani you now have several more to choose from...
Plantation #511 is not all that new, having been previously listed for 255 days starting at $635K in 12/06 and reducing to $595K before the listing was withdrawn and relisted with a new agent at $565K. During the life of the previous listing, the unit was in escrow from 5/20/07 to when it was withdrawn on 9/6/07. My guess would be that it fell out of escrow and the disappointed seller withdrew the unit to take a break. Buying and especially selling is hard on the clients- very emotional and sometimes stress filled. Taking a break is not that uncommon.
Emmalani Court #314 is also a new listing, and was purchased in 12/94 for $330K. At last, a seller who has equity! Continuing on, Sealodge E10, now listed for $759K was purchased 9/03 for $499K. Finally, we have Cliffs #6306 which was purchased on 11/05 for $895K and is now listed for $945K. Interestingly, when this unit sold in 11/05, it was only on the market for 14 days. How times have changed!
Back on the market after the listing expired is Sealodge unit H1, purchased in 8/05 for $560K. This unit started at $749K in 5/07 and was reduced from $633K to the current price of $599,999 on 2/8/08. There must some magic in the number nine for this seller. You'll also see this property listed under price changes as the seller reduced when they continued the listing
Our only property to go into escrow is the fractional share of Plantation #621. If you want a fractional in this complex, this unit is priced the same as the 2 bedroom, 2 bath Plantation that is currently listed. The only sale this week is yet another developer Kai'ulani sale.
Of course, the largest catagory is always the price changes, which are all reductions. Villas on the Prince #14 went from $885K to $869K, from an all time high of $1,050,000. This unit was purchased in 6/03 for $570K. Ali'i Kai 9G was reduced from $570K to $470K. Now that's a price reduction that get's your attention. 9G was purchased in 12/99 for $151K so they can certainly reduce to sell this unit if necessary
Kamahana #4, purchased in 9/05 for $499K went from $549K to $499K having started out at $559K. This seller will certainly be taking a loss on this unit. Plantation 1112 was purchased for $430K in 11/05 and was reduced from $576K to $575,900. This unit has been minimally reduced several times this week just to keep it on the daily update page of the MLS. Pu'u Po'a #114, purchased 3/05 for $1.4M was only on the market 24 days and was listed for $1,388,000 at the time. It was previously listed for 116 days in 3/07 for $1.975M after which the seller became licensed and listed the unit themself for $1.849M. It was reduced a full $100K to $1.749M.
Everyone always asks about Princeville houses too, so I will continue providing a weekly update as a courtesy. If time permits, I will give the "behind the scenes" info on these properties too. Just remember, whether or not I have time to "research" houses in my blog, I am always available to research any property Islandwide at your request. Here's this week's Princeville house update:
Copyright 2/10/2008 by Hawaii Information Service
NEW LISTINGS
206835 RS A 6 4-5-4-9-58 FS $995,000 5345 Honoiki Rd 10,005 sqft 2,572 3/2
206454 RS A 5 4-5-4-16-65 FS $1,345,000 4465 Emmalani Dr 10,896 sqft 2,122 3/2
CONTINGENT SALES
203965 RS C 82 4-5-4-20-3 FS $1,199,000 5121 Kapi'olani Loop 30,742 sqft 1,989 3/2.5
198602 RS C 60 4-5-4-16-86 FS $1,290,000 4114 Nalani Ln 12,012 sqft 4,000 4/4
WITHDRAWN
204102 RS W 73 4-5-3-12-42 FS $1,195,000 4046 Aloalii Dr 8,041 sqft 1,603 2/2.5
196002 RS W 266 4-5-4-23-24 FS $888,000 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
204206 RS W 49 4-5-4-20-27 FS $890,000 5142 Iolani Pl 8,641 sqft 1,562 3/2
PRICE CHANGES
197400 RS A 235 4-5-3-11-46 FS $2,195,000+ 4140 Aloalii Dr 18,188 sqft 3,469 3/3
192103 RS A 341 4-5-4-24-5 FS $899,000+ 4200 Waileia Pl 9,639 sqft 1,928 3/2.5
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
5345 Honoiki is a new listing, which was purchased 11/01 for $305K. 4465 Emmalani, now listed for $1.345M was previously listed for 364 days for $1.5M and was purchased 5/04 for $845K.
It may look like 5121 Kapiolani went quickly into escrow with only 82 days on the market, but look again. This home was first listed in 7/05 for 180 days, starting out at $2.250M and ending at $1.799M. It was then relisted for 384 days in 1/06 starting again at $1.799M and reducing to $1.560. It was listed a third time (they say the third time is a charm...) in 4/07 for 222 days from $1.556M to $1.389M. It was relisted with the current agent who started at $1.389M but reduced down to $1.199M before it went into escrow this past week.
Now - some people would look at this and say the bottom is falling out of the market. However, I don't see it that way at all. Here I go out on the limb again with my ever present opinion but I would say : Considering that the seller bought this house in 6/05 for $1.050 it has been overpriced for a long long time. This seller tried to flip a house just when the market started turning. It was first listed 7/27/05 for $2.250M. Hmmm, quite a bit of appreciation in one month's time. When you start to look at the timeline, you see that the market is just fine....the house was simply overpriced- a lot!
Moving right along to Nalani, this home was built in 2004 with the last purchase being that of the land for $135K in 5/01. The house was initially priced at $1.575M but this astute seller quickly dropped to $1.290M and successfully found a buyer with only 60 days of market time.
As for 4046 Aloali'i, this home is currently under construction and came on the market at $1.989M, the reduced to $1.895M before being increased this week to $2.195M. I guess if it doesn't sell for less, you can try selling for more. No really, in all fairness, the seller probably figures that now that the house is beginning to take shape, buyers are able to get a better feel for the house as opposed to when it was just being sold from house plans.
An finally we have the saga of 4200 Waileia Place. This golf course home was purchased 7/05 for $820K and listed 3/07 for $999,995. During its 342 days on the market, the home was reduced several times, until it was finally at $799K. At that point, it was reduced another $100K to $699K and the comment that it was a short sale subject to lender approval was added to the listing remarks. Now, after considerable interest at that attractive price, it has suddenly found new life and rebounded to $899K. What isn't clear is if it is still a short sale, as that language is no longer in the remarks section of the listing. Like I said before, if it won't sell for less, try try selling for more.
Until next time,
Aloha Elaine
Elaine Schaefer (R, GRI, ABR)
Broker in Charge - Princeville Resort Office
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
......you can have your own piece of paradise
ask me how!
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