Aloha,

Let's get right to it. Here is your update for last week:

Copyright 4/27/2008 by Hawaii Information Service

NEW LISTINGS
210071 T A 4 4-5-4-12-2-34 FS $490,000 Hale Moi #214 1,033 #214 1/2
210522 T A 2 4-5-4-12-2-16 FS $499,500 Hale Moi #116 1,033 #116 1/2
210504 T A 2 4-5-4-15-21-59 FS $529,900 Sandpiper Village I #222 1,173 #222 3/2.5

BACK ON THE MARKET
176670 T A 733 4-5-4-5-16-57 FS $799,000 Alii Kai At Hanalei #7202 886 #7202 2/2

CONTINGENT SALES
200357 T C 243 4-5-4-5-23-42 FS $525,000 Plantation At Princeville #1112 1,153 #1112 2/2
206801 T C 78 4-5-4-5-7-48 FS $759,000 Princeville Sealodge #E10 633 #E-10 1/1

SALES
152081 T S 0 4-5-3-6-22-16 FS $2,100,000 Kaiulani Of Princeville #16 2,861 #16 3/3.5
SOLD 4/21/2008 for $2,127,240 (CASH, CNV) DOM 0

UNDER CONTRACT
209956 T U 14 4-5-4-11-3-42 FS $1,298,000 Hanalei Bay Resort #L38 1,324 #L38 2/2

EXPIRED
203022 T X 183 4-5-3-11-1-30 FS $799,000 Villas On The Prince #30 1,761 #12-30 3/3

WITHDRAWN
189454 T W 458 4-5-4-5-3-24 FS $459,000 Princeville Paniolo #211 1,058 #211 1/2
173096 T W 763 4-5-4-12-9-24 FS $895,000 Pali Ke Kua Iii #234 1,135 #234 2/2
206852 T W 84 4-5-4-6-1-29 FS $899,000 Villas Of Kamalii #29 1,825 #29 3/3

PRICE CHANGES
201428 T A 220 4-5-4-5-3-16 FS $495,000- Princeville Paniolo #116 1,058 #116 1/2
206939 T A 84 4-5-4-12-10-16 FS $600,000- Emmalani Court #314 1,192 #314 2/2
198466 T A 276 4-5-4-5-4-14 FS $649,000- Ka'eo Kai Ph I #4B 2,100 #4B 3/3
207020 T A 69 4-5-4-5-7-13 FS $659,000- Princeville Sealodge #B5 748 #B5 2/2
199861 T A 256 4-5-4-5-23-60 FS $695,000- Plantation At Princeville #1522 1,318 #1522 3/3

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

There are no new listings this past week despite the fact that it would appear otherwise. All three new listings have been been previously listed, starting with Hale Moi #214, listed this time for $490K and previously listed from 6/07 to 3/08, starting at $580K and ending at $520K. It was purchased in 5/06 for $606,500. Ouch! I have to hand it to this seller - at least they realize it is a buyer's market and have priced accordingly. Hale Moi #116 also came back on the market, having been previously listed from 2/06 to 6/06 for $649K and reducing down to $627K before it was withdrawn. It was relisted with another agent from 3/07 to 3/08, going from $599K to $525K before being withdrawn yet again. Unit #116 was purchased in 10/04 for $459K. Of all the Hale Moi's on the market, #214 appears to offer the most value for the dollar. Here are the current listing: (there are no sales in Hale Moi in 08 nor any units in escrow.)

Copyright 4/26/2008 by Hawaii Information Service

210071 T A 6 4-5-4-12-2-34 FS $490,000 Hale Moi #214 1,033 #214 1/2
204020 T A 152 4-5-4-12-2-28 FS $495,000 Hale Moi #208 1,033 #208 2/2
210522 T A 4 4-5-4-12-2-16 FS $499,500 Hale Moi #116 1,033 #116 1/2
209061 T A 38 4-5-4-12-2-6 FS $524,000 Hale Moi #106 1,033 #106 2/2
193722 T A 386 4-5-4-12-2-35 FS $529,000 Hale Moi #215 1,033 #215 1/2
200231 T A 238 4-5-4-12-2-30 FS $535,000 Hale Moi #210 1,033 #210 1/2
198438 T A 284 4-5-4-12-2-31 FS $550,000 Hale Moi #211 1,033 #211 1/2

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

Keep in mind that all the units that start with a "2″ are upstairs units while those starting with a "1″ are downstairs. The upstairs units have vaulted ceilings and a "loft" bedroom although you'll see that most of the upstairs listings still show as 1 bed / 2 bath because of the openess of the upstairs "bedroom" and the absence of a closet. Nevertheless, it is an additional area that can be used for "sleeping space," a small office, meditation room etc.

Moving right along to Sandpiper 222- this unit was listed for a few week in 9/06 at $574K when it was withdrawn. Given the recent sales of upstairs units, at the current price of $529,900 this unit is well above the market. It was purchased in 9/05 for $474,230 which is still more than what the recent sales have been.

Ali'i Kai 7202, which is owned by real estate agents, is back on the market at it's same price of $799K adding to the already extensive market time of 735 days. Since the current owners paid $155K for this back in the day, there's no real motivation to sell.

I'm delighted to report that two properties went into escrow: one is Plantation 1112 at $525K which looked like a bargain to me when they reduced down from $550K to $525K on 4/11. At that time, I said it should go quickly as it is beautifully furnished, painted with custom colors and is an existing vacation rental. This seller is the original owner, having paid $430K in 11/05. Sealodge E10 also went into escrow after only 78 days on the market. This unit was purchased in 9/03 for $499K and will turn out to be a nice investment for this owner.

A Ka'iulani developer's sale of unit #16 for $2,127,240 was the only sale this week. Hanelei Bay Resort L38 certainly bucked the trend by finding a buyer after only 14 days on the market. Listed at $1.289M, this unit was purchased back in 4/99 for - are you ready for this? - $250K! Don't you wish now that you'd bought one or two of these?

Villas on the Prince #30 expired but you'll see in next week's update that it came right back on the market. The seller of Paniolo #211 decided to withdrawn after no bites on their unit priced at $459K as did the owner's of Pali Ke Kua #234, listed above the market at the $895K with 763 days on the market and Villas of Kamali'i #29 who withdrew after only 84 days.

As for price reductions, let me just say this: If you're going to do one, make it big. If you don't like big reductions, then hold off on the little ones you want to make and save them for one big one. In today's market, with so many listings, (many of them overpriced) and so few buyers, it just does not attract much attention when you reduce by $10K or $15K. I'm guilty of "small reductions" myself, after all, as agents, we are required to do as directed by our clients, but if I have any input, I'll always suggest going big - at least $50K. Get someone's attention. I still remember the $200K price reduction last year in Pali Ke Kua of unit 105 where the price went from $995 to $795K and got a buyer within a matter of days. Granted, the unit was dramatically overpriced but to see that price reduction come through was simply awesome. That was a brave seller and it got them what they wanted most, a buyer- at full price too! Full price of $795K that is!

On to this week's price changes. At least they are all reductions with no one being so "optimistic" as to price up. Let's see who the reduction winner is this week: Starting with Paniolo 116 which went from $505K to $495K. Nothing to write home about. This unit was purchased in 6/05 for $455K. This is one of only 6 free standing cottages in Paniolo, located off of Wyllie and away from Ka Haku, which is the main road in Princeville. Certainly something to consider.

Moving right along, we have Emmalani Court 314 that went from $670K to $600K. Now that's what I'm talking about! Got my attention. The unit was purchased in 12/94 for $330K so they'll still come out ok. Ka'eo Kai #4B went from $667K to $649K, having been purchased in 6/06 for $635K. No room there....

Sealodge B5 went from $699K to $659, and sold for $220K in 12/99. And finally we have Plantation 1522, dropping from $739K to $695K with a purchase price from the developer in 3/06 of $536,066.

That's it for last week. Below are the Princeville homes update:

Copyright 4/26/2008 by Hawaii Information Service

NEW LISTINGS
209886 RS A 5 4-5-4-16-5 FS $1,995,000 4076 KEKAULIKE LN 9,947 sqft 3,429 3/4

CONTINGENT SALES
188351 RS C 479 4-5-4-17-2 FS $994,000 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5

WITHDRAWN
204680 RS W 120 4-5-4-19-25 FS $1,295,000 5137 Napo'okala Cir 15,482 sqft 2,288 3/2
204791 RS W 124 4-5-4-16-10 FS $1,299,000 4089 Kaahumanu Pl 13,578 sqft 2,468 3/3.5

PRICE CHANGES
200621 RS A 246 4-5-4-21-7 FS $1,285,000- 3770 Cr Kaweonui Rd/Albert 10,737 sqft 2,184 3/2.5
205770 RS A 108 4-5-4-13-29 FS $3,999,000- 3565 Kaweonui Rd 13,089 sqft 2,614 4/4.5

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

It's interesting to take note of the Emmalani house at $994K that went into escrow. This is a large golf course home that started out at $1.375M 479 days ago, and finally reduced down from $1.128M to $995 on 3/5/08, then dropped another $1K on 3/21/08 and found a buyer a month later.

My favorite house is 3565 Kaweonui which reduced from $4.35M to $3.999M. I so wish I had a buyer for this property, it is just spectacular. I've seen too many homes that are overdone, and overstated, often resulting in a home that is just "too much." Not the case here! Kaweonui offers commanding ocean views throughout, yet possesses an air of quiet elegance and calm. It is very welcoming without being pretentious or overstated. The agent had it open over the weekend and I stopped in just in time to see the whales splashing and spouting. This really is the view from this home:

In fact, I had just walked back from this beach which sits below the bluff where the home is located:

Yes, I do like this house. I also love the neighborhood, as my home was just around the corner from this property. (No, I was not perched on a bluff- I did have an ocean view but not like this...) It's a great neighborhood - If you're looking for an ocean view property, may I recommend this one. Call or email for more details or for info on any other property. In the meantime, enjoy your week!

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!