Aloha,
I hope you've been enjoying the Olympics as much as I have. So many world records are being broken!!! As for real estate, I can't say that the same has been happening - in fact, it's been relatively quiet although I've been out with a few buyers looking for properties on the low end. I suspect as we head into Sep those seeking a bottom line bargain will only grow. This week I'm seeing more and more price reductions that are hitting new lows -first time in a long time a Cliffs unit has been in the $300's and a Pu'u Po'a was listed for less than the recent sales. Read on:
Copyright 8/17/2008 by Hawaii Information Service
NEW LISTINGS
214620 T A 5 4-5-3-6-22-39 FS $1,761,000 Kaiulani Of Princeville #39 2,479 #39 3/3
214782 T A 2 4-5-4-15-21-49 FS $429,000 Sandpiper Village I #212 1,173 #212 2/2.5
214741 T A 6 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 #1712 2/2
214607 T A 6 4-5-4-12-9-9 FS $699,000 Pali Ke Kua #13 1,135 #13 2/2
214768 T A 4 4-5-4-5-12-35 FS $728,000 Sealodge Ii #J8 743 #J8 2/2
214777 T A 6 4-5-4-11-3-13 FS $1,125,000 Hanalei Bay Resort #C15 aka #4104/5/6 1,705 #C15 3/3
214847 T A 5 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2
UNDER CONTRACT
210613 T U 103 4-5-4-5-24-100 FS $731,500 Nihilani At Princeville Resort #34A 1,874 #34A 3/2.5
EXPIRED
199692 T X 367 4-5-4-5-39-12 FS $499,000 Cliffs At Princeville #1202 917 #1202 1/2
188728 T X 573 4-5-4-5-39-55 FS $589,000 Cliffs At Princeville #2305 1,137 #2305 2/2
WITHDRAWN
205973 T W 212 4-5-3-6-22-48 FS $1,799,000 Kaiulani Of Princeville #48 2,476 #48 3/3
208089 T W 168 4-5-4-5-24-43 FS $575,000 Nihilani At Princeville Resort #15A 1,406 #15A 2/2
193033 T W 513 4-5-4-5-23-3 FS $785,000 Plantation At Princeville #121 1,318 #121 3/3
PRICE CHANGES
214620 T A 5 4-5-3-6-22-39 FS $1,761,000+ Kaiulani Of Princeville #39 2,479 #39 3/3
207661 T A 176 4-5-4-5-4-5 FS $363,000- Ka'eo Kai Ph I #5A 1,503 #5A 2/2
210027 T A 133 4-5-4-5-30-6 FS $380,000- Princeville Mauna Kai #F6 1,400 ##5 3/2
183571 T A 686 4-5-4-5-3-7 FS $395,000- Princeville Paniolo #107 1,058 #107 1/2
204804 T A 66 4-5-4-5-39-33 FS $399,000- Cliffs At Princeville #2103 917 #2103 1/2
211709 T A 47 4-5-4-5-18-97 FS $429,000- Puamana #26D 1,532 #26D 2/2
205172 T A 234 4-5-4-5-13-13 FS $539,000- Kamahana #13 2,073 #13 3/2
212856 T A 52 4-5-4-5-24-42 FS $649,000- Nihilani At Princeville Resort #14C 1,874 #14C 3/2.5
204435 T A 256 4-5-4-12-10-41 FS $719,000- Emmalani Court #524 1,192 #524 2/2
212736 T A 25 4-5-4-5-16-48 FS $975,000- Alii Kai At Hanalei #5304 1,085 #5304 2/2
211712 T A 86 4-5-4-11-3-7 FS $1,089,000- Hanalei Bay Resort #B13 1,324 #9123/4 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.
First up is another Ka'iulani 39 which sold for $1,503,600 in 3/07 and comes on the market at $1.761M. With so many other Ka'iulani sellers trying unsuccessfully (so far) to flip their units, it will be difficult for this seller to see a profit. Sandpiper 212, an upstairs unit, is listed for $429K. Currently a vacation rental, this unit sold in 12/04 for $400K. Plantation 1712 comes on the market this week at $578K. This condo sold for $515K in 2/08 on a short sale. When the current seller bought 1712 it had been on the market for 522 days and started out at a list price of $798K. It will be interesting to see if he can "flip" it with the new list price of $578K.
Pali Ke Kua 13, purchased for $121K in 8/96 came on the market at $699K. Although less than the other fee simple units, #13 does not offer ocean views. Sealodge J8 is listed for $728K and was purchased for $323K in 10/01. J6, also a 2 bed/ 2 bath just sold for $695K in 5/08 so this pricing is not out of line. Hanalei Bay Resort 4104/5/6 was purchased for $950K in 6/08. This is another unit that started high at $1.350M, then reduced to $1.2M and finally to $995K at which time it found a buyer. These owners are selling the unit basically as they bought it - this is a unit that has great views but need major updating. It will be interesting to see if this can be "flipped" also. Pu'u P'oa 103 comes on the market well below recent sales listed at $1,399,999. Selling for $695K in 7/03, this unit has been updated and has straight out views onto the ocean. It does not offer the Bali Hai views seen from some of the Pu'u Po'a properties.
One property went under contract and that is a developer's Nihilani unit 34A for $731,500. Seeing as resales are as low as $649K, I hope this buyer pressured the developer for some good price concessions.
Two Cliffs units expired - unit 1202 which sold for $409K in 3/06 and 2305 which sold for $680K in 6/06. Neither of these units had much room for negotiating and perhaps will decide to wait for a more seller favorable market.
Several units were withdrawn: Ka'iulani 48 which sold for $1,502,610 in 9/07; Nihilani 15A which sold for $664,085 in 4/06 and Plantation 121 which sold for $488,993 in 5/05. Only the Plantation unit had any hope of being in the positive at the conclusion of the sale.
As for reductions: Ka'iulani 39, purchased in 3/07 for $1,503,600 (a new listing this week) shows an increase but does indicate the amount of upward movement. Ka'eo Kai 5A went from $369K to $363K while Mauna Kai #5 went from $399K to $380K putting both of these units in short sale territory. 5A sold or $200K in 8/02 (obviously there's been some refinancing along the way) while #5 sold for $431,650 on 11/04. Paniolo 107 fell from $465K to $395K and last sold for $475K on 9/05. Cliffs 2103 is also a short sale, reducing this week from $479K to $399K. This unit was purchased for $50K in 12/98 as a leasehold then converted to fee simple in 6/03 for $63K. Again, there must have been some refinancing on this property.
Puamana 26D went from $449K to $429K and last sold for $401K in 10/04. Kamahana 13, which sold for $640K in 10/05 reduced from $589K to $539K while Nihilani 14C, purchased for $706,310 in 3/06 went from $698K to $649K. Emmalani Court 524 declined from $749K to $719K, last selling for $700K in 7/07. Ali'i Kai 5304 reduced from $1.15M to $975K and was purchased for $135K in 1/87. And finally we have Hanalei Bay Resort 9123/24, which was purchased for $304,800 in 6/04. This unit reduced from $1.095M to $1.089M.
As for Princeville Homes, not too much is happening. There are only 4 homes in all of Princeville currently in escrow and two of them are my listings. (Yippee) I hope to see all four close successfully and look forward to many more going into escrow as prices continue to soften.
Here is your Princeville home update:
Copyright 8/17/2008 by Hawaii Information Service
NEW LISTINGS
214882 RS A 2 4-5-3-12-33 FS $1,825,000 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
CONTINGENT SALES
208005 RS C 164 4-5-4-13-54 FS $839,000 3646 Keoniana Rd 11,539 sqft 1,578 3/2
SALES
200647 RS S 245 4-5-4-14-8 FS $2,385,000 3762 Keli'i Pl 21,627 sqft 3,850 5/4.5
SOLD 8/8/2008 for $1,950,000 (CASH) DOM 245
UNDER CONTRACT
207210 RS U 148 4-5-4-16-87 FS $739,000 4120 Nalani Ln 11,740 sqft 1,725 3/2
EXPIRED
206819 RS X 172 4-5-4-8-4 FS $925,000 3921 Punahele Rd 11,872 sqft 1,556 3/2
WITHDRAWN
199159 RS W 402 4-5-3-12-33 FS $1,865,000 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
167523 RS W 990 4-5-4-16-19 FS $769,000 4064 Kaa'humanu Pl 12,058 sqft 2,489 2/3
204270 RS W 247 4-5-4-20-25 FS $799,000 5143 Iolani Pl 10,907 sqft 2,224 3/2
PRICE CHANGES
197400 RS A 424 4-5-3-11-46 FS $1,794,000- 4140 Aloalii Dr 18,188 sqft 3,469 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.
I'm seeing more and more good buys and still feel NOW, not later, is the time to buy. Why? Because now buyers have leverage on the sellers since sales are so slow. Once the sales pick up the tide will turn quickly and the prime chance we see now for real negotiating on the part of the buyers will quickly diminish as those who have been sitting on the fence waiting for the invisible bounce scramble to get a piece of the action as prices inch upward again. Buy now and get the property you want-Call or email before you do so you have all the facts. That's your update for this week.
Aloha, Elaine
This is a picture at the St. Mary's end of Glacier National Park where we found this beautiful hotel. Looks like a great place to stay especially if you're into hiking!
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!
Comments(0)