Aloha,
It's that time of the week AGAIN. Time for your weekly update. Maybe this week seems shorter because I was on Oahu Tues through Thursday afternoon. As expected, there were no crowds at the restaurants, the movie theatre or at Ala Moana Shopping Center. Hopefully, as we get closer in to the holidays (which will undoubtedly get here before you know it) all that will change. I always enjoy a run over to Oahu - for me it's actually very relaxing. I never rent a car, choosing instead to either take the City Bus or a limo (depending on how much time I have to get to my destination) to my Ocean Front hotel, the Hawaii Prince.
All the rooms in the Prince overlook the ocean which is why I like it so much plus they usually have Kama'aina rates if you call early enough. The location is ideal for me; a short walk to the heart of Waikiki, an easy stroll to fabulous shopping at Ala Moana or go a short distance further to the Ward 13 Theatres. It's all good. If you want more info on a "relaxing" no car needed Honolulu / Waikiki stay, just ask. Here is your update for this week:
Copyright 10/11/2008 by Hawaii Information Service
NEW LISTINGS
216706 T A 4 4-5-4-5-3-3 FS $349,895 Princeville Paniolo #103 1,058 #103 1/2
216532 T A 1 4-5-4-5-18-87 FS $497,000 Puamana #24B 1,700 #24B 3/2
216508 T A 2 4-5-4-5-18-38 FS $499,500 Puamana #11A 1,312 #11A 2/2
216718 T A 4 4-5-4-5-24-50 FS $565,000 Nihilani At Princeville Resort #17B 1,567 #17B 2/2.5
BACK ON THE MARKET
209061 T A 187 4-5-4-12-2-6 FS $524,000 Hale Moi #106 1,033 #106 2/2
176670 T A 861 4-5-4-5-16-57 FS $675,000 Alii Kai At Hanalei #7202 886 #7202 2/2
CONTINGENT SALES
183269 SH C 782 4-5-4-5-23-30 FS $165,000 Plantation At Princeville #812 1,153 #812 2/2
211258 T C 152 4-5-4-5-3-19 FS $349,900 Princeville Paniolo #204 1,058 #204 1/2
215386 T C 42 4-5-4-6-1-16 FS $945,000 Villas Of Kamalii #16 1,761 #16 3/3
SALES
211203 T S 107 4-5-4-5-13-9 FS $435,000 Kamahana #9 1,759 #9 2/2
SOLD 10/10/2008 for $435,000 (CNV) DOM 107
EXPIRED
179830 T X 480 4-5-4-5-16-34 FS $995,000 Alii Kai At Hanalei #4302 1,086 #4302 2/2
WITHDRAWN
202473 T W 353 4-5-3-6-22-27 FS $1,850,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5
183270 SH W 780 4-5-4-5-23-30 FS $165,000 Plantation At Princeville #812 1,153 #812 2/2
183266 SH W 780 4-5-4-5-23-30 FS $165,000 Plantation At Princeville #812 1,153 #812 2/2
183271 SH W 780 4-5-4-5-23-30 FS $170,000 Plantation At Princeville #812 1,153 #812 2/2
183267 SH W 780 4-5-4-5-23-30 FS $170,000 Plantation At Princeville #812 1,153 #812 2/2
174822 T W 862 4-5-4-12-9-28 LH $335,000 Pali Ke Kua Iii #238 993 #238 1/1.5
183571 T W 738 4-5-4-5-3-7 FS $395,000 Princeville Paniolo #107 1,058 #107 1/2
185484 T W 737 4-5-4-5-16-53 FS $789,500 Alii Kai At Hanalei #7102 886 #7102 2/2
PRICE CHANGES
207580 T A 229 4-5-3-11-1-20 FS $899,000- Villas On The Prince #20 1,767 #20 3/3
209244 T A 194 4-5-3-6-22-63 FS $975,000- Kaiulani Of Princeville #63 1,901 #63 2/2.5
210822 T A 99 4-5-4-5-13-28 FS $399,000- Kamahana #28 1,145 #28 2/2
212284 T A 115 4-5-4-15-21-64 FS $449,000- Sandpiper Village I #227 1,173 #227 2/2.5
183699 T A 771 4-5-4-5-23-25 FS $619,000- Plantation At Princeville #711 1,153 #711 2/2
176670 T A 861 4-5-4-5-16-57 FS $675,000- Alii Kai At Hanalei #7202 886 #7202 2/2
215880 T A 24 4-5-4-5-16-33 FS $899,000- Alii Kai At Hanalei #4301 1,086 #4301 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.
Paniolo 103 is the first new listing, although it was previously listed from 3/07 to 2/08 for $455K. Fortunately, the new listing also has a new low price of $349,895 which is well below the $410K they paid in 4/05. Puamana 24B has also been listed before, once from 4/16 to 6/06 for $617K and again from 5/08 to 7/08 for $527. This oversized Puamana also has a new low price of $497K and was purchased for $375K in 2/05. #24 is my listing, and I have to say, with the addition of a loft bedroom, it offers more square footage for the money than other Puamana units currently listed. Check it out. The final new listing is Nihilani 17B, purchased for $637,113 in 7/06 and listed for $565K! This is the two bedroom Hoku model which can be converted to a three bedroom by enclosing the downstairs family room.
Hale Moi 106 and Ali'i Kai 7202 are both back on the market. Hale Moi, purchased for $485K in 10/05 had expired, whereas Ali'i Kai had been withdrawn. 7202 comes back on the market with a reduction from $725K to $675K which appears easy to accommodate as it was purchased in 1/88 for $115K. (Hard to believe, isn't it?)
Despite all the financial market meltdown, we have three units in escrow this week. Is this some indication that investors are now turning back to real estate as the stocks take their plunge? Let's hope so! Plantation 812 finally found a "fractional buyer" after 782 days on the market. Proof that patience pays off! The unit was purchased for $729K in 6/06. For some reason, the other fractional interests show as withdrawn further on in this update. Paniolo 204 found a buyer listed at $349,900 after only 152 market days. This unit sold for $337,500 in 6/04 meaning that this seller is headed towards a loss. Villas of Kamali'i 16 went into escrow in record time of only 42 days. I saw this unit on broker's caravan and thought it was absolutely beautiful with custom paint and lighting throughout. It is listed at $945K and was purchased for $511,365 in 8/03.
Kamahana 9 is the only sale, closing at $435K which also appears to be the list price. I say appears because this unit actually came on the market at $535K on 5/7/08 then dropped a full $100K on 8/18/08 before finally going into escrow at "full price." A $100K price drop is bound to get someone's attention and certainly signals that you are a serious seller.
Ali'i Kai 4302 expired after an amazing 480 days on the markets. This unit started out at $1.3M with the last price reduction occurring on 5/07, at which time it went from $998,500 to $995K. Seriously, if you are going to reduce, make it worth your while. Since it was purchased in 4/99 for $150K, I would say these sellers are really not motivated to sell otherwise you would have seen many more price reductions along the way.
Several units were withdrawn: Ka'iulani 27, which was recently purchased in 8/07 for $1.650M comes off the market with 353 market days under its belt at a list price of $1.850M. This unit started out at $1.965K in 10/07. Didn't anyone mention we have been in a soft market for the past year or so?
Plantation 812, a fractional, pulled four segments off the market after 780 day. Pali Ke Kua 238 finally gave up after an amazing 862 market days. I tried numerous times to sell this unit but as leasehold, it just didn't happen. This seller sure tried to sell, starting out at $699K in 4/06 and moving down from that price. They paid $369K in 5/04. Paniolo 107, purchased for $475K in 9/05 withdrew after 738 market day with a final list price of $395K. This unit started out at $525K. Ali'i Kai 7102 was withdrawn after only 737 days, having been purchased in 5/05 for $652K. It started out at $885K and reduced less than $100K over the life of the listing. I think it's safe to say that not one buyer found value in any of these properties at the list price. That's what I call a clue. If you have your property on the market for over a year and no one is buying, you need a serious reduction or major upgrade! (Or a different market than the one you are currently operating in!)
There were several price changes this week. Villas on the Prince 20, purchased for $495,172 in 3/02 went from $955 to $899K, Ka'iulani 63, purchased for $975K in 3/08 went from $985K to $975K (heading for a tax write off) while Kamahana 28, which sold for $599K in 4/06 went from $450K to $399K. Sandpiper 227, purchased for $250K in 10/02, went from $489K to $449K; Plantation 711, which sold for $455,402 in 9/05, went from $655K to $619K; Ali'i Kai 7202, purchased in 1/88 for $115K went from $725K to $675K while Ali'i Kai 4301, purchased in 6/06 for $1,157,500 went from $919K to $899K. Wow. That sale price makes it the most expensive Ali'i Kai ever sold!
Now for your home update:
Copyright 10/11/2008 by Hawaii Information Service
NEW LISTINGS
216647 RS A 5 4-5-4-18-17 FS $720,000 4725 Emmalani Dr 10,248 sqft 1,388 2/2
216583 RS A 3 4-5-4-13-63 FS $980,126 3737 Albert Rd 10,665 sqft 2,219 3/2
SALES
208005 RS S 159 4-5-4-13-54 FS $839,000 3646 Keoniana Rd 11,539 sqft 1,578 3/2
SOLD 10/8/2008 for $760,000 (CNV) DOM 159
EXPIRED
209931 RS X 183 4-5-4-18-22 FS $749,000 4163 Kalani Pl 9,802 sqft 1,755 2/2
WITHDRAWN
193191 RS W 568 4-5-4-17-14 FS $2,098,000 4825 Emmalani Dr 12,290 sqft 3,112 4/3.5
PRICE CHANGES
213870 RS A 79 4-5-4-6-12 FS $655,000- 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
188351 RS A 621 4-5-4-17-2 FS $894,000- 4959 Emmalani Dr 10,875 sqft 2,682 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.
I just want to comment on the sale of 3626 Keoniana which was my listing. This home was listed for $839K and closed for $760K, or so it appears. Actually, this home came on the market at $924K then dropped to $894K. When that didn't work, it went to $875K. Finally, the last reduction of $875K to $839K brought in the buyer. I want to thank these sellers for getting real and taking action. It takes a brave seller to make an additional $36K price reduction after all the previous ones. Even with these price reductions, it took 159 days to close this sale.
I know I make comments about overpriced listings and extensive days on the market each week as I write this update. My comments are not intended for the list agent but rather for the property owners. As agents, we can only do what instructed to do by our client-and I too have had my share of overpriced listings and units that sit endlessly on the market, but unless and until our clients are willing to take action, there is nothing that we, as agents, can do. We can only educate, inform, suggest, advise, hint, plead, beg, cry for mercy.....but if the property is not selling, if it has had adequate market exposure (and I don't mean 3 years worth) and there have been no offers, that's what I call a CLUE! It really doesn't matter what you, the seller, think your house is worth so stop beating up your agent and do what is needed - REDUCE, REDUCE, REDUCE. Enough said.
Until next 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!
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