December 2008 Kauai REO Foreclosure Update

Foreclosure Activity lulled for a little bit and then picked up on Kauai last month. Here is this month’s update with commentary after:

Listed since November updates:

1.2242 Ioela St.,Kilauea, 3 bedroom 2 bath home with enclosed garage studio. Has curb appeal. Originally listed at $493,500 already reduced to $468,900. Photo above.
2.Regency at Huleia. Newer 2 bedroom 2.5 bath town home in Lihue. Granite slab countertop in kitchen, and other upgrades. Pool on project Listed at $415,625.

Still Listed with price updates:

1.Kauai Beach Resort #1331. Ocean view condo at the Kauai Beach Resort (Hilton) REDUCED $185,900. MLS#217159 Chase REO
2. 4031-(off Koloa Rd) aka 4062 Blackstad Rd, Koloa.2 homes and a cottage on 1.28 acres in Lawai. MLS#213597 Fixer $629,900.
3. HaleLani Village at Puhi #Z101. 2 bedroom 2 bath condo for $220,000. Owned by Fannie Mae. MLS#217388
4. Emmalani Court #412, Princeville. 2 bedroom 2 bath condo owned by FannieMae $560,000. MLS#216880
5. 4540 Waiakalua St., Kilauea. This 3 bedoom 2 bath home is located on 2 acres of Fruit bearing trees in the Kilaua Farms subdivision on the north shore. Priced at $729,900 MLS#217182. See previous blog for photos.
6. 5013-D Moa Road, Kapaa. An incompleted craftsman house. See October 2008 blog for photos. $300,000. MLS#216449
7. 276 Makani Road, Wailua House lots. Two dwellings on this property and a lot of illegal units reduced to $449,900. MLS#2163504.
8. 5143 Iolani Pl, Princeville. 3/2 home in Princeville. Owned by Countrywide Reduced to $768,900. MLS#2170175.
9.4588 Kuilei St, Lawai, 3/2 home in Lawai Valley Estates. Reduced to $388,959 MLS#215332
10. 2469 Keneke St, Kilauea 4 bedroom 2 bath 3080 sq.ft. home. MLS#211611 Reduced to $519,500.
11. Islander on the Beach #321. studio oceanview unit. $179,500. MLS#217190
12. 2469 Keneke St, Kilauea, 4 bedroom 2 bath 3080 sq.ft. home. MLS#211611 Reduced to $519,500.

In Escrow:
1. 1730 PuuKaa St, Kapaa, 3/2 home owned by Wells Fargo.
2. 4313 Maka Road, Kalaheo 3/2 bedroom for $421,900. Owned by Countrywide.
3. 1632 Elika Place. 3/2 home in Kapaa.
4. 6340 Kaahele St, Wailua Homesteads. Reduced to $399,900 MLS#214615 This is by far a good deal. Offer pending senior management approval.
5. HaleLani Village P106 at Puhi. 2/1 condo.

Upcoming REOS: Not listed yet.
1. 148 Royal Drive, Wailua Homesteads
2. 5796 Noni Street, Wailua Homesteads
3. 4836A Puuwai Road, Kalaheo
4. 4119 Aheahe Place, Lihue
5. Apopo Hale #5, (Aliali Road) Kapaa
6. Hoolako Street, Lihue.
These homes are not listed yet and may or may not be available for showing. Call or email me for more information julie@hisemail.net.

14 REO homes/condos are now listed/available for sale on Kauai. This is the most ever listed on Kauai. Some REOs are priced right and sell quickly. Others take a few price reductions until they hit the right price threshold. Savvy buyers know that banks will often keep reducing their price until that threshold is met. However there are a few lenders who are not reducing their prices as quickly as they should. Some are just misinformed, due to outdated appraisals and some are just unwilling to take such a large hit. However it is not a good strategy to keep on waiting to see how low the banks will go if you are truly interested in a property. There are buyers out there who are buying when the price is right. If you need help in determining if a Kauai property is priced well, feel free to call or email me. Aloha Julie Black

Posted earlier but deleted by mistake.