Aloha,
It was another beautiful week although we finally got the cold front along with the rain that's been promised since Friday. It started out sunny but quickly clouded over then the rain started blowing in off the ocean. It's fun to watch it come in- You see rhose who are walking to or from their cars in the parking lot suddenly look up and break into a sprint when they realize what they're looking at is a wall of water headed their way. Sometimes it just passes over in waves and other times it comes in and stays.
I'd say the market is holding steady as you'll see from the 3 closings reported in the update along wth the short sale that finally went into escrow. Here is your update for this past week:
Copyright 5/17/2009 by Hawaii Information Service
NEW LISTINGS
223902 T A 2 4-5-4-5-16-45 FS $775,000 Alii Kai At Hanalei #5301 1,086 #5301 2/2
BACK ON THE MARKET
211272 T A 365 4-5-4-5-16-35 FS $860,000 Alii Kai At Hanalei #4303 1,086 #4303 2/2
CONTINGENT SALES
204435 T C 526 4-5-4-12-10-41 FS $519,000 Emmalani Court #524 1,192 #524 2/2
SALES
222697 T S 4 4-5-3-11-1-3 FS $576,900 Villas On The Prince #3 1,737 #3 3/3
SOLD 5/15/2009 for $576,900 (CNV) DOM 4
222621 T S 26 4-5-4-12-10-12 FS $449,000 Emmalani Court #225 1,456 #225 2/2
SOLD 5/15/2009 for $440,000 (CASH) DOM 26
221272 T S 35 4-5-4-5-24-102 FS $650,000 Nihilani At Princeville Resort #34C 1,972 #34C 3/3
SOLD 5/14/2009 for $650,000 (CNV) DOM 35
UNDER CONTRACT
212736 T U 272 4-5-4-5-16-48 FS $945,500 Alii Kai At Hanalei #5304 1,085 #5304 2/2
EXPIRED
211258 T X 163 4-5-4-5-3-19 FS $349,900 Princeville Paniolo #204 1,058 #204 1/2
PRICE CHANGES
220078 T A 114 4-5-4-5-3-19 FS $259,000- Princeville Paniolo #204 1,058 #204 1/2
214486 T A 286 4-5-4-5-18-89 FS $349,000- Puamana #24D 1,532 #24D 2/2
214607 T A 279 4-5-4-12-9-9 FS $589,000- Pali Ke Kua #13 1,135 #13 2/2
223314 T A 29 4-5-4-6-1-44 FS $679,000- Villas Of Kamalii #44 1,825 #44 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.
Just one new listing this week which is Ali'i Kai 5301 listed for $775K and unfortunately purchased for $977K in 4/07! No surprise that it's a short sale. Ali'i Kai 4303 is back on the market listed at $860K after expiring. This unit was purchased for $490K in 12/03. Emmalani Court 524, a short sale listed at $519K and purchased for $700K in 7/07 finally went into escrow after 526 market days. The problem with short sales is you have no idea how long it will take to get acceptance from the lender. Typically, you can usually count on at least 2 to 4 months!
Villas on the Prince 3, a bank REO listed at $576,900 closed for that amount after only 4 days on the market. This unit was marketed extensively prior to going into foreclosure, getting as low as $695K before the bank foreclosed. This was a great buy and will certainly come back up in value over the years. Emmalani Court 225, listed for a very low $449K closed for $440K. This seller purchased in 4/93 for $397K and only made a little bit of money after all was said and done. Kudos to Brookfield for closing another of their developer units, 34C for $650K. One by one they're getting them sold. If you are looking for a new property, these units are hard to beat.
Another Ali'i Kai is in the update, this time it's 5304, listed for $945,500 which moved from contingent to under contract. We should see this one closing shortly. It was purchased for $135K in 1/87. Nice!
Paniolo 204 expired while listed at $349,900. This unit, purchased for $337,500 in 6/04 was initially listed on 5/12/08, then it went into escrow on 10/09/08 but was temporarily withdrawn on 10/22 when it apparently fell out. It never came back on the market under this MLS number and is now expiring out of the system.
Under price changes, you'll see Paniolo 204 again, but with a different listing number. When the prior listing was off the market, the seller relisted it under a new MLS number in 1/09 for $299K and has now reduced it from $279K to $259K. Quite a drop from the original list price of $349,900. It is now a short sale. Puamana 24D, purchased for $268K in 9/03 reduced from $380K to $349K. Pali Ke Kua 13, which last sold for $121K in 8/96 reduced from $609K to $589K. Villas of Kamali'i, a bank foreclosure which was purchased for $739K in 5/05 was reduced from $699,900 to $679K. Our last reduction is Pali Ke Kua 109 which is still reducing by $500 a day. Currently listed at $846,500 it was purchased for $621,400 in 12/03. On to your Princeville house update:
Copyright 5/17/2009 by Hawaii Information Service
NEW LISTINGS
224096 RS A 2 4-5-4-8-22 FS $675,000 5066 Kamamalu Lp 11,580 sqft 1,446 3/2
224144 RS A 2 4-5-4-16-65 FS $1,075,000 4465 Emmalani Dr 10,896 sqft 2,122 3/2
SALES
218263 RS S 90 4-5-4-18-22 FS $598,000 4163 Kalani Pl 9,802 sqft 1,755 2/2
SOLD 5/11/2009 for $598,000 (CNV) DOM 90
215324 RS S 227 4-5-4-9-58 FS $875,000 5345 Honoiki Rd 10,005 sqft 2,572 3/3
SOLD 5/13/2009 for $690,000 (CNV) DOM 227
EXPIRED
222510 RS X 47 4-5-4-23-76 FS $750,000 3789 Mapuana Pl 6,398 sqft 1,535 3/2.5
WITHDRAWN
210416 RS W 344 4-5-4-21-11 FS $1,175,000 3856 Kaweonui Rd 10,796 sqft 2,442 3/2.5
PRICE CHANGES
222745 RS A 47 4-5-4-23-35 FS $647,000- 3793 Moae Pl 6,386 sqft 1,651 3/2
220531 RS A 106 4-5-4-13-44 FS $949,000- 3646 Kaweonui Rd #II 10,937 sqft 2,240 3/2
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
I keep saying there are good buys out there and I think this week's closings make that point. 4163 Kalani Place for $598K, a short sale, originally sold for $975K in 8/06. I showed this house several times back in the day.... Kalani is a very pleasant and quiet street and this house was nicely appointed and remodeled. Although it's only 2 bedrooms it has over 1700 sqft of living space and should have one happy buyer right now. The same can probably be said for 5345 Honoiki which was listed for $875K but closed for $690K. Sometimes you just never know what a seller will accept until you try. Honoiki, although it was built in 1973, is within walking distance to the Hanalei Bay Resort with their beautiful grounds and restaurant (when it's open again) and has a magnificent mountain view from the upstairs master bedroom. A great buy.
That's it for this week. Call or email if you have questions - before you buy or sell.
Aloha Elaine
Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
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
blog: http://blogs.alohaliving.com/princeville-condo-sales/
......you can have your own piece of paradise
ask me how!
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