Princeville Kauai condo (and house) update for the week of May 31st to June 6th

By
Real Estate Broker/Owner with Sold on Kauai Realty RB-18142

Aloha,

If you were on Island this Sunday you may have gone to the Taste of Kauai, an annual fundraiser for the Kapaa Rotary. They've been doing the "Taste" for as long as I can remember and it's become an event not to be missed if you love good food, great entertainment and a good time. Check it out next year if you've never been there. The weather even cooled off a bit for the event with intermittent light showers which surely brought relief as it's held outside at the Smith Tropical Garden in Kapaa. On to your update:

Copyright 6/7/2009 by Hawaii Information Service

NEW LISTINGS
222233 T A 2 4-5-4-5-39-45 FS $275,000 Cliffs At Princeville #2205 917 #2205 1/2
224662 T A 3 4-5-4-5-24-46 FS $575,000 Nihilani At Princeville Resort #16A 1,406 #16A 2/2
224756 T A 2 4-5-4-6-1-29 FS $839,000 Villas Of Kamalii #29 1,825 #29 3/3

UNDER CONTRACT
220199 T U 131 4-5-4-5-13-4 FS $289,900 Kamahana #4 1,145 #4 2/2

EXPIRED
212117 T X 364 4-5-4-5-39-175 FS $995,000 Cliffs At Princeville #8201 963 #8201 1/2

WITHDRAWN
216801 T W 57 4-5-4-12-9-28 LH $252,000 Pali Ke Kua Iii #238 993 #238 1/1.5

PRICE CHANGES
223402 T A 48 4-5-3-11-1-30 FS $699,995- Villas On The Prince #30 1,732 #30 3/3
208801 T A 425 4-5-4-11-3-84 FS $329,000- Hanalei Bay Resort #N22 867 #N22 1/2
220906 T A 121 4-5-4-5-23-21 FS $505,000- Plantation At Princeville #611 1,153 #611 2/2
209200 T A 438 4-5-4-5-7-5 FS $597,000- Princeville Sealodge #A5 564 #A5 1/1
218310 T A 139 4-5-4-12-5-9 FS $819,000- Pali Ke Kua Incr I, ii, iii #109A 717 #109A 1/1

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

Cliffs 2205 is new on the market at $275K with a purchase price of $425K in 10/06. Great pricing for this unit and it should go quickly if there's someone out there looking for a Cliffs unit. Did I mention that the Cliffs' new pool, complete with waterfalls and other water features, is finally completed and open? What a great job they did! If you're remotely thinking about a Cliffs condo come and see the added value the pool gives to the resort. Yes, I do live at the Cliffs and although I don't have much time to take advantage of the many amenities, they certainly have plenty to do here right on site. Next up is a Nihilani resale on unit 16, listed at $575K and purchased from the developer in 5/06 for $603,600. This is the smallest model Nihilani offered, the 2 bedroom, 2 bath Moana floor plan and is listed at only $25K less than what many of the 3 bedroom 2.5 bedroom townhouse units have sold for recently. It was previously listed for 2/07 to 8/07 starting at $668K and dropping to $639K before it was withdrawn. Our last listing is also a "repeat," Villas of Kamali'i 29 which sold for $750K in 6/05. Previously listed from 2/08 to 2/09 with a start price of $925K and an end price of $855K when it was withdrawn, it is now listed for $839K. This is a pretty unit located at the far end of the complex offering quite a bit of privacy. Sold furnished, this unit is done tastefully and carefully so as to provide a very tranquil and relaxing environment.

Kamahana 4, a bank REO went under contract this week. Purchased for $499K in 9/05, it was taken by the bank on 2/09 and placed on the market at $354,900, reducing to the current price of $289,900 on 5/4. That's the only sales activity for this week.

Cliffs 8201, the highest selling Cliff's condo I'm aware of expired listed at $995K. It sold for an unbelievable $1.075M on 4/06 and came on the market 364 days ago at $1.495M. I guess the seller of Pali Ke Kua 238 finally gave up on selling their leasehold unit for $252K as it was withdrawn this week. This condo sold for $369K in 5/04 and was on the market over 862 days, from 3/06 to 10/08 when it was withdrawn. It started at $699K, reducing to $335K during the life of the listing. The issue with this unit is that it's leasehold with a leasehold fee (monthly) of $795K and monthly HOA fees of $585K. Throw in the taxes at slightly $4892 annually, add in insurance and utilities and even those optimistic buyers looking to break even or have a positive cash flow on a purchase would have a hard time doing it with this unit. It was a short sale and may show up in the future as a foreclosure. We'll see.

Price changes are the next order of business starting with Villas on the Prince 30 which went from $719,500 to $699,995. Purchased for $565K in 3/04 this unit has been listed at least 5 times with different agents, with a list price of $1.149M at one point in time. It was listed for $935K in 1/07 and for $795 in 10/08. With this new reduction it seems the sellers are finally coming in line with the market. Hanalei Bay Resort N22 reducing again this week from $339K to $329K. This unit sold for $469,900 in 10/06. Plantation 611, purchased for $630K in 10/06 reduced from $559K to $505K. Sealodge A5, purchased for $225,500 in 7/01, gets the award for price changes this week, going from $677K to $597K. Let's see if that helps it to attract a buyer. And last but not least, we still have Pali Ke Kua 109 which is reducing by $500 a day, which, as of this report, is now listed at $819K.

Here is your Princeville home update for this past week:

Copyright 6/7/2009 by Hawaii Information Service

NEW LISTINGS
224597 RS A 3 4-5-3-12-27 FS $1,495,000 3962 Aloalii Dr 8,327 sqft 3,290 2/3

BACK ON THE MARKET
222510 RS A 52 4-5-4-23-76 FS $750,000 3789 Mapuana Pl 6,398 sqft 1,535 3/2.5
220108 RS A 134 4-5-4-16-19 FS $770,000 4064 Kaa'humanu Pl 12,058 sqft 2,274 3/2
223132 RS A 26 4-5-4-16-71 FS $779,000 4381 Emmalani Dr 12,127 sqft 1,170 2/2

CONTINGENT SALES
212844 RS C 351 4-5-4-22-5 FS $639,000 4077 Cr Pauahi Pl/nalani 10,270 sqft 2,169 4/2

EXPIRED
WITHDRAWN
220705 RS W 122 4-5-4-19-19 FS $825,900 5086 Napo'okala Cir 15,326 sqft 2,206 3/3

PRICE CHANGES
224336 RS A 16 4-5-4-23-38 FS $545,000- 3812 Iluna Pl 6,895 sqft 1,310 3/2
223132 RS A 26 4-5-4-16-71 FS $779,000- 4381 Emmalani Dr 12,127 sqft 1,170 2/2
214254 RS A 312 4-5-4-18-20 FS $1,275,000- 4173 Kalani Pl 10,630 sqft 3,464 4/3.5

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 a little quiet now as school lets out and parent's gear up for summer vacation. Like everywhere else, summertime is the prime buying period and I expect, with all the great pricing and abundance of inventory, we'll see some movement within the next few months. If you have any questions or just want the facts, you know who to call or email. Have a great week!

Aloha Elaine

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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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Elaine Schaefer

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