Aloha,
And Happy Fourth of July weekend. I hope all of you had weather that was as perfect as it was here in Paradise- bright blue skies and great trades. The fireworks were certainly enhanced having the moon as the backdrop. What fun. The market seemed busy this weekend as I had several showings. Hopefully we'll see some units going into escrow soon. Here is your update:
Copyright 7/5/2009 by Hawaii Information Service
NEW LISTINGS
225391 T A 6 4-5-4-5-24-2 FS $639,000 Nihilani At Princeville Resort #1B 1,874 #1B 3/2.5
BACK ON THE MARKET
204622 T A 561 4-5-4-12-8-28 FS $599,000 Pali Ke Kua Ii #232 993 #232 2/2
210501 T A 333 4-5-4-5-7-34 FS $749,000 Princeville Sealodge #D5 570 #D5 1/1
CONTINGENT SALES
221121 T C 143 4-5-4-5-3-3 FS $209,900 Princeville Paniolo #103 1,058 #103 1/2
215869 T C 296 4-5-4-5-23-16 FS $469,900 Plantation At Princeville #422 1,318 #422 3/3
SALES
210611 T S 239 4-5-4-5-24-33 FS $675,000 Nihilani At Princeville Resort #11C 1,972 #11C 3/3
SOLD 6/26/2009 for $675,000 (CNV) DOM 239
EXPIRED
215271 T X 309 4-5-3-6-22-48 FS $1,799,000 Kaiulani Of Princeville #48 2,479 #48 3/3
214168 T X 306 4-5-4-11-3-121 FS $550,000 Hanalei Bay Resort #T35 867 #2309-10 1/2
PRICE CHANGES
210027 T A 456 4-5-4-5-30-6 FS $340,000- Princeville Mauna Kai #F6 1,400 #5 3/2
221307 T A 131 4-5-4-5-18-86 FS $370,000- Puamana #24A 1,312 #24A 2/2
210611 T S 239 4-5-4-5-24-33 FS $675,000- Nihilani At Princeville Resort #11C 1,972 #11C 3/3
SOLD 6/26/2009 for $675,000 (CNV) DOM 239
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Again, like last week, I'm happy to see only one new listing this week. As you saw from the update, we had two go into escrow and one sale. Having two escrows for every new listing is one good way to ease our over abundance of inventory woes. Nihilani 1B, listed for $639K as a short sale is the only listing this week. It's nicely upgraded with coconut wood floors, cherry cabinets and stainless steel appliances. This seller paid $912,788 for the unit is 3/07. With prices where they are now, it's hard to imagine paying that much but that's the nature of real estate - up and down!
Pali Ke Kua 232 is back on the market after expiring listed at $599K. This is a short sale that was purchased for $650K in 9/04. Also back on the market is Sealodge D5, which sold for $525K in 12/04.
Two properties went into escrow, starting with Paniolo 103, listed at a very attractive $209,900 and purchased for $410K in 4/03. This unit went to the bank in 1/09 and is a foreclosure. This unit started out priced at $260K and initially went into escrow on 3/31, coming back onto the market on 4/27. Hopefully it will close this time. Also finally going into escrow is Plantation 422, another REO originally purchased for $738K in 2/08 and listed for $469,900. Plantation hit the market at $599,900 and just kept reducing until it finally found a buyer. Even though it's been stripped of all appliances, this still looks like a good buy.
Brookfield continues to chip away at their developer's inventory with the sale of yet another unit, #11C which is their Mahina floor plan. If you've been to Nihilani recently, this unit was the one being used as the showroom. You'll now find them downstairs in 11A, a 2 bedroom, 2 bath Moana floor plan listed for $620K. 11C, which is their largest model, closed at $675K. You'll also see this unit under price changes as it was previously unrealistically listed at $799,200 before being adjusted downward to reflect current market conditions.
Ka'iulani 48, purchased for $1,502,610 and optimistically listed for $1.799M expired after 309 market days. This unit started out at $1.9M in 1/08 reducing to $1.799M before it was withdrawn in 8/08. It came back on the market the same month at the same price which is where it stayed the entire 306 days it was listed. It's pretty apparent this unit is not going to sell for that price in this market.
Hanalei Bay Resort 2309/10 purchased for only $125K in 11/84 expired after 306 days. This unit started out at $650K in 8/08, and made one price reduction to the present list price of $550K in 12/08. If you want to sell in today's market, and you're serious about doing so, you must be prepared to reduce and reduce again if after ample market exposure, you're unit has not attracted any attention. Either that, or you may prefer to withdraw your property and wait for the market to turn.
Price changes are next, starting with Mauna Kai 5, which reduced from $350K to $340K as a short sale. Purchased in 11/04 for $431,650, this condo started out at $499K in 4/08 and has made several price reduction over the last 456 days. Puamana 24A, purchased for $605K in 12/05 reduced from $385K to $370K. The last price reduction is the developer's Nihilani 11C that corrected from $799,200 to $675K as it sold.
Now onto your Princeville home update. I happy to report we have no new listings and only two that came back on the market.
Copyright 7/5/2009 by Hawaii Information Service
BACK ON THE MARKET
223822 RS A 62 4-5-4-13-6 FS $646,050 3695 Kaweonui Rd 11,121 sqft 2,492 4/2
217234 RS A 115 4-5-4-19-2 FS $1,475,000 5074 Napookala Cir 23,703 sqft 3,138 4/3.5
EXPIRED
189321 RS X 902 4-5-4-20-33 FS $1,150,000 3975 Punahele Rd 9,979 sqft 1,960 3/2.5
206177 RS X 528 4-5-4-9-55 FS $1,250,000 5331 Honoiki Rd 10,689 sqft 2,554 3/3
PRICE CHANGES
222647 RS A 97 4-5-4-16-18 FS $729,000- 4060 Kaa'humanu Pl 11,792 sqft 2,364 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.
Have a great week and don't forget to call or email before you buy or sell so you have your facts straight!
Aloha Elaine
PMRF fireworks with the moon behind.
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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