Aloha,
Every week we see more and more short sales and foreclosures with some excellent pricing. Case in point is one of the new listings this week at Nihilani. What surprises me is that buyers aren't jumping on these properties. If I didn't already own in Nihilani (sigh...compared to today's market I paid waaaaay too much) I'd buy a unit myself. I don't know if it's the perception that pricing will continue to go down or what but buyers seem to be just sitting on the sidelines. While it may be "quiet" now, I can assure you that when the turn comes, with properties priced as they are, the agents will be working 24/7 to keep up with the buying requests. The moral there is; get in now when it's quiet and you can leverage the current buyer disinterest to your advantage. Sellers are eager to please these days and will welcome any serious buyer with an offer. That opportunity does not always exist. Here's your update for this week:
Copyright 7/18/2009 by Hawaii Information Service
NEW LISTINGS
225976 T A 0 4-5-4-12-2-15 FS $425,000 Hale Moi #115 1,033 #115 1/2
225806 T A 2 4-5-4-5-24-40 FS $489,900 Nihilani At Princeville Resort #14A 1,874 #14A 3/2.5
225762 T A 3 4-5-4-5-39-169 FS $665,000 Cliffs At Princeville #7305 1,137 #7305 2/2
BACK ON THE MARKET
222926 T A 98 4-5-4-5-24-66 FS $569,000 Nihilani At Princeville Resort #22C 1,874 #22C 3/2.5
SALES
223314 T S 59 4-5-4-6-1-44 FS $678,999 Villas Of Kamalii #44 1,825 #44 3/3
SOLD 7/13/2009 for $600,000 (CASH) DOM 59
EXPIRED
196541 T X 697 4-5-4-12-10-25 FS $550,000 Emmalani Court #413 952 #413 1/2
212665 T X 391 4-5-4-12-11-2 FS $1,595,000 Puu Poa #102 1,352 #102 2/2
WITHDRAWN
220019 T W 148 4-5-3-6-22-20 FS $2,650,000 Kaiulani Of Princeville #20 2,864 #20 3/3.5
216718 T W 283 4-5-4-5-24-50 FS $565,000 Nihilani At Princeville Resort #17B 1,567 #17B 2/2.5
TEMPORARILY WITHDRAWN
216338 T T 292 4-5-4-5-3-13 FS $385,000 Princeville Paniolo #113 1,058 #113 1/2
PRICE CHANGES
222340 SH A 22 4-5-4-5-23-23 FS $150,000- Plantation At Princeville #621 1,318 #621 3/3
211355 T A 428 4-5-4-12-5-5 FS $749,000- Pali Ke Kua Incr I, ii, iii #105A 717 #105A 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.
Hale Moi 115 is new, listed at the price of $425K which is well above what 216 is listed at. 216 is completely - and I do mean completely - updated with new kitchen and bathroom cabinets, stainless steel appliances, granite tile countertop, new paint, carpets and on and on...and it's an upstairs unit with a loft in the living area listed for $345K. And this seller is motivated! Yes 216 is my listing, which is how I know the seller is MOTIVATED. But getting back to 115 - this downstairs unit was purchased for $444,500 on 12/04 and has not been updated.
Nihilani 14A is the buy of the week, listed as a foreclosure at $489,900. While not as highly upgraded as some of the other Makani units, this model has been selling in the mid $500's to $600's rin both resales and developer sales. 14A was purchased as both a new sales and resale in 3/06. The developer's sale was for $688,555 and was flipped the same day to the current owner (before the bank took it over) for $761,450 netting the original owner a tidy and quick profit. It has been listed numerous times before starting with 7/06 to 11/06 for $849,900 in another flipping attempt; again from 2/07 to 8/07 starting at $879K and reducing to $829K, and finally from 8/07 to 7/08 when it started at $819K and ended at $769K when it was withdrawn. It is now bank owned and very very well priced.
Cliffs 7305, a top floor unit, is listed at $665K and last sold for $242K in 8/00. It was previously listed for 609 days from 8/07 to 4/09 during which time it went from $875K to $745K before being withdrawn.
The Nihilani short sale of unit 22C is back on the market at the same price of $569K after expiring. This unit last sold in 11/06 for $848,956. There were no new escrow this week and only one closing on Villas of Kamali'i 44 which was a foreclosure. This unit sold for $739K in 5/05, was taken by the bank on 6/09 and closed for $600K.
Emmalani Court 413, which last sold for $565K in 7/05 expired listed at $550K as did Pu'u Po'a 102, listed at $1.595M. This unit last sold for $1.4M in 5/05 leaving this seller with very little room for negotiation if they wished to make a profit. Unfortunately with 404 listed at $1.095M, which is a top floor remodeled unit (102 is also remodeled) it is unlikely a buyer would pay that much more for a lower level unit. 404 remains a steal given that 411 just sold for $1.3M. Take a look and see how 404 stacks up against the other units on the market:
Copyright 7/19/2009 by Hawaii Information Service
225541 T A 13 4-5-4-12-11-46 FS $1,095,000 Puu Poa #404 1,352 #404 2/2
222345 T A 121 4-5-4-12-11-3 FS $1,259,000 Puu Poa #103 1,354 #103 2/2
200456 T A 683 4-5-4-12-11-14 FS $1,425,000 Puu Poa #114 2,065 #114 2/2
202256 T A 617 4-5-4-12-11-7 FS $1,490,000 Puu Poa #107 2,065 #107 2/2
216008 T A 296 4-5-4-12-11-47 FS $1,500,000 Puu Poa #405 1,800 #405 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.
This is another unit, much like the Nihilani 14A, that I can't believe is still on the market. If you're on Island and want to see it just give me a call (yes, this is my listing too) or feel free to come by the broker's open on Wednesday the 22nd in the morning.
Ka'iulani 20 was withdrawn after 148 market days with a list price of $2.650M and a sale price of $1,985,180 in 11/07. Nihlani 17B was withdrawn listed at $565K. This unit last sold for $637,113 in 7/06. Paniolo 113 was temporarily withdrawn listed at $385K. This unit was purchased as a leasehold in 6/00 for $115K at which time it was converted to fee simple for $31,500.
There were only a couple of price changes this week, starting with Plantation fractional 621 which went from $165K to $150K. This unit sold for $550K in 8/05. Also reducing is Pali Ke Kua 105 which went from $828K to $749K. It dropped a few more dollars on Sunday going to $745K. What's interesting about this unit is that when it was listed back in 07, no one looked at it while listed at $995K but as soon as it reduced in one $200K drop to $795K, it sold. For some reason once the buyer became the owner, it appeard to them that someone would do what they themselves would not do, which was - pay more than $795K because they put it back on the market in 5/08 listed for $1.1M and it's been on a downward trend since then.
Here is your Princeville homes update:
Copyright 7/18/2009 by Hawaii Information Service
NEW LISTINGS
225837 RS A 3 4-5-4-7-6 FS $1,895,000 3932 Namakeha Lp 12,575 sqft 2,848 4/3.5
WITHDRAWN
222875 RS W 97 4-5-4-18-24 FS $825,000 4679 Emmalani Dr 11,128 sqft 1,861 4/3
PRICE CHANGES
223822 RS A 75 4-5-4-13-6 FS $613,100- 3695 Kaweonui Rd 11,121 sqft 2,492 4/2
210765 RS A 438 4-5-4-23-24 FS $672,000- 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
218860 RS A 222 4-5-4-7-5 FS $795,000- 3934 Namakeha Loop 13,387 sqft 2,047 3/2
218770 RS A 222 4-5-4-16-77 FS $899,000- 4117 Kekaulike Ln 10,650 sqft 2,878 3/2.5
210722 RS A 444 4-5-4-18-7 FS $998,000- 4170 Mahina Pl 10,751 sqft 2,310 2/3.5
221587 SH A 141 4-5-4-9-49 FS $1,150,000- 5289 Pokii Ln 20,868 sqft 3,510 4/4
221684 RS A 141 4-5-4-9-49 FS $2,295,000- 5289 Pokii Ln 20,868 sqft 3,510 4/4
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
I'm happy to see some reductions coming through in the homes considering that there are currently 81 listings with only 5 in escrow. Even worse is the fact that there have only been 7 sales, yes 7 - one for each month basically - this entire year. You do the math - unless pricing improves to the point that buyers are motivated it will take forever to deplete this inventory. And as a side note, you would think that with 81 homes on the market a serious buyer could certainly find one under $1M. I'm sorry to say that was not the case with my clients as we scoured Princeville for something with "features and benefits" instead of "issues." We haven't given up yet though.....
That's it for this week. Enjoy your own little Paradise and when you're ready to move to the real thing don't forget to call or email. BTW, I also have a great lot for sale near the Albert Road cul de sac. (Left off of Kaweonui.) Currently listed at $398K, it will post a healthy reduction tomorrow, Monday and will be the least expesive lot in Princeville. MLS 222971. Call me if you're in the market for land - or if you need the facts on any other home or condo.
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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