Princeville condo (and house) update for the week of Nov 1st to 7th

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


It was a relatively quiet week with periods of pouring rain. Activity remains relatively slow as you'll see from this weeks update. The renovation of the timeshare units at the Cliffs is almost complete which means we'll have guests returning to buildings 7, 8 and 9 which will eliminate the favorable parking spots I've become accustomed to during the renovation. For those of you unfamiliar with the Cliffs, in addition to whole ownership, there are two timeshare associations that are also here. I have a second floor unit and am happy to have timeshare above and below me. The reasons I like timeshare neighbors are 1) They seldom have big family fights as they are here on vacation; 2) They aren't dragging a bunch of other people into the unit because they don't know anyone else and 3) They don't stockpile food (and attract bugs) because as I said before, they are only here for a week.

I also like living with timeshare because the grounds and common area building are always in great condition, after all, guests are only here for a week so everything has to look good pretty much all the time. However, for a "whole unit" buyer, lending is tricky because the Cliffs is a condhotel, has leasehold and fee simple units the majority of which are timeshare. On to your update:

Copyright 11/8/2009 by Hawaii Information Service

229139 T A 2 4-5-4-5-17-15 FS $369,000 Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
228973 T A 6 4-5-4-12-8-24 LH $449,000 Pali Ke Kua Ii #130 1,100 #130 2/2
229003 T A 3 4-5-4-5-24-8 FS $485,000 Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
229125 T A 2 4-5-4-5-16-33 FS $785,000 Alii Kai At Hanalei #4301 1,086 #4301 2/2
227902 T A 3 4-5-4-6-1-27 FS $845,000 Villas Of Kamalii #27 1,815 #27 3/3
228874 T A 6 4-5-4-5-16-24 FS $940,000 Alii Kai At Hanalei #3204 1,085 #3204 2/2

204804 T C 514 4-5-4-5-39-33 FS $230,000 Cliffs At Princeville #2103 917 #2103 1/2

211781 T S 408 4-5-4-5-3-24 FS $324,900 Princeville Paniolo #211 1,058 #211 1/2
SOLD 11/4/2009 for $300,000 (CNV) DOM 408

219219 T S 327 4-5-4-5-30-20 FS $325,000 Princeville Mauna Kai #D302 1,488 ##25 3/2
SOLD 11/3/2009 for $350,000 (CNV) DOM 327

225541 T X 122 4-5-4-12-11-46 FS $1,095,000 Puu Poa #404 1,352 #404 2/2

217907 T W 342 4-5-3-6-22-27 FS $1,795,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5

226309 T T 96 4-5-4-15-21-23 FS $325,000 Sandpiper Village I #123 1,042 #123 2/2

222635 T A 184 4-5-4-5-12-19 FS $349,999- Sealodge Ii #H1 556 #H1 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.

Of the 6 new listings only 2 are actually new to the market. Ali'i Kai 9G, listed at a new lower price of $369K was purchased for $151K in 12/99, and was listed from 7/05 to 1/06 for $615K and again from 2/06 to 9/09 starting at $629K and reducing to $380K. The agent owned leasehold Pali Ke Kua 130 was purchased for $429K in 3/06 and is back this time listed at $449K. This unit was previously listed from 8/06 to 5/07 starting at $699K and reducing to $649K, from 6/07 to 6/08 during which time it went from $649K to $575K and once again from 7/08 to 9/09 starting at $575K. It reduced to $399K at one point before going back up to $449K which is where it expired.

Nihilani is now allowing some of the resale agents to list their developer units in the hope that it will create more interest and greater exposure. That's the case with Nihilani 3B, currently listed for $485K with an agent who is not with Brookfield. This unit was previously listed by the Brookfield agents from 7/07 to 1/08 starting at $700,500 and reducing to $699K and was also listed from 4/08 to 10/09 with a high list price of $686,200 ending at $485K. Ali'i Kai 4301 last sold for an all time high of $1,157,500 on 6/06 and is now listed for $785K. It was previously listed from 9/08 to 9/09 starting at $919K and reducing to $895K. It is not showing as a short sale. Villas of Kamali'i 27 is back on the market as a new listing at the old price of $845K. It was listed at this price from 10/08 to 10/09. Ali'i Kai 3204 is the only other "new" listing at $940K. This unit last sold for $365K on 8/02.

One of the "lender approved" short sales went into escrow this week: Cliffs 2103 listed for $230K after 513 days on the market. Some of you have asked why it takes so long for a unit to go into escrow when the price seems so reasonable. This unit was first listed from 4/05 to 11/05 starting at $560K and dropping to $539K before being withdrawn. It came back on the market in 12/05 listed for $539K and reduced to $529K before expiring in 8/06. It was listed again from 2/07 to 3/07 for a low of $475K and was withdrawn while listed at $485K. This most recent listing started out at $495K in 12/07 and kept reducing until it reached the price of $230K on 7/09, gaining short sale approval from the bank at that price on 9/09. So although it may appear as if it's been sitting as an approved short sale all this time, that is not the case.

Paniolo 211, listed for $324,900 closed at $300K after 408 days on the market. Purchased in 12/89 for $125K this unit started out at $427K when it first came on the market. Mauna Kai 25, purchased in 8/07 for $585K and listed as a short sale for $325K closed at $350K. This unit started out at $524,500 327 days ago.

My Pu'u Po'a 404 listing expired this week priced at a very favorable $1.095M. This unit last sold for $325K in 7/91. Ka'iulani 27, purchased for $1,652,100 in 8/07 was withdrawn from the market listed at $1.795M after 342 market days. Sandpiper 123 listed for $325K and purchased for $359K in 8/04 was temporarily withdrawn from the market. Surprisingly, we are setting a new record this week in price changes in that there is only, but it's a very good one on Sealodge H1 which went from $499K to $349,999. Purchased in 8/05 for $560K this unit does not appear to be a short sale.

On to your Princeville home update:

Copyright 11/8/2009 by Hawaii Information Service

228923 RS A 3 4-5-4-9-42 FS $1,200,000 4184 Kekuanaoa Ln 13,913 sqft 2,940 3/3.5

209942 RS A 551 4-5-4-8-9 FS $999,000 3887 Punahele Rd 11,139 sqft 3,246 4/3

224783 RS X 150 4-5-4-13-37 FS $1,875,000 3584 Kaweonui Rd 14,685 sqft 3,500 4/3.5

208122 RS W 618 4-5-4-7-19 FS $1,135,000 3928 Punahele Rd 9,999 sqft 1,694 3/2

226182 RS A 103 4-5-4-16-7 FS $795,000- 5029 Emmalani Dr 10,500 sqft 3,304 4/3
227098 RS A 73 4-5-4-18-45 FS $820,000+ 4165 Kamalani Ln 10,235 sqft 2,405 3/3.5
224404 RS A 165 4-5-4-14-4 FS $998,000- 3792 Keli'i Pl 10,481 sqft 2,523 3/2.5

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

That's it for this week. Please do not hesitate to call or email with any questions. I spend a good part of my life on the computer trying to keep buyers and sellers up to date - in other words, that's why I'm here so contact me and I'll fill you in on the history be it a condo, house or land anywhere on the Island. Have a great week! And for those of you who asked, no I am not changing my last name now that I am married.

Aloha Elaine

stringray from our boat 1 em
Sting ray seen from our boat in Bora Bora. Can you believe how clear the water is?

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
blog: can have your own piece of paradise
ask me how!

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