Princeville condo (and house) update for the week of Nov 22nd to 28th

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


I hope everyone had a wonderful Thanksgiving day. We celebrated Thanksgiving with a hike on the Powerline trail which runs from Princeville to the Kapaa Arboretum following the powerline towers. In hindsight, I would not recommend doing it when it is wet, rutted, overgrown and slippery all of which were conditions that existed this past week. It's bad enough that the trail is so overgrown in places that you can't even see the trail and / or that it has numerous wet areas where if you "fall" off the trail into a tire rut filled with water, you can and often will find yourself in 2 to 3 foot of water, as I did. Yes, I had the pleasure of taking a mis-step or two and ended up in water halfway up my legs as I tried to extricate myself from the morass.

It was also difficult taking baby steps through the grass as we peered intently to see if it was concealing one of these trecherous water filled drop offs, only to find that I was standing on the grass that was wrapped around the foot I was trying to move. Or maybe it was the slippery clay like surface in some areas that finally got to me.

trail of grass 1
This is the grassy trail - yes I know you can't really see where it goes.

trail on Kapaa side
Slippery trail on Kapaa side.

When we finally got to the Kapaa side of the trail, we found numerous branches and in one or two cases, tree limbs that had been blown down across the trail due to the high winds we experienced earlier in the week. It was truly an exercise in patience (I had none that day) and dexterity (which I apparently didn't have either!) Jack, on the other hand, enjoyed the hike immensely, even though he was carrying the back pack with all our water, sandwiches and other goodies which are critical for a hike like this. I think he enjoyed pulling me out of the water pit the most. At 13 miles, it was no piece of cake under these conditions as it seemed to be endlessly uphill going from the Princeville side. Next time (if I'm so crazy as to do it again) I'm starting from the Kapaa side.

v iew of Hanalei Valley
View of Hanalei Valley at the start of the trail from the Princeville side.

Despite all my "attitude" about this hike, the views are amazing. When you get to the top there's a ridge that allows for panoramic views to Princeville, the ocean and beyond in one direction with equally majestic views in the opposite direction stretching all across Kapaa to Lihue. Unfortunately for our picture taking, it was an overcast day but it did make for great hiking weather. At least I worked off a bit of the holiday feast.

endless views 1
Views from the ridge towards Princeville.

The other interesting aspect of this trail is found as you head down towards Kapaa. The trail opens up and becomes a myriad of colors all mixed together as if on an artist's palette. I'm not much of a geology buff, but it was fascinating to see bright orange streaks running through the red dirt, along with streaks of deep gray, black and a beautiful magenta. It was hard to take a photograph that depicted the colors as they actually looked but we tried.

I'm sure I'll try this hike again on a dry, sunny day and will most definitely start earlier in the day as we ended up hiking the last 45 minutes almost in the dark. Fortunately, Jack had a small light on his carabiner that we used to illuminate the last portion of the trail.

As for real estate, this quarter there have been 144 condo sales to date compared to last quarter in 08 which saw a total of 169 sales. For the month of November stats are ahead of 08 with 15 sales reported so far compared to 7 condo sales in 08. Pricing is becoming more and more attractive, both in houses and condos as buyers and sellers come to terms with the reality of the market. Here is your update for this past week:

Copyright 11/29/2009 by Hawaii Information Service

229652 T A 5 4-5-3-6-22-18 FS $2,250,000 Kaiulani Of Princeville #18 2,864 #18 3/3.5
229363 T A 6 4-5-4-6-1-43 FS $799,000 Villas Of Kamalii #43 1,825 #43 3/3

222635 T C 205 4-5-4-5-12-19 FS $349,999 Sealodge Ii #H1 556 #H1 1/1

220078 T S 215 4-5-4-5-3-19 FS $239,000 Princeville Paniolo #204 1,058 #204 1/2
SOLD 11/9/2009 for $212,000 (CNV) DOM 215

226998 T S 57 4-5-4-12-2-39 FS $349,000 Hale Moi #219 1,033 #219 1/2
SOLD 11/27/2009 for $349,000 (CASH) DOM 57

204622 T W 703 4-5-4-12-8-28 FS $499,000 Pali Ke Kua Ii #232 993 #232 2/2
226241 T W 117 4-5-4-6-1-20 FS $995,000 Villas Of Kamalii #20 1,825 #20 3/3

196334 SH A 919 4-5-4-6-1-42 FS $159,000- Villas Of Kamalii #42 1,825 #42 3/3
196328 SH A 919 4-5-4-6-1-42 FS $159,000- Villas Of Kamalii #42 1,825 #42 3/3
229379 T A 16 4-5-4-5-24-80 FS $349,000- Nihilani At Princeville Resort #27B 1,567 #27B 2/2.5
208801 T A 573 4-5-4-11-3-84 FS $399,000- Hanalei Bay Resort #N22 867 #N22 1/2
229381 T A 16 4-5-4-5-24-94 FS $549,000- Nihilani At Princeville Resort #32A 1,874 #32A 3/2.5
228165 T A 55 4-5-4-12-10-27 FS $575,000- Emmalani Court #415 1,456 #415 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.

Ka'iulani 18 is the first new listing at $2.250M. This unit sold for $1,972,350 in 10/07 and was listed immediately after that from 11/07 to 11/08 for $2.5M and again from 11/08 to 10/09 for $2.349M. We'l see if this lower price brings forth any buyers. Villas of Kamali'i 43, purchased for $805K in 7/05 is the next new listing at $799K. This is the first time it's been listed since that purchase.

Sealodge H1, purchased for $560K in 8/05 and listed for $349,999 went into escrow this week as a possible short sale. This unit started out at $509K when it first came on the market 204 days ago. Paniolo 204 sold for $212K while listed for $239K. Purchased in 6/04 for $337,500 this short sale started out at $299K when it came on the market 215 days ago. Hale Moi 219, listed for $349K sold for that amount as a short sale. This unit was purchased for $493K in 3/05.

I thought Pali Ke Kua 232 would sell but it never did, even when it dropped as low as $499K for this ocean view unit. It needed work but even with 703 days on the market no buyers were enticed to move forward and it was withdrawn. This unit sold for $650K in 9/04 and was a short sale. Perhaps we'll see it back on the market as an REO. Villas of Kamali'i 20 was also withdrawn after 117 days listed at $995K. This unit sold for $845K in 6/08.

Two fractional shares of Villas of Kamali'i 42, listed at $185K reduced to $159K and last sold for $805K in 4/07. Nihlani 27B, a Hoku 2 bedroom unit purchased for $682,180 in 10/06 reduced from $399K to $349K as a short sale. Not a bad price for a brand new unit. Hanalei Bay Resort N22, purchased for $469,900 in 1/06 posted a very healthy price reduction going from $489K to $399K. This seller must finally want to sell after 572 market days. Nihilani 32A, a 3 bedroom Makani unit purchased for $985K in 3/06 reduced from $599K to $549K as a short sale. Our final reduction is Emmalani Court 415, which went from $595K to $575K. This unit sold for $610K in 5/505. Now on to your Princeville home update:

Copyright 11/29/2009 by Hawaii Information Service

229557 RS A 5 4-5-4-13-54 FS $895,000 3646 Keoniana Rd 11,539 sqft 1,578 3/2

226809 RS C 104 4-5-4-20-33 FS $675,000 3975 Punahele Rd 9,979 sqft 1,960 3/2.5

203978 RS S 692 4-5-3-11-41 FS $899,000 4120 Aloalii Dr 9,103 sqft 2,521 3/3.5
SOLD 11/27/2009 for $830,000 (CNV) DOM 692

200621 RS S 790 4-5-4-21-7 FS $790,000 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5
SOLD 11/24/2009 for $656,250 (CASH) DOM 790

217834 RS A 377 4-5-4-9-33 FS $1,499,000- 4221 Kekuanao'a Ln 17,811 sqft 3,232 4/3

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

I represented the seller on 3646 Keoniana when it sold for $760K in 10/08. It is back on the market at $895K. It's good to see 3975 Punahele go into escrow. This is a beautiful new plantation style home that was previously listed from 1/07 to 6/09 starting at $1.149M. It has quite a few price reductions, finally ending up as a short sale. As I said, it's a beautiful home but is located one lot away from the corner of Ka Haku and Punahale, a noisy location that apparently turned off most buyers. Both of the sales this week started much higher and ended must lower before finding buyers. I must say, being able to obtain a home over in Queen Emma's Bluff for $830K, even if it does need work, is quite a coup. Same for the house on the corner of Albert and Kaweonui which sold for $656,250 while listed at $790K. This is one buyer who made what might be considered a low ball offer and found a willing seller - much to their delight.

It's a fascinating market with many ups and downs and great opportunities for the savvy. If you have any questions about how the short sale process or REO works, or you are curious about any other property currently listed, please call or email for the facts. Until, then - good luck shopping. I hate to say it, but Christmas is almost here!

Aloha Elaine
colors in trail Kapaa
There's beautiful streaks of color in the trail - orange, gray, black....

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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