Here's my quarterly update on Princeville Condo Salesfor the first three quarters of the year. In tomorrow's blog I will share the Princeville Home Sales and in the next blog I will show you the island-wide statistics.
The 2010 Year-to-Date through September Median Sales Price for a Princeville condo droppped 25% below the same period in 2009 and almost 50% since its peak in 2007. The median sales price has now dropped below the 2004 Median Sales Price for the same period (Year-to-Date through September).
The most expensive Princeville condo saleso far this year was Ka'iulani 17 that sold for $1,300,000. Ka'iulani #17 has incredible Ocean, Valley, Golf Course and Mountain views. It has three bedrooms (two are master suites) and three and one half bathrooms. Soaring ceilings in the main living area, upscale details and finishes throughout and a two-story family room that opens to a very private lanai. The kitchen includes a Sub-zero stainless steel refrigerator,Wolf stainless steel ovens, Wolf gas stove and a Fisher Paykell dishwasher. Slab granite counter tops and custom Aristocratic cabinets complete the package. The laundry room includes a Maytag Neptune Super Stacker washer/dryer.
The sellers paid $1,972,000 for the condo in January 2008 so they took a 35% loss. The buyers got a fabulous property at an incredible price.
The Princeville Condo Sales show that the least expensive condo that sold so far this year was Hale Honu 2A. That was a bank owned REO that sold for $204,000. Hale Honu 2A has 886 square feet. It is a two-story townhouse with two bedrooms and one full bath upstairs. Downstairs has a large kitchen, and dining area with lanai overlooking a private area with lush foliage.
The number of sales are on the rise. The number of Princeville Condo Sales this year are up 24% over the same period in 2009. So sales are up 25% while the median sales price is down 25%. With the number of sales on the rise, could the median sales price start to rise?