Princeville Kauai condo (and house) + short sale update for the week of Jan 2nd to Jan 8th

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

Aloha,

This was a great week as far as winter weather goes. We had a cold snap for a few days which caused everyone here to dig out their long pants and jackets. It must have been down into the low 60′s and high 50′s which is downright chilly by Kauai standards.

At the same time, we had some of the most spectacular high surf which I enjoyed as I worked in my home office. I particularly love this time of year as it brings the albatross around, who make soaring over the bluffs and ocean look so very effortless. The whales seemed to love the intensity of the water, as I got to see several breeches. Unfortunately, all I can show for it picture wise is the aftermath of the splash as opposed to the whale, itself. I keep thinking I need a better camera with zoom lens but there is a remote possiblity it could be operator error.


My best shot of the breeching whales....

Personally, I think 2011 is going to be good year for all of us. I base this on the fact that sales stats last year were on an upward trend month to month and were certainly well above 2009 numbers. Interest rates seem to be creeping up a bit, which will undoubtedly get some buyers off the fence if they want the optimum terms. There are more attractively and affordably priced properties (by Kauai standards) coming to market and there seems to be greater interest on the part of both buyers and sellers to move on to the next step.

The only advice I have for buyers is this: When looking at properties, please keep in mind that this is not the mainland where there are areas of endless subdivision upon subdivision with sellers competing to sell very similar properties all with the same view. Here, property values can change dramatically within a few hundred feet based on views alone, not the mention that difference in the improvements. This is true of both homes and condos, as some condos are in original condition while others have been totally buffed out and renovated.

Yes, our market has taken a hit and seen a decline but it is a niche market in a magical place, where there is amazing beauty all around, limited development (by mainland standards) low crime, friendly people - well you get the point. This is still Kauai. On to this week's update:

Copyright 1/9/2011 by Hawaii Information Service

NEW LISTINGS
241732 CND AT CPR A 5 4-5-4-5-30-19 FS $281,000 Princeville Mauna Kai #D301 1,488 #D301 3/2.00
241678 CND AT CPR A 7 4-5-4-5-24-80 FS $359,900 Nihilani At Princeville Resort #27B 1,567 #27B 2/2.01
241617 CND AT CPR A 6 4-5-4-12-11-46 FS $1,649,000 Puu Poa #404 1,752 #404 2/2.00
241823 CND AT CPR X 1 4-5-4-12-2-6 FS $299,000 Hale Moi #106 1,033 #106 2/2.00

BACK ON THE MARKET
230839 CND AT CPR A 362 4-5-4-5-18-60 FS $349,000 Puamana #17A 1,312 #17A 2/2.00
222351 CND AT CPR A 653 4-5-4-5-39-138 FS $635,000 Cliffs At Princeville #5308 1,186 #5308 2/2.00
232843 CND AT CPR A 305 4-5-4-12-11-14 FS $945,000 Puu Poa #114 2,065 #114 2/2.00

CONTINGENT SALES
229652 CND AT CPR C 157 4-5-3-6-22-18 FS $1,487,500 Kaiulani Of Princeville #18 2,864 #18 3/3.01
233833 CND AT CPR C 21 4-5-4-5-18-53 FS $395,000 Puamana #15A 1,673 #15A 3/3.00
240237 CND AT CPR C 58 4-5-4-5-24-69 FS $429,000 Nihilani At Princeville Resort #23C 1,972 #23C 3/3.00

EXPIRED
241823 CND AT CPR X 1 4-5-4-12-2-6 FS $299,000 Hale Moi #106 1,033 #106 2/2.00
226233 CND AT CPR X 517 4-5-4-6-1-59 FS $699,000 Villas Of Kamalii #59 1,766 #59 3/3.00
212982 CND AT CPR X 912 4-5-4-5-16-28 FS $799,000 Alii Kai At Hanalei #4104 1,086 #4104 2/2.00

WITHDRAWN
227646 CND AT CPR W 475 4-5-4-5-13-2 FS $254,000 Kamahana #2 1,171 #2 2/2.00

PRICE CHANGES
225686 CND AT CPR A 534 4-5-4-5-16-57 FS $399,000- Alii Kai At Hanalei #7202 886 #7202 2/2.00
241602 CND AT CPR A 9 4-5-4-5-24-84 FS $399,000- Nihilani At Princeville Resort #28C 1,972 #28C 2/3.00
227872 CND AT CPR A 468 4-5-4-5-24-16 FS $470,000+ Nihilani At Princeville Resort #6A 1,874 #6A 3/2.01
239133 CND AT CPR A 94 4-5-4-5-24-14 FS $499,000- Nihilani At Princeville Resort #5B 1,406 #5B 2/2.00
237944 CND AT CPR A 132 4-5-4-6-1-19 FS $729,000- Villas Of Kamalii #19 1,815 #19 3/3.00
232843 CND AT CPR A 305 4-5-4-12-11-14 FS $945,000- Puu Poa #114 2,065 #114 2/2.00
234584 CND AT CPR A 247 4-5-4-11-3-24 FS $1,200,000- Hanalei Bay Resort #G32 1,324 #Palms G32 2/2.00
236681 CND,MTF AT CPR A 186 4-5-4-5-39-175 FS $895,000- Cliffs At Princeville #8201 22.00 ac 963 #8201 1/2.00

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

Mauna Kai D301 is our first new listings on the market as a Fannie Mae foreclosure priced at $281K. Purchased in 10/06 for $525K and foreclosed on by FNMA in 9/10, this unit was listed from 4/08 to 4/09 starting at $619K and reducing to $525K and again from 6 to 7 of 09, starting at $399K and dropping to $299K. Nihilani 27B is another FNMA foreclosure this week priced at $359,900. Purchased in 10/06 for $682,180, this unit went to FNMA in 8/10 after being unsuccessfully marketed as a short sale by the owner/agent. Pu'u Po'a 404 is new to the market priced at $1.649M after selling in 2/10 for $900K. This top floor unit has apparently undergone a complete renovation since that time.

Hale Moi 106 is a short sale priced at $299K after selling for $485K in 10/05. It came back on the market immediately after closing priced at $599K then shows as being remodeled as of 1/06. It was priced at $550K when it was withdrawn in 11/06. It came back on the market in 1/07 to 3/07 at $555K and again from 5/07 to 1/08 during which time it went from $599K to $515K. When it was listed again in 3/08, it started out at $524K but dropped suddenly to $325K as a short sale then came back up to $450K before expiring in 6/10. It appears this seller thought they could fix it up and flip it but now finds themselves in the position of a new short sale price of $299K but not for long as this unit also shows under the expired portion of this update, as it was only on the market for 1 day. Go figure.

Puamana 17A , priced at $349K is back on the market after expiring. It was originally purchased in 3/04 for $320K. Cliffs 5308 is also back on the market after expiring. This unit sold as a leasehold in 2/04 for $347,375 and converted to fee simple the same time for $117,810. Pu'u Po'a 114 is unfortunately back on the market after falling out of escrow as a short sale. Purchased in 3/05 for $1.4M, it is listed at a new, lower "bank approved" price of $945K, down from the previous price of $999K. You'll also see this under the "price changes" portion of the update.

Ka'iulani 18 found a buyer while priced at a very attractive $1,487,500. This ocean view unit originally sold from the developer for $1,972,350 in 10/07. Puamana 15A, a short sale priced at $395K went back into escrow this week after falling out last December. This unit sold as a leasehold property for $90K in 7/97 and converted to fee simple in 6/00 for $38,675. Short sale Nihilani 23C which originally sold from the developer for $890,579 in 11/06, went into escrow while listed for $429K.

As previously noted, Hale Moi 106 show as expired after one day on the market. What is up with that? Villas of Kamali'i 59 which sold for $586K in 4/04 expired while listed at $699K. Ali'i Kai 4104 sold for $950K in 8/05 and also expired this week priced at $799K. Kamahana 2, which sold for $136K in 11/94 was withdrawn this week priced at $254K.

Price changes start with Ali'i Kai 7202 which reduced from $499K to $399K. This unit sold for $115K in 1/88. Short sale Nihilani 28C sold for $793,970 from the developer in 10/06 and reduced from $499K to $399K in an attempt to get a quick offer. Nihilani 6A, a short sale purchased from the developer in 2/07 for $770,080, increased from $449K to $470K while Nihilani 5B, a short sale which sold for $710,405 in 12/06 reduced from $599K to $499K. Villas of Kamali'i 19 sold for $480K in 9/03. This unit reduced from $789K to $729K. Hanalei Bay Resort G32, which sold for $1.350M in 7/08 went from $1.450M to $1.2M to win the price reduction award this week. This is a fully remodeled Bali Hai, Hanalei Bay view rental vacation unit ready to be your next investment or new home. Cliffs 8201 which sold for $1.075M in 4/06 also made a reduction, going from $995K to $895K. Now on to your Princeville home update.

Copyright 1/9/2011 by Hawaii Information Service

NEW LISTINGS
241271 RES DT FL A 3 4-5-4-17-48 FS $550,000 4716 Emmalani Dr 15,967 sqft 1,942 3/3.00
241768 RES DT FL A 4 4-5-4-16-26 FS $1,050,000 4979 Emmalani Dr 10,895 sqft 2,381 2/2.01

CONTINGENT SALES
238260 RES DT FL C 131 4-5-4-23-13 FS $395,000 4841 Moli Pl 8,270 sqft 1,530 3/2.00
236829 RES DT FL C 169 4-5-4-21-11 FS $725,000 3856 Kaweonui Rd 10,796 sqft 2,442 #0 3/2.01
186555 RES DT FL C 1475 4-5-4-4-38 FS $7,490,000 4971 Hanalei Plantation 1.25 ac 4,630 4/5.00

UNDER CONTRACT
240845 RES DT FL U 33 4-5-4-22-4 FS $444,900 4087 Nalani Ln 11,244 sqft 1,424 3/2.00

WITHDRAWN
233631 RES DT FL W 278 4-5-4-9-19 FS $695,000 4188 Liholiho Rd 10,981 sqft 2,405 4/3.00

PRICE CHANGES
237287 RES DT FL A 118 4-5-3-12-12 FS $1,245,000- 3985 Aloalii Dr 8,554 sqft 3,340 2/3.00
232759 RES DT FL A 307 4-5-4-10-28 FS $639,000- 5230 Honoiki Rd 10,189 sqft 1,688 3/2.00

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. If you have any questions about these or any other properties, please do not hesitate to call or email. Get the facts before you buy or sell.

Aloha Elaine


High surf as seen from my condo.

Elaine Schaefer (R, CRS, GRI, ABR, SFR)
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
Graduate, Realtor's Institute
Accredited Buyer's Representative
Short Sale and Foreclosure Resource Certification
Top Producer 100% Club

RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935 begin_of_the_skype_highlighting            808 639 2935      end_of_the_skype_highlighting
home fax: 1 808 440 4552
email:soldonkauai@yahoo.com
website: www.KauaiRealEstateNow.com
blog: http://blogs.alohaliving.com/princeville-condo-sales/

......Making your real estate dreams
my business.........

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Rainmaker
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Steven Nickens
Wailea Realty - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Nice report Elaine, are things picking up for you.  Maui is seeing more activity and visitors.  I was in Honolulu last week end and it was jam back with people which is a good sign for Hawaii

Jan 12, 2011 06:28 AM #1
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Rainmaker
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Elaine Schaefer

R, CRS, GRI, ABR, SFR
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