Princeville Kauai condo (and house) + short sale update for the week of Jan 1st to Jan 7th

Aloha,

Welcome to the first blog post of 2012. Judging from the number of units that went into escrow, it looks like were off to a good start. Short sales and foreclosures across the Island continue to generate interest amoung buyers while sellers are finding price reductions are the secret to success.

Some of these properties are selling for half than what they did at the height of the market and others are even more heavily discounted. I was amazed to see a house on Kapaka (Princeville Ag) that last sold last week for $1.2M cash. This house caught my attention as it’s next to one of the pastures where my horse is kept not to mention the Bali Hai, Hanalei Bay and mountain views it possesses. With 4 bedrooms, 3.5 baths and 3525 sqft. under roof sitting on 4.29 acres, this is a magnificent house – the circular driveway is lined with Royal Palms. I love it.

It last sold for $3.150M in 4/05, was foreclosed on in 8/11 and – as I said above – became someone’s happy new home for the tidy sum of $1.2M. Congratulation on a spectacular buy. Love your house.

Here’s what happenned this past week in terms of Princeville condos:

NEW LISTINGS
251048 CND A 4 4-5-4-5-3-7 FS $134,900 Princeville Paniolo #107 1,058 #107 1/2.00
251239 CND A 3 4-5-4-5-39-7 FS $235,000 Cliffs At Princeville #1107 917 #1107 1/2.00
251097 CND A 6 4-5-4-5-23-45 FS $458,000 Plantation At Princeville #1211 1,153 #1211 2/2.00
251115 CND A 4 4-5-4-5-39-178 FS $495,000 Cliffs At Princeville #8204 1,864 #8204 4/4.00

BACK ON THE MARKET
249929 CND A 55 4-5-4-5-18-66 FS $349,000 Puamana #18C 1,532 #18C 2/2.00
232843 CND A 1389 4-5-4-12-11-14 FS $995,000 Puu Poa #114 2,065 #114 2/2.00

CONTINGENT SALES
247792 CND C 118 4-5-4-5-3-4 FS $150,000 Princeville Paniolo #104 1,058 #104 1/2.00
244431 CND C 272 4-5-4-5-24-52 FS $330,000 Nihilani At Princeville Resort #18A 1,406 #18A 2/2.00
245051 CND C 248 4-5-4-12-10-27 FS $389,000 Emmalani Court #415 1,456 #415 2/2.00
249056 CND C 82 4-5-4-5-23-5 FS $399,000 Plantation At Princeville #211 1,153 #211 2/2.00
241617 CND C 370 4-5-4-12-11-46 FS $1,499,000 Puu Poa #404 1,752 #404 2/2.00

WITHDRAWN
246031 CND W 114 4-5-3-11-1-19 FS $689,999 Villas On The Prince #19 1,732 #19 3/3.00
247933 CND W 129 4-5-4-11-3-54 FS $1,350,000 Hanalei Bay Resort #J22 1,324 #J22 2/2.00

PRICE CHANGES
251239 CND A 3 4-5-4-5-39-7 FS $235,000+ Cliffs At Princeville #1107 917 #1107 1/2.00
240109 CND A 430 4-5-4-5-23-14 FS $399,000- Plantation At Princeville #412 1,153 #412 2/2.00
251097 CND A 6 4-5-4-5-23-45 FS $458,000+ Plantation At Princeville #1211 1,153 #1211 2/2.00
250180 CND A 47 4-5-4-6-1-58 FS $583,000- Villas Of Kamalii #58 1,761 #58 3/3.00
232843 CND A 1389 4-5-4-12-11-14 FS $995,000+ Puu Poa #114 2,065 #114 2/2.00
246031 CND W 114 4-5-3-11-1-19 FS $689,999- Villas On The Prince #19 1,732 #19 3/3.00

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. Copyright ©1/8/2012

New Listings:
Bank REO Paniolo 107 is back on the market with a new agent and a list price of $134,900. It sold for $$75K in 9/05 and was foreclosed on by the bank in 7/11. It was previously listed from 12/06 to 10/08, starting at $525K and dropping to $395K, from 3/10 to 1/11 when it was listed for $217K and reduced to $179K and finally from 5/11 to 12/11, starting at $209,900 and reducing to $134,900. Cliffs 1107 is listed for $235K after selling as a leasehold unit in 2/04 for $205K. The seller is apparently in the process of purchasing the fee with the intention of selling as a fee simple unit.

Plantation 1211 is the first new listing on the MLS for 2012 with a sale price of $470K on 1/06 and a list price of $456K. Bank owned 4 bedroom ocean view Cliffs 8204 is back on the market with a new agent and a new price of $495K. This two story condo was foreclosed on in 10/10. Prior to the foreclosure, the condo was listed for $995K to $750K from 10/09 to 6/10. After it was bank owned, the unit came on the market on 1/11 until 12/11 priced at $647K. It reduced to $599K during the life of the listing.

Back on the Market:
Puamana 18C is back on the market after going into escrow on 12/1. Priced at $349K, this unit sold in 1/04 for $315K. It’s easy to see why Pu’u Po’a 114 is back on the market after being in escrow since 12/6. This ocean view condo went into escrow as a short sale priced at $774K but came back on the market at a bank approved price of $995K. I would guess that the bank didn’t go for the price in the $700K’s. This unit sold for $1.4M in 3/05 and has been on the market over 1300 days. You will also see this property in the price change portion of the update.

Contingent:
Short sale Paniolo 104 went into escrow while priced at $150K. The last sale was in 9/03 for $240K. Short sale Nihilani 18A went quickly back into escrow at the bank approved price of $330K. It last sold for $619,100 in 8/06 from the developer. Emmalani Court 415 went into escrow while priced at $389K after selling for $610K in 5/05. This is not a short sale. Short sale Plantation 211 went into escrow priced at $399K after selling in 6/07 for $595K. Pu’u Po’a 404 found a buyer while listed for $1.499M. This unit last sold for $900K in 2/10.

Withdrawn:
Villas on the Prince 19 made an unusual price reduction, going from $698,600 to $689,999 after selling for $520K from the developer in 6/02. It was then withdrawn a couple of days later. Hanalei Bay Resort 7203-04, which last sold for $1M in 5/08, was withdrawn after 129 market days priced at $1.350M.

Price Changes:
Cliffs 1107, a new listing, also shows up under the price change portion of the weekly update, but there is no change indicated in the history. Plantation 412 which was purchased for $405K in 9/05, reduced from $420K to $399K. Plantation 1211, which is also found under ‘new listings’ made a price adjustment after coming on the market at $456K. It then increased to $458K. Villas of Kamali’i 58 reduced from $595K to $583K and last sold for $432,155 in 5/03. Pu’u Po’a 114 fell out of escrow and came back on the market at a new bank approved price of $995K up from $774K. As noted under “withdrawn” Villas on the Prince 19 reduced before being withdrawn.

Now on to your Princeville home update. Once again, I’m happy to say that my listing on Akai Place has gone from ‘contingent’ to ‘under contract’ which means all contingencies have been removed.

NEW LISTINGS
250944 RES A 6 4-5-4-14-11 FS $1,095,000 3781 Keli’i Pl 14,409 sqft 1,924 3/2.00

BACK ON THE MARKET
236140 RES A 171 4-5-4-14-26 FS $1,570,000 3925 Kamehameha Rd 20,093 sqft 3,925 4/3.01

CONTINGENT SALES
228327 RES C 821 4-5-4-18-5 FS $735,000 4156 Mahina Pl 12,194 sqft 1,668 3/2.00

UNDER CONTRACT
247911 RES U 94 4-5-4-21-21 FS $598,000 4919 Akai Pl 9,868 sqft 1,952 3/2.01

WITHDRAWN
221726 RES W 1038 4-5-4-13-13 FS $1,395,000 3647 Kaweonui Rd 10,836 sqft 2,879 4/3.00
247095 RES W 168 4-5-4-4-52-1 FS $4,995,000 Hgfe Lot 13 Condominium #A 31,715 sqft 3,864 #A 4/3.01

PRICE CHANGES
249347 RES A 76 4-5-4-16-68 FS $959,000- 4401 Emmalani Dr 12,937 sqft 2,137 3/2.00
244861 RES A 251 4-5-4-22-16 FS $998,000- 4036 Kaikioewa Pl 12,434 sqft 3,474 4/4.00
243901 RES A 286 4-5-4-17-9 FS $1,495,000- 4881 Emmalani Dr 10,852 sqft 3,494 3/4.00

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. Copyright ©1/8/2012

That’s it for this week. I think I pretty much stated what I think of the market in the opening — lots of great pricing. Let me know if you like to get in on this market while the getting is good. If you need the facts before buying or selling, just send an email. That’s why I’m here.

Aloha Elaine

I thought this was a fun photo. The ship looks washed out because it’s out there in it’s own little rain storm. Nice and dry on land.

More beacutiful high surf came our way this weeki. I love it.

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
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………