Princeville Condos - List vrs. Sales price

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

I alway wonder when sellers raise their price or come back on the market at a higher price when they can't sell their property. The logic there simply escapes me, unless perhaps the seller feels the market is moving upward and it's time to move up with it. If this is the case, I must say, the upward surge has escaped me. What I think, simply stated, is this: there is simply too much inventory on the market which, along with all the mainland bad press, is keeping pricing down and buyers away. After all, why hurry over to buy something that has been on the market for the last 6 months and has been on steadily reduced?

Buyers are a pretty sophisticated demanding bunch these days. And why shouldn't they be? There's a lot of information to be had for the asking, information to help them make an informed decision. One of the major pieces of information are recent sales. Just for fun, I decided to run through a few complexes and compare current listings to past sales. Let's look at the current Alii Kai listings:

173568 T A 681 4-5-4-5-17-15 FS $470,000 Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
186493 T A 483 4-5-4-5-17-55 FS $635,000 Alii Kai Ii Hanalei #14G 1,037 #14G 2/2
200564 T A 176 4-5-4-5-16-2 FS $639,000 Alii Kai At Hanalei #1102 1,086 #1102 2/2
202868 T A 123 4-5-4-5-16-3 FS $649,000 Alii Kai At Hanalei #1103 1,085 #1103 2/2
193631 T A 327 4-5-4-5-17-53 FS $685,000 Alii Kai Ii Hanalei #14E 1,037 #14E 2/2
185484 T A 506 4-5-4-5-16-53 FS $789,500 Alii Kai At Hanalei #7102 886 #7102 2/2
176670 T A 669 4-5-4-5-16-57 FS $875,000 Alii Kai At Hanalei #7202 886 #7202 2/2
200693 T A 171 4-5-4-5-16-37 FS $879,000 Alii Kai At Hanalei #5101 1,086 #5101 2/2
192590 T A 326 4-5-4-5-16-41 FS $899,000 Alii Kai At Hanalei #5201 1,086 #5201 2/2
174619 T A 702 4-5-4-5-16-26 FS $937,500 Alii Kai At Hanalei #4102 1,086 #4102 2/2

Here are the units that have sold since 1/1/07:

176403 T S 302 4-5-4-5-16-52 FS $625,000 Alii Kai At Hanalei #7101 886 #7101 2/2
SOLD 4/13/2007 for $625,000 (CNV) DOM 302

188647 T S 97 4-5-4-5-16-45 FS $1,075,000 Alii Kai At Hanalei #5301 1,086 #5301 2/2
SOLD 4/24/2007 for $977,000 (CNV) DOM 97

How about Cliffs? Let's see what's on the market...

207634 T A 3 4-5-4-5-39-16 FS $499,000 Cliffs At Princeville #1206 917 #1206 1/2
199692 T A 196 4-5-4-5-39-12 FS $519,000 Cliffs At Princeville #1202 917 #1202 1/2
188728 T A 398 4-5-4-5-39-55 FS $649,500 Cliffs At Princeville #2305 1,137 #2305 2/2
183879 T A 540 4-5-4-5-39-163 FS $799,000 Cliffs At Princeville #7205 917 #7205 1/2
200484 T A 177 4-5-4-5-39-169 FS $875,000 Cliffs At Princeville #7305 1,137 #7305 2/2
195741 T A 253 4-5-4-5-39-188 FS $895,000 Cliffs At Princeville #9102 917 #9102 1/2
199811 T A 185 4-5-4-5-39-191 FS $939,000 Cliffs At Princeville #9201 963 #9201 1/2
206628 T A 18 4-5-4-5-39-154 FS $945,000 Cliffs At Princeville #6306 1,186 #6306 2/2

If you know the Cliffs layout, you know that buildings 6,7, and 9 are ocean view while building 1 is the building nearest the street. Building 2 is next to it. Both buildings look out into the greenbelt. Here is what's sold since 1/1/07:

203796 T S 7 4-5-4-5-39-72 FS $399,500 Cliffs At Princeville #3204 917 #3204 1/2
SOLD 1/16/2008 for $380,000 (CASH) DOM 7

163832 T S 470 4-5-4-5-39-76 FS $450,000 Cliffs At Princeville #3208 963 #3208 1/2
SOLD 2/10/2007 for $435,000 (CNV) DOM 470

194312 T S 53 4-5-4-5-39-68 FS $459,000 Cliffs At Princeville #3108 963 #3108 1/2
SOLD 7/18/2007 for $452,000 (CASH) DOM 53

184227 T S 252 4-5-4-5-39-107 FS $598,000 Cliffs At Princeville #4303 1,137 #4303 2/2
SOLD 9/14/2007 for $598,000 (CNV) DOM 252

195791 T S 33 4-5-4-5-39-160 FS $599,000 Cliffs At Princeville #7202 917 #7202 1/2
SOLD 7/31/2007 for $575,000 (CNV) DOM 33

188360 T S 264 4-5-4-5-39-123 FS $615,000 Cliffs At Princeville #5201 963 #5201 1/2
SOLD 10/19/2007 for $550,000 (CNV) DOM 264

190979 T S 322 4-5-4-5-39-100 FS $620,000 Cliffs At Princeville #4206 917 #4206 1/2
SOLD 2/21/2008 for $570,000 (CNV) DOM 322

185461 T S 290 4-5-4-5-39-96 FS $639,000 Cliffs At Princeville #4202 917 #4202 1/2
SOLD 9/12/2007 for $590,000 (CNV) DOM 290

195704 T S 53 4-5-4-5-39-114 FS $739,000 Cliffs At Princeville #4310 1,281 #4310 2/2
SOLD 8/31/2007 for $682,500 (CNV) DOM 53

A quick glance reveals the highest priced sale was unit 4310, which is 2 bed / 2 bath for $682,500. This is an end unit with a very nice ocean view. The lowest priced two bedroom unit currently on the market is unit 2305, listed for $649K which has a greenbelt view. Most of the sales were in Building 3, which along with building 1 are probably the two least desirable buildings in the complex. (In my humble opinion) Unit 3204 closed for $380 after what shows as 7 days on the market, which is not the case. This unit was listed multiple times,starting at $515K when it was listed the first time in 6/06. Even building 7 sold for a new low of $575K in 7/07 while current building 7 units are listed from $799K for a one bedroom to $875K for a two bedroom.

Moving right along: How about the Plantations at Princeville? These are the current listings:

206958 T A 17 4-5-4-5-23-17 FS $565,000 Plantation At Princeville #511 1,153 #511 2/2
200357 T A 178 4-5-4-5-23-42 FS $570,000 Plantation At Princeville #1112 1,153 #1112 2/2
195533 T A 291 4-5-4-5-23-58 FS $619,000 Plantation At Princeville #1512 1,153 #1512 2/2
204852 T A 72 4-5-4-5-23-31 FS $649,000 Plantation At Princeville #821 1,366 #821 3/3
183699 T A 539 4-5-4-5-23-25 FS $695,000 Plantation At Princeville #711 1,153 #711 2/2
199861 T A 191 4-5-4-5-23-60 FS $739,000 Plantation At Princeville #1522 1,318 #1522 3/3
194753 T A 305 4-5-4-5-23-27 FS $759,000 Plantation At Princeville #721 1,318 #721 3/3
193033 T A 343 4-5-4-5-23-3 FS $785,000 Plantation At Princeville #121 1,318 #121 3/3

And this is whats sold:

198314 T S 0 4-5-4-5-23-36 FS $549,000 Plantation At Princeville #922 1,318 #922 3/3
SOLD 7/11/2007 for $566,815 (CNV) DOM 0

182792 T S 425 4-5-4-5-23-50 FS $578,000 Plantation At Princeville #1312 1,153 #1312 2/2
SOLD 12/6/2007 for $568,000 (CASH) DOM 425

183283 T S 522 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 #1712 2/2
SOLD 2/19/2008 for $515,000 (CNV) DOM 522

189099 T S 46 4-5-4-5-23-6 FS $588,000 Plantation At Princeville #212 1,153 #212 2/2
SOLD 3/22/2007 for $560,000 (CNV) DOM 46

193039 T S 35 4-5-4-5-23-53 FS $588,000 Plantation At Princeville #1411 1,153 #1411 2/2
SOLD 7/6/2007 for $575,000 (CNV) DOM 35

192121 T S 68 4-5-4-5-23-5 FS $629,000 Plantation At Princeville #211 1,153 #211 2/2
SOLD 6/5/2007 for $595,000 (CNV) DOM 68

197158 T S 116 4-5-4-5-23-65 FS $629,000 Plantation At Princeville #1711 1,153 #1711 2/2
SOLD 11/5/2007 for $599,999 (CNV) DOM 116

194769 T S 40 4-5-4-5-23-12 FS $725,000 Plantation At Princeville #322 1,318 #322 3/3
SOLD 7/16/2007 for $700,000 (CNV) DOM 40

186846 T S 166 4-5-4-5-23-43 FS $729,000 Plantation At Princeville #1121 1,318 #1121 3/3
SOLD 6/13/2007 for $700,000 (CNV) DOM 166

The sales range for 2 bedroom condos is from $515K (this was a short sale) to $599,999 and for three bedrooms it's $566K to $700K while listing prices for 2 bedroom units are from $565K to $695K and three bedrooms are priced from $649K to $785K. The two bedrooms seem to be well priced based on this comparison....but I'm not so sure about the 3 bedrooms.

Ok, how about a few more like Sandpiper- here are the listings:

206436 T A 25 4-5-4-15-21-7 FS $419,000 Sandpiper Village I #107 1,042 #107 2/2
198214 T A 208 4-5-4-15-21-15 FS $429,000 Sandpiper Village I #115 1,042 #115 2/2
198765 T A 197 4-5-4-15-21-32 FS $434,000 Sandpiper Village I #132 1,042 #132 2/2
199242 T A 205 4-5-4-15-21-8 FS $440,000 Sandpiper Village I #108 1,042 #108 2/2
205685 T A 44 4-5-4-15-21-21 FS $459,000 Sandpiper Village I #121 1,042 #121 2/2
196998 T A 255 4-5-4-15-21-43 FS $460,000 Sandpiper Village I #206 1,173 #206 2/2.5
205596 T A 41 4-5-4-15-21-30 FS $499,000 Sandpiper Village I #130 1,042 #130 2/2
203239 T A 112 4-5-4-15-21-34 FS $535,000 Sandpiper Village I #134 1,042 #134 2/2
202357 T A 121 4-5-4-15-21-73 FS $535,000 Sandpiper Village I #236 1,173 #236 2/2.5
181966 T A 567 4-5-4-15-21-50 FS $549,999 Sandpiper Village I #213 1,173 #213 3/2.5

Here are the sales:

Copyright 2/22/2008 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
198541 T S 101 4-5-4-15-21-5 FS $360,000 Sandpiper Village I #105 1,042 #105 2/2
SOLD 12/5/2007 for $340,000 (CASH) DOM 101

193146 T S 161 4-5-4-15-21-37 FS $409,000 Sandpiper Village I #137 1,042 #137 2/2
SOLD 10/11/2007 for $379,000 (CNV) DOM 161

163432 T S 732 4-5-4-15-21-41 FS $460,000 Sandpiper Village I #204 1,173 #204 3/2.5
SOLD 12/18/2007 for $450,000 (1031, CNV) DOM 732

193251 T S 1 4-5-4-15-21-25 FS $499,000 Sandpiper Village I #125 1,042 #125 2/2
SOLD 5/23/2007 for $499,000 (1031) DOM 1

Unit 105 that sold for $340K was in need of a lot of help, while unit 137 which went for $379K was totally buffed out. Unit 204 sold for $450K with both bathrooms nicely retiled and bamboo floors. One look at the listings reveals that only unit 107 at $419K is anywhere near the "comps" for downstairs units while the recent reduction of 206 to $460K puts it closer to the last sales price than any of the others.

I'll end with Emmalani Court. Here are the listings:

196541 T A 191 4-5-4-12-10-25 FS $595,000 Emmalani Court #413 952 #413 1/2
206939 T A 19 4-5-4-12-10-16 FS $670,000 Emmalani Court #314 1,192 #314 2/2
199453 T A 134 4-5-4-12-10-19 FS $695,000 Emmalani Court #322 1,192 #322 2/2
185586 T A 501 4-5-4-12-10-24 FS $698,000 Emmalani Court #412 1,192 #412 2/2
206915 T A 125 4-5-4-12-10-29 FS $716,000 Emmalani Court #422 1,192 #422 2/2
204435 T A 79 4-5-4-12-10-41 FS $749,000 Emmalani Court #524 1,192 #524 2/2

And here are the sales:

193594 T S 103 4-5-4-12-10-30 FS $579,000 Emmalani Court #423 952 #423 1/2
SOLD 9/26/2007 for $540,000 (CNV) DOM 103

169795 T S 416 4-5-4-12-10-34 FS $700,000 Emmalani Court #512 1,192 #512 2/2
SOLD 5/15/2007 for $700,000 (CNV) DOM 416

194831 T S 416 4-5-4-12-10-41 FS $745,000 Emmalani Court #524 1,192 #524 2/2
SOLD 7/3/2007 for $700,000 (CNV) DOM 416

179872 T S 165 4-5-4-12-10-29 FS $749,000 Emmalani Court #422 1,192 #422 2/2
SOLD 1/22/2007 for $705,000 (CNV) DOM 165

200899 T S 0 4-5-4-12-10-37 FS $770,000 Emmalani Court #515 1,456 #515 2/2
SOLD 10/3/2007 for $770,000 (CNV) DOM 0

188069 T S 58 4-5-4-12-10-6 FS $799,000 Emmalani Court #214 1,192 #214 2/2
SOLD 6/28/2007 for $763,000 (CNV) DOM 58

188662 T S 258 4-5-4-12-10-23 FS $799,000 Emmalani Court #411 1,456 #411 2/2
SOLD 10/12/2007 for $740,000 (CASH) DOM 258

191642 T S 80 4-5-4-12-10-9 FS $839,900 Emmalani Court #222 1,192 #222 2/2
SOLD 7/11/2007 for $815,000 (CNV) DOM 80

190225 T S 43 4-5-4-12-10-3 FS $930,000 Emmalani Court #211 1,456 #211 2/2
SOLD 5/4/2007 for $900,000 (CNV) DOM 43

Curious about list / sale prices of other complexes? Call or email for your personal condo analysis. Hope your day is as beautiful as ours is here!

This is how the day started as seen from my lanai- soft colors of the morning sun against the trees:

cliffs-sunrise-2-22-2.jpg

And this is how the afternoon looks. So much blue sky and blue ocean you can hardly tell one from the other....

cliffs-afternoon-2-22.jpg

Aloha, Elaine

Elaine Schaefer (R, GRI, ABR)
Broker in Charge - Princeville Resort Office
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
email:soldonkauai@yahoo.com
website: www.kauairealestatenow.com

......you can have your own piece of paradise
ask me how!

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Elaine Schaefer

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