Princeville condo update for the week of Feb 24th to Mar 1st

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



It sure seems to me that real estate activity has suddenly picked up - at least for this past two weeks. I know I've been busy showing property as have several other agents in our office, plus I've had several showing requests which is a welcome change of pace. Perhaps the outstanding weather we've been having is making it hard for our visitors to go home without a piece of real estate to call their own. On to the news of the week- your condo update!

Copyright 3/1/2008 by Hawaii Information Service

207580 T A 5 4-5-3-11-1-20 FS $975,000 Villas On The Prince #20 1,767 #20 3/3
207945 T A 4 4-5-4-5-18-81 FS $419,000 Puamana #22C 1,790 #22C 2/2
208089 T A 2 4-5-4-5-24-43 FS $650,000 Nihilani At Princeville Resort #15A 1,406 #15A 2/2
207652 T A 3 4-5-4-5-24-25 FS $659,200 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
207651 T A 3 4-5-4-5-24-29 FS $699,200 Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
207389 T A 3 4-5-4-5-24-44 FS $819,200 Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
207650 T A 3 4-5-4-5-24-99 FS $849,200 Nihilani At Princeville Resort #33C 1,972 #33C 2/3
207497 T A 5 4-5-4-11-3-49 FS $1,195,000 Hanalei Bay Resort #J11 1,324 #7101-2 (J11) 2/2
207864 T A 1 4-5-4-11-3-32 FS $1,339,000 Hanalei Bay Resort #H26 1,324 #H26 2/2

183571 T A 517 4-5-4-5-3-7 FS $465,000 Princeville Paniolo #107 1,058 #107 1/2
204020 T A 93 4-5-4-12-2-28 FS $495,000 Hale Moi #208 1,033 #208 2/2

193631 T C 335 4-5-4-5-17-53 FS $685,000 Alii Kai Ii Hanalei #14E 1,037 #14E 2/2

172114 T S 709 4-5-3-11-1-28 FS $799,000 Villas On The Prince #28 1,800 #11-28 3/3
SOLD 2/29/2008 for $799,000 (CASH) DOM 709

152027 T S 152 4-5-3-6-22-9 FS $1,900,000 Kaiulani Of Princeville #9 2,864 #9 3/3.5
SOLD 2/26/2008 for $2,008,270 (CASH) DOM 152

192144 SH X 408 4-5-4-11-3-32 FS $250,000 Hanalei Bay Resort #H26 1,324 #H26 2/2
191680 T X 348 4-5-4-5-13-28 FS $599,000 Kamahana #28 1,145 #28 2/2

198765 T W 204 4-5-4-15-21-32 FS $434,000 Sandpiper Village I #132 1,042 #132 2/2
192351 T W 358 4-5-4-5-3-3 FS $455,000 Princeville Paniolo #103 1,058 #103 1/2
193209 T W 344 4-5-4-5-7-11 FS $629,900 Princeville Sealodge #B3 570 #B3 1/1

202645 T T 133 4-5-4-5-24-48 FS $794,750 Nihilani At Princeville Resort #16C 1,972 #16C 3/3

203022 T A 127 4-5-3-11-1-30 FS $819,000- Villas On The Prince #30 1,761 #12-30 3/3
200674 T A 182 4-5-4-5-24-4 FS $699,200- Nihilani At Princeville Resort #2A 1,406 #2A 2/2
199987 T A 197 4-5-4-6-1-35 FS $699,900- Villas Of Kamalii #35 1,815 #35 3/3
207020 T A 12 4-5-4-5-7-13 FS $719,000- Princeville Sealodge #B5 748 #B5 2/2
200673 T A 182 4-5-4-5-24-21 FS $812,200- Nihilani At Princeville Resort #7C 1,972 #7C 2/3
193435 T A 337 4-5-4-6-1-1 FS $935,000- Villas Of Kamalii #1 1,761 #1 3/3

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

Villas on the Prince #20 is a new listing, and is being offered by the owner / agent who bought it for $495,172 in 3/02 from the developer. Puamana 22C was previously listed from 5/07 to 10/07, starting out at $510K and reducing to $410K after 145 DOM. It's always interesting to me how when it doesn't sell at a lower price, the remedy seems to be to relist at a new higher price. It is now listed for $419K and was purchased in 1/04 for $342,500. Nihilani 15A is another owner / agent listing which was purchased in 4/06 for $644,085. With a list price of $650K we've got another tax write off in the making.

The other Nihilani's are all developer units, still unsold! All were previously listed under another agent / office. Nihilani 9A, now listed for $659,200 was listed from 6 to 10 of 07 for $657,570. Unit 10B was previously listed during the same time frame for $730,800 and is now listed for $699,200. 15B is listed for $819,200 and was previously listed for $839,600. Unit 33C was listed for $879,400 and is now available for $849,200.

Hanalei Bay Resort J11 is no stranger to the MLS. It was purchased in 9/03 for $504,145, and was listed from 10/06 to 5/07, starting at $1.399M and dropping to $1.295M, then from 7/07 to 1/08 listed from $1.295M to $1.195M. Hanalei Bay Resort H26 was purchased in 11/03 for $507,290 (what is it with these odd numbers?) and has been on the market ever since. It was first listed from 1/04 to 9/04 for $750K. When it didn't sell after 265 DOM, it was listed again from 9/04 to 9/05 starting at $995K and moving up to $1.250M. After this listing expired, they tried again from 10/05 to 10/06. This time they just listed it for $1.4M. Unfortunately, no one caught on that the price increases were simply a reflection of the rapid appreciation of the unit, so it was again listed from 1/07 to 1/08 for the same price. Since no one has stepped up to the plate the last 4 years, they reduced it to $1,339,000 in the hopes that this is the magic number. It was even listed as a fractional from 2/07 to 2/08 listed at $250K.

Back on the market is Paniolo #107 which hasd expired. It started out at $525K and reduced down to $465K. This unit was purchased in 9/05 for $475K. More tax deductions.....

Hale Moi #208 was purchased in 11/01 for $215K and came back on the market after falling out of escrow. It went under contract on 2/15/08 so at least it didn't lose too much market time. Ali'i Kai 14E finally went into escrow after 335 DOM. This condo was purchased in 1/04 for $430K and was previously listed from 7/06 to 3/07, starting at $739K and dropping to $725K. It started out at $725K this time and reduced to $685K before going into escrow.

Villas on the Prince #28 finally closed at $799K, which was the last asking price. As discussed in my prior blog, this unit started out at $1.195M, moved up to $1.249M then worked it's way slowly down the food chain until it hit $799K, at which time it went into escrow and sold for "full price." Ka'iulani #9 is a developer's sale at $2,008,270.

Under the "expireds" you'll see the Hanalei Bay Resort H26 unit previously discussed under new listings. Kamahana #28 was purchased in 4/06 for $599K, starting out at $725K and moving down to $599K during the life of the listing.

Several sellers decided to hang it up for now and withdraw their units from the market. Sandpiper 132 went from $484 to $434 during the life of the listing, having been purchased in 8/04 for $330K. Paniolo #103 was purchased in 4/05 for $410K, leaving the seller with little margin for bargaining with a list price of $455K. Sealodge was purchased in 12/99 for $98K and went from $737K to $629,900 during the listing period.

Nihilani 16C was temporarily withdrawn when it was listed at $794,750. This unit was purchased in 6/06 for $769,570. Perhaps the seller saw the writing on the wall and realized there was no "gain" to be made in this market.

Finally, our favorites: the reductions. Villas on the Prince #30 went from $859K to $819K, and has a purchase price of $565K in 3/04. Nihilani 2A is a developer's unit and was reduced from $716K to $699,200. I wonder how the owners who paid the asking price for their developer's unit feel seeing these reductions?! Villas of Kamali'i, which is bank owned, went from $725K to $699,900. Sealodge B5 went from $730K to $719K. Nihilani 7C is another developer's unit which is being reduced from $829K to $812,200. And finally we have Villas of Kamali'i, down from $947,500 to $935K. This unit was purchased 3/05 for $743k and started this listing at $1.075M.

That wraps it up for this week. Please call or email with any questions.

Aloha, Elaine

Elaine's Photo

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
website: can have your own piece of paradise
ask me how!


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