Princeville condo (and house) update for the week of March 2nd to 8th

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

Aloha,

I hope you are not somewhere reading this where the weather is undesirable, as I have to report that we have had yet another stellar week. Today the ocean was so invitingly flat (can you tell I am not a surfer?) it looked like a bathtub. It was bright and sunny with high clouds, just enough to keep a pleasant coolness in the air. My friend and I were over looking at used kayaks at the local kayak rental shop in Hanalei. This was just after we had a seared Ahi sandwich on ciabatta bread by the Hanalei River, sitting at an outside table at the Hanalei Dolphin Restaurant. While Jack was talking to the rental owner, I chatted with a young girl from Texas as her parents came walking up. All she kept repeating to her mom and dad was "she lives here..." like it was the most unbelievable concept.

Let me tell you, sometimes it is. But even as beautiful and unbelievable as Kauai is, it's occasionally quite easy to take even Paradise for granted. That's why I like living in a condo complex that has timeshare where every day I am reminded by the visitors as they "ooooooooohh" and "aaaaahhhhhhh" over every little thing. The whales spouting or even better, slapping the water with their tales or breaching; the Nene, bananas growing on trees (some people have never seen such a thing!) the beautiful huge Hibiscus flowers, the mountains, waterfalls.......the ocean......Need I go on?

Yes, on to your update. Here it is your activity for last week:

Copyright 3/9/2008 by Hawaii Information Service

NEW LISTINGS
208189 T A 2 4-5-3-11-1-29 FS $819,000 Villas On The Prince #29 1,732 #29 3/3
207393 T A 2 4-5-3-6-22-64 FS $975,000 Kaiulani Of Princeville #64 1,738 #64 2/2.5
207615 T A 7 4-5-3-6-22-9 FS $2,100,000 Kaiulani Of Princeville #9 2,864 #9 3/3.5
208375 T A 3 4-5-4-5-18-5 FS $535,000 Puamana #2A 1,312 #2A 2/2
208134 T A 6 4-5-4-5-18-42 FS $649,000 Puamana #12B 1,532 #12B 2/2
208369 T A 3 4-5-4-5-39-127 FS $650,000 Cliffs At Princeville #5205 917 #5205 1/2
208287 T A 4 4-5-4-5-24-80 FS $699,000 Nihilani At Princeville Resort #27B 1,567 #27B 2/2.5
208353 T C 4 4-5-3-6-22-8 FS $1,950,000 Kaiulani Of Princeville #8 2,864 #8 3/3.5
208063 T C 6 4-5-4-12-5-11 FS $1,100,000 Pali Ke Kua Incr I, ii, iii #111A 717 #111A 1/1
208286 T U 0 4-5-3-6-22-63 FS $975,000 Kaiulani Of Princeville #63 1,901 #63 2/2.5

BACK ON THE MARKET
195584 T A 304 4-5-4-6-1-44 FS $859,000 Villas Of Kamalii #44 1,825 #44 3/3

CONTINGENT SALES
185798 T C 510 4-5-3-11-1-14 FS $869,000 Villas On The Prince #14 1,737 #14 3/3
208353 T C 4 4-5-3-6-22-8 FS $1,950,000 Kaiulani Of Princeville #8 2,864 #8 3/3.5
204852 T C 88 4-5-4-5-23-31 FS $649,000 Plantation At Princeville #821 1,366 #821 3/3
199987 T C 205 4-5-4-6-1-35 FS $699,900 Villas Of Kamalii #35 1,815 #35 3/3
208063 T C 6 4-5-4-12-5-11 FS $1,100,000 Pali Ke Kua Incr I, ii, iii #111A 717 #111A 1/1

SALES
152066 T S 0 4-5-3-6-22-64 FS $855,000 Kaiulani Of Princeville #64 1,781 #64 2/2.5
SOLD 3/4/2008 for $861,070 (CASH, CNV) DOM 0

152056 T S -63 4-5-3-6-22-65 FS $855,000 Kaiulani Of Princeville #65 1,901 #65 2/2.5
SOLD 3/4/2008 for $861,160 (CASH, CNV) DOM -63

196331 SH S 230 4-5-4-6-1-42 FS $245,000 Villas Of Kamalii #42 1,825 #42 3/3
SOLD 2/29/2008 for $245,000 (CASH) DOM 230

UNDER CONTRACT
208286 T U 0 4-5-3-6-22-63 FS $975,000 Kaiulani Of Princeville #63 1,901 #63 2/2.5
194231 T U 306 4-5-3-6-22-43 FS $1,685,000 Kaiulani Of Princeville #43 2,443 #43 3/3.5
199734 T U 183 4-5-4-12-2-40 FS $575,000 Hale Moi #220 1,033 #220 1/2

EXPIRED
172688 T X 724 4-5-4-12-11-54 FS $2,675,000 Puu Poa #412 1,359 #412 2/2

WITHDRAWN
204087 T W 98 4-5-4-12-11-17 FS $1,675,000 Puu Poa #203 1,352 #203 2/2

PRICE CHANGES
205059 T A 59 4-5-3-11-1-3 FS $799,000- Villas On The Prince #3 1,737 #3 3/3
205596 T A 57 4-5-4-15-21-30 FS $480,000- Sandpiper Village I #130 1,042 #130 2/2
205172 T A 73 4-5-4-5-13-13 FS $639,000- Kamahana #13 2,073 #13 3/2
196893 T A 276 4-5-4-12-9-30 FS $860,000+ Pali Ke Kua Iii #242 1,135 #242 2/2
205638 T A 58 4-5-4-11-3-13 FS $1,200,000- Hanalei Bay Resort #C15 1,705 #C15 3/3
152053 T U 0 4-5-3-6-22-60 FS $1,075,000+ Kaiulani Of Princeville #60 1,901 #60 2/2.5

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

Starting with Villas on the Prince #29, this unit originally sold from the developer in 5/02 for $486,710. This is the first time it has been listed since that purchase. Ka'iulani #64 is another new listing, having sold on 3/3/08 from the developer for $861,070 and is listed just days later, on 3/7 for $975K as a resale. Since this is a smaller unit, and one of the few under $1M, there's a chance it might just sell. Ka'iulani #9 sold on 2/26/08 for $2,008,270 and is now listed for $2.1M as a resale. While I'm on the topic of Ka'iulani, I may as well also mention unit #8 which shows as contingent after 4 days on the market. This unit was listed for 12/06 to 1/08 at the same price at which time it was withdrawn. Ka'iulani # 63 is another unit which was previously listed for $875K from 3/05 to 12/07, during which time it was under contract. It must have fallen out as it has now come back on showing once again under contract (this is a developer's sale) for $975K. You‘ll also see both of these properties listed under the contingent sales portion of the update.

Moving right along, I'll go on to Puamana #2A, which I know from personal experience to be a wonderful unit. Most of the Puamanas are two story townhouse style condos, but a few of the end units are one story, as is the case here. I know this unit well, having representing the seller back in 8/02 when it sold for $255K. It was last purchased in 1/05 for $450K. It looks like that seller then sold half interest in 3/05 to another party for $225K and another 20% interest in 8/05 for $45K. The location of this unit is nice and private compared to many of the other Puamanas and is nicely upgraded with tile throughout. To see any comparable sales, I had to go back to 1/1/07. Here is what's sold since that time and the Puamanas currently on the market:

Copyright 3/9/2008 by Hawaii Information Service

Active
207945 T A 12 4-5-4-5-18-81 FS $419,000 Puamana #22C 1,790 #22C 2/2
206918 T A 228 4-5-4-5-18-91 FS $470,000 Puamana #25B 1,532 #25B 2/2
196884 T A 275 4-5-4-5-18-68 FS $519,000 Puamana #19B 1,660 #19B 3/2
208375 T A 3 4-5-4-5-18-5 FS $535,000 Puamana #2A 1,312 #2A 2/2
191813 T A 383 4-5-4-5-18-21 FS $579,000 Puamana #6B 1,732 #6B 3/2
208134 T A 6 4-5-4-5-18-42 FS $649,000 Puamana #12B 1,532 #12B 2/2
201318 T A 173 4-5-4-5-18-32 FS $695,000 Puamana #9A 1,532 #9A 2/2

Sold
189724 T S 202 4-5-4-5-18-25 FS $475,000 Puamana #7B 1,532 #7B 2/2
SOLD 9/28/2007 for $420,000 (CNV) DOM 202

174932 T S 323 4-5-4-5-18-20 FS $489,000 Puamana #6A 1,312 #6A 2/2
SOLD 3/9/2007 for $490,000 (CNV) DOM 323

188897 T S 4 4-5-4-5-18-90 FS $499,500 Puamana #25A 1,312 #25A 2/2
SOLD 1/21/2007 for $490,000 (CNV) DOM 4

179491 T S 263 4-5-4-5-18-3 FS $510,000 Puamana #1C 1,732 #1C 2/2
SOLD 4/19/2007 for $470,000 (CASH) DOM 263

162203 T S 349 4-5-4-5-18-15 FS $525,000 Puamana #4C 1,532 #4C 2/2
SOLD 4/12/2007 for $487,000 (CNV) DOM 349

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

Puamana 12B looks like a new listing but it has actually been listed before from 3/07 to 7/07 for $675K at which time it was withdrawn and listed again from 7/07 to 1/08 for $649K when it was withdrawn a second time. It was purchased in 8/05 for $540K.

Cliffs #5205 offers a peak of the ocean, and went into escrow in only 9 days back in 6/05 when it sold for $600K. Nihilani #27B was a developer's sale in 10/06 for $682,180 and is now listed at $699K. As I have said before, it looks like another tax deduction in the making. This Nihilani unit is the Hoku, which is my favorite. It's a reverse floor plan with the living / dining / kitchen and master upstairs and a bedroom / bath / family room downstairs. This unit shows as a 2 bedroom 2.5 bath (there's a powder room upstairs) but it you read the marketing copy it describes it as a 3 bedroom. Apparently, the seller took advantage of the option to convert the family room into a 3rd bedroom which is exactly what I did with my Hoku unit. Make sure you always read the copy of any listing because some of the input in form fills in automatically when the list agent enters the taxkey number, and not all agents go back and check to make sure the taxkey accurately reflects the unit.

Our last property is one I mentioned earlier in a blog, and that is Pali Ke Kua #111. This unit came on the market at $1.1M showing in escrow. Bali Hai and Hanalei Bay can both be seen from this unit and if it sells for anywhere around this number, it will be a substantial "up-tick" from the previous sale of another Bali Hai / Hanalei Bay Unit, PKK #105 that sold 8/07 for $795K. I bet that buyer is happy to see this unit go into escrow listed at that price. This unit last sold for $950K in 10/05.

Villas of Kamali'i #44 is back on the market after expiring with 304 days on the market. It was originally listed for $859K, dropped to $839K, went back up to $869K, dropped again to $839K and ended up once again at $859K. I guess you could say this seller is "flexible." The condo was purchased in 5/05 for $739K.

Most of the properties under the contingent sales portion of the update have been addressed, with the exception of Villas on the Prince #14. During its 510 days on the market, this seller steadily reduced from a high of $1.05M down to $869K when it finally found a buyer. It was purchased in 6/03 for $570K. Also new in the contingent sales is the Plantation unit #821. This unit started out at $699K and reduced to $649K when it went into escrow. The prior sale price on this unit was $620K on 12/05. This seller will be lucky to cover their expenses! Villas of Kamali'i #35 is a foreclosure which I've talked about several times before. It finally went into escrow listed at a very attractive $699K.

Under the Sales Department, we see two Ka'iulani developer's sales and one Villas of Kamali'i which is a fractional sale.

Ka'iulani unit # 63 is a developer's sale that shows as going under contract, as did Ka'iulani # 43. Hale Moi went under contract with 183 days on the market and was purchased in 6/02 for $260K.

On to the price changes: Villas on the Prince #3 reduced from $815K to $799K and has a purchase price in 9/05 for $840K. This is a short sale. Sandpiper unit #130 was purchased in 6/03 for $238K and reduced a mere $9K from $489K to $480K. Kamahana #13 went from $649K to $639K. It was purchased in 10/05 for $640K. More tax write offs.

Pali Ke Kua #242 was apparently encouraged by seeing unit 111 go into escrow listed at $1.1M, so despite 276 days on the market at $849K, they increased the price to $860K. This unit does not have the Bali Hai and Hanalei Bay Views like 111 does and was purchased in 5/04 for $555K. Hanalei Bay Resort C15 wins the award for the price decrease of the week, dropping from $1.350K to $1.2M. Of course, this unit was purchased in 4/90 for an amazing $375K so the decrease is not hurting their bottom line.

And finally we have Ka'iulani # 60 that went from $870K to $1.075K. This is a developer's sale with the increase most likely reflecting upgrades selected by the buyer.

That's it for condo this week. For your convenience, I will continue to list the weekly Princeville housing changes but I simply do not always have the time to delve into houses like I do condos. If you do have any questions, please do not hesitate to ask as I am happy to provide the same data on homes as I do on condos on a request basis. Here is your update for Princeville homes:

Copyright 3/9/2008 by Hawaii Information Service

NEW LISTINGS
208005 RS A 3 4-5-4-13-54 FS $924,725 3646 Keoniana Rd 11,539 sqft 1,578 3/2
208282 RS A 4 4-5-4-8-23 FS $995,000 5070 Kamamalu Loop 11,067 sqft 1,755 3/3.5
208288 RS A 5 4-5-4-18-59 FS $1,099,000 4185 Kinau Pl 10,445 sqft 2,070 3/3
208367 RS A 3 4-5-4-17-23 FS $1,172,000 4890 Victoria Loop 10,678 sqft 1,780 3/3

BACK ON THE MARKET
199054 SH A 230 4-5-4-16-22 FS $365,000 4080 Kaa'humanu Pl 9,731 sqft 2,460 4/3.5
199057 SH A 230 4-5-4-16-22 FS $375,000 4080 Kaa'humanu Pl 9,731 sqft 2,460 4/3.5
199055 SH A 230 4-5-4-16-22 FS $375,000 4080 Kaa'humanu Pl 9,731 sqft 2,460 4/3.5

CONTINGENT SALES
205270 RS C 78 4-5-4-23-53 FS $849,000 3785 Milimakani Pl 7,812 sqft 1,678 3/2

SALES
198602 RS S 58 4-5-4-16-86 FS $1,290,000 4114 Nalani Ln 12,012 sqft 4,000 4/4
SOLD 3/7/2008 for $1,200,000 (1031) DOM 58

EXPIRED
192357 RS X 300 4-5-4-8-9 FS $1,750,000 3887 Punahele Rd 11,139 sqft 3,260 4/4

PRICE CHANGES
200685 RS A 185 4-5-4-15-6 FS $789,000+ 3881 Albert Rd 11,515 sqft 1,272 3/2
188351 RS A 430 4-5-4-17-2 FS $995,000- 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5
206198 RS A 47 4-5-4-17-21 FS $1,395,000- 4914 Emmalani Dr 10,500 sqft 3,238 4/3.5

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

Please do call or email if you are in town. I always have time to meet my blog readers!

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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