Princeville condo (and house) update for the week of March 9th to 15th

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


Aloha and Happy St. Patrick's Day!

I not much of a beef eater but could not pass up some excellent corned beef and cabbage at a weekend St. Paddy's day party. Hope all of you enjoyed the weekend with something green. (perhaps a green beer?) The weather has been holding steady, with occasional evening and early morning sprinkles and bright sunshine and tradewinds all day long. I should add that I've been down in the Lihue area the past few days, housesitting for a friend in the Villas of Puali in Puhi. After being a North Shore resident for the past 17 years, I am delighting in the fact that Macys, Walmart, Costco, the Cinema and Duke's restaurant are just minutes away.

Why Duke's? Have you been to their downstairs restaurant / bar area? I think that's one of the nicest casual dining areas in Lihue. The restaurant is beachside looking out over Kalapaki Bay; one of the few restaurants that offers an ocean view at a reasonable price. (They also have a more expensive restaurant with similar great views and more menu choices upstairs.) The food is very casual but we go for the Hula Pie. If you haven't yet experienced Hula Pie, bring your appetite and a friend. It's one big slice of ice cream on an oreo cookie crust, smothered in whipped cream and hot fudge. It take two to each one slice. Yummy! On to your condo update!

Copyright 3/16/2008 by Hawaii Information Service

208778 T A 1 4-5-4-5-12-6 FS $695,000 Sealodge Ii #F6 567 #F6 1/1
208628 T A 3 4-5-4-12-11-55 FS $1,795,000 Puu Poa #413 1,359 #413 2/2

188592 T A 466 4-5-4-5-24-63 FS $699,750 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
199987 T A 212 4-5-4-6-1-35 FS $699,900 Villas Of Kamalii #35 1,815 #35 3/3
204087 T A 104 4-5-4-12-11-17 FS $1,649,000 Puu Poa #203 1,352 #203 2/2

207945 T C 19 4-5-4-5-18-81 FS $419,000 Puamana #22C 1,790 #22C 2/2

199734 T S 183 4-5-4-12-2-40 FS $575,000 Hale Moi #220 1,033 #220 1/2
SOLD 3/10/2008 for $500,000 (CASH) DOM 183

193631 T U 332 4-5-4-5-17-53 FS $685,000 Alii Kai Ii Hanalei #14E 1,037 #14E 2/2

192740 T X 365 4-5-4-12-5-28 LH $695,000 Pali Ke Kua Incr I, ii, iii #210C 1,127 #210C 2/2
199453 T X 151 4-5-4-12-10-19 FS $695,000 Emmalani Court #322 1,192 #322 2/2

193899 T W 174 4-5-4-5-7-9 FS $649,000 Princeville Sealodge #B1 566 #B1 1/1
174619 T W 719 4-5-4-5-16-26 FS $937,500 Alii Kai At Hanalei #4102 1,086 #4102 2/2

205059 T A 66 4-5-3-11-1-3 FS $818,000+ Villas On The Prince #3 1,737 #3 3/3
191060 T A 397 4-5-4-5-13-4 FS $450,000- Kamahana #4 1,145 #4 2/2
199692 T A 219 4-5-4-5-39-12 FS $499,000- Cliffs At Princeville #1202 917 #1202 1/2
206958 T A 40 4-5-4-5-23-17 FS $555,000- Plantation At Princeville #511 1,153 #511 2/2
188728 T A 421 4-5-4-5-39-55 FS $629,500- Cliffs At Princeville #2305 1,137 #2305 2/2
176670 T A 692 4-5-4-5-16-57 FS $799,000- Alii Kai At Hanalei #7202 886 #7202 2/2
194640 T A 287 4-5-4-12-9-27 FS $890,000- Pali Ke Kua Iii #237 1,135 #237 2/2
204087 T A 104 4-5-4-12-11-17 FS $1,649,000- Puu Poa #203 1,352 #203 2/2

Sealodge F6 is our first new listing this week, previously purchased in 12/05 for $565K and listed for $695K. Sales in Sealodge have been nonexistent in 2008; in fact you have to go back to 5/8/07 and 2/23/07 to find the only 2 sales since 1/1/07. These are all the Sealodge units currently on the market as well as the two most recent sales:

Copyright 3/17/2008 by Hawaii Information Service

189728 T A 412 4-5-4-5-12-19 FS $599,999 Sealodge Ii #H1 556 #H1 1/1
186746 T A 497 4-5-4-5-7-14 FS $649,000 Princeville Sealodge #B6 566 #B6 1/1
186761 T A 500 4-5-4-5-12-1 FS $683,000 Sealodge Ii #F1 556 #F1 1/1
208778 T A 2 4-5-4-5-12-6 FS $695,000 Sealodge Ii #F6 567 #F6 1/1
207020 T A 28 4-5-4-5-7-13 FS $719,000 Princeville Sealodge #B5 748 #B5 2/2
206801 T A 37 4-5-4-5-7-48 FS $759,000 Princeville Sealodge #E10 633 #E-10 1/1
207174 T A 633 4-5-4-5-12-33 FS $925,000 Sealodge Ii #J6 754 #J6 2/2

163061 T S 496 4-5-4-5-12-4 FS $499,500 Sealodge Ii #F4 567 #F4 1/1
SOLD 2/23/2007 for $480,000 (CASH, CNV) DOM 496

192714 T S 28 4-5-4-5-12-29 FS $825,000 Sealodge Ii #J2 560 #J2 1/1
SOLD 5/8/2007 for $762,000 (CNV) DOM 28

Next up is Pu'u Po'a 413, listed for $1.795M, which was purchased for $410K in 2/00. (Don't you just wish you had bought two or three of these back then.....)

Several units are back on the market, most notably, Nihilani 21C listed for $699,750K. I've focused on this unit each time it went through price reduction upon price reduction, until it finally reached $699,750K and found a buyer. This is a short sale with the original purchase price being $844,795 in 10/06. Also back on the market is another short sale, Villas of Kamali'i, listed for $699,900 and purchased for $620K in 2/05. Both of these units unfortunately fell out of escrow. Short sale escrows can be very tedious, time consuming and frustrating for the buyer, but for those who can ‘hang in there' the reward is well worth it in the purchase price. Pu'u Po'a 203 is back on the market after it was withdrawn on 3/3/08 listed at $1.675M. It is back on the market at a new low of $1.649K (you'll also see this unit under price changes) and was purchased for $960K in 4/04.

I've already discussed the contingent sale of Puamana 22C in my previous blog "timing is everything." This unit was listed for less ($410K) before but didn't go into escrow that time yet it only took 15 days for it to find a buyer at the slightly higher price of $419K. Hale Moi sold this past week for $500K cash, listed for $575K and purchased in 6/02 for $260K. Ali'i Kai 14E is under contract, and was first listed as "contingent" on 2/27. This property started at $725K, reducing down to $685K where it found a buyer. It was purchased 1/04 for $430K. Wow, it looks like these two happy sellers will be able to claim a capital gain!

It's no surprise Pali Ke Kua 210 which is a leasehold unit expired. Purchased in 11/99 for $430K it faced stiff competiton from unit 238 which is also a leasehold unit listed for $350K. This seller must not have wanted to sell very much as the price was never reduced from the original price of $695K throughout the entire 365 days of the listing. Emmalani 322 also expired, after starting at $709K and being reduced to $695K. This unit was purchased in 4/93 for $347K.

Two units were withdrawn: Sealodge B1 which was listed at $649K for the entire 174 days it was listed. This unit was purchased 5/00 for $110K. Another apparently non-motivated seller. Ali'i Kai 4102 was on the market 719 days, starting out at $985K and reducing to $937,500. It was purchased for $261K in 6/02. Quite honestly, I'm glad to see some of these units come off the market. In my humble opinion, it's units like these, where it appears that the sellers have enough equity to make the price adjustment's necessary to find a buyer- but don't - that just add to the glut of inventory already on the market.

To digress: I've heard way too may sellers proclaim: "I know it's a buyer's market but---" and / or "I don't really have to sell" and / or "I can wait until I can get my price." My advice to these sellers is simple: WAIT. Buyer's generally don't care that sellers think their property is an exception to what is happenning in today's market. Buyer's are also not interesting in buying overpriced properties- no matter how long it is on the market. Sellers can wait until the cows come home but unless the pricing is right, all they will accomplish is days on the market. I've turned down several listings, telling the seller that unless they want to reduce below what they paid for the unit, to WAIT. As for those who have equity but don't want to come down to today's pricing, I also say WAIT.

Sellers seem to have forgotten that there is no guarantee of appreciation, and no automatic right to a certain amount of equity built in to any sale. It seems when sellers reduce their sale price, they view that as a "loss" of money which is really an amazing concept. First of all, they never had the money, and second, the price they thought they would get for their property was only in their head. How a seller puts their overpriced unit on the market, then reduces and views it as a loss is a real mystery to me. I ask sellers to look "up" from their original purchase price as opposed to "down" from their inflated list price and count their blessings (and their dollars) from that vantage point. And if you can't look "up" from your purchase price, that is, if you've only held your property for the past few year, say since 05 or 06, then by all means WAIT until some time goes by and you can build some equity.

Having said that, let's get on to the price reductions. Villas on the Price #3 appears to have a different train of thought than the one I just expressed, as they increased their price from $799K to $818K after 63 DOM. This unit was purchased 9/05 for $840K and started out at $850K, then went to $799K before now going back up to $818K. Kamahana #4 started at $559K and worked its way down to $499K finally reducing this time to $450K. This unit was purchased in 9/05 for $499K and has 398 DOM. Cliffs 1202 was purchased 3/06 for $409K, has 216 DOM and was reduced from $519K to $499. Plantation 511 went from $565K to $555K, having been purchased in 3/05 for $405K.

Moving right along to another Cliffs unit, # 2305 that has 415 DOM and was reduced from $649,500 to $629,500. This unit was purchased in 6/06 for $680K. Pali Ke Kua 237 originally started out at $1.1M and has reduced this time from $950K to $890K, making it the price reduction champ of the week. Purchased in 2/05 for $750K this unit has 281 DOM. (Is anyone noticing a trend here, between the purchase date ie 05 and 06, the list price and growing number of days on the market and the fact that many of these units are upside down or close to being upside down?) And finally, Pu'u Po'a 203 reduced $26K when it came back on the market.

Here is your Princeville house update for this week. Please do call or email if you'd like the history on any of these properties like what I do for the condos:

Copyright 3/16/2008 by Hawaii Information Service

208034 RS T 0 4-5-4-16-72 FS $1,788,000 4436 Emmalani Dr 10,034 sqft 3,444 4/3

199159 RS C 230 4-5-3-12-33 FS $1,885,000 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5

203558 RS U 49 4-5-3-11-43 FS $1,725,000 4128 Aloalii Dr 10,616 sqft 3,054 3/3.5

203362 SH W 96 4-5-4-7-19 FS $250,000 3928 Punahele Rd 9,999 sqft 1,694 3/2
203363 SH W 96 4-5-4-7-19 FS $250,000 3928 Punahele Rd 9,999 sqft 1,694 3/2
203360 SH W 96 4-5-4-7-19 FS $250,000 3928 Punahele Rd 9,999 sqft 1,694 3/2
203361 SH W 96 4-5-4-7-19 FS $250,000 3928 Punahele Rd 9,999 sqft 1,694 3/2
203359 SH W 96 4-5-4-7-19 FS $250,000 3928 Punahele Rd 9,999 sqft 1,694 3/2
203358 SH W 96 4-5-4-7-19 FS $250,000 3928 Punahele Rd 9,999 sqft 1,694 3/2

208034 RS T 0 4-5-4-16-72 FS $1,788,000 4436 Emmalani Dr 10,034 sqft 3,444 4/3

197400 RS A 270 4-5-3-11-46 FS $2,190,000- 4140 Aloalii Dr 18,188 sqft 3,469 3/3
205771 SH A 65 4-5-4-14-30 FS $340,000- 3891 Kamehameha Rd 11,262 sqft 3,599 3/3.5
207210 RS A 32 4-5-4-16-87 FS $845,000- 4120 Nalani Ln 11,740 sqft 1,725 3/2
206607 RS A 812 4-5-4-19-19 FS $995,000- 5086 Napo'okala Cir 15,326 sqft 2,206 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.

That's it for this week. I'll be commuting between Puhi and Princeville for another day or two, enjoying the convenience of being in town as well as appreciating the amazing beauty of the North Shore. When I find a way to combine the two in one place, I'll let you know.

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


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