Princeville condo update for the week of March 30th to April 6th

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

Aloha,

Finally, this week there are a few new low listing prices along with some good price reductions, leading me to believe there are some motivated sellers still out there that are not clinging to the mantra of "I know this is a buyer's market...but"... (which is a topic for a later blog.) Here is your condo up date for this week:

Copyright 4/6/2008 by Hawaii Information Service

NEW LISTINGS
209244 T A 6 4-5-3-6-22-63 FS $1,089,000 Kaiulani Of Princeville #63 1,901 #63 2/2.5
209209 T A 6 4-5-4-15-21-32 FS $399,000 Sandpiper Village I #132 1,042 #132 2/2

BACK ON THE MARKET
202473 T A 165 4-5-3-6-22-27 FS $1,899,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5
209209 T A 6 4-5-4-15-21-32 FS $399,000 Sandpiper Village I #132 1,042 #132 2/2
199453 T A 158 4-5-4-12-10-19 FS $670,000 Emmalani Court #322 1,192 #322 2/2

CONTINGENT SALES
209158 T C 12 4-5-4-15-21-53 FS $399,000 Sandpiper Village I #216 1,173 #216 3/2.5

SALES
208353 T S 0 4-5-3-6-22-8 FS $1,950,000 Kaiulani Of Princeville #8 2,864 #8 3/3.5
SOLD 3/31/2008 for $1,939,420 (CASH) DOM 0

EXPIRED
192590 T X 366 4-5-4-5-16-41 FS $899,000 Alii Kai At Hanalei #5201 1,086 #5201 2/2
200456 T X 214 4-5-4-12-11-14 FS $1,749,000 Puu Poa #114 2,065 #114 2/2

WITHDRAWN
202550 T W 170 4-5-3-6-22-41 FS $1,590,000 Kaiulani Of Princeville #41 2,479 #41 3/3
202839 T W 123 4-5-4-6-1-11 FS $1,150,000 Villas Of Kamalii #11 1,825 #11 3/3

PRICE CHANGES
205685 T A 88 4-5-4-15-21-21 FS $439,000- Sandpiper Village I #121 1,042 #121 2/2
207661 T A 43 4-5-4-5-4-5 FS $499,000- Ka'eo Kai Ph I #5A 1,503 #5A 2/2
194396 T A 270 4-5-4-5-4-17 FS $575,000- Ka'eo Kai Ph I #7B 2,603 #7B 3/3
205172 T A 101 4-5-4-5-13-13 FS $599,000- Kamahana #13 2,073 #13 3/2
208089 T A 38 4-5-4-5-24-43 FS $600,000- Nihilani At Princeville Resort #15A 1,406 #15A 2/2
199453 T A 158 4-5-4-12-10-19 FS $670,000- Emmalani Court #322 1,192 #322 2/2
188592 T A 487 4-5-4-5-24-63 FS $675,000- Nihilani At Princeville Resort #21C 1,972 #21C 2/3
207497 T A 41 4-5-4-11-3-49 FS $1,095,000- Hanalei Bay Resort #J11 1,324 #7101-2 (J11) 2/2

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

Ka'iulani #63 joins the ever growing list of available Ka'iulani units, athough this is only one of two smaller Ka'iulani units currently on the market. #63 was purchased by the owner / agent in 3/08 for $975K and at $1.089M is only slightly less than unit #67, which has been on the market for 62 days at $1.095K. Sandpiper 132 is no stranger to the market, having been listed from 9 to 10 of 05 for $525K with 43 DOM, from 8/06 to 2/07 for $499K with 181 DOM and again from 8/07 to 2/08, starting at $484K and dropping to $434K while on the market for 204 days. Purchased in 8/04 for $330K, it has a much better chance of selling at it's current list price of $399K than ever before. There's going to be some pressure on Sandpiper list prices now that unit 216 has gone into escrow listed at $399K - and this is an upstairs unit with a great courtyard view and a loft bedroom and half bath which the downstairs units do not have.

Back on the market is Ka'iulani #27 which expired after starting out at $1.965M. This unit was purchased in 8/07 for $1,652,100 and came back on the market at $1.899M. Sandpiper 132, discussed above in new listings, was apparently taken off the market for one day after being listed, then put back on. Emmalani court #322 also expired and is back on the market at $670K with a previous purchase price of $347K in 4/93. This unit's starting list price was $709K.

As I predicted in my blog of - Sandpiper 216 listed at $399K did not last long at all. After coming on the market on 3/27 it took just a few days for it to go into escrow on 4/1. At this price, this buyer is no "April fool!"

We have another developer's Ka'iulani sale this week, unit #8 which sold for $1,939,420.

Two properties expired: Ali'i Kai 5201 which started at $898,900, jumped to $989,900 then started back down to its most recent price of $899K. With a purchase price os $875K in 8/05, these sellers did not have much room to negotiate before ending up on the ‘losing' end. Pu'u Po'a 114 also expired after 214 DOM. This unit started out at $1.849M and was previously listed from 3/07 to 7/07 for $1.975K. It was purchased in 9/05 for $1.4M.

Ka'iulani #41 was withdrawn after failing to sell at $1.590M. This unit was purchased for $1,609,050 in 2/07 and started out listed at $1,899,900. Villas of Kamali'i #11 also came off the market after being listed for 123 days with no price reductions. This unit was purchased in 3/04 for $669K.

Sandpiper 121 is the first of our price reductions, going from $459K to $439K, and was purchased for $510K in 1/06. With the new listing of unit 132 for $399K and with 216 in escrow listed at $399K, I don't think this price reduction will do much to catch the attention of potential buyers. Ka'eo Kai #5a, which sold for $200K in 8/02, went from $510K to $499K, #7b dropped to $575K from $599,950 and Kamahana #13 went from $639K to $599K. The last two units are upside down, with #7B selling for $625K in 10/04, and the Kamahana unit selling for $640K in 10/05. No upside on these two.

Nihilani 15A is another one, selling to the owner / agent in 4/06 for $664,085 and reducing this week from $625K to $600K. Jumping down to another Nihilani reduction, unit 21C - will someone please buy this unit? It is the largest model in the complex, was purchased for $844,795 in 10/06 and just reduced again from $699,750 to $675K. This unit is on the road with golf course, mountain and waterfall views. Why it isn't selling is a mystery to me! Just convert the family room to the third bedroom, an element which was a developer's option during the construction phase, and you'll have a very roomy one level upstairs 3 bedroom unit.

Going back to Emmalani Court #322, this unit reduced from $695K to $670K and was purchased in 4/93 for $347K. These are the Emmalani Courts currently on the market:

Copyright 4/6/2008 by Hawaii Information Service

196541 T A 235 4-5-4-12-10-25 FS $595,000 Emmalani Court #413 952 #413 1/2
206939 T A 63 4-5-4-12-10-16 FS $670,000 Emmalani Court #314 1,192 #314 2/2
199453 T A 158 4-5-4-12-10-19 FS $670,000 Emmalani Court #322 1,192 #322 2/2
185586 T A 545 4-5-4-12-10-24 FS $698,000 Emmalani Court #412 1,192 #412 2/2
206915 T A 169 4-5-4-12-10-29 FS $716,000 Emmalani Court #422 1,192 #422 2/2
204435 T A 123 4-5-4-12-10-41 FS $749,000 Emmalani Court #524 1,192 #524 2/2

And our final reduction, and the award this week goes to Hanalei Bay Resort unit J11 which reduced $100K from $1.195M to $1.095M. With a purchase price of $504,145 in 9/03, this seller is accustomed to making $100K reductions, having done so during past listings. From 10/06 to 5/07 the unit was listed for $1.399M, reducing to $1.295. It was listed again from 7/07 to 1/08, starting at $1.295K and reducing to $1.195. Someday, hopefully, he will hit the magic number to bring in a buyer.

If you have an interest in a property and would like a behind the scenes view of what has taken place with any real estate property Islandwide, just ask. In the meantime, I'll keep you updated with the latest in listings and the best reductions each week.

A hui ho kakou. (until we meet again)

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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