Princeville condo (and house) update for the week of May 25th to 31st

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

Aloha and welcome to June, (already!)

Where has the year gone? They say time flies when you're having fun so maybe that's why it has gone by so very fast here in Kauai where even work is fun in this gorgeous weather! Real Estate has kept a steady pace and most agents are reporting more showings and more buyers on Island, although overall our visitor stats are down. At least this week we have three new escrows to report and four closings so let's get on to the update:

Copyright 6/1/2008 by Hawaii Information Service

NEW LISTINGS
211203 T A 5 4-5-4-5-13-9 FS $535,000 Kamahana #9 1,759 #9 2/2
211775 T A 5 4-5-4-5-17-44 FS $598,000 Alii Kai Ii Hanalei #13D 1,020 #13D 2/2

CONTINGENT SALES
206958 T C 117 4-5-4-5-23-17 FS $549,000 Plantation At Princeville #511 1,153 #511 2/2
210601 T C 95 4-5-4-5-24-29 FS $643,300 Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
211188 T C 22 4-5-4-5-18-52 FS $649,000 Puamana #14D 1,673 #14D 3/3

SALES
152054 T S 464 4-5-3-6-22-62 FS $995,000 Kaiulani Of Princeville #62 1,892 #62 2/2.5
SOLD 5/30/2008 for $989,390 (CASH, CNV) DOM 464

152053 T S 406 4-5-3-6-22-60 FS $1,075,000 Kaiulani Of Princeville #60 1,892 #60 2/2.5
SOLD 5/30/2008 for $1,075,990 (CASH) DOM 406

199987 T S 234 4-5-4-6-1-35 FS $699,900 Villas Of Kamalii #35 1,815 #35 3/3
SOLD 5/30/2008 for $665,000 (CNV) DOM 234

209676 T S 0 4-5-4-11-3-54 FS $1,095,000 Hanalei Bay Resort #J22 1,324 #Apt.#7203-4 2/2
SOLD 5/30/2008 for $1,000,000 (CNV) DOM 0

UNDER CONTRACT
210698 T U 88 4-5-4-5-24-25 FS $610,000 Nihilani At Princeville Resort #9A 1,406 #9A 2/2

WITHDRAWN
211066 T W 19 4-5-4-5-18-30 FS $599,000 Puamana #8C 1,532 #8C 2/2
206852 T W 108 4-5-4-6-1-29 FS $899,950 Villas Of Kamalii #29 1,825 #29 3/3
206628 T W 112 4-5-4-5-39-154 FS $945,000 Cliffs At Princeville #6306 1,186 #6306 2/2

PRICE CHANGES
205059 T A 143 4-5-3-11-1-3 FS $770,000- Villas On The Prince #3 1,737 #3 3/3
174822 T A 731 4-5-4-12-9-28 LH $335,000- Pali Ke Kua Iii #238 993 #238 1/1.5
210059 T A 48 4-5-4-5-27-18 FS $425,000- Hale Honu #9B 1,085 #9B 3/2
205596 T A 141 4-5-4-15-21-30 FS $449,000- Sandpiper Village I #130 1,042 #130 2/2
208375 T A 87 4-5-4-5-18-5 FS $515,000- Puamana #2A 1,312 #2A 2/2
210822 T A 30 4-5-4-5-13-28 FS $536,313- Kamahana #28 1,145 #28 2/2
200484 T A 277 4-5-4-5-39-169 FS $849,450- Cliffs At Princeville #7305 1,137 #7305 2/2
200456 T A 270 4-5-4-12-11-14 FS $1,625,000- Puu Poa #114 2,065 #114 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.

First up for new listings is Kamahana #9 listed for $535K and purchased in 8/03 for $280K. This unit was previously listed at $575K from 11/04 to 8/05 at which time it was withdrawn with 289 days on the market. Ali'i Kai #13D is back on the market at $598K, having been purchased in 6/99 for $121K. This condo was listed several times over the years, most recently from 3/06 to 9/06 when it expired. During this time it started at $749K and reduced to $695K.

Moving on to the contingent sales, we see that another Plantation unit # 511 has gone into escrow. The Plantation units in the $500's have been selling quite well. Unit #511 was purchased in 8/05 for $405K and started out listed at $565K before lowering to $549K. People seem to like the plantation style of this complex along with the spaciousness of the site layout coupled with the onsite amenities of a pool and exercise room. Nihilani #10B is a developer's unit that went into escrow at $643,300. As I've mentioned before, Nihilani is trying to clear out the remaining units in their Princeville development so they can focus all their attention on their new project in Poipu, PiliMai. For the month of June they are reducing prices approximately $100K. If you have interest in a Nihilani please let me know and I will get you all the details about this motivated seller! Puamana #14D went quickly into escrow. This unit sold for $369,500 in 6/03 and initially came on the market at $710K then reduced almost immediately to $689K before reducing again to $649K. Good to see a motivated seller not to mention that this unit is a 3 bedroom overlooking the golf course with distant ocean views. Clearly the buyer saw value for their dollars!

Of the four sales this week, two were Ka'iulani developer's sales: unit #62 for $989,390 and #60 for $1,075,990. Villas of Kamali'i #35, which was a short sale, finally closed for $665K while Hanalei Bay Resort unit 7203/04 closed for $1M. This unit was purchased in 1/04 for $650K yielding the owner happy capital gains. The Villas of Kamali'i unit was originally purchased in 2/05 for $620K then quit claimed to the bank in 6/07. When it first came on the market it started at $825K and slowly worked its way down to $699,900.

Nihilani's blowout sale seems to be working as they also have one going under contract this week at $610K for unit #9A. Puamana #8C was withdrawn this week after being listed for 19 days at $599K. This unit sold for $95K in 7/88 as a leasehold unit after which the "fee" was purchased in 5/00 for $35,700K. Villas of Kamali'i #29, which sold for $750K in 6/05, was listed at $899,950 for 108 days before it was withdrawn. It does not suprise me to see Cliffs #6306 listed at $945K come off the market as it was bought for 11/05 for $895K. The last two - two bedroom units to sell were both in the four building: unit #4310 sold in 8/07 for $682,500 and #4303 sold in 9/07 for $598K. There have been no sales recently in building six. The last sale of a comparably located unit was in building seven for a one bedroom unit, #7202 in 7/07 for $575K.

Price reductions start with Villas on the Prince #3, which sold for $840K in 9/05, was lowered from $779K to $770K and is listed as a short sale. Here's another great opportunity to pick up a nice sized unit just like the buyer of Villas of Kamali'i #35 did. Prince #3 is a very nice unit located over in Queen Emma's bluffs with gof course and distant ocean views. It is currently used as a vacation rental. Pali Ke Kua #238, which has been on the market a whopping 731 days reduced yet again from $350K to $335K. This unit started out at $699K a long time ago and still is looking for a buyer. I think this unit is a great buy for the right person. It is a leasehold property, with a lease expiration date of 2040 and a lease rent renegotiation date of 9/18/15. It is an ocean view unit, currently used as a vacation rental. If you want write offs, want to get into an ocean view unit for pennies, would like some vacation rental income- this may be the unit for you. Fee simple units are currently in the $800's.

Moving right along, Hale Honu #9B went from $450K to $425, and was purchased in 4/04 for $355K. Sandpiper #130 reduced from $459K to $449K and sold for $238K in 6/03. Puamana #2A, which is a great one story unit, reduced from $535K to $515K. This unit sold in 1/05 for $450K. Most Puamana units are townhouse style, but a few one story units are scattered throughout the complex always located at the end of the building. This unit is beautifully tiled throughout making it very easy care. The lanai off the large master bedroom opens onto a park like setting. I sold this unit several years back and have always like it. Kamahana #28, which sold for $599K in 4/06, reduced from the unusual list price of $552,900 to an even more obscure $536,313. I learned from an agent friend of mine that a study done in the past showed that fewer zero's in your list price, the higher the offer price. I tried listing a home using some strange number but found it awkward as did my sellers so we went back to the more customary pricing to include zeros.

Cliffs #7305 reduced from $875K to $849,450 and sold for $242K in 8/00. This is another two bedroom unit that has similar views as Cliffs #6303 which was just withdrawn at $945K. This seller, however, has a lot more room to bargain than does the 6306 owner. Pu'u Po'a #114 is still looking for a buyer and went from $1.699M to $1.625M in an attempt to attract someone. The seller is also offering a partial sale of 1/6th. This unit sold for $1.4M in 3/05. The most recent Pu'u Po'a sales are unit 105 which closed recently for $1.475 and unit #305 which closed for $1.535M. These are the only two sales in 2008.

Here is your home update for this past week:

Copyright 6/1/2008 by Hawaii Information Service

NEW LISTINGS
211932 RS A 2 4-5-3-11-25 FS $1,350,000 4083 Aloalii Dr 7,937 sqft 2,192 3/2.5
211955 RS A 2 4-5-4-13-67 FS $1,339,000 3697 Albert Rd 10,036 sqft 3,139 3/3.5
211760 RS A 3 4-5-4-7-8 FS $1,349,000 3928 Namakeha Loop 10,007 sqft 1,884 3/2

EXPIRED
167523 RS X 931 4-5-4-16-19 FS $775,000 4064 Kaa'humanu Pl 12,058 sqft 2,489 2/3

PRICE CHANGES
207210 RS A 109 4-5-4-16-87 FS $739,000- 4120 Nalani Ln 11,740 sqft 1,725 3/2
198759 RS A 317 4-5-4-15-16 FS $769,900+ 3834 Haulani Pl 11,020 sqft 2,048 3/3
200685 RS A 269 4-5-4-15-6 FS $789,000+ 3881 Albert Rd 11,515 sqft 1,732 3/2.25

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

Just one word on the home prices: 4120 Nalani at $739K is the second least expensive house in Princeville. Only 5035 Emmalani Drive at $629,500 is less. The Emmalani house was built 1979 and needs work. 4120 Nalani is a nice contemporary home, built in 2000 with vaulted ceilings, bamboo floors and a nice wrap around Ipe deck. If you are not familiar with Ipe, it is a Brazilian hardwood known by many different names: Cambara decking, Ipe decking, Brazilian walnut flooring, green heart wood, pau lope to name a few. Most of this hardwood flooring grows in South America and it is noted for extreme density and hardness (actually sinks in water). If you go online and check for Ipe, you will find it ideally suited for our tropical environment as it naturally resists rot, decay, insects, and mold without the use of toxic chemicals used in other decking products. It is naturally fire resistant and has been awarded an ‘A1′ rating. Additionally, Ipe is an incredibly strong, dense wood, harvested from naturally sustainable forests only. It has very high wear durability in daily use, and is resistant to splintering and checking. It's also beautiful!

This house is tenant occupied and needs just a little TLC to clean it up. The seller is motivated (I know - it's my listing) so if you have any interest in a Princeville home that is far enough away from the Princeville Center so that you don't hear any noise but still close enough to walk to both the Center and the Library, if you like open floor plans and big back yards, in other words, if you'd like a great house at a great price, then either call me or your agent and set up a showing. This home reduced from $795K to $739K and I doubt that it will last long.

That's it for this week. All I can add is that it's another beautiful day in Paradise - that in of itself is a good reason to want to look at real estate. To live here!!! Until next time,

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
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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