Princeville condo (and house) update for the week of June 8th to 14th

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

Aloha,

And welcome to this weeks update. We had another week of spectacular weather- hope you did too. If you've been experiencing rain or even a little bit of cold, I think I'll defer from telling you how warm and comfortable and beautiful it's been here - I thinks it's best to go right to our update:

Copyright 6/14/2008 by Hawaii Information Service

NEW LISTINGS
212012 T A 3 4-5-3-11-1-16 FS $970,000 Villas On The Prince #16 1,732 #16 3/2.5
212437 T A 2 4-5-4-5-18-95 FS $319,900 Puamana #26B 1,532 #26B 2/2
209599 T A 2 4-5-4-15-21-31 FS $455,000 Sandpiper Village I #131 1,042 #131 2/2
181966 T A 2 4-5-4-15-21-50 FS $549,999 Sandpiper Village I #213 1,173 #213 3/2.5

BACK ON THE MARKET
195595 T A 368 4-5-4-5-27-8 FS $399,000 Hale Honu #4B 866 #4B 2/1
196884 T A 370 4-5-4-5-18-68 FS $519,000 Puamana #19B 1,660 #19B 3/2
205798 T A 156 4-5-4-6-1-34 FS $849,000 Villas Of Kamalii #34 1,825 #34 3/3

CONTINGENT SALES
209295 T C 59 4-5-4-11-3-14 FS $1,350,000 Hanalei Bay Resort #C16 1,705 #4101-2-3 3/3
197083 T C 367 4-5-4-11-3-24 FS $1,495,000 Hanalei Bay Resort #G32 1,324 #G32 2/2

SALES
186819 T S 533 4-5-4-6-1-20 FS $855,000 Villas Of Kamalii #20 1,825 #20 3/3
SOLD 6/12/2008 for $845,000 (CASH, CNV) DOM 533

209956 T S 14 4-5-4-11-3-42 FS $1,298,000 Hanalei Bay Resort #L38 1,324 #L38 2/2
SOLD 6/12/2008 for $1,235,000 (CNV) DOM 14

WITHDRAWN
210701 T W 1 4-5-4-5-24-4 FS $630,000 Nihilani At Princeville Resort #2A 1,406 #2A 2/2
200674 T W 284 4-5-4-5-24-4 FS $699,200 Nihilani At Princeville Resort #2A 1,406 #2A 2/2

PRICE CHANGES
195595 T A 368 4-5-4-5-27-8 FS $399,000- Hale Honu #4B 866 #4B 2/1
173568 T A 794 4-5-4-5-17-15 FS $450,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
209599 T A 2 4-5-4-15-21-31 FS $455,000- Sandpiper Village I #131 1,042 #131 2/2
200231 T A 284 4-5-4-12-2-30 FS $515,000- Hale Moi #210 1,033 #210 1/2
208089 T A 107 4-5-4-5-24-43 FS $585,000- Nihilani At Princeville Resort #15A 1,406 #15A 2/2
199861 T A 304 4-5-4-5-23-60 FS $650,000- Plantation At Princeville #1522 1,318 #1522 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.

First up for new listings is Villas on the Prince #16. This is the first time on the market for this unit since it was purchased from the developer in 3/02 for $467,580. Next is Puamana 26B, a bank owned property very attractively priced at $319,900. This unit shows a quit claim deed on 5/08 to Wells Fargo Bank with a price of $422,841. I'm not sure how to explain this as the only prior sale shows as occurring on 12/99 when it was purchased as a leasehold unit for $90K then converted to fee simple on 6/00 for $35,700. Obviously, there were some additional loans or refinancing done on this unit. It was previously listed from 7/07 to 11/07, starting at $499K and dropping to $450K and also from 1/08 to 2/08 during which time it was listed for $430,500 and moved up to $448K. At this new, improved price it should sell quickly,

Sandpiper 131, purchased for $110K in 4/01 is now listed for $455K. This unit was previously listed from 4/05 to 9/05 for $525K and from 8/05 to 4/06 for $539K. Sandpiper 213 is another new listing, purchased in 1/02 for $183K. It too, was previously listed from 9/05 to 11/05 for $595K and again from 3/06 to 7/06 for $585K. It's interesting to note that it is currently listed for $549,999, higher than what some of the much newer Plantation units have recently sold for.

There are several units back on the market after expiring with no buyers. Hale Honu 5B sold in 3/06 for $450K, started at $495K and reduced to $415K during the life of the listing. You'll see this under price reductions also, as it was brought back onto the market at $399K. Puamana 10B, which sold for $325K in 10/03, is back on the market at $519K. And finally we have Villas of Kamali'i, which sold for $670K in 12/04, back on the market at $849K.

It's always interesting to me how some complexes will sit for months with no sales and little interest, and then suddenly everything sells. The last example of this was Pu'u Po'a when both 105 and 305 went into escrow almost together. This time we have Hanalei Bay Resort doing the honors with unit 4101-2-3 and 4323-04 both going into escrow the same week. HBR 4101-2-3 is bound to bring a very nice profit, having sold for $250K back in 9/98. HBR 4323/04 was purchased in 7/05 for $1.250M and was listed for $1.495M when it found a buyer.

Two sales occurred this week, Villas of Kamali'i #20 and Hanalei Bay Resort L38, a 2 bedroom, 2 bath unit. That place is on fire recently! Villas of Kamali'i #20 was purchased in 10/04 for $709K and sold for $845K. If you look at the blog from May 18th to 24th you'll see that this unit is currently being offered as a fractional unit ranging in price from $250K to $265K. This is the same owner that fractionalized Villas # 42 and did a beautiful job of it! HBR L38 also sold having been purchased in 4/99 for $250K. Now that's what I call a good investment.

Two of the Nihilani developers units were withdrawn this week. Again, I don't know why but I suspect we'll see them back on the market at higher price.

As for our favorite: the price reductions. Hale Honu went from $415K to $399K, Ali'i Kai 9G, which sold in 12/99 for $151K, reduced from $470K to $450K; Sandpiper 131 reduced from $475K to $455K, having sold in 4/01 for $110. Hale Moi #210, which sold in 9/99 for $140K reduced this week from $535K to $515K. Nihilani 15A, which is a resale, went from $600K to $585K, putting that seller under their original purchase price of $664,085 in 4/06. Plantation 1522, purchased for $536,066 on 3/06, reduced from $695K to $650K.

As for your home update, here it is:

Copyright 6/14/2008 by Hawaii Information Service

NEW LISTINGS
212113 RS A 2 4-5-3-12-31 FS $1,450,000 3988 Aloalii Dr 8,137 sqft 2,483 3/3.5
212423 RS A 3 4-5-4-13-77 FS $1,499,000 3652 Albert Rd 11,072 sqft 2,016 3/2.5

BACK ON THE MARKET
167523 RS A 933 4-5-4-16-19 FS $769,000 4064 Kaa'humanu Pl 12,058 sqft 2,489 2/3
189321 RS A 521 4-5-4-20-33 FS $1,299,000 3975 Punahele Rd 9,979 sqft 1,960 3/2.5

WITHDRAWN
194846 RS W 421 4-5-4-18-20 FS $1,400,000 4173 Kalani Pl 10,630 sqft 3,464 4/3.5

PRICE CHANGES
167523 RS A 933 4-5-4-16-19 FS $769,000- 4064 Kaa'humanu Pl 12,058 sqft 2,489 2/3
208367 RS A 100 4-5-4-17-23 FS $1,100,000- 4890 Victoria Loop 10,678 sqft 1,840 3/3
206607 RS A 902 4-5-4-19-19 FS $1,395,000+ 5086 Napo'okala Cir 15,326 sqft 2,206 3/3
205193 RS A 171 4-5-4-14-31 FS $1,495,000- 3885 Kamehameha Rd 12,127 sqft 2,372 4/3

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

If you have any questions, or need an analysis of a property you are considering buying or selling, don't hesitate to ask. Until next time, enjoy the sun and tropical trades, no matter where you are.

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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