Aloha
Welcome to another fact filled weekly update. I'm a little late getting this one out but all the info is here for you. Let's get started:
Copyright 10/19/2008 by Hawaii Information Service
NEW LISTINGS
216836 T A 7 4-5-3-11-1-30 FS $770,000 Villas On The Prince #30 1,767 #30 3/3
216775 T A 1 4-5-4-15-21-54 FS $499,000 Sandpiper Village I #217 1,173 #217 2/2.5
216880 T A 6 4-5-4-12-10-24 FS $560,000 Emmalani Court #412 1,192 #412 2/2
216544 T A 5 4-5-4-5-30-20 FS $599,000 Princeville Mauna Kai #D302 1,488 ##25 3/2
216921 T A 5 4-5-4-5-23-3 FS $725,000 Plantation At Princeville #121 1,318 #121 3/3
CONTINGENT SALES
188592 T C 683 4-5-4-5-24-63 FS $610,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
EXPIRED
210045 T X 179 4-5-4-5-27-1 FS $440,000 Hale Honu #1A 1,085 #1A 3/1.5
212639 T X 122 4-5-4-5-18-1 FS $475,000 Puamana #1A 1,312 #1A 2/2
202645 T X 133 4-5-4-5-24-48 FS $794,750 Nihilani At Princeville Resort #16C 1,972 #16C 3/3
194193 T X 553 4-5-4-5-24-39 FS $835,000 Nihilani At Princeville Resort #13C 1,874 #13C 3/2.5
PRICE CHANGES
205059 T A 283 4-5-3-11-1-3 FS $699,000- Villas On The Prince #3 1,737 #3 3/3
216706 T A 12 4-5-4-5-3-3 FS $348,500- Princeville Paniolo #103 1,058 #103 1/2
211781 T A 139 4-5-4-5-3-24 FS $369,000+ Princeville Paniolo #211 1,058 #211 1/2
214486 T A 76 4-5-4-5-18-89 FS $399,999+ Puamana #24D 1,532 #24D 2/2
216921 T A 5 4-5-4-5-23-3 FS $725,000- Plantation At Princeville #121 1,318 #121 3/3
196893 T A 500 4-5-4-12-9-30 FS $800,000- Pali Ke Kua Iii #242 1,135 #242 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.
The first "new" listing, Villas on the Prince 30 has been listed several times before: first from 5/06 to 10/06 for $965K then from 1/07 to 10/07, starting at $935K and ending at $849K, from 10/07 to 5/08 when it was listed at $935K and reduced to $799K and once again from 5/08 to 9/08 starting at $815K and going down to $779K. This time the price is wisely lower yet at $770K making it the second least expensive unit in the complex. This unit last sold in 3/04 for $565K. The only other one that is less, Villa #3, is a short sale for $699K and is, in my opinion, a great buy.
Sandpiper 217, which was purchased for $310K in 2/04, is now listed for $499K. This unit was previously listed from 12/05 to 9/06 starting at $539K and falling to $528K and from 6/07 to 12/07 for $499K, reducing to $475K by the time it expired. Emmalani Court 412 comes on the market at a nice low price of $599K, having been purchased back in 2/06 for $775K. It is now a FannieMae REO (bank owned property) and qualifies for their "ExpressPath" Financing. It was previously listed from 3/06 to 9/06 for $825K reducing to $745K and again from 10/06 to 7/08, starting at $770K and dropping to $698K as the bank took it over. What I don't quite understand is why someone would pay $775K in February and put it back on the market the next month for $825K? I always wonder if the intention was to flip, if their financial situation changed or what happened to make the seller think someone would be interested in buying it at the new higher price. You just never know...
Next up is Mauna Kai 25, which last sold in 8/07 for $585K and is now listed for $599K. Good luck on this one. This unit offers lots of space but the dark wood and long walk back to the unit from the parking lot is a turn off to some people. Plantation 121 comes on the market at $725K, having been purchased in 5/05 for $488,993 with just about every bell and whistle the developer was offering at the time. It was previously listed from 1/06 to 7/06 for $829K reducing to $795K and from 3/07 to 8/08, starting at $829K and ending at $785K. This unit also shows up under price reductions with the price going from $729K to $725, but I'll give you a preview of next weeks update by telling you that this unit had another reduction on 10/20 when the price went down to $719,500.
As for units going into escrow: finally, finally, finally after 680 days on the market someone put Nihilani 21C, listed as a short sale for $610K into escrow! Yippee. Hopefully this will go through without a hitch and will end up being a great buy for someone. This is the largest floor plan in Nihilani with 1972 sqft and sold for $844,795 back in 10/06.
There were no closings this week but there were several properties that expired. Hale Honu 1A purchased for $384,500 in 7/04 expired at $440K. Puamana 1A purchased for $157K in 7/01 expired listed at $475K, while Nihilani 16C, which was purchased for $769,570 in 6/06 expired listed at $794,750 (good luck-many other units with this same floor plan are listed in the $600K's) and Nihilani 13C also expired listed at a whopping $835K! This unit sold in 2/06 for $738,119. In this market, the seller would be lucky to recoup his investment let alone make a profit!
Price changes are a final category with Villas on the Prince 3 going from $720K to $699K as a short sale, heading for foreclosure. Paniolo 103 reduced from $349,895 to $348,500. They must have gotten tired of reciting all those numbers to people when asked what the purchase price was. Studies show that the fewer zero's in the list price the higher the sale price. I tried it once but both my seller and I got tired of trying to remember the exact price and they opted to go back to the old way with zeros at the end.
Paniolo 211 is bucking the trend this week, increasing from $361K to $369K. Puamana 24D went from $425 to $399K then adjusted to $399,999. Nine must be their lucky number. I've already talked about Plantation 121. Pali Ke Kua 242 reduced from $825K to $800K after 500 days on the market. With that much market time, a bigger reduction is needed to move a buyer to action.
As for Princeville homes, here is your update:
Copyright 10/19/2008 by Hawaii Information Service
NEW LISTINGS
217017 RS A 3 4-5-4-20-25 FS $779,900 5143 Iolani Pl 10,907 sqft 2,224 3/2
216862 RS A 7 4-5-4-21-14 FS $1,149,000 4882 Akai Pl 12,484 sqft 2,466 4/3
PRICE CHANGES
213625 RS A 93 4-5-4-20-31 FS $935,000- 5141 Kapi'olani Loop 9,669 sqft 2,262 5/3
209908 RS A 17 4-5-4-8-45 FS $2,195,000- 5063 Kapiolani Lp 22,745 sqft 3,636 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.
The Princeville Hotel liquidation sale ends on October 31st. If you have need of a good quality armoire, end tables, nightstands, dishes, sheets or any other linen or silverware items, now is the time to go. Prices are good but choices are limited unlike real estate, where your choices are endless and negotiations are on the buyer's side. Don't forget to call or email for an analysis of the property you plan to sell or buy before committing to anything. Until next week,
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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