Aloha,
Hope everyone enjoyed a Happy Halloween and that you and your kids are not bouncing off the walls from a sugar overload. As for the market, it is STILL a good time to buy. Why do I say this now? Because buyers seem to be circling the wagons around potential purchases without ever really doing anything and I am wondering why. Everyone seems concerned about interest rates when in fact they are at historic lows. What are we waiting for? Does anyone remember when rates were at 16% to 18%? Now that was a time to wait and see if rates were coming down. Along with low interest rates, we also have fabulous pricing. Granted, pricing may come down a bit more, after all, just about every single buyer who is looking in today's market expresses concern that the market has not yet hit bottom, yet they only want to make low ball offers. Helloooooooooo.... Where do you think the lower sales prices come from if not from all the low ball offers? Does this look like a self fulfilling prophecy or what?
Nevertheless, if you find a property that you really love, my best advice is this: buy before someone else does. After all, even in condo complexes, not all units are created equal in terms of upgrades, views, location and if your favorite sells, and another comes along later at a lower price, who cares. You don't like that one anyhow. It is better to spend a little more (knowing that pricing may still soften) and get something you love than to stand on the sidelines and watch a property you love go to someone else.
Yes, it certainly does take much longer for a property to move these days but don't buy into the illusion that they are NOT moving as that is definitely not the case. At some point, an interested buyer will step up and buy. The only question is, when that happens will you wish that buyer had been you? On to this week's update:
Copyright 11/1/2008 by Hawaii Information Service
NEW LISTINGS
217229 T A 3 4-5-4-5-18-6 FS $549,000 Puamana #2B 1,532 #2B 2/2
217299 T A 3 4-5-4-12-10-11 FS $570,000 Emmalani Court #224 1,192 #224 2/2
217123 T A 3 4-5-4-5-23-34 FS $579,000 Plantation At Princeville #912 1,153 #912 2/2
217301 T A 3 4-5-4-11-3-90 FS $695,000 Hanalei Bay Resort #N34 867 #1537-8 1/2
BACK ON THE MARKET
210522 T A 189 4-5-4-12-2-16 FS $429,000 Hale Moi #116 1,033 #116 1/2
212639 T A 128 4-5-4-5-18-1 FS $475,000 Puamana #1A 1,312 #1A 2/2
202645 T A 369 4-5-4-5-24-48 FS $794,750 Nihilani At Princeville Resort #16C 1,972 #16C 3/3
CONTINGENT SALES
215664 T C 44 4-5-4-12-3-9 FS $899,000 Hanalei Bay Villas #9 1,244 #9 2/2.5
WITHDRAWN
183269 SH W 797 4-5-4-5-23-30 FS $165,000 Plantation At Princeville #812 1,153 #812 2/2
209450 T W 175 4-5-4-15-21-44 FS $512,500 Sandpiper Village I #207 1,173 #207 3/2.5
211463 T W 166 4-5-4-5-24-20 FS $669,900 Nihilani At Princeville Resort #7B 1,476 #7B 2/2
PRICE CHANGES
209209 T A 215 4-5-4-15-21-32 FS $329,000- Sandpiper Village I #132 1,042 #132 2/2
216532 T A 22 4-5-4-5-18-87 FS $487,000- Puamana #24B 1,700 #24B 3/2
208900 T A 226 4-5-4-5-4-12 FS $550,000- Ka'eo Kai Ph I #2B 2,100 #2B 3/3
214168 T A 65 4-5-4-11-3-121 FS $595,000- Hanalei Bay Resort #T35 867 #2309-10 1/2
212856 T A 128 4-5-4-5-24-42 FS $619,900- Nihilani At Princeville Resort #14C 1,874 #14C 3/2.5
216921 T A 18 4-5-4-5-23-3 FS $695,000- Plantation At Princeville #121 1,318 #121 3/3
213550 T A 101 4-5-4-5-24-58 FS $749,000+ Nihilani At Princeville Resort #20A 1,874 #20A 3/2.5
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Puamana 2B joins the ever growing number of units in this complex on the market, with a list price of $549K and a sale price of $510K in 6/05. 2B was previously listed from 5/06 to 10/06 for $674,900. Emmalani Court 224, listed for $570K last sold in 4/05 for $670K. Wow, that hurts. Plantation 912, listed at $579K, sold for $599K in 10/05 and was previously listed from 9/06 to 9/07 for $679K. The fun thing about this unit is when it closed as a developer's sale, it was then transferred to not one but two other buyers. It was not uncommon when the market was hot for buyers of developer's units to list them for sale even before they had finalized their purchase. It was written up in the MLS something like "sale subject to close of current escrow" or words to that effect. In this case, the unit sold from the developer for $405K at which time the first buyer sold it as a resale to buyer #2 for $525K who then sold it to the current owner for $599K, who is now left holding the bag. You can see why "flipping" was so popular in the good old days. Back then, there was some money to be made and no one seemed to care. Unfortunately, some sellers still think those days exist.
Hanalei Bay Resort 1537-8 listed for $695K, last sold for $430K in 8/04 and was previously listed from 5/07 to 11/07 for $789K. Three units are back on the market: Hale Moi 116 which last for $459K in 10/04 and is now listed for $429K. Puamana 1A, listed for $475K last sold in 7/01 for $157K (take a good look and see what "equity" looks like...) while Nihilani 16C, which sold for $769,570 is now back on the marekt at $794,570.
We have one unit that went into escrow this week, and it did so with only 44 days on the market! Good job! Hanalie Bay Villa 9 which last sold for $405K in 6/02 went under contract while listed at $899K.
Several units were withdrawn, starting with Plantation 812, which was on the market for 797 days, Sandpiper 207 with 175 market days and Nihilani 7B with 166 days under it's belt.
On to price changes: Sandpiper 132, which last sold for $330K in 8/04 moved from $349K to $329K. Looking at this, the sale of my 137 last year this time for $379K doesn't seem so bad now. Puamana 24B went from $497K to $487K and last sold for $375K in 2/05. Ke'eo Kai 2B, which sold for $240K in 4/01 reduced to $550K from $650K. Now that's what I call a price reduction. Nihilani 14C is a great buy at $619,900 down from $649K. This unit has a purchase price of $706,310 in 3/06. Plantation 121, with a sales price of $488,993 in 5/05 went from $719,500 to $695K. This unit has just about every upgrade that was offered by the developer. Nihilani 20A optimistically went against the tide and increased their sale price from $699K to $749K. This unit sold for $804,075 in 9/06 so even with this increase it's still a tax write off when it sells.
On to your home update for this past week:
Copyright 11/1/2008 by Hawaii Information Service
NEW LISTINGS
217019 RS A 1 4-5-4-21-3 FS $847,000 3706 Albert Rd 13,456 sqft 1,950 3/2.5
217234 RS A 2 4-5-4-19-2 FS $1,595,000 5074 Napookala Cir 23,703 sqft 3,138 4/3.5
WITHDRAWN
211117 RS W 163 4-5-4-17-48 FS $999,000 4716 Emmalani Dr 15,967 sqft 1,942 4/3
211955 RS W 154 4-5-4-13-67 FS $1,290,000 3697 Albert Rd 10,036 sqft 3,139 3/3.5
PRICE CHANGES
217261 RS A 9 4-5-4-22-4 FS $675,000- 4087 Nalani Ln 11,244 sqft 1,424 3/2
198759 RS A 470 4-5-4-15-16 FS $749,000- 3834 Haulani Pl 11,020 sqft 2,048 3/3
189321 RS A 661 4-5-4-20-33 FS $1,150,000- 3975 Punahele Rd 9,979 sqft 1,960 3/2.5
211760 RS A 156 4-5-4-7-8 FS $1,249,000- 3928 Namakeha Loop 10,007 sqft 1,884 3/2
210722 RS A 185 4-5-4-18-7 FS $1,490,000- 4170 Mahina Pl 10,751 sqft 2,310 2/3
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Remember, if you're buying or selling and want the real scoop of what's what, please call or email. In the meantime, enjoy your piece of paradise, wherever you may be. Today, I'm enjoying a bright blue sky, trades with a hint of coolness and lots of great sunshine. 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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