Princeville Kauai's Nihilani condos gets real

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

Aloha,

It looks like the developer of Nihilani condos is finally getting competative with the resales. In other words, Brookfield is getting real. Case in point: Nihilani 33A, a three bedroom, two and a half bath townhouse style condo listed by Brookfield for $731,500 closed on 12-08 at the unbelievable price of $625,000. Now that's what I call a price discount and is a strong indication of how desperate the developer is to move these remaining units and get down to business with their new Poipu project, PiliMai.

Don't get me wrong. There's nothing wrong with these condos that is causing the developer to "unload" then except for the fact that they got caught like everyone else in the market decline. Here they were building this great complex, increasing the price each release, when the market started to decline. Unfortunately for the developer, for whatever reason, they were very slow to react and were left basically holding the bag on many fine units with no buyers in sight. The current list prices are still a little high compared to some of the resales but this sales price tells the story. Come in and bargain because we're ready. If you've always wanted a nice, new condo filled with upgrades in a premier resort destination now is the time.

One word of advice: do not walk into the site office without an agent otherwise you will become the developer's agent's client and will find yourself in a dual ageny situation. I never advocate dual agency and do so even less in today's market where there is so much room for negotiation, if you only ask. I believe each client should have an agent working for them and ONLY for them. This is a rare chance to buy at great prices and I am glad to see that Brookfield is back in the game. Call if you'd like to see the complex!

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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Anonymous
Ashish Mehta

Liked your Nihilani take.  I started looking at that project about 4 years ago, never pulled the trigger, because I thought it was over-priced.  Have been keeping an eye on it.  The developer's agent, Regina Hodges, recently contacted me regarding two remaining units.  I am intrigued by the price, but also want to learm more on your adage of not getting into a "dual agency situation".

 

If you amenable to spend some time educating me further about what current resales in Nihilani have been at, what you think about the price point on these two remaining units and whether there is room for negotiation, then I would love to hear from you.

I want to make it clear that this is not an agreement or solicitation for your representation on my behalf, but just me trying to gather information.  I hope to hear from.

warm regards,

Ashish Mehta, M.D.

Nov 04, 2010 03:47 PM #1
Rainmaker
289,445
Elaine Schaefer
Sold on Kauai Realty - Princeville, HI
R, CRS, GRI, ABR, SFR

Aloha Ashish,

In a fiduciary relationship, the agent owes the following duties to their client:

Undivided loyalty, obedience, reasonable care and diligence, confidentiality, full disclosure and accountability.  In dual agency, the two "duties' most in conflict are the confidentiality and full disclosure.  It's hard to do both at once for two different people.  I have done dual agency but find that most clients prefer having someone who represents and advocates ONLY their interests. 

Nov 05, 2010 08:21 AM #2
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Rainmaker
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Elaine Schaefer

R, CRS, GRI, ABR, SFR
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