Princeville condo (and house) update for the week of January 4th to 10th

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

Aloha,

It's continued to be a fairly wet and windy week with Saturday the only day with bright blue skies and no rain. It was good to see buyers out and about looking at property while I was out showing with my clients. These buyers know there are good bargains to be had if you only ask. Here is your update for this past week:

Copyright 1/11/2009 by Hawaii Information Service

NEW LISTINGS
219806 T A 2 4-5-3-6-22-6 FS $2,465,000 Kaiulani Of Princeville #6 2,861 #6 3/3.5
219527 T A 6 4-5-4-15-21-54 FS $499,000 Sandpiper Village I #217 1,173 #217 2/2.5

BACK ON THE MARKET
216880 T A 86 4-5-4-12-10-24 FS $526,900 Emmalani Court #412 1,192 #412 2/2
212901 T A 177 4-5-4-5-16-37 FS $798,500 Alii Kai At Hanalei #5101 1,086 #5101 2/2
205502 T A 373 4-5-4-11-3-125 FS $995,000 Hanalei Bay Resort #R17 867 #3105-6 1/2

EXPIRED
213315 T X 184 4-5-4-5-24-37 FS $648,000 Nihilani At Princeville Resort #13A 1,874 #13A 3/2.5

WITHDRAWN
205059 T W 363 4-5-3-11-1-3 FS $695,000 Villas On The Prince #3 1,737 #3 3/3
208766 SH W 352 4-5-4-5-23-23 FS $180,000 Plantation At Princeville #621 1,318 #621 3/3
206100 SH W 352 4-5-4-5-23-23 FS $180,000 Plantation At Princeville #621 1,318 #621 3/3
206099 SH W 352 4-5-4-5-23-23 FS $180,000 Plantation At Princeville #621 1,318 #621 3/3
206098 SH W 352 4-5-4-5-23-23 FS $180,000 Plantation At Princeville #621 1,318 #621 3/3
206097 SH W 352 4-5-4-5-23-23 FS $180,000 Plantation At Princeville #621 1,318 #621 3/3
217033 SH W 75 4-5-4-6-1-10 FS $250,000 Villas Of Kamalii #10 1,766 #10 3/3
216831 SH W 75 4-5-4-6-1-10 FS $250,000 Villas Of Kamalii #10 1,766 #10 3/3
217034 SH W 75 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217032 SH W 75 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217031 SH W 75 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217030 SH W 75 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
219472 T W 5 4-5-4-5-7-18 FS $567,000 Princeville Sealodge #B10 566 #B10 1/1
211775 T W 223 4-5-4-5-17-44 FS $598,000 Alii Kai Ii Hanalei #13D 1,020 #13D 2/2
214847 T W 146 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2

PRICE CHANGES
200484 T A 500 4-5-4-5-39-169 FS $745,000- Cliffs At Princeville #7305 1,137 #7305 2/2
212901 T A 177 4-5-4-5-16-37 FS $798,500- Alii Kai At Hanalei #5101 1,086 #5101 2/2
211355 T A 240 4-5-4-12-5-5 FS $829,000- Pali Ke Kua Incr I, ii, iii #105A 717 #105A 1/1

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 Ka'iulani 6, listed for $2,465,500. This unit sold for $2,051,780 from the developer in 11/07. There have been only two Ka'iulani resales last year and both sold for less than what the original owner paid. Here are the two properties:

Copyright 1/11/2009 by Hawaii Information Service

211984 T S 120 4-5-3-6-22-71 FS $835,000 Kaiulani Of Princeville #71 1,901 #71 2/2.5
SOLD 12/10/2008 for $795,000 (CNV) DOM 120 This unit sold from the developer for $825,990.

194231 T S 306 4-5-3-6-22-43 FS $1,685,000 Kaiulani Of Princeville #43 2,443 #43 3/3.5
SOLD 3/20/2008 for $1,650,000 (CASH) DOM 306 This unit sold for $1,861,440 from the developer.

It will be the first time a resale yields a capital gain if this seller manages to sell for more than they paid for it.

The next "new listing," Sandpiper 217, currently priced at $499K has been listed several times since it was purchased in 2/04 for $310K. It was first listed from 12/05 to 9/06, starting at $525K then increasing to $539K before dropping to $525K and was ultimately withdrawn with 272 market days. It was relisted from 6/07 to 12/07 starting at $499K and reducing to $475K before being withdrawn a second time with 105 market days. It was last listed from 10/08 to 12/08 for $499K and was withdrawn with 72 days on the market. It is now listed with a different brokerage.

What needs to change to sell this unit is not the agent or the brokerage but the price. If it was listed for $475K the second half of 07, when the market was much stronger than it is now, and didn't sell then for that price, what it needs is a lower price - a much lower price. Judging from the pictures, it looks like a nice unit, but only "nice" together with "price" will sell in today's market. Take a look at what is currently available in Sandpiper: (take an extra good look at the number of days these units have been listed...)

Copyright 1/11/2009 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
206436 T A 349 4-5-4-15-21-7 FS $329,000 Sandpiper Village I #107 1,042 #107 2/2
209209 T A 284 4-5-4-15-21-32 FS $329,000 Sandpiper Village I #132 1,042 #132 2/2
196998 T A 579 4-5-4-15-21-43 FS $385,000 Sandpiper Village I #206 1,173 #206 2/2.5
209599 T A 213 4-5-4-15-21-31 FS $399,000 Sandpiper Village I #131 1,042 #131 2/2
219527 T A 6 4-5-4-15-21-54 FS $499,000 Sandpiper Village I #217 1,173 #217 2/2.5
210504 T A 261 4-5-4-15-21-59 FS $499,900 Sandpiper Village I #222 1,173 #222 3/2.5
181966 T A 213 4-5-4-15-21-50 FS $499,999 Sandpiper Village I #213 1,173 #213 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.

If it hasn't sold at the current price after exposure (make that extended exposure) to the market, and if you really want to sell then you must reduce, reduce, reduce. Not just think about reducing but really reduce. Unfortunately, many agents have sellers who are not real sellers, they are what I refer to as "wanna be sellers." These are sellers who want to sell but only on their terms, at their price regardless of what the market says. For some reason, despite evidence to the contrary and oftentimes despite their agent's counsel, they continue to think that there is that one special buyer out there who will defy all the odds and pay above market for their unit. They often go through several agents trying to find the special one who can find that special buyer. I think you get the point. We all have or have had sellers like this. Reduce, that is the only answer. That, and fix up your unit!

To continue, three expired units are back on the market; two of which are back at the same price they were when they expired. One, Ali'i Kai 5101, was listed for $849K when it expired and came back on at $798,500 as you will see under price reductions. This unit sold for $595K in 5/04. The other two units, Emmalani Court 412 is now a bank REO and has plenty of competition from other units in the complex. These are the current listings. Again, take a look at DOM:

Copyright 1/11/2009 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
204435 T A 400 4-5-4-12-10-41 FS $519,000 Emmalani Court #524 1,192 #524 2/2
206915 T A 449 4-5-4-12-10-29 FS $525,000 Emmalani Court #422 1,192 #422 2/2
216880 T A 86 4-5-4-12-10-24 FS $526,900 Emmalani Court #412 1,192 #412 2/2
210999 T A 248 4-5-4-12-10-42 FS $549,900 Emmalani Court #525 1,456 #525 2/2
196541 T A 515 4-5-4-12-10-25 FS $550,000 Emmalani Court #413 952 #413 1/2
218304 T A 52 4-5-4-12-10-13 FS $669,000 Emmalani Court #311 1,456 #311 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.

Hanalei Bay Resort is back on the market at $995K. This seller paid $895K in 5/05 leaving them with little hope of making any money on the transaction.

There were no units that went under contract or sold this past week. One unit expired and several were withdrawn, mainly fractional interests in the Plantations and Villas of Kamali'i. Villas on the Prince 3 never sold even though it was priced at an all time low of $695K. The bank had rescheduled the foreclosure auction several times during the life of the listing. Perhaps they ran out of patience and decided to go ahead with the auction. Ali'i Kai 13D was also withdrawn after 223 days on the market. This was a beautifully remodeled unit but at $598K, many buyers felt Nihilani offered new units, a two car garage and a beautiful pool. It's a hard market these days.

There were only a few price changes. Cliffs 7305, which last sold for $242K in 8/05, reduced from $795K to $745K. It has competition (even though it is a two bedroom unit) from 9201 listed at $765K. Even though 9201 is one bedroom as opposed to the two bedrooms which 7305 has, 9201 has sweeping ocean views and is and end unit which means an additional 50 sqft along with more windows and views. Here are all the Cliffs units on the market:

Copyright 1/11/2009 by Hawaii Information Service

204804 T A 213 4-5-4-5-39-33 FS $299,000 Cliffs At Princeville #2103 917 #2103 1/2
217211 T A 46 4-5-4-5-39-39 FS $375,000 Cliffs At Princeville #2109 917 #2109 1/2
207634 T A 327 4-5-4-5-39-16 FS $395,000 Cliffs At Princeville #1206 917 #1206 1/2
210902 T A 251 4-5-4-5-39-4 FS $489,000 Cliffs At Princeville #1104 917 #1104 1/2
208369 T A 311 4-5-4-5-39-127 FS $525,000 Cliffs At Princeville #5205 917 #5205 1/2
188728 T A 706 4-5-4-5-39-55 FS $579,000 Cliffs At Princeville #2305 1,137 #2305 2/2
200484 T A 500 4-5-4-5-39-169 FS $745,000 Cliffs At Princeville #7305 1,137 #7305 2/2
199811 T A 509 4-5-4-5-39-191 FS $765,000 Cliffs At Princeville #9201 963 #9201 1/2
183879 T A 864 4-5-4-5-39-163 FS $799,000 Cliffs At Princeville #7205 917 #7205 1/2
213606 T A 180 4-5-4-5-39-198 FS $945,000 Cliffs At Princeville #9302 1,231 #9-302 2/2
212117 T A 220 4-5-4-5-39-175 FS $995,000 Cliffs At Princeville #8201 963 #8201 1/2
215754 T A 117 4-5-4-5-39-193 FS $1,097,000 Cliffs At Princeville #9203 1,864 #9203 4/4

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

Here are the sales since 1/1/07. There has been only one other sale in building 7 which was a second floor, 1 bedroom unit. It sold for $575K in 07.

Copyright 1/11/2009 by Hawaii Information Service

203796 T S 7 4-5-4-5-39-72 FS $399,500 Cliffs At Princeville 917 #3204 1/2
SOLD 1/16/2008 for $380,000 (CASH) DOM 7

163832 T S 470 4-5-4-5-39-76 FS $450,000 Cliffs At Princeville 963 #3208 1/2
SOLD 2/10/2007 for $435,000 (CNV) DOM 470

194312 T S 53 4-5-4-5-39-68 FS $459,000 Cliffs At Princeville 963 #3108 1/2
SOLD 7/18/2007 for $452,000 (CASH) DOM 53

184227 T S 252 4-5-4-5-39-107 FS $598,000 Cliffs At Princeville 1,137 #4303 2/2
SOLD 9/14/2007 for $598,000 (CNV) DOM 252

195791 T S 33 4-5-4-5-39-160 FS $599,000 Cliffs At Princeville 917 #7202 1/2
SOLD 7/31/2007 for $575,000 (CNV) DOM 33

188360 T S 264 4-5-4-5-39-123 FS $615,000 Cliffs At Princeville 963 #5201 1/2
SOLD 10/19/2007 for $550,000 (CNV) DOM 264

190979 T S 322 4-5-4-5-39-100 FS $620,000 Cliffs At Princeville 917 #4206 1/2
SOLD 2/21/2008 for $570,000 (CNV) DOM 322

185461 T S 290 4-5-4-5-39-96 FS $639,000 Cliffs At Princeville 917 #4202 1/2
SOLD 9/12/2007 for $590,000 (CNV) DOM 290

195704 T S 53 4-5-4-5-39-114 FS $739,000 Cliffs At Princeville 1,281 #4310 2/2
SOLD 8/31/2007 for $682,500 (CNV) DOM 53

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

Ali'i Kai 5101 was discussed under Back on the Market. Pali Ke Kua 105, purchased for $795K in 8/07 (when the market was stronger) reduced from $879K to $829K. It's getting there but probably needs to go further to find a buyer in today's market. That's your update for this week. Here is what (little) happenned with Princeville Homes this past week:

Copyright 1/11/2009 by Hawaii Information Service

CONTINGENT SALES
206454 RS C 341 4-5-4-16-65 FS $998,000 4465 Emmalani Dr 10,896 sqft 2,122 3/2

PRICE CHANGES
215837 RS A 123 4-5-3-12-11 FS $1,795,000- 3991 Aloalii Dr 7,827 sqft 3,389 3/2.5
217017 RS A 87 4-5-4-20-25 FS $677,900- 5143 Iolani Pl 10,907 sqft 2,224 3/2
219148 RS A 26 4-5-4-15-16 FS $691,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
218120 RS A 53 4-5-4-8-62 FS $1,645,000- 3812 Punahele Rd 14,573 sqft 2,900 3/2
209612 RS A 277 4-5-4-4-45-2 FS $6,750,000- 4901 Hanalei Plant Rd 24,799 sqft 2,482 3/3.5

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

The Emmalani Drive home is quite nice - despite having been built in 1978. The current owner made improvements which brought a lot of character and interest to the home, which was fortunately built with "good bones" at the onset, not to mention that is has a great golf course location with fabulous mountain views. I hope it stays in escrow.

That's it for this week. I've seen more buyers out and about so hopefully we will see more activity as these buyers find the bargain property of their dreams. Just look and you'll see they are here. Please call or email before you buy or sell - get the facts. Until next time,

Aloha Elaine

elaine-at-christmas.jpg

This picture was taken at a Christmas party at the Marriott.

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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