Princeville condo (and house) update for the week of January 11th to 17th

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

Aloha,

It's been interesting week weather wise and a productive one in terms of real estate. Starting with the weather: it's been pretty much a mixed bag this week, with some rain, some sun and cooler temperatures (or at least what we call "cooler temperatures!") Friday the State closed schools everywhere but on the Big Island in anticipation of a huge winter storm that was supposed to hit accompanied by wind gusts of up to 60 mph. We did have several brief periods of heavy rain and some gusty winds, but the storm that was anticipated never really occurred. What did occur is that many working parents found themselves with children at home on a workday - and many were scrambling for a quick solution so they could get themselves off to work.

On the other hand, the kids loved it since they now had a four day weekend, since Monday is a holiday. Several large swells came in making for great surf both Saturday and Sunday. Both days were sunny and bright with plenty of great waves. So much for weather forecasting.

As for real estate, the market seems to be picking up a bit with more buyers out there searching for the perfect property. It's almost as if there's renewed interest in many things as the Country approaches the inauguration of President Elect Barack Obama. Whatever the reason, it's great to see things moving, as you'll see from this weeks' update.

Copyright 1/18/2009 by Hawaii Information Service

NEW LISTINGS
220097 T A 1 4-5-4-5-13-3 FS $442,000 Kamahana #3 1,732 #3 2/2

BACK ON THE MARKET
205502 T A 379 4-5-4-11-3-125 FS $995,000 Hanalei Bay Resort #R17 867 #3105-6 1/2
214847 T A 152 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2

CONTINGENT SALES
201267 T C 489 4-5-4-5-24-87 FS $599,000 Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
214678 T C 116 4-5-4-12-5-31 FS $1,195,000 Pali Ke Kua Incr I, ii, iii #213B 904 #213B 2/2
216008 T C 114 4-5-4-12-11-47 FS $1,295,000 Puu Poa #405 1,800 #405 2/2

EXPIRED
205935 TS X 277 4-5-4-5-6-32 FS $8,500 Ka'eo Kai Ph Iii #33A 2,120 #33A 2/2
218237 T X 60 4-5-4-12-9-28 LH $252,000 Pali Ke Kua Iii #238 993 #238 1/2
206022 SH X 15 4-5-4-12-11-37 FS $395,000 Puu Poa #309 1,352 #309 2/2
206021 SH X 15 4-5-4-12-11-37 FS $395,000 Puu Poa #309 1,352 #309 2/2
206020 SH X 15 4-5-4-12-11-37 FS $395,000 Puu Poa #309 1,352 #309 2/2
206023 SH X 15 4-5-4-12-11-37 FS $425,000 Puu Poa #309 1,352 #309 2/2
206025 SH X 15 4-5-4-12-11-37 FS $450,000 Puu Poa #309 1,352 #309 2/2
206026 SH X 15 4-5-4-12-11-37 FS $475,000 Puu Poa #309 1,352 #309 2/2
216880 T X 86 4-5-4-12-10-24 FS $526,900 Emmalani Court #412 1,192 #412 2/2
210596 T X 255 4-5-4-5-24-23 FS $578,000 Nihilani At Princeville Resort #8B 1,567 #8B 2/2.5
207651 T X 323 4-5-4-5-24-29 FS $643,300 Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
210699 T X 254 4-5-4-5-24-31 FS $659,000 Nihilani At Princeville Resort #11A 1,406 #11A 2/2
210698 T X 323 4-5-4-5-24-25 FS $664,000 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
210691 T X 316 4-5-4-5-24-44 FS $676,500 Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
210700 T X 254 4-5-4-5-24-98 FS $690,000 Nihilani At Princeville Resort #33B 1,406 #33B 2/2
210695 T X 254 4-5-4-5-24-24 FS $720,500 Nihilani At Princeville Resort #8C 1,874 #8C 3/2.5
210607 T X 249 4-5-4-5-24-6 FS $735,200 Nihilani At Princeville Resort #2C 1,972 #2C 3/3
210608 T X 310 4-5-4-5-24-99 FS $774,200 Nihilani At Princeville Resort #33C 1,972 #33C 3/3
210693 T X 254 4-5-4-5-24-28 FS $780,500 Nihilani At Princeville Resort #10A 1,874 #10A 3/2.5
210696 T X 254 4-5-4-5-24-32 FS $780,500 Nihilani At Princeville Resort #11B 1,874 #11B 3/2.5
210611 T X 262 4-5-4-5-24-33 FS $799,200 Nihilani At Princeville Resort #11C 1,972 #11C 3/3

WITHDRAWN
203210 T W 350 4-5-3-6-22-20 FS $2,650,000 Kaiulani Of Princeville #20 2,864 #20 3/3.5
216706 T W 101 4-5-4-5-3-3 FS $336,500 Princeville Paniolo #103 1,058 #103 1/2
199811 T W 514 4-5-4-5-39-191 FS $765,000 Cliffs At Princeville #9201 963 #9201 1/2

PRICE CHANGES
216836 T A 98 4-5-3-11-1-30 FS $795,000+ Villas On The Prince #30 1,767 #30 3/3
207634 T A 334 4-5-4-5-39-16 FS $310,000- Cliffs At Princeville #1206 917 #1206 1/2
206918 T A 543 4-5-4-5-18-91 FS $385,000- Puamana #25B 1,532 #25B 2/2
206915 T A 456 4-5-4-12-10-29 FS $450,000- Emmalani Court #422 1,192 #422 2/2
186493 T A 814 4-5-4-5-17-55 FS $459,000- Alii Kai Ii Hanalei #14G 1,037 #14G 2/2
217262 T A 87 4-5-4-5-18-20 FS $498,000- Puamana #6A 1,312 #6A 2/2
217318 T A 85 4-5-4-5-24-20 FS $555,000- Nihilani At Princeville Resort #7B 1,406 #7B 2/2
213707 T A 652 4-5-4-5-16-41 FS $699,000- Alii Kai At Hanalei #5201 1,086 #5201 2/2
212901 T A 184 4-5-4-5-16-37 FS $749,000- Alii Kai At Hanalei #5101 1,086 #5101 2/2
212433 T A 213 4-5-4-6-1-58 FS $899,000+ Villas Of Kamalii #58 1,761 #58 3/3
216008 T C 114 4-5-4-12-11-47 FS $1,295,000- Puu Poa #405 1,800 #405 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.

First up is our only new listing which is Kamahana 3, listed for $442, and purchased for $180,500 in 4/99. Two units are back on the market. Hanalei Bay Resort 3105-6 is back on after expiring listed at $995K. This seller bought in 5/05 for $895K and has had their unit on the market for 379 days at the same price. Pu'u Po'a 103 is back on at $1,399,999 and was purchased in 7/03 for $695K. Plenty of room to negotiate unless they've re'fied to pull the equity out.

Surprisingly - happily so - we have three - that's right, three units that went into escrow this past week. The first one is a no brainer; Nihilani 29C which, at $599K fully furnished was way overdue for a buyer. This unit sold for $747,320 in 7/06 and came on the market at $869,900. This is a motivated seller who did whatever it took to bring a buyer and I'm happy to see it go into escrow. By the way, so is the Brookfield developer (Nihilani) as this unit, at this price, has long been a thorn in their side compared to the pricing on their units.

The next one is a mystery to me. Pali Ke Kua 213, listed at $1.195M went into escrow. This unit sold for $35,700 in 9/83. There's always one special buyer for every unit and maybe these seller simply found that person who just had to have this particular location. Nevertheless, it seemed very high to me and I am surprised to see it go into escrow. I'm always happy to be surprised and see something sell for more than expected. That's good for all of us. These are all the Pali Ke Kua units currently listed, in escrow and that have sold since 1/1/2008.

Copyright 1/18/2009 by Hawaii Information Service

214167 T A 172 4-5-4-12-8-24 LH $549,000 Pali Ke Kua #130 1,100 2/2
204622 T A 394 4-5-4-12-8-28 FS $625,000 Pali Ke Kua #232 993 2/2
218823 T A 44 4-5-4-12-5-8 LH $649,000 Pali Ke Kua #108A 717 1/1
211355 T A 247 4-5-4-12-5-5 FS $829,000 Pali Ke Kua #105A 717 1/1

214678 T C 116 4-5-4-12-5-31 FS $1,195,000 Pali Ke Kua #213 904 2/2

208668 T S 139 4-5-4-12-5-28 LH $635,000 Pali Ke Kua #210C 1,127 2/2
SOLD 9/11/2008 for $585,000 (CASH) DOM 139

210321 T S 7 4-5-4-12-8-20 FS $995,000 Pali Ke Kua Ii #227 993 #227 2/2
SOLD 6/20/2008 for $895,000 (CNV) DOM 7

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 look closely, you'll see that 210 which also has Bali Hai view, sold for $585K as a leasehold unit in 9/08. I guess someone feels that it's worth quite a bit more to have a fee simple unit with that view. Will it appraise? I don't know but maybe the buyer is bringing cash. I hope this one stays in escrow so we can all see what it closes for.

Pu'u Po'a 405, on the other hand seemed like a good buy no matter how you looked at it. It sold for $430K in 1/00 and came on the market at $1.350M before reducing to $1.295M on 1/12. Apparently it was just the ticket to motivate a buyer because it went into escrow shortly thereafter on the 16th.

There were no sales this week but quite a few units expired. A Ka'eo Kai timeshare expired along with several fractional shares and the perennial Pali Ke Kua 238 which was last listed for $252K. We should all take up a collection and buy this unit from this seller. Although it shows as expiring after only 60 days it was previously listed for 862 days starting at $699K and ending at $335K. I showed the unit many times but there were no takers. Just about all the Nihilani developer units expired but as of today (Sunday) they are back on the market just waiting for you.

Ka'iulani 20, listed for $2.650M was withdrawn after 350 market days. This unit sold for $1,985,180 in 11/07. Paniolo 103, listed for $336,500 and purchased for $410K in 4/05 also came off the market as did Cliffs 9210. This unit sold in 12/86 as a leasehold unit for $135K and was converted to fee simple in 11/91 for $22,500. It started out at $975K and slowly dropped to $765K after which time the seller/agent decided to withdraw and perhaps wait for a stronger market. 9201 does have fabulous ocean views and this time of the year you can sit on your lanai all day long and watch whales and the huge winter swells.

Price changes were not all decreases this week. Villas on the Prince 30 optimistically increased from $750K to $795K. This unit, purchased in 3/04 for $565K has been on the market almost continuously since 5/06 when it was first listed for $1.149M. It was withdrawn on 10/06 priced at $965K, then relisted on 1/07 to 10/07, starting at $935K and reducing to $849K before being withdrawn again. It immediately returned to the market in 10/07 listed at $860K and fell to $799K before being withdrawn in 5/08. It was then listed again from 5/08 to 9/08 starting at $815K and reducing to $779K. The "magic number" must be out there somewhere.

Cliffs 1206, purchased for $520K in 9/05 reduced from $395K to $310K; Puamana 25B, purchased for $380K in 9//04 went from $425K to $385K while Emmalani Court 422, which sold for $705 in 1/07 is now a short sale which reduced to $450K from $525K. To continue, Ali'i Kai 14G moved from $489,999 to $459K and sold for $583K in 8/05. Another Puamana, unit 6A, purchased for $490K in 3/07 reduced from $530K to $498K. Also reducing this week is a Nihilani resale, unit 7B which last sold for $686,080 in 4/07 and reduced this week from $579K to $555K. Ali'i Kai 5201, purchased for $875K in 8/05 reduced from $799K to $699K and is now a short sale. (We're seeing more and more of these.) Ali'i Kai 5101 also reduced from $785,500 to $749K and was purchased for $595K in 5/04. Funny how the seller who seemingly owes more is motivated to sell while the one who presumably has the equity is holding on their price. Villas of Kamali'i 58 was our other price increase going from $849K to $899K. This unit sold for $432,155 in 5/03. And last but not least is the Pu'u Po'a we saw under contingent units - # 405 that reduced from $1.350M to $1.295M and found a buyer.

On to your Princeville home update:

Copyright 1/18/2009 by Hawaii Information Service

BACK ON THE MARKET
206454 RS A 348 4-5-4-16-65 FS $998,000 4465 Emmalani Dr 10,896 sqft 2,122 3/2

PRICE CHANGES
217261 RS A 87 4-5-4-22-4 FS $639,000+ 4087 Nalani Ln 11,244 sqft 1,424 3/2
214429 RS A 163 4-5-4-16-41 FS $865,000- 4136 Kekaulike Ln 10,500 sqft 3,024 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.

I've talked about 4087 Nalani Lane several times in the past. Although it shows 87 market days this time it was previously listed for 930 days during which time it was just about every price imaginable between $975K and $685K. So far this listing period there have been 11 price changes, most of them, like this time, incremental changes designed solely to get the property back on the daily update sheet. This increase was from $629K to $639K.

That's about it for this week. Don't forget to call or email to get the facts before you buy or sell. That's why I'm here.

On a final note, it was so beautiful in Hanalei Bay this weekend I went down to enjoy a picnic lunch and take some pictures. Sometimes shooting into the sun will capture a nice silhouette effect as it did on the shot below of the pier with the waves washing in. Enjoy your week!

Aloha Elaine

hanalei-pier-in-the-waves-1-18-09.jpg

Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
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
blog: www.blogs.alohaliving.com/princeville-condo-sales

......you can have your own piece of paradise
ask me how!

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