As of this posting, there are at least 25 properties in the Kilauea, Princeville, and Hanalei areas that are in short sale or foreclosure. This list is compiled by RealtyTrac, the nation's leading source for foreclosures. This does not include the many sellers who are still current in their mortgages but still must seek short sales. The lists are divided into two types, those in pre-foreclosure where the NOD (notice of default) has been filed with the County of Kauai. Then there are those who already have their auction dates set. Experience tells us that its few and far between that the auctions actually take place on the dates noted in the RealtyTrac database. They are often postponed by the lender for a plethora of reasons.
Many of the Princeville foreclosures are at condo complexes like Kamahana, Mauna Kai, and the newest condo complex, Nihilani, by Brookfield Homes. Nihilani is a very nice complex but many sellers only bought to invest and got caught as the market turned If you wish to have a list of the most recent short sale properties in the North Shore of Kauai, drop me an email and I will forward the list to you immediately. You might also find it interesting to download the laws about Foreclosure in Hawaii to gain some insight as to the how this process may work.
Buyers who can qualify are getting some excellent values, and if you are one of them, you may want to check out the opportunity to own real property on one of the most people places on the planet.
Bali Hai view from this Nihilani Luxury Condo in Foreclosure in Princeville. Owner paid $761,000 for this 3 bedroom unit. Default amount is 609,000.