Princeville condo (and house) update for the week of Aug 24th to 30th
Aloha,
This is going to be a short update, due in part to the fact I just returned from Oahu where I took the final class needed for my CRS (certified residential specialist) designation but mainly because very little has happened last week as you can see in this update:
Copyright 8/31/2008 by Hawaii Information Service
NEW LISTINGS
215271 T A 6 4-5-3-6-22-48 FS $1,799,000 Kaiulani Of Princeville #48 2,479 #48 3/3
214168 T A 3 4-5-4-11-3-121 FS $650,000 Hanalei Bay Resort #T35 867 #2309-10 1/2
215386 T A 1 4-5-4-6-1-16 FS $945,000 Villas Of Kamalii #16 1,761 #16 3/3
EXPIRED
200564 T X 366 4-5-4-5-16-2 FS $539,000 Alii Kai At Hanalei #1102 1,086 #1102 2/2
205798 T X 233 4-5-4-6-1-34 FS $849,000 Villas Of Kamalii #34 1,825 #34 3/3
WITHDRAWN
176670 T W 856 4-5-4-5-16-57 FS $725,000 Alii Kai At Hanalei #7202 886 #7202 2/2
PRICE CHANGES
204980 SH A 201 4-5-4-5-23-28 FS $175,000- Plantation At Princeville #722 1,318 #722 3/3
214373 T A 30 4-5-4-5-23-58 FS $575,000- Plantation At Princeville #1512 1,153 #1512 2/2
207651 T A 186 4-5-4-5-24-29 FS $643,300- Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
211272 T A 107 4-5-4-5-16-35 FS $1,075,000- Alii Kai At Hanalei #4303 1,086 #4303 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.
Our first new listing is Ka’iulani 48 which sold in 9/07 for $1,502,610 and is listed for $1.799M. This unit joins numerous others whose owners are also trying to flip their Ka’iulani units in this “quiet” market. Next is Hanalei Bay Resort 2309/10 which sold for $125K (yes, condos did once sell for that amount) back in 11/84 and is now listed for $650K. Finally we have Villas of Kamali’i 16, listed this time for $945K. It was previously listed from 5/06 to 6/07 starting at $1.295M and moving to $1.195M before it was withdrawn with 373 market days. It was listed again from 9/07 to 12/07 for 81 days before it was withdrawn, starting at $1.095M and reducing to $995K. This condo was purchased from the developer on 8/03 for $511,365.
There were no sales or any units that went into escrow this past week. Both Ali’i Kai 1102, purchased in 11/87 for $100K and Villas of Kamali’i 34, purchased in 12/04 for $670K expired this week. Ali’i Kai 7202 was withdrawn after an unprecedented 856 days on the market. This unit sold for $115K in 1/88 and is owned by the list agent.
There was so little activity this past week – we are already at our favorite section which is price changes. Plantation 722, which is being sold as a fractional, went from $198K to $175K after selling for $740K in 11/06. Plantation 1512 also reduced, going from $599K to $575K. This unit sold for $520,402 in 2/06. Even the Nihilani developer is getting into the action here, reducing their 2 bedroom 2.5 bath Hoku unit from $699,200 to $643,300. This still can’t compete with the resale prices available in this complex. Finally, we have Ali’i Kai 4303 which went from $1.125M to $1.075M. This unit sold in 12/03 for $490K. The owner then sold 55.26% interest to another family member for $313K on 1/06.
And that’s about it for condo changes in Princeville this week. Here is your Princeville home update:
Copyright 8/31/2008 by Hawaii Information Service
NEW LISTINGS
215181 RS A 6 4-5-4-23-58 FS $825,000 3784 Milimakani Pl 7,928 sqft 1,336 3/2
215193 RS A 7 4-5-4-23-8 FS $848,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
215324 RS A 5 4-5-4-9-58 FS $925,000 5345 Honoiki Rd 10,005 sqft 2,572 3/3
BACK ON THE MARKET
215193 RS A 7 4-5-4-23-8 FS $848,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
CONTINGENT SALES
200833 RS C 341 4-5-4-16-6 FS $629,500 5035 Emmalani Dr 10,500 sqft 1,599 3/2
EXPIRED
200239 RS X 369 4-5-3-12-12 FS $1,795,000 3985 Aloalii Dr 8,554 sqft 3,340 2/3
WITHDRAWN
188351 RS W 604 4-5-4-17-2 FS $994,000 4959 Emmalani Dr 10,875 sqft 2,682 4/4.5
PRICE CHANGES
205193 RS A 249 4-5-4-14-31 FS $1,150,000- 3885 Kamehameha Rd 12,127 sqft 2,372 4/3
192009 RS A 552 4-5-4-10-27 FS $1,450,000- 5222 Honoiki Rd 10,174 sqft 2,860 3/4
213886 RS A 8 4-5-4-16-20 FS $1,475,000+ 4066 Kaahumanu Pl 11,857 sqft 3,424 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.
You’ll see we have one optimistic seller and that is the owner of 4066 Kamehameha who increaed the price from $1.4M to $1.475M. This land sold for $450K in 6/04 and the home was built in 2007.
My feelings that this is a good time to buy were reiterated at the CRS class this week. The instructor said the smart money is buying now, while buyers still have the opportunity to pick and choose. If you try to wait to catch the market when it reaches bottom, like so many buyers say they want to do, the sad news is that you won’t know it’s hit bottom until it starts back up, at which point it will be too late. The other factor to consider is that interest rates are at historic lows — with no guarantee that they’ll stay that way. Don’t miss out. Buy now for the best selection and for the best opportunity to negotiate.
Have a great labor day and enjoy yourselves. If you are thinking of buying or selling, don’t go it alone. Call for all the facts you’ll need to make an informed buying or selling decision.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Princeville condo (and house) update for the week of Aug 17th to 23rd
Aloha,
It’s been a pretty quiet week with more price reductions than anything else. It’s good to see that there was only one (yes one!) new condo listing this week. With 164 already listed, it’s not like we need a bunch of new ones. If you read my previous posting, you know I personally think that those who are not “real sellers” (I affectionally call them wanna be sellers) should withdraw their properties from the market until such time that it can support their “gotta have” prices. Having said that, lets get on to the update:
Copyright 8/23/2008 by Hawaii Information Service
NEW LISTINGS
214863 T A 4 4-5-4-5-23-49 FS $625,000 Plantation At Princeville #1311 1,140 #1311 2/2 BACK ON THE MARKET
210027 T A 139 4-5-4-5-30-6 FS $380,000 Princeville Mauna Kai #F6 1,400 ##5 3/2
199811 T A 368 4-5-4-5-39-191 FS $765,000 Cliffs At Princeville #9201 963 #9201 1/2
SALES
215085 T S 0 4-5-4-5-24-1 FS $749,000 Nihilani At Princeville Resort #1A 1,406 #1A 2/2
SOLD 4/20/2008 for $690,000 (CNV) DOM 0
PRICE CHANGES
210059 T A 131 4-5-4-5-27-18 FS $375,000- Hale Honu #9B 1,085 #9B 3/2
210522 T A 120 4-5-4-12-2-16 FS $429,000- Hale Moi #116 1,033 #116 1/2
211203 T A 88 4-5-4-5-13-9 FS $435,000- Kamahana #9 1,759 #9 2/2
211887 T A 80 4-5-4-15-21-28 FS $459,000- Sandpiper Village I #128 1,042 #128 2/2
210822 T A 50 4-5-4-5-13-28 FS $475,000- Kamahana #28 1,145 #28 2/2
212164 T A 80 4-5-4-15-21-65 FS $499,000- Sandpiper Village I #228 1,173 #228 2/2.5
213365 T A 49 4-5-4-5-24-80 FS $539,900- Nihilani At Princeville Resort #27B 1,567 #27B 3/2.5
210596 T A 110 4-5-4-5-24-23 FS $598,300- Nihilani At Princeville Resort #8B 1,567 #8B 2/2.5
210598 T A 103 4-5-4-5-24-8 FS $603,300- Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
210699 T A 109 4-5-4-5-24-31 FS $610,000- Nihilani At Princeville Resort #11A 1,406 #11A 2/2
210700 T A 109 4-5-4-5-24-98 FS $630,000- Nihilani At Princeville Resort #33B 1,406 #33B 2/2
213369 T A 48 4-5-4-5-24-94 FS $739,900- Nihilani At Princeville Resort #32A 1,874 #32A 3/2.5
200484 T A 360 4-5-4-5-39-169 FS $795,000- Cliffs At Princeville #7305 1,137 #7305 2/2
200456 T A 353 4-5-4-12-11-14 FS $1,550,000- Puu Poa #114 2,065 #114 2/2
Our only new listings this week is Plantation 1311, listed for $625K. The person who bought it from the developer made a killing, as this unit shows as sold on 11/05, first for $430K (which was the sale from the developer to the first buyer) and then on the same date, it shows a sale to the current seller for $535K. That’s the way you used to be able to do it. At $625K, it’s one of the few 2 bedroom units in the $600’s with the exception of unit 711 which has been on the market for over 722 days and is currently listed for $655K. Good luck with this one. These are the other Plantation units on the market:
Copyright 8/23/2008 by Hawaii Information Service
214741 T A 12 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 #1712 2/2
214373 T A 22 4-5-4-5-23-58 FS $599,000 Plantation At Princeville #1512 1,153 #1512 2/2
214863 T A 4 4-5-4-5-23-49 FS $625,000 Plantation At Princeville #1311 1,140 #1311 2/2
199861 T A 374 4-5-4-5-23-60 FS $650,000 Plantation At Princeville #1522 1,318 #1522 3/3
183699 T A 722 4-5-4-5-23-25 FS $655,000 Plantation At Princeville #711 1,153 #711 2/2
210042 T A 130 4-5-4-5-23-24 FS $729,000 Plantation At Princeville #622 1,366 #622 3/3
Two units are back on the market: Mauna Kau #5 which is a short sale at $380K, having sold for $431,560 back in 11/04. This unit had previously been withdrawn for some reason. Cliffs 9201 expired and is now back on the market at $765K which I think is a very attractive price. If you are not familiar with the Cliffs, and do not know the wonderful views available from Building 9, go take a look. This one-owner condo and has been lovingly cared for and is being held open with great regularity.
Our lone sale was a developer’s Nihilani unit 1A that went for $690K for a 2 bed / 2 bath Moana unit.
The longest part of every weekly update is always the price changes. This week we have Hale Honu 9B, which is agent owned since 4/04 with a purchase price of $355K- going from $390K to $375K. Along with this price reduction goes any hope of a profit. Hale Moi 116, purchased in 10/04 for $459K reduced from $459K to $429K moving it into the territory of a tax write off. Kamahana #9 went from $535K to $435K and sold for $280K in 8/03. At least these sellers can hold out hope of getting out of ownership without losing money. Sandpiper 128 and 228 are owned by the same person, and were bought in 6/05 for $490K and $535K respectively. Those were the good old days. They are now reducing from $479K to $459K on 128 and from $549K to $539,900 for 228.
Kamahana #28, purchased in 4/06 for $599K reduced this week from $504,617 to $475K. Maybe less numbers in the list price will bring them luck although studies showed that the fewer zeros in your list price, the higher the offer would be. I even tried it on one of my listings but all it did for me was make it so I had too many number to remember when I was asked what the price was.
The agent owned Nihilani 27B reduced yet again from $549,900 to $539,000 on the 3 bed / 2.5 bath Hoku model and from $749K to $739K on Nihilani 32A which is the Makani unit. 27B sold in 10/06 for $682,180 while 32A sold in 3/06 for an unbelievable $985K.
Even the developer has had to acquiesce and lower the prices back to what they were during their big BLOW OUT sale a month or two ago. Nihilani 8B has gone from $665,200 to $598,300, 3B from $686,200 to $603,300, 11A from $679,200 to $610,000, and 33B went from $664,200 to $630,000. How often do you see a developer lower prices? Almost never! How often do you see a developer lower prices and STILL have units that cost more than the resales? ABSOLUTELY NEVER.
Moving along, we have Cliffs 7305 which is a top floor ocean view unit purchased for $242K in 8/00 and reducing from $849,450 to $795K. The views from this unit are not quite as awesome as those from 9201 but it does offer an extra bedroom, third floor views and vaulted ceilings. Finally there’s Pu’u Po’a 114 which sold for $1.4M in 3/05. This unit started at $1.849M and reduced this week from $1.625K to $1.55M. Pu’u Po’a pricing has seen some stiff competition of late. Here are the recent listings:
Copyright 8/23/2008 by Hawaii Information Service
214847 T A 11 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2
213637 T A 32 4-5-4-12-11-46 FS $1,475,000 Puu Poa #404 1,352 #404 2/2
200456 T A 353 4-5-4-12-11-14 FS $1,550,000 Puu Poa #114 2,065 #114 2/2
212665 T A 66 4-5-4-12-11-2 FS $1,595,000 Puu Poa #102 1,352 #102 2/2
208628 T A 163 4-5-4-12-11-55 FS $1,595,000 Puu Poa #413 1,777 #413 2/2
202256 T A 287 4-5-4-12-11-7 FS $1,699,000 Puu Poa #107 2,065 #107 2/2
213416 T A 38 4-5-4-12-11-20 FS $1,875,000 Puu Poa #206 1,359 #206 2/2
205418 T A 232 4-5-4-12-11-37 FS $2,245,000 Puu Poa #309 1,352 #309 2/2
Even with the most recent price reduction, 114 is still bested pricewise by both 103 and 404 which is a top floor unit. This unit was previously listed from 10/07 to 3/08 starting at $1.675M and moving down to $1.450M. At that time it needed a lot of work and after 171 days on the market it was withdrawn. It’s back on at $1.475M and has been partially upgraded with all a new kitchen with Kraftmaid Cherry wood cabinetry, Silestone counter tops, along with fresh paint, plumbing & electrical upgrades to justify the new higher price. The bathrooms, however, are pretty much original and in need of some work. What’s interesting is that, after doing all this work and spending all this money to make the unit shine, located in the middle of the living room are several large boxes which are supposedly cabinets for the bathroom. Not only does this leave the bathrooms wanting but since these boxes are the first thing you see when you walk in the door (and the first thing the agent has to explain away as they bring in their client) it detracts from the nice work that has been done. Go figure.
As for Princeville homes, here are the changes for last week:
Copyright 8/23/2008 by Hawaii Information Service
NEW LISTINGS
215193 RS T 0 4-5-4-23-8 FS $848,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
CONTINGENT SALES
200685 RS C 352 4-5-4-15-6 FS $689,000 3881 Albert Rd 11,515 sqft 1,732 3/2.25
SALES
207210 RS S 148 4-5-4-16-87 FS $739,000 4120 Nalani Ln 11,740 sqft 1,725 3/2
SOLD 8/22/2008 for $700,000 (CNV) DOM 148
TEMPORARILY WITHDRAWN
215193 RS T 0 4-5-4-23-8 FS $848,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
PRICE CHANGES
211955 RS A 85 4-5-4-13-67 FS $1,290,000- 3697 Albert Rd 10,036 sqft 3,139 3/3.5
209942 RS A 135 4-5-4-8-9 FS $1,425,000- 3887 Punahele Rd 11,139 sqft 3,246 4/3
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
The lone sale was my Nalani listing which started out at $865K, then went to $745K, $795K, finally making an aggressive drop to $739K which brought in a buyer at $700K. Yep, that right….be ready to still take an offer below asking even if you’ve reduced time and time again. That just means your property was priced too high to begin with.
I’m not opposed to pricing high at the seller’s request as I feel every seller has the right to see if their home will bring in as much as they think it will. My only requirement is that the seller be willing to revisit the price in 30 days or less and to come down when needed. Fortunately, this seller was willing to do that and is now no longer a homeowner in Kauai. And that’s your update for this week. Remember to call or email with questions or concerns or before you buy or sell.
Aloha Elaine
PS Here’s OLD FAITHFUL taken while on my recent Mainland trip.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Buying and Selling Princeville in today’s market
If I told you that I just went from representing 50% of the sellers of Princeville homes currently under contract to only representing 33%, you would probably wonder what happenned to “ALL” the other houses to cause such a percentage drop. After all, if you’re assuming there’s maybe 30 or 40 homes in escrow in Princeville at any given time, that’s a loss of approximately 5 or 7 houses. You might wonder if some fell out of escrow, if they all closed or if it was some combination of the two. Not only that, but myself and one other agent actually represent the sellers on ALL the homes currently in escrow in Princeville, excluding Queen Emma’s Bluff, where there is only one home under contract.
Now you’re probably thinking, Wow - those are two lucky agents with ALL those homes in escrow but here’s the truth — up to this morning when my Nalani Lane house closed, there were a total of 4 houses in escrow in Princeville and now there are only 3. That’s right, between myself and Jeanne Bierlien, who also has two houses in escrow, we represent all the seller’s who have Princeville homes in escrow. So you see, dropping from 50% to 33% simply means that one sale closed. Right now there are 64 homes listed in Princeville and 7 in QEB. Of the 64 in Princeville, 45 of them are priced above $1M. There is one home in the $600K’s, 5 in the $700K’s, 6 in the $800K’s and 7 in the $900K’s.
As for condos, there are (hold on to your seat for this one) 161 listings excluding Queen Emma’s Bluffs and a total of 185 when including QEB with the Villas on the Prince and Ka’iulani. Of the 161 Princeville listings, only 5 are in escrow: Mauna Kai 21 listed for $490K, Pali Ke Kua 210 (LH) listed at $635K, Pali Ke Kua 111 listed for $1.1M (I don’t know what is going on with this unit as it came on the market in escrow back on 3/3/08 and has stayed that way since then…), Hanalei Bay Resort 4101/2/3 for $1.350M and Nihilani 34A for $731,500. That’s it — that’s all the Princeville units in escrow. As for QEB, there are 3 — one Villas on the Prince and 2 of the developer’s Ka’iulani units.
So what’s my point? My point is this: now is an EXCELLENT time to buy. Not a good time, or a pretty good time but an EXCELLENT time to buy. Forget about waiting for the bounce. You know how you can see the bounce has occurred? Prices start trending up then guess what, it’s too late. Yes, I know the market may go down some more, but NOW is when you can pick and choose what you want. Now is when you can pit one seller against another (especially when it come to condos) and get concessions and pricing like never before. In fact, you don’t even have to do much more than just step into a great deal because many-or should I say some- sellers are noticing that their properties have not sold, and are finally lowering their prices so that they are competative.
There is something for just about everyone in this market, and as the summer comes to and end, so does the hopes of those sellers who were holding out for a “sale during the busy summer season.” Oh well. That never materialized and as we head into fall and year’s end, serious sellers will be jubilant to see a buyer express even the most remote amount of interest in their property.
And if you are a seller reading this, just know that it really doesn’t matter what you think your property is worth. It is only worth what a willing and able buyer will pay and not a penny more. I found that out when I sold my Sandpiper condo. My offer came in at $379K and I countered back at $399K. After all, I had a brand new kitchen with birch cabinets, silestone countertops, new paints, carpets — you name it, I had fixed it. When I countered back at what I thought was a very reasonable $399K the buyers simply said “No thanks. We only want to pay $379K.”
I took me a week to come to my senses…and I called the agent back and put the transaction together. I am happy to say that I have been spending my Sandpiper money since last September while many others in the complex who are higher priced are still waiting. So if you are a seller and you want to sell, and you’ve had your property on the market for $XXX amount of dollars for the last zillion days and you haven’t gotten an offer, I call that a clue. Reduce! Apparently, no one wants to pay what you think your property is worth. If you don’t want to reduce you may want to consider taking your property off the market until such time that we have a seller’s market that can once again support your desired price. (Am I being too harsh here? If so, please excuse me….)
If you’re a buyer, rejoice, because it’s truly a great time to be a buyer. You just have to have faith that even though the market may go down a bit more, buying going down is a better way to go that buying on the uptrend. Don’t forget we are talking about Paradise here. Kauai really is Paradise and the more time you spend here, the more you’ll be convinced, especially if you have the opportunity to travel to the Mainland and back a few times. Trust me, you will always to be glad to be back Home, even if for now, Kauai is your Home away from Home.
Need help making a buying or selling decision? You know who to call. In the meantime, start fantasizing about your own piece of Paradise because it’s a dream that could easily become a reality in today’s buyer friendly market. That’s my two cents worth for today. Have a great weekend!
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Princeville condo (and house) update for the week of Aug 10th to 16th
Aloha,
I hope you’ve been enjoying the Olympics as much as I have. So many world records are being broken!!! As for real estate, I can’t say that the same has been happening – in fact, it’s been relatively quiet although I’ve been out with a couple of buyers looking for properties on the low end. I suspect as we head into Sep those seeking a bottom line bargain will only grow. This week I’m seeing more and more price reductions that are hitting new lows –first time in a long time a Cliffs unit has been in the $300’s and a Pu’u Po’a was listed for less than the recent sales. Read on:
Copyright 8/17/2008 by Hawaii Information Service
NEW LISTINGS
214620 T A 5 4-5-3-6-22-39 FS $1,761,000 Kaiulani Of Princeville #39 2,479 #39 3/3
214782 T A 2 4-5-4-15-21-49 FS $429,000 Sandpiper Village I #212 1,173 #212 2/2.5
214741 T A 6 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 #1712 2/2
214607 T A 6 4-5-4-12-9-9 FS $699,000 Pali Ke Kua #13 1,135 #13 2/2
214768 T A 4 4-5-4-5-12-35 FS $728,000 Sealodge Ii #J8 743 #J8 2/2
214777 T A 6 4-5-4-11-3-13 FS $1,125,000 Hanalei Bay Resort #C15 aka #4104/5/6 1,705 #C15 3/3
214847 T A 5 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2
UNDER CONTRACT
210613 T U 103 4-5-4-5-24-100 FS $731,500 Nihilani At Princeville Resort #34A 1,874 #34A 3/2.5
EXPIRED
199692 T X 367 4-5-4-5-39-12 FS $499,000 Cliffs At Princeville #1202 917 #1202 1/2
188728 T X 573 4-5-4-5-39-55 FS $589,000 Cliffs At Princeville #2305 1,137 #2305 2/2
WITHDRAWN
205973 T W 212 4-5-3-6-22-48 FS $1,799,000 Kaiulani Of Princeville #48 2,476 #48 3/3
208089 T W 168 4-5-4-5-24-43 FS $575,000 Nihilani At Princeville Resort #15A 1,406 #15A 2/2
193033 T W 513 4-5-4-5-23-3 FS $785,000 Plantation At Princeville #121 1,318 #121 3/3
PRICE CHANGES
214620 T A 5 4-5-3-6-22-39 FS $1,761,000+ Kaiulani Of Princeville #39 2,479 #39 3/3
207661 T A 176 4-5-4-5-4-5 FS $363,000- Ka’eo Kai Ph I #5A 1,503 #5A 2/2
210027 T A 133 4-5-4-5-30-6 FS $380,000- Princeville Mauna Kai #F6 1,400 ##5 3/2
183571 T A 686 4-5-4-5-3-7 FS $395,000- Princeville Paniolo #107 1,058 #107 1/2
204804 T A 66 4-5-4-5-39-33 FS $399,000- Cliffs At Princeville #2103 917 #2103 1/2
211709 T A 47 4-5-4-5-18-97 FS $429,000- Puamana #26D 1,532 #26D 2/2
205172 T A 234 4-5-4-5-13-13 FS $539,000- Kamahana #13 2,073 #13 3/2
212856 T A 52 4-5-4-5-24-42 FS $649,000- Nihilani At Princeville Resort #14C 1,874 #14C 3/2.5
204435 T A 256 4-5-4-12-10-41 FS $719,000- Emmalani Court #524 1,192 #524 2/2
212736 T A 25 4-5-4-5-16-48 FS $975,000- Alii Kai At Hanalei #5304 1,085 #5304 2/2
211712 T A 86 4-5-4-11-3-7 FS $1,089,000- Hanalei Bay Resort #B13 1,324 #9123/4 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 another Ka’iulani 39 which sold for $1,503,600 in 3/07 and comes on the market at $1.761M. With so many other Ka’iulani sellers trying unsuccessfully (so far) to flip their units, it will be difficult for this seller to see a profit. Sandpiper 212, an upstairs unit, is listed for $429K. Currently a vacation rental, this unit sold in 12/04 for $400K. Plantation 1712 comes on the market this week at $578K. This condo sold for $515K in 2/08 on a short sale. When the current seller bought 1712 it had been on the market for 522 days and started out at a list price of $798K. It will be interesting to see if he can “flip” it with the new list price of $578K.
Pali Ke Kua 13, purchased for $121K in 8/96 came on the market at $699K. Although less than the other fee simple units, #13 does not offer ocean views. Sealodge J8 is listed for $728K and was purchased for $323K in 10/01. J6, also a 2 bed/ 2 bath just sold for $695K in 5/08 so this pricing is not out of line. Hanalei Bay Resort 4104/5/6 was purchased for $950K in 6/08. This is another unit that started high at $1.350M, then reduced to $1.2M and finally to $995K at which time it found a buyer. These owners are selling the unit basically as they bought it – this is a unit that has great views but need major updating. It will be interesting to see if this can be “flipped” also. Pu’u P’oa 103 comes on the market well below recent sales listed at $1,399,999. Selling for $695K in 7/03, this unit has been updated and has straight out views onto the ocean. It does not offer the Bali Hai views seen from some of the Pu’u Po’a properties.
One property went under contract and that is a developer’s Nihilani unit 34A for $731,500. Seeing as resales are as low as $649K, I hope this buyer pressured the developer for some good price concessions.
Two Cliffs units expired – unit 1202 which sold for $409K in 3/06 and 2305 which sold for $680K in 6/06. Neither of these units had much room for negotiating and perhaps will decide to wait for a more seller favorable market.
Several units were withdrawn: Ka’iulani 48 which sold for $1,502,610 in 9/07; Nihilani 15A which sold for $664,085 in 4/06 and Plantation 121 which sold for $488,993 in 5/05. Only the Plantation unit had any hope of being in the positive at the conclusion of the sale.
As for reductions: Ka’iulani 39, purchased in 3/07 for $1,503,600 (a new listing this week) shows an increase but does indicate the amount of upward movement. Ka’eo Kai 5A went from $369K to $363K while Mauna Kai #5 went from $399K to $380K putting both of these units in short sale territory. 5A sold or $200K in 8/02 (obviously there’s been some refinancing along the way) while #5 sold for $431,650 on 11/04. Paniolo 107 fell from $465K to $395K and last sold for $475K on 9/05. Cliffs 2103 is also a short sale, reducing this week from $479K to $399K. This unit was purchased for $50K in 12/98 as a leasehold then converted to fee simple in 6/03 for $63K. Again, there must have been some refinancing on this property.
Puamana 26D went from $449K to $429K and last sold for $401K in 10/04. Kamahana 13, which sold for $640K in 10/05 reduced from $589K to $539K while Nihilani 14C, purchased for $706,310 in 3/06 went from $698K to $649K. Emmalani Court 524 declined from $749K to $719K, last selling for $700K in 7/07. Ali’i Kai 5304 reduced from $1.15M to $975K and was purchased for $135K in 1/87. And finally we have Hanalei Bay Resort 9123/24, which was purchased for $304,800 in 6/04. This unit reduced from $1.095M to $1.089M.
As for Princeville Homes, not too much is happening. There are only 4 homes in all of Princeville currently in escrow and two of them are my listings. (Yippee) I hope to see all four close successfully and look forward to many more going into escrow as prices continue to soften.
Here is your Princeville home update:
Copyright 8/17/2008 by Hawaii Information Service
NEW LISTINGS
214882 RS A 2 4-5-3-12-33 FS $1,825,000 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
CONTINGENT SALES
208005 RS C 164 4-5-4-13-54 FS $839,000 3646 Keoniana Rd 11,539 sqft 1,578 3/2
SALES
200647 RS S 245 4-5-4-14-8 FS $2,385,000 3762 Keli’i Pl 21,627 sqft 3,850 5/4.5
SOLD 8/8/2008 for $1,950,000 (CASH) DOM 245
UNDER CONTRACT
207210 RS U 148 4-5-4-16-87 FS $739,000 4120 Nalani Ln 11,740 sqft 1,725 3/2
EXPIRED
206819 RS X 172 4-5-4-8-4 FS $925,000 3921 Punahele Rd 11,872 sqft 1,556 3/2
WITHDRAWN
199159 RS W 402 4-5-3-12-33 FS $1,865,000 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
167523 RS W 990 4-5-4-16-19 FS $769,000 4064 Kaa’humanu Pl 12,058 sqft 2,489 2/3
204270 RS W 247 4-5-4-20-25 FS $799,000 5143 Iolani Pl 10,907 sqft 2,224 3/2
PRICE CHANGES
197400 RS A 424 4-5-3-11-46 FS $1,794,000- 4140 Aloalii Dr 18,188 sqft 3,469 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’m seeing more and more good buys and still feel NOW, not later, is the time to buy. Why? Because now buyers have leverage on the sellers since sales are so slow. Once the sales pick up the tide will turn quickly and the prime chance we see now for real negotiating on the part of the buyers will quickly diminish as those who have been sitting on the fence waiting for the invisible bounce scramble to get a piece of the action as prices inch upward again. Buy now and get the property you want—Call or email before you do so you have all the facts. That’s your update for this week.
Aloha, Elaine
This is a picture at the St. Mary’s end of Glacier National Park where we found this beautiful hotel. Looks like a great place to stay especially if you’re into hiking!
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Hawaii Closing Costs - not in the top 10!
Everyone always asks about closings costs- who pays what and how much. In Hawaii, the escrow fee is split 50 / 50 between seller and buyer with the title insurance cost shared on a 60 / 40 basis between the same. If you want to get a rough idea of closing costs for any given purchase or sale, go to www.tghawaii.com and move your cursor over Real Estate Tools. From that point you can choose either Closing Cost Estimator or Fee Schedule. If you select Closing Cost Estimator, you must first choose which type of property, then select fee simple, next is buyer and seller split costs then put in yes or no for the question about the buyer getting a loan. It then brings up a page where you enter in the sale price at the bottom (don’t worry about all the other stuff.) With just the purchase price entered in, you can then click on the tab at the top right that says Estimated Closing Costs to get the basic fees for a transaction at that price point. You can also choose the fee schedule for a general estimate of cost.
Despite how expensive Hawaii is in other areas, when it comes to closing costs we are not even in the top 10! Here are the 10 Most Expensive States for Closing Costs according to an article in Realtor Magazine’s online daily real estate news for August 15th:
“A slowing housing market isn’t stopping closing costs from rising, according to a study by Bankrate.com.
The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650.
Here are the top 10 most expensive states to pay closing costs.
New York: $4,016
Texas: $3,975
Florida: $3,683
Oklahoma: $3,558
New Mexico: $3,465
New Jersey: $3,432
Pennsylvania: $3,411
Alaska: $3,409
Colorado: $3,358
California: $3,321″
—————–
Now I understand why my CA clients never comment on the closing costs. It probably seems like a bargain!
Aloha Elaine
Here’s the site of one of my campgrounds- Devil’s Tower, WY. If you watched Close Encounters of the Third Kind then you saw Devil’s Tower. It is also famous for being the first national monument and was designated as such by President Theodore Roosevelt in 1906. Devils Tower rises 1267 feet above the Belle Fourche River. Once hidden, erosion has revealed Devils Tower. This 1347 acre park is covered with pine forests, woodlands, and grasslands. Deer, prairie dogs, and other wildlife are seen.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
New this week - good pricing!
Aloha,
We’ve been talking for a long time about sellers that don’t quite seem to get that it’s totally a buyer’s market… not a little bit of a buyer’s market or a wanna be buyer’s market but a full on full tilt buyer’s market. Yep, that’s what we’re in and guess what? Some sellers are finally pricing like — we’re in a buyer’s market!
Case in point: this week there are two interesting listings. First up is Pu’u Po’a 103 priced at $1,399,999. Now, to the average person this may seem exorbitantly priced but when you consider that the last two sales were at $1.475M for 105 and $1.535M for 305 it seems almost downright reasonable. New on the market this week, unit 103 is well below the other Pu’u Po’a’s on the market. Take a look:
Copyright 8/14/2008 by Hawaii Information Service
214847 T A 2 4-5-4-12-11-3 FS $1,399,999 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2
213637 T A 23 4-5-4-12-11-46 FS $1,475,000 Puu Poa #404 1,352 #404 2/2
212665 T A 57 4-5-4-12-11-2 FS $1,595,000 Puu Poa #102 1,352 #102 2/2
208628 T A 154 4-5-4-12-11-55 FS $1,595,000 Puu Poa #413 1,777 #413 2/2
200456 T A 344 4-5-4-12-11-14 FS $1,625,000 Puu Poa #114 2,065 #114 2/2
202256 T A 278 4-5-4-12-11-7 FS $1,699,000 Puu Poa #107 2,065 #107 2/2
213416 T A 29 4-5-4-12-11-20 FS $1,875,000 Puu Poa #206 1,359 #206 2/2
205418 T A 223 4-5-4-12-11-37 FS $2,245,000 Puu Poa #309 1,352 #309 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.
From the photos, it looks like 103 has been recently upgraded and the marketing copy says the Seller is MOTIVATED! Hmmm. It will be interesting to see what, if anything, the other sellers do in response. Hopefully, those sellers who don’t really need or want to sell will take their property off the market until such time that the conditions are more favorable to seller pricing.
Also new this week is the first Cliffs unit I’ve seen in the $300’s in a long time. Unit 2103 just reduced from $475K to $399K. This big reduction makes it the most affordable unit in the complex. It’s been listed almost continuously since 4/05 starting out at $560K. This most recent listing has been active for 63 days starting at $495K, then reducing to $479K only to drop this week to $399K. Here are the other Cliffs units on the market:
Copyright 8/14/2008 by Hawaii Information Service
204804 T A 63 4-5-4-5-39-33 FS $399,000 Cliffs At Princeville #2103 917 #2103 1/2
208656 T A 147 4-5-4-5-39-7 LH $475,000 Cliffs At Princeville #1107 917 #1107 1/2
210902 T A 101 4-5-4-5-39-4 FS $489,000 Cliffs At Princeville #1104 917 #1104 1/2
207634 T A 177 4-5-4-5-39-16 FS $499,000 Cliffs At Princeville #1206 917 #1206 1/2
188728 T A 572 4-5-4-5-39-55 FS $589,000 Cliffs At Princeville #2305 1,137 #2305 2/2
208369 T A 161 4-5-4-5-39-127 FS $600,000 Cliffs At Princeville #5205 917 #5205 1/2
199811 T A 359 4-5-4-5-39-191 FS $765,000 Cliffs At Princeville #9201 963 #9201 1/2
183879 T A 714 4-5-4-5-39-163 FS $799,000 Cliffs At Princeville #7205 917 #7205 1/2
200484 T A 351 4-5-4-5-39-169 FS $849,450 Cliffs At Princeville #7305 1,137 #7305 2/2
213606 T A 30 4-5-4-5-39-198 FS $945,000 Cliffs At Princeville #9302 1,231 #9-302 2/2
212117 T A 70 4-5-4-5-39-175 FS $995,000 Cliffs At Princeville #8201 963 #8201 1/2
2103 is now in short sale status but at this new lower price, it may finally find a buyer. The last great pricing this week goes to Mauna Kai #5 that fell from $430K to $369K putting it too squarely in short sale status. This unit was originally listed for $521K. Look how many unit are currently listed in the $300’s—
Copyright 8/14/2008 by Hawaii Information Service
174822 T A 805 4-5-4-12-9-28 LH $335,000 Pali Ke Kua Iii #238 993 #238 1/1.5
207661 T A 173 4-5-4-5-4-5 FS $369,000 Ka’eo Kai Ph I #5A 1,503 #5A 2/2
209209 T A 136 4-5-4-15-21-32 FS $379,000 Sandpiper Village I #132 1,042 #132 2/2
210027 T A 130 4-5-4-5-30-6 FS $380,000 Princeville Mauna Kai #F6 1,400 ##5 3/2
210059 T A 122 4-5-4-5-27-18 FS $390,000 Hale Honu #9B 1,085 #9B 3/2
183571 T A 683 4-5-4-5-3-7 FS $395,000 Princeville Paniolo #107 1,058 #107 1/2
211258 T A 94 4-5-4-5-3-19 FS $395,000 Princeville Paniolo #204 1,058 #204 1/2
207502 T A 119 4-5-4-5-3-17 FS $399,000 Princeville Paniolo #202 1,058 #202 1/2
211781 T A 73 4-5-4-5-3-24 FS $399,000 Princeville Paniolo #211 1,058 #211 1/2
195595 T A 429 4-5-4-5-27-8 FS $399,000 Hale Honu #4B 866 #4B 2/1
204804 T A 63 4-5-4-5-39-33 FS $399,000 Cliffs At Princeville #2103 917 #2103 1/2
206436 T A 199 4-5-4-15-21-7 FS $399,000 Sandpiper Village I #107 1,042 #107 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.
So from where I sit, it looks like good pricing is on it’s way in. Get ready for the good buys but don’t wait too long. Now, while the market is still soft is when you, as a buyer, have the greatest negotiating power. Once a few of these units start selling the power to negotiate will swing back the other way.
Have fun in this market. Call before you list or buy so you have all the facts on your side.
Aloha, Elaine
Here is one of the many waterfalls I saw while on my Mainland journey.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Princeville condo (and house) update for the week of Aug 3rd to 9th
Aloha,
It’s been a busy week for me, especially since I’m still catching up after coming back from vacation. There seems to be quite a few buyers out there looking and I’ve seen more and more offers being written. Sellers that are going into escrow are probably taking less than what they were hoping for, but at least they are getting offers. My sellers often ask me if I think the offer they’ve received is a good one. Sometimes I think it’s good and other times I honestly feel their property is worth more but the answer is pretty much always the same and that is “It doesn’t matter what I think. I’m not the one making you an offer.” My next question is along the lines of “Is this enough money for you to do what you want to do next?” i.e. move onto your next property, go back to the mainland etc followed closely by question #2 which is “Are you interested in getting out of your current property now?”
Sometimes sellers struggle with if they should counter an offer by another $5000 or $10,000. Most cases I tell them that if they up the price by $5K or $10K and the buyer walks, they will never forget the offer they lost whereas if they just take the offer that is in front of them, (assuming the answer to the previous two questions is ‘yes’) the perceived loss of funds will soon be forgotten in the excitement and energy of their next move. In other words, don’t get all wrapped up in negotiating for more money you don’t really need to move on with your life as you may find you lose that opportunity over a relatively small amount of money. On to this weeks update:
Copyright 8/9/2008 by Hawaii Information Service
NEW LISTINGS
214648 T A 2 4-5-3-6-22-2 FS $2,195,000 Kaiulani Of Princeville #2 2,843 #2 3/3.5
214486 T A 5 4-5-4-5-18-89 FS $425,000 Puamana #24D 1,532 #24D 2/2
214427 T A 5 4-5-4-5-17-23 FS $599,000 Alii Kai Ii Hanalei #10G 1,037 #10G 2/2
CONTINGENT SALES
208668 T C 142 4-5-4-12-5-28 LH $635,000 Pali Ke Kua Incr I, ii, iii #210C 1,127 #210C 2/2
SALES
202868 T S 269 4-5-4-5-16-3 FS $649,000 Alii Kai At Hanalei #1103 1,085 #1103 2/2
SOLD 7/29/2008 for $595,000 (EXCH) DOM 269
WITHDRAWN
211530 T W 67 4-5-4-12-11-24 FS $1,888,000 Puu Poa #210 1,700 #210 2/2
PRICE CHANGES
211984 T A 53 4-5-3-6-22-71 FS $885,000- Kaiulani Of Princeville #71 1,901 #71 2/2.5
207580 T A 166 4-5-3-11-1-20 FS $955,000- Villas On The Prince #20 1,767 #20 3/3
209244 T A 131 4-5-3-6-22-63 FS $985,000- Kaiulani Of Princeville #63 1,901 #63 2/2.5
210059 T A 117 4-5-4-5-27-18 FS $390,000- Hale Honu #9B 1,085 #9B 3/2
210027 T A 125 4-5-4-5-30-6 FS $399,000- Princeville Mauna Kai #F6 1,400 ##5 3/2
211355 T A 85 4-5-4-12-5-5 FS $879,000- Pali Ke Kua Incr I, ii, iii #105A 717 #105A 1/1
212117 T A 65 4-5-4-5-39-175 FS $995,000- Cliffs At Princeville #8201 963 #8201 1/2
207864 T A 162 4-5-4-11-3-32 FS $1,099,000- Hanalei Bay Resort #H26 1,324 #H26 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.
Ka’iulani #2, a developer’s unit, is our first listing which has been listed twice before for $1.850M, once from 12/06 to 8/07 and again from 5/08 to 6/08. This time the listing price was increased to $2.195K. ( I guess the developer knows something we don’t..) Puamana 24D, purchased for $268K in 9/03, was previously listed from 4/05 to 8/05, starting at $499K and increasing to $525K before it was withdrawn. It is now listed for $425K. Ali’i Kai 10G is our only new listing this week, having last sold for $129,500 in 6/89. It comes on the market at $599K.
Only one unit went into escrow this past week and that is Pali Ke Kua 210, a leasehold unit listed at $635K. This unit was in escrow once before from 6-6 to 7-23 but fell out. This unit has great views but it still surprises me that buyers choose this unit over 238 which is listed in the $300’s or unit 130 which is listed for $555K. Hopefully, it will stay in escrow this time.
Pu’u Po’a 210 came off the market this week, listed at $1.888M. This seller apparently wants to wait for a better market as it appears they have the equity to reduce if they wanted to, having purchased the unit in 5/99 for $338K.
As usual, we have plenty of price changes. First up is Ka’iulani #71, which reduced from $899K to $885K. This unit recently sold for $825,990 in 6/08. The next two units, Villas on the Prince #20, and Ka’iulani #63 are both owned by the same seller who is a real estate agent. Villas #20, purchased in 3/02 for $495,172 reduced from $989K to $955K while Ka’iulani, which sold in 3/08 for $975K, went from $989K to $985K. Looks like this Ka’iulani will end up being a tax write off. Hale Honu 9B reduced from $425K to $399 and was purchased in 4/04 for $355K.
Mauna Kai #5 reduced from $430K to $399K. This property is already a short sale, having sold in 11/04 for $431,650. Pali Ke Kua 105 went from $995K to $879K. This unit sold in 8/07 for $795K which, at that time, was a full price offer. However, the unit was previously listed for $995K for over 600 days with no takers, when the sellers suddenly reduced a full $200K which brought in the current owner. It’s interesting how some sellers forget the circumstances of their own purchase. If they wouldn’t buy it a year ago for anything above $795k when the market was somewhat more robust I wonder what makes them think a new buyer will pay more when the market is even softer than it was a year ago.
Cliffs 8201 reduced from $1.195M to $995K having been purchased for $1.075M in 4/06. This sale back in 06 pretty much set the upper limit for Cliff’s sales. It is a premier unit with almost 360 degree ocean views but I don’t think the market will support these high prices at this time. Hanalei Bay Resort 5201/02 is our final reduction, going from $1.250M to $1.099M. The last sale of this unit was in 11/03 for $507,290, leaving this seller with plenty of room to negotiate.
Here is your market update for Princeville homes this week:
Copyright 8/9/2008 by Hawaii Information Service
NEW LISTINGS
213887 RS A 5 4-5-3-12-4 FS $2,395,000 4035 Aloalii Dr 9,415 sqft 3,407 3/3
214429 RS A 1 4-5-4-16-41 FS $945,000 4136 Kekaulike Ln 10,500 sqft 3,024 3/3
214432 RS A 3 4-5-4-21-5 FS $1,199,000 3722 Albert Rd 13,401 sqft 2,218 3/2
BACK ON THE MARKET
199054 SH A 329 4-5-4-16-22 FS $365,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199057 SH A 93 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199055 SH A 377 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
PRICE CHANGES
197400 RS A 416 4-5-3-11-46 FS $1,795,000+ 4140 Aloalii Dr 18,188 sqft 3,469 3/3
200239 RS A 351 4-5-3-12-12 FS $1,795,000+ 3985 Aloalii Dr 8,554 sqft 3,340 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.
I promised to share a few of the pictures from my trip—below is a bull moose we saw while on the way to the Eastern entrance of Yellowstone.
The moose seemed as amused and entertained by us (several others also stopped by the side of the road) as we were with him. Remember to call or email before you buy or sell. Don’t go into any transaction without all the statistics and history on your side. Have a great week!
Aloha Elaine
PS Here’s one of the many gorgeous views as we rode through Glacier National Park in Montana.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
July 2008 Market Statistics
Aloha,
It’s time again for the ups and downs of last month’s market. Starting with the number of sales, Island wide residential sales are down 12% comparing July 07 to 08 going from 33 to 29 sales and 36% year to date compared to last year at this time. 278 homes had sold this time last year while only 177 sold this year to date. Vacant land declined 50% in July from 22 to 11 sales and 44% year to date with only 72 sales compared to 130 this time last year. Condos saw a 48% decline from July to July, with 27 selling last July and only 14 this July. Year to date, there is a 35% decrease from 197 units sold to only 127.
Waimea zone residential sales went from 3 to 1 comparing July to July and from 27 to 6 year to date for a hefty 77% decrease. Waimea land saw no changes in comparing July to July with no sales in 07 or 08. Year to date went from 3 to 1 sales. Koloa area residential sales went from 7 to 6 sales in July which resulted in a 14% decline while year to date saw a decline from 74 to 35 for a 52% decline year to date. Koloa land went from 5 to 3 sales in July and from 58 to 31 year to date for a 46% decrease. Condos declined 50% July to July with 8 selling in July 08 and only 4 in July 08. Year to date saw a 42% decline going from 50 to 29 units selling.
Lihue zone had a rare up tick in sales in July going from 3 to 5 for a whopping 66% increase. Year to date was a different story with sales declining 26% from 34 to 25 homes selling. Land also increased in Lihue, from 2 to 3 sales in July but again declined year to date going from 10 to 7 parcels sold. Condos in July were down with 4 sold in 07 and 2 selling in 08. Year to date saw 63% decline from 63 to 23.
The Kawaihua zone had 13 home sales in July 07 and 08 for a zero percent increase/decrease. Year to date is down 13% from 79 to 68. Land is down 100% for July, with 8 selling in July 07 and none in 08. There were 33 lots sold year to date last year but only 10 sold this year to date for a loss of 69%. One more condo sold in July 08 than July 07 – 2 to 3 units sold for an increase of 50%. Year to date is also up from 11 to 16 which is a 45% upturn. For Hanalei district, residential for July is off from 07 to 08 going from 7 to 4 and for year to date it is down from 64 to 43 which is a 32% decline.
Sales volume tells a similar story with Island wide residential down from $28M to $26M comparing July to July and down 41% year to date from $274M to $160M. Vacant land saw a similar decline from $21M to $10M comparing July 07 to 08 with year to date showing a 40% decrease from $119M to $71M. Condos were down 65% in July going from $19M to a mere $6M with year to date showing a 34% drop of $134M to $87M.
The Waimea zone had a 59% July residential decline from $1M to $439K with year to date coming in at an 86% drop from $18M to $2M. Land remained flat with no sales in July of 07 or 08 but year to date declined from $588K to $300K for a 48% drop. Koloa residential went up from $6M to $11M from July to July but declined year to date from $64M to $46M for a 27% decrease. Land went up dramatically from $3M to $7M which is a 115% increase while year to date declined from $60M to $33M for a 45% drop. Condos were also down from $4M to $2M in July and from $34M to $15M year to date for a 54% decline.
Lihue residential went from $4M to $2M in July which is a 44% decline while year to date was down 42% from $26M to $15M. Land went from $1M to $792K in July which is a 58% drop with year to date showing a 65% decline from $5M to $1M. Condos were also down from $1M in July 07 to $670K in July 08 with year to date dropping from $23M to $8M which is a 64% decrease. Kawaihau residential only declined slightly from $8M to $7M in July and from $54M to $42M year to date. This represents a 22% decline. Land had a 100% decrease in July with $4M selling in 07 compared to none this past July. $16M sold year to date last year while only $5M changed hands this year to date for a 68% decrease. Condos were down 13% comparing July to July going from $734K to $635K but were up comparing year to date from $5M to $7M for a rare 46% increase. Hanalei zone was down on all counts, starting with residential that went from $8M to $4M comparing July to July and from $111M to $53M for year to date which is a 52% decline. Land was down in July from $11M to $2M for a 76% decrease while year to date went from $36M to $30M. Condos were down substantially in July going from $13M to $3M and from $70M to $55M for year to date.
The median sales price declined in most all categories. Island wide residential went from $687K to $645K comparing July 07 to 08 for a modest 4% drop and year to date fared even better, going from $661K to $655K for a .9% decline. Vacant land in July went from $536K to $325K which is a 39% decrease while year to date went from $634K to $617K which is only a 2% drop. Condos went from $575K to $380K comparing July to July and but went up comparing year to date from $549K to $569K.
Waimea residential median prices went up from $427K to $439K comparing July to July while year to date saw a slight decrease from $445K to $415K for a 6% decline. No land changed hands in Waimea in July of 07 or 08 but year to date shows an increase from $210K to $300K which is a 42% increase. Koloa residential went from $722K to $1.454M which is a 101% increase comparing July 07 to 08 and year to date is up a substantial 71%, going from $669K to $1.150M. Land didn’t fare as well, going from $380K to $197K in July and from $1.030M to $786K year to date for a 23% decrease. Condos didn’t do any better, going from $507K to $450K in July and from $625K to $515K comparing 07 to 08 year to date.
Lihue zone residential saw a decline going from $675K to $500K in July while year to date went from $555K to $485K. Land was down from $962K in July 07 to $247K in July 08 for a 74% drop. Year to date land went from $380K to $249K which is a 34% decrease. Condos were up slightly comparing July 07 to 08, going from $316K to $355K while year to date went down from $335K to $305K which is only an 8% decrease.
Kawaihau district residential went up from $499K to $540K in July while year to date was slightly down going from $570K to $540K for a slight 5% decrease. Land in July 07 was at $540K but since there were no sales in July 08 it shows a 100% decline. Year to date, land went from $465K to $308K which is a 33% decrease. Condos were also down, going from $367K in July 07 to $225K in July 08 while year to date the drop was less, going only from $320K to $315K. Hanalei zone residential saw a good increase of 13%, going from $995K to $1.125M in July but went down year to date from $1.202M it $975K which represents an 18% decline. Land went up comparing July to July, from $500K to $525K and was also up year to date, from $738K to $855K. Condos saw a decline in July of 35% going from $815K to $529K but were up 4% year to date from $810K to $845.
That’s it for this month. To see the July statistic in it’s entirety, please go to my website www.kauairealestatenow.com and click on Monthly Statistics. See you in September with August stats!
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Princeville condo (and house) update for the week of July 27th to Aug 2nd
Aloha,
This week I hope to get things back to normal after a great time touring the Mainland. I managed to travel over 3000 miles and cover ground in WA, MT, WY, and SD. Saw the Grand Coulee Dam, went through Glacier National Park, saw Mt. Rushmore and Crazy Horse and even went through Yellowstone, stopping to take in Old Faithful on the way back to my starting point which was Seattle. I hope to share some of the pictures I took along the way over the next few weeks.
As for this weeks update, lets get right to it:
Copyright 8/5/2008 by Hawaii Information Service
NEW LISTINGS
214173 T A 8 4-5-4-12-2-34 FS $439,000 Hale Moi #214 1,033 #214 1/2
214167 T A 6 4-5-4-12-8-24 LH $555,000 Pali Ke Kua Ii #130 1,100 #130 2/2
214373 T A 4 4-5-4-5-23-58 FS $599,000 Plantation At Princeville #1512 1,153 #1512 2/2
CONTINGENT SALES
211307 T C 81 4-5-4-5-30-22 FS $490,000 Princeville Mauna Kai #D102 1,164 #D102 2/2
SALES
212437 T S 5 4-5-4-5-18-95 FS $319,900 Puamana #26B 1,532 #26B 2/2
SOLD 7/29/2008 for $325,000 (CASH) DOM 5
197083 T S 366 4-5-4-11-3-24 FS $1,495,000 Hanalei Bay Resort #G32 1,324 #G32 2/2
SOLD 7/30/2008 for $1,350,000 (CNV) DOM 366
EXPIRED
198699 T X 290 4-5-3-11-1-25 FS $999,000 Villas On The Prince #25 1,740 #25 3/3
WITHDRAWN
185586 T W 661 4-5-4-12-10-24 FS $698,000 Emmalani Court #412 1,192 #412 2/2
PRICE CHANGES
202473 T A 286 4-5-3-6-22-27 FS $1,850,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
207661 T A 164 4-5-4-5-4-5 FS $369,000- Ka’eo Kai Ph I #5A 1,503 #5A 2/2
211781 T A 64 4-5-4-5-3-24 FS $399,000- Princeville Paniolo #211 1,058 #211 1/2
210027 T A 121 4-5-4-5-30-6 FS $430,000- Princeville Mauna Kai #F6 1,400 ##5 3/2
210522 T A 102 4-5-4-12-2-16 FS $459,000- Hale Moi #116 1,033 #116 1/2
213365 T A 31 4-5-4-5-24-80 FS $549,900- Nihilani At Princeville Resort #27B 1,567 #27B 3/2.5
207326 T A 173 4-5-4-5-24-62 FS $579,000- Nihilani At Princeville Resort #21B 1,400 #21B 2/2
208134 T A 155 4-5-4-5-18-42 FS $595,000- Puamana #12B 1,532 #12B 2/2
206915 T A 290 4-5-4-12-10-29 FS $635,000- Emmalani Court #422 1,192 #422 2/2
213369 T A 30 4-5-4-5-24-94 FS $749,000- Nihilani At Princeville Resort #32A 1,874 #32A 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.
Our first new listing is Hale Moi 214, listed at $439K and purchased for $606,500 in 5/06. This unit was previously listed from 6/07 to 3/08, starting at $580K and dropping to $520K over the life of the listing. It was also briefly listed from 2/08 to 5/08 for $490K before it was withdrawn from the market. Considering that it comes on the market this week at a new low of $439K, and knowing that the seller paid substantially more indicates to me that they are serious about finding a buyer.
Returning once again to active listings is Pali Ke Kua 130, a leasehold property purchased in 3/06 for $429K. This unit, which is currently listed for $555K, was previously listed from 8/06 to 5/07 starting at $699K and dropping to $649K and was again listed 6/07 to 6/08 starting at $649K and decreasing to $585K. Owned by an agent, #130 sold for $429K in 3/06. Plantation 1512 is also back on the market this week at $599K. It sold for $520,402 in 2/06 and was listed from 5/07 to 5/08 starting at $638K and reducing to $619K when it expired.
Only one property went into escrow and that is Mauna Kai #21. Listed at $490K, this seller is undoubtedly happy considering the unit was purchased in 11/77 for $59,500. That was probably a lot of money back then.
Two units closed, one which was an REO – (a property owned by the bank which in this case was Wells Fargo.) The last transfer of the condo was on 5/2008 when it shows as being quit claimed to Wells Fargo for $422,841. It looks like the bank decided to take what they could get as it sold for $325K. Also selling was Hanalei Bay Resort unit 4323/24. This unit was purchased in 7/05 for $1.250M and sold for $1.350M making this seller a nice profit in a short amount of time. (A rare occurrence in today’s soft market.)
Villas on the Prince expired after 290 market days. Purchased in 4/02 for $537,777, this property came on the market at $999K and stayed there throughout the life of the listing.
Emmalani Court 412 was withdrawn from the market after 661 days. It started out at $770K and reduced to $698K before being withdrawn. This seller unfortunately had nowhere to go as it they purchased the unit in 2/06 for $775K!
As usual, our biggest category is the price changes. Ka’iulani 27, which sold in 8/07 for $1.652,100, reduced from $1.899M to $1.850M. Ka’eo Kai 5A went from $430K to $369K and was purchased in 8/02 for $200K. Paniolo 211, which sold for $125K as a leasehold in 12/89 reduced to $399K from $409K. The fee was purchased in 2/03 for $45K. Mauna Kai F6 went from $450K to $430, with the last transfer being in 11/04 for $431,650. This unit is agent owned. Hale Moi 116 went from $470K to $459, and sold for $459K in 11/04. This looks like another short sale in the making if they don’t get a buyer at this price.
Nihilani 27B, which was my buy of the day awhile back when it reduced to $569K has reduced once again to $549,900 and is in short sale status. This is the same floor plan I own and was purchased by the seller from the developer in 10/06 for $682,180. That’s around what I paid so I’m not particularly thrilled to see this unit reduced over $100K from my purchase price but it just means 1) I’ll be keeping my unit for a good long while (until the market turns around) and 2) someone has a good opportunity to buy a nice unit at a good price. This is the Hoku model which started out as a 2 bed / 2.5 bath but this seller, like myself, chose the developer upgrade of converting the downstairs family room to a third bedroom.
Nihilani 21B also reduced, going from $589K to $579K. This is a one level downstairs unit which sold in 10/06 for $656,650 and will probably have to reduce considerably more to be competitive with the other Nihilani units on the market. Puamana 12B went from $649K to $595K which is a nice drop but nowhere near what Puamana 26B sold for this week. ($325K) It was purchased for $540K in 8/05. Emmalani Court 422, which was purchased in 1/07 for $705K reduced from $674K to $635K and will undoubtedly be a tax write off for the seller. Finally, we have Nihilani 32A, which is owned by the same seller that has unit 27B. This unit went from $849K to $749K and started out at $999K just a few weeks ago. It was purchased for $985K in 3/06. It is quite clear that this seller is very anxious to attract a buyer, however, at $749K they are still ahead of the market as there are several 3 bedroom 2.5 bath Makani unit like this one that are priced from $679K to $699K. Perhaps there are numerous upgrades in this unit….
As for Princeville houses, here is your market activity for last week. Remember, if you are homebuyer or seller, please do contact me for statistical information on the home of your choice. I have the information available to me but simply do not have the time to provide the same in-depth analysis for homes that I do for condos. Here is your update:
Copyright 8/5/2008 by Hawaii Information Service
NEW LISTINGS
214181 RS A 7 4-5-4-24-12 FS $1,295,000 4246 Waileia Pl 11,741 sqft 3,006 4/3
214254 RS A 6 4-5-4-18-20 FS $1,375,000 4173 Kalani Pl 10,630 sqft 3,464 4/3.5
SALES
195550 RS S 328 4-5-3-12-9 FS $1,690,000 4001 Aloalii Dr 8,081 sqft 3,461 2/3
SOLD 7/31/2008 for $1,450,000 (CASH) DOM 328
EXPIRED
199054 SH X 327 4-5-4-16-22 FS $365,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199057 SH X 91 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
199055 SH X 375 4-5-4-16-22 FS $375,000 4080 Kaa’humanu Pl 9,731 sqft 2,460 4/3.5
PRICE CHANGES
200685 RS A 334 4-5-4-15-6 FS $689,000- 3881 Albert Rd 11,515 sqft 1,732 3/2.25
213380 RS A 29 4-5-4-24-18 FS $849,000- 4275 Waileia Pl 10,390 sqft 2,044 3/2
200621 RS A 346 4-5-4-21-7 FS $998,500- 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5
200380 RS A 336 4-5-4-13-7 FS $1,950,000+ 3687 Kaweonui Rd 11,420 sqft 3,588 4/3.5
203900 RS A 258 4-5-4-14-26 FS $2,150,000+ 3925 Kamehameha Rd 20,093 sqft 3,925 4/3.5
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
If you are a Princeville condo or homeowner I would be delighted to highlight your home in my blog. Have a great week and don’t forget to call or email with any questions or concerns.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
Princeville condo (and house) update for the week of July 20th to 26th
Aloha,
This week I am sending an abbreviated form of the update as I am on the mainland on vacation. Not only that, but I am traveling throughout WA, MT, ID and SD seeing the sights from the back of a motorcycle. Of course, packed on the back of the bike is my laptop and my phone is in my pocket. Believe it or not, I have coordinated several showings, kepts a couple of escrows running and just submitted an offer. It’s simply amazing what technology can help you to accomplish these days.
So please bear with me this week — just call or email if you have a question about a particular unit and I will research it for you like I usually do every week. Otherwise, sit tight until next time when I hope to have things back to normal. Here is your update for this week:
Copyright 7/27/2008 by Hawaii Information Service
NEW LISTINGS
213635 T A 3 4-5-4-15-21-12 FS $415,000 Sandpiper Village I #112 1,042 #112 2/2
213550 T A 4 4-5-4-5-24-58 FS $699,000 Nihilani At Princeville Resort #20A 1,874 #20A 3/2.5
212736 T A 4 4-5-4-5-16-48 FS $1,150,000 Alii Kai At Hanalei #5304 1,085 #5304 2/2
213637 T A 5 4-5-4-12-11-46 FS $1,475,000 Puu Poa #404 1,352 #404 2/2
214012 T S 0 4-5-4-5-23-26 FS $529,000 Plantation At Princeville #712 1,153 #712 2/2
SOLD 7/23/2008 for $529,000 (CNV) DOM 0
BACK ON THE MARKET
204804 T A 45 4-5-4-5-39-33 FS $479,000 Cliffs At Princeville #2103 917 #2103 1/2
208668 T A 129 4-5-4-12-5-28 LH $635,000 Pali Ke Kua Incr I, ii, iii #210C 1,127 #210C 2/2
SALES
152059 T S -81 4-5-3-6-22-69 FS $835,000 Kaiulani Of Princeville #69 1,901 #69 2/2.5
SOLD 6/18/2008 for $830,380 (CASH, CNV) DOM -81
214012 T S 0 4-5-4-5-23-26 FS $529,000 Plantation At Princeville #712 1,153 #712 2/2
SOLD 7/23/2008 for $529,000 (CNV) DOM 0
UNDER CONTRACT
197083 T U 366 4-5-4-11-3-24 FS $1,495,000 Hanalei Bay Resort #G32 1,324 #G32 2/2
WITHDRAWN
170814 SH W 923 4-5-4-11-3-84 FS $99,000 Hanalei Bay Resort #N22 867 #N22 1/2
170813 SH W 923 4-5-4-11-3-84 FS $99,000 Hanalei Bay Resort #N22 867 #N22 1/2
170508 SH W 923 4-5-4-11-3-84 FS $99,000 Hanalei Bay Resort #N22 867 #N22 1/2
170811 SH W 923 4-5-4-11-3-84 FS $125,000 Hanalei Bay Resort #N22 867 #N22 1/2
170812 SH W 923 4-5-4-11-3-84 FS $135,000 Hanalei Bay Resort #N22 867 #N22 1/2
170815 SH W 923 4-5-4-11-3-84 FS $149,000 Hanalei Bay Resort #N22 867 #N22 1/2
207093 T W 160 4-5-4-5-30-11 FS $599,000 Princeville Mauna Kai #F21 1,478 #F21 3/2
208230 T W 129 4-5-4-5-18-82 FS $644,900 Puamana #22D 1,673 #22D 3/3
200223 T W 335 4-5-4-5-24-40 FS $769,000 Nihilani At Princeville Resort #14A 1,874 #14A 3/2.5
PRICE CHANGES
MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
207580 T A 153 4-5-3-11-1-20 FS $959,000- Villas On The Prince #20 1,767 #20 3/3
209244 T A 118 4-5-3-6-22-63 FS $989,000- Kaiulani Of Princeville #63 1,901 #63 2/2.5
209287 T A 122 4-5-3-6-22-7 FS $1,995,000+ Kaiulani Of Princeville #7 2,864 #7 3/3.5
207661 T A 155 4-5-4-5-4-5 FS $430,000- Ka’eo Kai Ph I #5A 1,503 #5A 2/2
204804 T A 45 4-5-4-5-39-33 FS $479,000- Cliffs At Princeville #2103 917 #2103 1/2
209450 T A 79 4-5-4-15-21-44 FS $512,500- Sandpiper Village I #207 1,173 #207 2/2.5
176670 T A 824 4-5-4-5-16-57 FS $725,000- Alii Kai At Hanalei #7202 886 #7202 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.
…And here is your home update:
Copyright 7/27/2008 by Hawaii Information Service
NEW LISTINGS
213870 RS A 3 4-5-4-6-12 FS $747,000 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
214146 RS A 2 4-5-4-13-6 FS $899,000 3695 Kaweonui Rd 11,121 sqft 2,492 4/3
WITHDRAWN
206835 RS W 168 4-5-4-9-58 FS $945,000 5345 Honoiki Rd 10,005 sqft 2,572 3/3
PRICE CHANGES
213870 RS A 3 4-5-4-6-12 FS $747,000+ 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
208367 RS A 143 4-5-4-17-23 FS $995,000- 4890 Victoria Loop 10,678 sqft 2,375 3/3
200621 RS A 337 4-5-4-21-7 FS $1,075,000- 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5
210725 RS A 87 4-5-4-8-47 FS $2,999,000- 5045 Kapiolani Lp 16,502 sqft 4,226 5/4.5
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
I hope you are having as much fun as I am! Don’t forget to call or email if you need help with anything. That’s why the laptop and cell phone are on the trip with me.
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
……you can have your own piece of paradise
ask me how!
