Princeville condo (and house) update for Nov 2nd to Nov 8th

Aloha,

Welcome to this week's update. Once again I must say that there are MANY good buys available now and I just received news from one of my lenders that conforming loan limits will go up in 2009 from $625,500 to $713,000. Now that's something to be excited and happy about. Here is your update for this week:

Copyright 11/8/2008 by Hawaii Information Service

NEW LISTINGS
217582 T A 1 4-5-3-6-22-18 FS $2,349,000 Kaiulani Of Princeville #18 2,864 #18 3/3.5
217510 T A 5 4-5-4-11-3-95 FS $569,000 Hanalei Bay Resort #P13 867 #1105/6 1/2
217448 T A 6 4-5-4-12-11-15 FS $1,300,000 Puu Poa #201 1,359 #201 2/2

BACK ON THE MARKET
210999 T A 184 4-5-4-12-10-42 FS $574,900 Emmalani Court #525 1,456 #525 2/2

CONTINGENT SALES
212717 T C 143 4-5-4-5-24-13 FS $699,000 Nihilani At Princeville Resort #5A 1,874 #5A 3/2.5

SALES
215386 T S 37 4-5-4-6-1-16 FS $945,000 Villas Of Kamalii #16 1,761 #16 3/3
SOLD 11/6/2008 for $835,000 (CASH) DOM 37

EXPIRED
203513 T X 365 4-5-4-5-13-29 FS $589,000 Kamahana #29 1,732 #29 2/2

WITHDRAWN
207727 T W 258 4-5-4-5-3-18 FS $459,000 Princeville Paniolo #203 1,058 #203 1/2

PRICE CHANGES
214620 T A 88 4-5-3-6-22-39 FS $1,600,000- Kaiulani Of Princeville #39 2,479 #39 3/3
216706 T A 32 4-5-4-5-3-3 FS $336,500- Princeville Paniolo #103 1,058 #103 1/2
214782 T A 85 4-5-4-15-21-49 FS $399,000- Sandpiper Village I #212 1,173 #212 2/2.5
210999 T A 184 4-5-4-12-10-42 FS $574,900- Emmalani Court #525 1,456 #525 2/2
209062 T A 228 4-5-4-5-24-51 FS $695,000- Nihilani At Princeville Resort #17C 1,874 #17C 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.

Ka'iulani 18, listed for $2.349M was previously listed from 11/07 to 11/08 for $2.5M with no price reductions during the year it was on the market. It was purchased in 10/07 for $1,972,350. Hanalei Bay Resort 1105/06 last sold for $495K in 12/07 and is now listed for $569K. Pu'u Po'a 201, purchased for $350K in 10/00, and listed for $1.3M was last listed back in 8/02 to 8/04 for $325K. What a difference a few years make!

Emmalani Court 525 last sold for $400K in 1/03 and is back on the market after expiring while listed with a start price of $675K and an ending price of $574,900. It is back on the market at the lower price.

Nihilani 5A, a fabulous unit listed as a short sale for $699K finally went into escrow. It appears that it took quite awhile for the lender to finally accept the offer. This unit was purchased in 12/06 for $929,600.

Villas of Kamali'i 16 sold for $835K this past week with a list price of $945K and a purchase price of $511,365 in 8/03. This unit was beautifully painted and had an array of high end light fixtures, pendants and sconces.

Kamahana 29 expired listed at $589K with 365 market days and no reductions during that time. Giving a unit market time to see if there is a buyer for it at the given price is reasonable but after a certain point the seller must realize the price is too high and reduce accordingly if they really want to sell. It last sold in 7/05 for $478. Paniolo 203 was withdrawn from the market listed at $459K during the entire listing period - again with no reductions. This unit last sold in 7/05 for $445K.

As for price changes, first up is Ka'iulani 39 which was purchased for 3/07 in $1,503,600. It started at $1.761M and reduced to $1.6M. Paniolo 103, purchased for $410K in 4/05 seems to have reduced for the sake of appearing on the update page. When a property is listed it appears as a new listing on the daily update. From that point forward, unless there is a status change or a price change, the property can only be found by doing a search for listings. Sometimes, an agent will make a small change in price for what appears to be the goal of getting the property featured once again on the daily update page, and that seems to be the case here. I say this because the property started out at $349,895 and reduced to $348,500, then went from $348,500 to $347,450 then to $337,000 and finally this week to $336,500. Clearly $500 is not what I would call a price increase or decrease so I can only conclude that the change in price was for exposure.

Sandpiper 212, purchased for $400K in 12/04 made a much more noticeable reduction by moving from $429K to $399K. However, Emmalani Court 525, which was purchased in 1/03 for $400K, reduced from $575K to $574,900 which is yet another example of a seemingly meaningless price reduction. Last up is Nihilani 17C, purchased for $822,870 in 8/06 and reduced this week from $795K to $695K. Now, that's what a real price reduction looks like and this seller is starting to look like a serious seller. On to your Princeville home update:

Copyright 11/8/2008 by Hawaii Information Service

BACK ON THE MARKET
208360 RS A 218 4-5-4-25-4 FS $3,500,000 5174 Hanalei Plantation 16,307 sqft 4,215 2/3

CONTINGENT SALES
216862 RS C 27 4-5-4-21-14 FS $1,149,000 4882 Akai Pl 12,484 sqft 2,466 4/3

PRICE CHANGES
217261 RS A 16 4-5-4-22-4 FS $665,000- 4087 Nalani Ln 11,244 sqft 1,424 3/2
215324 RS A 74 4-5-4-9-58 FS $925,000- 5345 Honoiki Rd 10,005 sqft 2,572 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.

If you see the purchase of Kauai real estate in your future, don't miss out on this opportunity to buy the property of your dreams at these favorable prices. As my good friend used to say "This too will pass..." and if real estate is your goal, don't make the mistake of thinking this market will endure forever and that you can always buy your dream property "tomorrow."

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

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