Princeville condo (and house) update for the week of November 9th to 15th

Aloha,

Winter most definitely showed its face yesterday in the form of a huge afternoon downpour that lasted off and on into the evening. I was at the stable riding, and had just gotten off my horse when the rain started. By the time I left there, I was soaked through and through and there were small rivulets of water everywhere. Today we have high winds and gusts and intermittent rain - and whitecaps on the ocean. Believe it or not, it's still Paradise, just a different side of it. Here is your update:

Copyright 11/15/2008 by Hawaii Information Service

NEW LISTINGS
216277 T A 0 4-5-3-11-1-10 FS $985,000 Villas On The Prince #10 1,732 #10 3/3
210971 T A 1 4-5-3-6-22-10 FS $2,150,000 Kaiulani Of Princeville #10 2,864 #10 3/3.5

CONTINGENT SALES
212856 T C 142 4-5-4-5-24-42 FS $619,900 Nihilani At Princeville Resort #14C 1,874 #14C 3/2.5

UNDER CONTRACT
210620 T U 192 4-5-4-5-24-97 FS $731,500 Nihilani At Princeville Resort #33A 1,874 #33A 3/2.5

EXPIRED
213635 T X 113 4-5-4-15-21-12 FS $415,000 Sandpiper Village I #112 1,042 #112 2/2

WITHDRAWN
213550 T W 110 4-5-4-5-24-58 FS $749,000 Nihilani At Princeville Resort #20A 1,874 #20A 3/2.5

PRICE CHANGES
214620 T A 95 4-5-3-6-22-39 FS $1,750,000+ Kaiulani Of Princeville #39 2,479 #39 3/3
210522 T A 203 4-5-4-12-2-16 FS $419,000- Hale Moi #116 1,033 #116 1/2
204435 T A 346 4-5-4-12-10-41 FS $519,000- Emmalani Court #524 1,192 #524 2/2
215869 T A 64 4-5-4-5-23-16 FS $559,900- Plantation At Princeville #422 1,318 #422 3/3
216544 T A 32 4-5-4-5-30-20 FS $569,000- Princeville Mauna Kai #D302 1,488 ##25 3/2
186493 T A 750 4-5-4-5-17-55 FS $589,000- Alii Kai Ii Hanalei #14G 1,037 #14G 2/2
214607 T A 96 4-5-4-12-9-9 FS $659,000- Pali Ke Kua #13 1,135 #13 2/2
216921 T A 32 4-5-4-5-23-3 FS $685,000- Plantation At Princeville #121 1,318 #121 3/3
212433 T A 149 4-5-4-6-1-58 FS $849,000- Villas Of Kamalii #58 1,761 #58 3/3
211272 T A 183 4-5-4-5-16-35 FS $1,025,000- 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.

Villas on the Prince, listed at $985K and purchased from the developer in 2/02 for $474,320 was previously listed from 4/06 to 4/07, starting at $1.249M and dropping to $1.088M before it was withdrawn after 362 market days. It was also listed from 6/07 to 9/08 with a list price of $999K that reduced to $985K during the 453 days it was on the market that time. Hmmm, it didn't sell last year and half listed at $985K when the market was more active.... Ka'iulani 10 is listed for $2.150M and sold for $1,921,440 in 2/08. Those are the only two listings this week.

Nihilani 14C finally went into escrow listed at $619,900. It's a great price and has some killer upgrades throughout. This unit is a tax write off for the owner as it was purchased in 3/06 for $706,310. One of the developer's Nihilani units also went into escrow this week, which is unit 33A listed for $731,500. Rumors are swirling about how the developer is heavily discounting the remaining units. It will be interesting to see what this unit ultimately sells for.

Sandpiper 112 expired after 113 market days, which is hardly sufficient time to sell especially when priced at $415K. There's two other 2 bed / 2 bath units on the market that are significantly less; one is 132 listed for $329K and the other is 107 listed at $399K. There are even some of the larger upstairs units that are well priced, starting with 212 for $399K and 206 for $410K. Unit 112 was purchased for $335K in 6/04.

Nihilani 20A was withdrawn listed at $749K. Given that this unit was purchased for $804,075 in 9/06, it's no surprise the seller decided to take it off the market as they apparently wanted more than the market is willing to bear. (Go back and take a look at 14C at $619K and you'll see what I mean.)

We have an optimistic seller is our price change category today and that is in Ka'iulani 39 which went from $1.6M to 1.75M. This unit sold for $1,503,600 in 3/07. Hale Moi 116 followed the more typical pattern going from $429K to $419K. This unit sold for $459K in 10/04 and is also going to be a tax write off. Emmalani Court 524, purchased for 7/07 for $700K reduced from $576K to $519K. After purchasing for $700K, these sellers who are agents, put quite a bit of money and effort into upgrades which include new granite countertops, travertine flooring and stainless steel appliances. Of the 9 units for sale in this complex, this is the least expensive but nothing seems to be moving in Emmalani Court. (and many other places....)

Plantation 422, reduced from $599,900 to $559,900 and last sold for $738K in 11/05. At $559,900 this REO (bank owned property) is far and away the least expensive unit in the complex and is $150K less than the next least expensive 3 bedroom unit. Mauna Kai 25 went from $599K to $569K and last sold for $585K in 8/07. Why would someone be selling after only a year of ownership in this market? I always wonder what circumstances changed to prompt a sale as I can't image that the seller bought it with the idea of flipping. Ali'i Kai 14G,purchased for $583K in 8/05 reduced from $635K to $589. Pali Ke Kua 13 went from $679K to $659K and last sold for $121K in 8/96. Now that's equity.

We have another Plantation that reduced, unit 121 that went from $695K to $685K - not enough to make much of a difference in this market. This unit sold for $488,993 in 5/05 and has every upgrade imaginable. Villas of Kamali'i 58, purchased from the developer in 5/03 for $432,155 reduced from $879K to $849K. Ali'i Kai 4303 was purchased in 12/03 for $490K then apparently sold 55.26% interest in 1/06 for $313K to an LLC. And that's it for this week's update.

On to your Princeville Home update:

Copyright 11/15/2008 by Hawaii Information Service

NEW LISTINGS
217713 RS A 5 4-5-4-13-65 FS $1,150,000 3717 Albert Rd 12,762 sqft 2,533 3/2.5

CONTINGENT SALES
197400 RS C 514 4-5-3-11-46 FS $1,595,000 4140 Aloalii Dr 18,188 sqft 3,469 3/3

WITHDRAWN
199055 SH W 470 4-5-4-16-22 FS $375,000 4080 Kaa'humanu Pl 9,731 sqft 2,460 4/3.5
206377 RS W 297 4-5-4-10-22 FS $1,795,000 4078 Liholiho Rd 10,200 sqft 2,515 3/4

PRICE CHANGES
214882 RS A 44 4-5-3-12-33 FS $1,645,000- 3998 Aloalii Dr 9,823 sqft 3,800 4/4.5
217261 RS A 23 4-5-4-22-4 FS $650,000- 4087 Nalani Ln 11,244 sqft 1,424 3/2
216647 RS A 40 4-5-4-18-17 FS $695,000- 4725 Emmalani Dr 10,248 sqft 1,388 2/2
209601 RS A 225 4-5-4-23-55 FS $699,000- 3781 Milimakani Pl 7,187 sqft 1,295 3/2
215193 RS A 83 4-5-4-23-8 FS $725,000- 4838 Ou Pl 8,104 sqft 1,213 3/1.5
217017 RS A 30 4-5-4-20-25 FS $768,900- 5143 Iolani Pl 10,907 sqft 2,224 3/2
210765 RS A 193 4-5-4-23-24 FS $799,000- 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
197400 RS C 514 4-5-3-11-46 FS $1,595,000- 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.

Don't forget to call or email when you are ready for the facts of buying or selling. Whatever the property, I'll get you the inside scoop. Until next week, stay dry, which is what we'll be trying to do up here on the windy North Shore.

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!