Princeville condo (and house) update for the week of Nov 8th to 14th

By
Managing Real Estate Broker with RE/MAX Kauai Princeville Resort Branch RB-18142

Aloha,

This past week brought with it our first major winter storm. When all was said and done, both the Hanalei Bridge and the road between Princeville and Kilauea by Kalihiwai were closed for a period of time on Saturday. If you live in Princeville, Hanalei or Kilauea, you quickly learn that it's best to stay close to home when these types of storms appear, for fear of being "on the wrong side of the fence" when a road or bridge is closed. I've heard of visitors and locals alike being stuck on the wrong side of the tracks, unable to make a flight or get home.....It's pretty clear that Mother Nature rules the roost here.

Along with all the rain, we had a pretty quiet week in terms of real estate activity, as evidenced by this very brief update:

Copyright 11/15/2009 by Hawaii Information Service

NEW LISTINGS
229384 T A 2 4-5-3-11-1-19 FS $850,000 Villas On The Prince #19 1,732 #19 3/3
228998 T A 6 4-5-3-6-22-27 FS $1,695,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5
229171 T A 3 4-5-3-6-22-48 FS $1,749,000 Kaiulani Of Princeville #48 2,476 #48 3/3
229379 T A 2 4-5-4-5-24-80 FS $449,000 Nihilani At Princeville Resort #27B 1,567 #27B 2/2.5
229381 T A 2 4-5-4-5-24-94 FS $649,000 Nihilani At Princeville Resort #32A 1,874 #32A 3/2.5
228792 T A 6 4-5-4-5-24-72 FS $798,000 Nihilani At Princeville Resort #24C 1,972 #24C 3/3

WITHDRAWN
207615 T W 619 4-5-3-6-22-9 FS $2,100,000 Kaiulani Of Princeville #9 2,864 #9 3/3.5

PRICE CHANGES
225703 T A 128 4-5-4-15-21-34 FS $209,000- Sandpiper Village I #134 1,042 #134 2/2
229139 T A 9 4-5-4-5-17-15 FS $349,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
218778 T A 345 4-5-4-5-18-60 FS $367,500- Puamana #17A 1,312 #17A 2/2
228178 T A 39 4-5-4-5-24-41 FS $400,000- Nihilani At Princeville Resort #14B 1,567 #14B 2/2.5
229003 T A 10 4-5-4-5-24-8 FS $425,000- Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
225686 T A 129 4-5-4-5-16-57 FS $499,000- 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.

Villas on the Prince 19 is new on the market this week listed for $850K. This agent owned unit last sold for $520K in 6/02. Ka'iulani 27, purchased for $1,652,100 in 8/07 is back on the market listed at $1.695K. This unit was previously listed from 10/07 to 10/08 for $1.965M. It was reduced to $1.85M by the time it was withdrawn. It was listed a second time from 11/08 to 11/09 starting at $1.850M and ending at $1.795M when it was again withdrawn. Ka'iulani 48, purchased for $1,502,610 in 9/07 is also back on the market listed at $1.749M. This unit was listed from 1/08 to 8/08 starting at $1.9M and reducing to $1.799M, and again from 8/08 to 6/09 for $1.799M.

There are several Nihilani units coming onto the market this week, starting with 27B. Purchased in 10/06 for $682,180 and listed this time for $449K, this agent owned unit was listed before from 10/06 to 4/07 for $779K and reduced to $749,900, from 3/08 to 6/08 for $699K and once again from 7/08 to 9/08 during which time it went from $685K to $539,900 before being withdrawn. Nihilani 32A, an agent owned unit purchased for $985K in 3/06 was previously listed from 7/08 to 9/08 at a high price of $999K reducing to $739,900 when it was withdrawn. Nihilani 24C makes it's debut as a new listing priced at $798K. This unit last sold in 12/06 for $876,145. No properties went into escrow, sold, expired, or were temporarily withdrawn this week.

Ka'iulani 9, listed for $2.1M and purchased for $2,008,270 from the developer in 2/09 was withdrawn after being listed from 3/08 to 11/09 with no price reductions and 619 days on the market.

As for price changes - Sandpiper 134, listed for $225K reduced to $209K. This unit sold for $485K in 7/05 and is a short sale. Ali'i Kai 9G, purchased for $151K in 12/09 reduced from $369K to $349K. Puamana 17A purchased in 3/04 for $320K went from $425K to $367,500. Nihilani 14B, purchased from the developer in 3/06 for $594,102 had a major price reduction, going from $475K to $400K as a short sale. Nihilani 3B, a developer's unit, reduced in a similar fashion going from $485K to $425K. Our final reduction is Ali'i Kai 7202, which also had a nice reduction going from $575K to $499K. This agent owned unit sold for $115K in 1/88. Now on to your Princeville home update:

Copyright 11/15/2009 by Hawaii Information Service

NEW LISTINGS
229218 RS A 3 4-5-4-24-11 FS $685,000 4240 Waileia Pl 12,336 sqft 2,074 3/2
229262 RS A 4 4-5-4-14-26 FS $1,625,000 3925 Kamehameha Rd 20,093 sqft 3,925 4/3.5

WITHDRAWN
225087 RS W 144 4-5-4-14-26 FS $1,625,000 3925 Kamehameha Rd 20,093 sqft 3,925 4/3.5
220623 RS W 284 4-5-4-13-74 FS $2,495,000 3651 Albert Rd 10,838 sqft 3,218 3/3.5

PRICE CHANGES
218770 RS A 342 4-5-4-16-77 FS $699,000- 4117 Kekaulike Ln 10,650 sqft 3,100 3/2.5
227771 RS A 58 4-5-4-13-72 FS $1,095,000- 3661 Albert Rd 10,466 sqft 2,655 3/3.5
186555 RS A 1,058 4-5-4-4-38 FS $7,999,000- 4971 Hanalei Plantation 1.25 ac 4,630 4/4.75

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.

As you can see from the update, it was a relatively slow week in terms of any real activity, however, there were some very attractive reductions this past week which will hopefully spur some buyers to get off the fence and into the game. Some think the market has reached bottom while others feel there is still a little more room left. In either case, I feel that if you can find something you like, get it now while you can. Rates are at historic lows and despite the bloated inventory, when it comes right down to it, I can pretty much guarentee that for most buyers, there will only be one or two properties that will interest them enough to actually want to make a purchase. If you are a buyer, don't let something you like slip through your fingers. And sellers, if you are not in line with the market, take a look at the reductions this week and see if you need to make a similar reduction to attract a buyer to your property.

Regardess of if you are buying or selling, call or email me for the facts on any property on the Island. That's why I'm here, to help you!

Aloha Elaine

P1010009
View of the flooded taro field and Hanalei River after the rain this weekend

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: http://blogs.alohaliving.com/princeville-condo-sales/

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

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Topic:
Real Estate Market Trends
Location:
Hawaii Kauai County Princeville
Groups:
Condo Benefits
Tags:
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kauai condos
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Rainmaker
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Will Nesbitt
Nesbitt Realty is a family-run brokerage.
Nesbitt Realty at Condo Alexandria

Congrats on the featured post.

November 17, 2009 02:28 AM
Rainmaker
167,439
Elaine Schaefer
R, BIC, CRS, GRI, ABR, SFR
RE/MAX Kauai Princeville Resort Branch

Thanks Will. I appreciate your support.

November 18, 2009 07:23 PM
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Rainmaker
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Elaine Schaefer

R, BIC, CRS, GRI, ABR, SFR
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