Princeville Kauai condo (and house) + short sale update for the week of May 15th to May 21st

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

Aloha,

The sun is finally out, the "flash flood" warnings have ceased (for now) and the trades are keeping us cool. It looks like there could be a few rain showers today but that's what keeps our North shore so very lush. There was quite a bit of activity in the condo market this past week; we already have 22 condo sales so far this month compared to a total of 18 for May 2010 so we're on a roll. Here is your update for the week just past:

Copyright 5/22/2011 by Hawaii Information Service

NEW LISTINGS
245563 CND AT CPR A 2 4-5-4-5-17-55 FS $274,900 Alii Kai Ii Hanalei #14G 1,037 #14G 2/2.00
245356 CND AT CPR A 3 4-5-4-5-13-14 FS $525,000 Kamahana #14 1,635 #14 3/2.00
245449 CND AT CPR A 4 4-5-4-12-10-7 FS $565,000 Emmalani Court #215 1,456 #215 2/2.00
245468 CND AT CPR A 4 4-5-4-11-3-15 FS $1,175,000 Hanalei Bay Resort #C25 1,705 #4204/5/6 3/3.00

BACK ON THE MARKET
240260 CND AT CPR A 183 4-5-3-11-1-4 FS $825,000 Villas On The Prince #4 1,732 #4 3/5.00
235813 CND AT CPR A 340 4-5-3-6-22-30 FS $1,475,000 Kaiulani Of Princeville #30 2,864 #30 3/3.01
235514 CND AT CPR A 353 4-5-4-5-17-33 FS $299,000 Alii Kai Ii Hanalei #12A 1,020 #12A 2/2.00
244433 CND AT CPR A 41 4-5-4-5-24-71 FS $299,000 Nihilani At Princeville Resort #24B 1,406 #24B 2/2.00
234913 CND AT CPR A 369 4-5-4-5-12-13 FS $396,700 Sealodge Ii #G4 567 #G4 1/1.00

CONTINGENT SALES
244431 CND AT CPR C 41 4-5-4-5-24-52 FS $335,000 Nihilani At Princeville Resort #18A 1,406 #18A 2/2.00
243922 CND DT CPR C 60 4-5-4-12-3-2 FS $356,500 Hanalei Bay Villas #2 1,244 #2 2/1.01
234584 CND AT CPR C 380 4-5-4-11-3-24 FS $1,200,000 Hanalei Bay Resort #G32 1,324 #Palms G32 2/2.00

UNDER CONTRACT
241801 CND AT CPR U 126 4-5-4-5-24-94 FS $475,000 Nihilani At Princeville Resort #32A 1,857 #32A 3/2.01

EXPIRED
240493 CND AT CPR X 178 4-5-4-12-10-7 FS $589,000 Emmalani Court #215 1,456 #215 2/2.00

PRICE CHANGES
240260 CND AT CPR A 183 4-5-3-11-1-4 FS $825,000- Villas On The Prince #4 1,732 #4 3/5.00
235813 CND AT CPR A 340 4-5-3-6-22-30 FS $1,475,000- Kaiulani Of Princeville #30 2,864 #30 3/3.01
243993 CND AT CPR A 57 4-5-4-5-13-2 FS $229,900- Kamahana #2 1,127 #2 2/2.00
244531 CND AT CPR A 38 4-5-4-5-30-7 FS $284,500- Princeville Mauna Kai #F7 1,280 #F7 2/2.00
235514 CND AT CPR A 353 4-5-4-5-17-33 FS $299,000- Alii Kai Ii Hanalei #12A 1,020 #12A 2/2.00
241206 CND AT CPR A 160 4-5-4-12-9-9 FS $439,000- Pali Ke Kua Iii #13 1,135 #13 2/2.00
236149 CND AT CPR A 272 4-5-4-12-10-29 FS $442,000+ Emmalani Court #422 1,192 #422 2/2.00
236081 CND AT CPR A 272 4-5-4-12-10-41 FS $475,000- Emmalani Court #524 1,192 #524 2/2.00

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

New Listings:
Ali'i Kai 14G is new on the market again, this time as a foreclosure priced at $274,900 after selling for $583K in 8/05 and being foreclosed on in 5/11. It was previously listed from 1/06 starting at $699K and was withdrawn in 9/06 with an ending price of $649K. It came back on the market in 10/06 priced at $635K and was on the market for 1,526 days before it expired in 12/10 priced at $379K. Kamahana 14 is listed for $525K having sold for $410K in 11/03. It was also listed from 11/10 to 2/11 for $595K. Emmalani Court 215 was purchased for $425K in 9/03 and came on the market this week at $565K. It was previously listed from 11/10 to 5/11 starting at $594K and dropping to $589K by the time it expired. Hanalei Bay Resort 4204/5/6 is back listed at $1.175M after selling for $1.064M in 4/05. This condo was listed before from 3/06 to 8/07 starting at $1.899M, dropping to $1.799M before it was withdrawn and again from 8/10 to 3/11 at $1.225M when it was withdrawn a second time.

Back on the Market:
Villas on the Prince 4 priced at $825K is back on the market after expiring. It sold for $725K in 5/05 and came back on the market at a new low price of $825K down from $875K. Ka'iulani 30 was a short sale priced at $1.595M when it went into escrow on 2/7, but is now back on the market at new low of $1.475M. This unit sold from the developer in 8/07 for $2.3M. Ali'i Kai 12A is back on the market after going into escrow on 3/16, with the sale of this unit contingent on the sale of another property. Apparently, the sale did not occur so we have unit 12A back on the market at lower price of $299K down from the previous price of $349K. Short sale Nihilani 24B fell out of escrow after going in on 5/11. It is back and available listed at $299K after selling for $677K in 12/06. Sealodge G4 expired while listed at $396,700 which is less than what it sold for in 11/03 which was $385K. Does that mean we're down to 03 pricing? It then came back on the market at the same price.

Contingent:
Short sale Nihilani 18A, which sold for $619,110 in 8/06 went into escrow while priced at $335K. Bank foreclosure Hanalei Bay Villas 2 priced at $356,500 went into escrow this week. This unit sold for $875K in 3/07 and was foreclosed on by the bank in 2/11. Short sale Hanalei Bay Resort 4323/24 went into escrow while priced at $1.2M. It sold for $1.350M in 7/08.

Under Contract:
Short sale Nihilani 32A is back under contract as of 5/20 while priced at $475K. This unit sold from the developer in 3/06 for $985K.

Expired:
Emmalani Court 215 sold for $425K in 9/03 and was priced at $589K when it expired this week. It started out with a list price of $594K 178 days ago.

Price Changes:
As noted under "back on the market," Villas on the Prince 4 went from $875K to $825K. Short sale Ka'iulani 30 reduced in price from $1.595M to $1.475M as it came back on the market. Bank owned Kamahana 2 which last sold for $136K in 11/94 and was foreclosed on in 2/11, reduced from $239,900 to $229,900. Mauna Kai F7 sold for $257,500 in 2/03, was foreclosed on in 9/10 and reduced from $296,900 to $284,500. As noted under back on the market, Ali'i Kai 12A reduced to $299K. Pali Ke Kua 13 sold for $116,500 in 3/96 and reduced from $449K to $439K. Two Emmalani Court units had price changes: unit 422 sold as a bank foreclosure on 9/09 for $365K and reduced from $470K to $442K while unit 524 was purchased as a short sale in 6/09 for $380K. It was recently priced at $499K and just reduced to $475K.

Not too much going in with residental this week as you will see below. One new listing that was previously listed as a short sale, a couple that were withdrawn and one price reduction. Take a look:

Copyright 5/22/2011 by Hawaii Information Service

NEW LISTINGS
245410 RES DT FL A 7 4-5-4-13-63 FS $599,900 3737 Albert Rd 10,665 sqft 2,219 3/2.00

WITHDRAWN
233889 RES DT FL W 329 4-5-3-12-18 FS $2,890,000 3957 Aloalii Dr 9,206 sqft 3,777 4/4.00
240515 RES DT FL W 176 4-5-4-23-8 FS $599,000 4838 Ou Pl 8,104 sqft 1,213 3/1.01

PRICE CHANGES
243692 RES DT FL A 67 4-5-4-16-19 FS $479,900- 4064 Kaahumanu Pl # 12,058 sqft 2,274 2/3.00

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

It looks like astute buyers are seeing the opportunities presented in this market, especially in condos, and are moving forward to take advantage of this great pricing. If you are serious about buying, please do get prequalified by a local lender BEFORE you start looking at property. All short sales and foreclosures and many "regular sales" require submisson of a prequal letter along with proof of cash funds with the offer. It is best to be fully prepared with so many great buys coming on line.

If you have any questions about lenders, financing or just want the facts before you buy or sell, please do not hesitate to ask. There are many good lenders on Island - just call or email for more information.

Aloha, Elaine

 Elaine Schaefer (R, CRS, GRI, ABR, SFR)
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
Graduate, Realtor's Institute
Accredited Buyer's Representative
Short Sale and Foreclosure Resource Certification
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/

......Making your real estate dreams
my business.........

 

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Tags:
kauai condos princeville real estate
kauai real estate
kauai short sales
princeville houses
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Elaine Schaefer

R, BIC, CRS, GRI, ABR, SFR
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