Princeville condo (and house) update for the week of October 19th to 25th

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

Aloha,

And welcome to your weekly update. The news this week, according to the October 25th Garden Island Newspaper is that Kukui'ula is laying off 20 to 24 full-time employees, which is about 25% of its staff, "due to increasingly difficult market conditions." Kukui'ula is the largest project underway in Poipu, consisting of 1,010 acres geared towards the luxury homebuyer. The developer, DMB from Scottsdale Arizona, prides themselves on building a lifestyle, not just a development. "The timeline for Kukui'ula's homes, shopping center and golf course will not be affected," according to the company president. "He described the decision as very difficult and said it was the prudent thing to do to ensure the company's ability to see the development to completion," this per the Garden Island. This project has been in the works since the 1980's. Looks like even the high-end purchasers are feeling the pinch of today's economy!

Here is your update for this past week:

Copyright 10/25/2008 by Hawaii Information Service

NEW LISTINGS
217010 SH A 3 4-5-4-6-1-49 FS $230,000 Villas Of Kamalii #49 1,825 #49 3/3
217215 SH A 3 4-5-4-6-1-49 FS $245,000 Villas Of Kamalii #49 1,825 #49 3/3
217033 SH A 3 4-5-4-6-1-10 FS $250,000 Villas Of Kamalii #10 1,766 #10 3/3
216831 SH A 3 4-5-4-6-1-10 FS $250,000 Villas Of Kamalii #10 1,766 #10 3/3
217034 SH A 3 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217032 SH A 3 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217031 SH A 3 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217030 SH A 3 4-5-4-6-1-10 FS $265,000 Villas Of Kamalii #10 1,766 #10 3/3
217262 T A 2 4-5-4-5-18-20 FS $530,000 Puamana #6A 1,312 #6A 2/2
217318 T A 0 4-5-4-5-24-20 FS $579,000 Nihilani At Princeville Resort #7B 1,406 #7B 2/2
217023 T A 4 4-5-4-6-1-27 FS $845,000 Villas Of Kamalii #27 1,815 #27 3/3

BACK ON THE MARKET
210045 T A 183 4-5-4-5-27-1 FS $440,000 Hale Honu #1A 1,085 #1A 3/1.5

CONTINGENT SALES
211984 T C 130 4-5-3-6-22-71 FS $835,000 Kaiulani Of Princeville #71 1,901 #71 2/2.5

WITHDRAWN
196201 T W 510 4-5-3-11-1-26 FS $960,000 Villas On The Prince #26 1,765 #26 3/3
210322 SH W 456 4-5-4-5-4-14 FS $200,000 Ka'eo Kai Ph I #4B 2,100 #4B 3/3
211099 T W 155 4-5-4-5-12-13 FS $777,777 Sealodge Ii #G4 567 #G4 1/1

TEMPORARILY WITHDRAWN
211258 T T 163 4-5-4-5-3-19 FS $349,900 Princeville Paniolo #204 1,058 #204 1/2

PRICE CHANGES
216836 T A 13 4-5-3-11-1-30 FS $750,000- Villas On The Prince #30 1,767 #30 3/3
207393 T A 232 4-5-3-6-22-64 FS $915,000- Kaiulani Of Princeville #64 1,738 #64 2/2.5
209244 T A 208 4-5-3-6-22-63 FS $959,000- Kaiulani Of Princeville #63 1,901 #63 2/2.5
217215 SH A 3 4-5-4-6-1-49 FS $245,000+ Villas Of Kamalii #49 1,825 #49 3/3
217031 SH A 3 4-5-4-6-1-10 FS $265,000+ Villas Of Kamalii #10 1,766 #10 3/3
216706 T A 18 4-5-4-5-3-3 FS $347,450- Princeville Paniolo #103 1,058 #103 1/2
207634 T A 249 4-5-4-5-39-16 FS $395,000- Cliffs At Princeville #1206 917 #1206 1/2
213153 T A 103 4-5-4-5-18-60 FS $435,000- Puamana #17A 1,312 #17A 2/2
210873 T A 117 4-5-4-5-16-52 FS $719,000- Alii Kai At Hanalei #7101 886 #7101 2/2
216921 T A 11 4-5-4-5-23-3 FS $719,500- Plantation At Princeville #121 1,318 #121 3/3
211974 T A 144 4-5-4-5-52-1 FS $1,495,000- Orchid Point #A 1,477 #A 2/2.5
211994 T A 145 4-5-4-5-52-2 FS $1,525,000- Orchid Point #B 1,435 #B 2/2.5

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

The first two new listings are both fractional offerings in the Villas of Kamali'i, units 49 and 10. Number 49, which was purchased in 10/05 for $509,400 is only offering 2 fractionals for sale, while #10 has fractionalized the entire unit. Number 10 was purchased in 6/03 for $512,925. At the time, both of these were developer sales.

Puamana 6A comes on the market at $530K with the last sale being in 3/07 for $490K. It's a beautifully remodeled unit but these are hard times to try to sell for a profit. When it was listed last time, it started out at $639K in 3/06 and ended up going all the way down to $489K before it found a buyer at $490K.

Nihilani 7B last sold for $686,080 in 4/07 and comes on the market at $579K. This unit was previously listed from 3/07 to 6/07 for $749K (I guess their idea to flip it didn't work.) Strangely enough, it is still listed with another agency with a list price of $669,900. I'd say buy it through the new list agent and you'll save quite a bit. The other active listing started in 5/08 at $684,900. I would guess there is some miscommunication going on here since the two listings do not show as ‘co-listings." Another Villas of Kamali'i is our last new listing, which is unit 27 listed at $845K. This unit last sold in 11/03 for $465K.

Hale Honu 1A is back on the market after expiring while listed at $440K. This unit was purchased in 7/04 for $384,500.

Surprisingly enough, we had a Ka'iulani go into escrow this week. Unit 71 which sold for $825,990 from the developer in 6/08 went into escrow listed at $835K. No profit to be made here but at least it is not taking the big financial hit we've been seeing at some of the other newer developments.

Several units were withdrawn and temporarily withdrawn starting with Villas on the Prince 26, which is agent owned. This unit was purchased in 5/02 for $537,500 and was listed at $960K. A fractional share of Ka'eo Kai 4B which last sold for $635K in 6/06 was withdrawn listed at $200K. Sealodge G4 which has dramatic ocean views was withdrawn even though it was listed with what appears to be the seller's favorite number: $777,777. This unit last sold in 11/03 for $385K. Paniolo 204 which sold for $337,500 in 6/04 comes off the market listed at $349,900.

We have the usual assortment of price changes this week starting with Villas on the Prince 30 which went from $770K to $750K and was purchased for $565K in 3/04. Ka'iulani 65 reduced from $965K to $915K and last sold for $861,070 in 3/08 while Ka'iulani 63 reduced from $975K to $959K. This unit sold for $975K in 3/08. No money to be made here!

Villas of Kamali'i 49 was a price correction as it was originally listed for $245 instead of $245,000. Villas of Kamali'i 10 increased the price of one of the fractional interests from $250K to $265K. Paniolo 103 made a strange price reduction from $348,500 to $347,450. What's up with that? This unit last sold in 9/05 for $520K. Ouch!

Cliffs 1206 went from $499K to $395K. Now that's how you do a price reduction! This unit last sold in 9/05 for $520K. Puamana 17A went from $459K to $435K and last sold in 3/04 for $320K. Ali'i Kai 7101 sold for $625K in 4/07 and reduced from $749K to $719K. Plantation 121 reduced from $725K to $719,500 and last sold for $488,993 in 5/05. Orchid Point A and B both reduced. These are two new condo units located inbetween Sealodge and Shearwater which offer fabulous ocean views. The complex actually has one other unit in it but that is not listed. The land was purchased in 6/00 for $425K and later Orchid Point was developed. Unit A went from $1.675Mto $1.495M and B went from $1.650M to $1.525M.

As for condos, my Nihilani 3 bedroom 2.5 bath unit is available for long term rental starting November 1st if you know of anyone looking for a "like new" unit with A/C and a 2 car garage. This unit is the Hoku floor plan which offers the living /dining / kitchen areas along with the master bedroom suite and a powder room upstairs with two more bedrooms, a bathroom and laundry downstairs. With this reverse floor plan you get great views out across the golf course, along with mountain, water fall and rainbow views. Its rented unfurnished for $2100 plus utilities. If you like luxury living, this is it with granite slab countertops throughout the kitchen and bathrooms along with stainless steel appliances, ceiling fans in every room, mirrored closet doors and volume ceilings. The pool in this complex is beautiful. Call or email if interested. Now on to your Princeville home update:

NEW LISTINGS
217261 RS A 2 4-5-4-22-4 FS $695,000 4087 Nalani Ln 11,244 sqft 1,424 3/2

BACK ON THE MARKET
210416 RS A 143 4-5-4-21-11 FS $1,275,000 3856 Kaweonui Rd 10,796 sqft 2,442 3/2.5

PRICE CHANGES
216647 RS A 19 4-5-4-18-17 FS $705,000- 4725 Emmalani Dr 10,248 sqft 1,388 2/2
213625 RS A 99 4-5-4-20-31 FS $899,900- 5141 Kapi'olani Loop 9,669 sqft 2,262 5/3
206454 RS A 263 4-5-4-16-65 FS $998,000- 4465 Emmalani Dr 10,896 sqft 2,122 3/2

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

4087 Nalani Lane has been listed almost continuously since it was purchased in 10/04 for $599K by a real estate agent. It came on the market in 11/05 listed at $975K and remained on the market 930 days until 6/08 ending up at $799K. At one time during this period it got down to $685K.

There are some very attractively priced properties on the market right now. Lenders are still lending, interest rates are good and inventory is plentiful meaning the bargaining power is in your hands, you - the buyer.

Sellers, you probably already know my mantra by now. Reduce, reduce, reduce. If it hasn't sold in a reasonable amount of time, if it hasn't had an offer, or even a showing in the first 60 days, that's what I call a clue. Please don't blame your realtor for not doing enough advertising or holding enough open houses. Most buyers start their searching on the internet these days anyhow, so I don't put much of my advertising dollars in print advertising. And I see the same properties being held open day after day and they are still not sold. It's not the advertising or the open houses or your agent's lack of skill that is keeping your house from selling - it is usually one thing and one thing only - PRICE.

Please call or email when you are ready to take advantage of the many great buys currently available or when you are ready to have your unit be the buy of the day. Until then, stay tuned for your next update.

Aloha Elaine

our-guide-grant.jpg

This is me and our Wailua River Guide at Secret Falls in Kapaa.

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!

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Elaine Schaefer

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