Princeville Condo and House update for the week of Jan 13th to 19th

Aloha,

And welcome to your weekly update. Today ended up sunny with cooling breezes although this morning, as I watched wave after wave of rain come in off the ocean I wasn't so sure we'd see much of the sun. However, it did end up as a perfect winter day with temps in the high 70's -

Here is your update for this week:

Copyright 1/20/2008 by Hawaii Information Service

NEW LISTINGS
205973 T A 5 4-5-3-6-22-48 FS $1,900,000 Kaiulani Of Princeville #48 2,476 3/3
206100 SH A 4 4-5-4-5-23-23 FS $165,000 Plantation At Princeville #621 1,318 3/3
205964 T A 6 4-5-4-12-11-5 FS $1,600,000 Puu Poa #105 2,065 2/2

BACK ON THE MARKET
170814 SH A 737 4-5-4-11-3-84 FS $99,000 Hanalei Bay Resort #N22 867 1/2
170813 SH A 737 4-5-4-11-3-84 FS $99,000 Hanalei Bay Resort #N22 867 1/2
170812 SH A 737 4-5-4-11-3-84 FS $135,000 Hanalei Bay Resort #N22 867 1/2
170815 SH A 737 4-5-4-11-3-84 FS $149,000 Hanalei Bay Resort #N22 867 1/2

CONTINGENT SALES
174822 T C 598 4-5-4-12-9-28 LH $350,000 Pali Ke Kua Iii #238 993 1/1.5
183283 T C 524 4-5-4-5-23-66 FS $578,000 Plantation At Princeville #1712 1,153 2/2
201459 T C 117 4-5-4-6-1-9 FS $935,000 Villas Of Kamalii #9 1,761 3/3

SALES
152078 T S 0 4-5-3-6-22-14 FS $1,700,000 Kaiulani Of Princeville #14 2,861 3/3.5
SOLD 1/18/2008 for $1,724,070 (CNV) DOM 0

203796 T S 7 4-5-4-5-39-72 FS $399,500 Cliffs At Princeville #3204 917 1/2
SOLD 1/16/2008 for $380,000 (CASH) DOM 7

EXPIRED
189654 T X 308 4-5-4-12-10-16 FS $699,000 Emmalani Court #314 1,192 2/2

WITHDRAWN
180682 T W 550 4-5-4-5-18-34 FS $497,500 Puamana #9C 1,532 2/2
188004 T W 367 4-5-4-5-23-54 FS $625,000 Plantation At Princeville #1412 1,153 2/2
198318 T W 186 4-5-4-5-18-42 FS $649,000 Puamana #12B 1,532 2/2
198480 T W 175 4-5-4-5-24-13 FS $835,000 Nihilani At Princeville Resort #5A 1,874 3/2.5

TEMPORARILY WITHDRAWN
206022 SH T 15 4-5-4-12-11-37 FS $395,000 Puu Poa #309 1,352 2/2
206021 SH T 15 4-5-4-12-11-37 FS $395,000 Puu Poa #309 1,352 2/2
206020 SH T 15 4-5-4-12-11-37 FS $395,000 Puu Poa #309 1,352 2/2
206023 SH T 15 4-5-4-12-11-37 FS $425,000 Puu Poa #309 1,352 2/2
206025 SH T 15 4-5-4-12-11-37 FS $450,000 Puu Poa #309 1,352 2/2
206026 SH T 15 4-5-4-12-11-37 FS $475,000 Puu Poa #309 1,352 2/2

PRICE CHANGES
193038 T A 206 4-5-4-12-2-34 FS $520,000- Hale Moi #214 1,033 1/2
198438 T A 184 4-5-4-12-2-31 FS $575,000- Hale Moi #211 1,033 1/2
191680 T A 311 4-5-4-5-13-28 FS $599,000- Kamahana #28 1,145 2/2
205172 T A 24 4-5-4-5-13-13 FS $649,000- Kamahana #13 2,073 3/2
204852 T A 39 4-5-4-5-23-31 FS $649,000- Plantation At Princeville #821 1,366 3/3
201944 T A 108 4-5-4-12-11-46 FS $1,549,000- Puu Poa #404 1,352 2/2
204087 T A 55 4-5-4-12-11-17 FS $1,675,000- Puu Poa #203 1,352 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.

First up is Kai'ulani #48 listed for $1,900,000 which represents a 26% increase over the original purchase price of $1,502,610 from the developer on 9/19/07. I've said it before and I'll say it again, I don't think our current market can support increases like this in such a short period of time - but I've been wrong before...

Next is Pu'u Po'a 105 which was purchased for $1,345,000 in 11/05, and is now listed for $1.6M. I looked at the MLS pictures from the prior sale and it appears this seller did do quite a bit of upgrading prior to putting the unit back on the market, to include a completely redesigned kitchen with granite countertops, new lighting and flooring along with a built in entertainment center. Other areas also look upgraded but some of those may have been done by the prior owner. In any event, it is a ground floor unit with great views that shows beautifully and appears to be priced right.

The Plantation that is showing as a new listing is one of the fractional shares that were withdrawn a couple of weeks back. At that time I had no idea why but now it is evident - the list agent changed brokerages and took the listings with her, since it is her property. Please know that it is not a "given" that listings go with that agent. Since all listings are "held" by the brokerage and not individual agents, some brokers will solicit the seller to stay with the company instead of going with the agent.

Moving right along, we see that the fractionalized Hanalei Bay Resort unit N22 is back on the market after expiring with 737 market days. This unit was purchased as a whole unit in 1/06 for $469,900 and was last reduced in 10/06 from $189K to $99K. It is also listed as a whole unit for $488K. No money to be made if it sells as a whole unit!

I did a blog earlier in the week on the Leasehold Pali Ke Kua 238 that finally went into escrow listed for $350Kdown from the high $600's at the start. I hope this stays in escrow as I'm very curious to see what it closes at. Plantation 1712 is a short sale, having been purchased for $645K in 6/2006. The only thing about short sales is that you have to deal with the lender which can take what seems like forever, so patience is a must in these types of transactions. Villas of Kamali'i #9 also went into escrow listed at $935K. This unit is owned by the agent who has plenty of negotiating room having purchased it in 2/04 for $645K. Having equity is an enviable position to be in! This is a nice unit, facing the golf course and is also away from the road.

We have another developer's Kai'ulani that closed along with Cliffs 3204. Although this unit looks like it went into escrow in 7 days listed at $399,500 and closing at $380K the "rest of the story" is that it was previously listed from 6/06 to 10/07 starting at $515K and expiring at $425K - giving it 515 prior market days. I showed this unit to many a client but just didn't find the right one. It's a second floor unit in building 3 with tile floors that just needs a little personal touch to turn it into something special. This is a seller who really wanted to sell, having purchased it for $370K in 6/04. Looks like he lost a little bit of money after commissions and escrow fees.

Just an observation on one of the properties that we withdrawn: Nihilani 5A was purchased 12/06 for $929,600 and was listed at $835K when it was finally withdrawn. No surprises as to "why" there. The fractional shares of Pu'u Po'a were temporarily withdrawn although the sale of the whole unit for $2,245,000 is still active. This unit was purchased in 9/05 for $1,730,338. As a fractional, the amount of total sales would be $2,535,000 if all the fractionals sold, bringing a gain of $804,662. Apparently, they must have changed their mind since it was only on the market as a fractional for 15 days. It was previously listed as a whole unit for $2,195,000 for 743 days.

As for the price changes: Hale Moi 214 is down to $520K having started out at $580K. This unit is also "upside down" with an original purchase price of $606,500 in 5/06.

Hale Moi 211 was purchased - now we don't see this too often in today's market - in 7/99 for $128K! They went from $599K to $575K. Kamahana #28 went down to $599K from $649K. This unit started out at $686K and was purchased in 10/05 for $640K. No wiggle room there. Pu'u Po'a 404 has come down from $1,595,000 to $1,549,000. This is another one, like Hale Moi 211, that has plenty of equity and can either negotiate down to a sale or withdraw and wait until later. The unit was purchased -this is hard to believe - for $325K in 7/91. This seller made a good investment and now will reap the rewards, no matter what they sell it for. Pu'u Po'a 203 came down from $1,695,000 to $1,675,000 and was purchased in 4/04 for $960K.

One of my readers asked about Princeville homes so just for fun, here is what happened last week with Princeville houses. One quick glance will tell you the answer which is "not much." I will try to comment now and again on homes as my time permits but for now, if you want an indepth report on any of the properties mentioned, just call or email and I'll get the info just like I do for the condos!

Copyright 1/20/2008 by Hawaii Information Service

NEW LISTINGS
206101 RS A 3 4-5-4-15-15 FS $945,000 3838 Haulani Pl 14,510 sqft 2,262 4/3

WITHDRAWN
203138 RS W 77 4-5-4-22-26 FS $729,000 4372 Emmalani Dr 11,390 sqft 1,307 3/2
193652 RS W 296 4-5-4-19-1 FS $1,795,000 4165 Liholiho Road 25,212 sqft 3,235 3/2.5

PRICE CHANGES
203558 RS A 48 4-5-3-11-43 FS $1,725,000- 4128 Aloalii Dr 10,616 sqft 3,054 3/3.5
200685 RS A 136 4-5-4-15-6 FS $789,000- 3881 Albert Rd 11,515 sqft 1,272 3/2
198759 RS A 184 4-5-4-15-16 FS $800,000- 3834 Haulani Pl 11,020 sqft 2,048 3/3
195521 RS A 258 4-5-4-15-3 FS $1,480,975- 3979 Kamehameha Rd 10,772 sqft 3,425 5/3.5
202093 RS A 107 4-5-4-8-45 FS $2,295,000- 5063 Kapiolani Lp 22,745 sqft 3,636 4/3.5

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

Happy house and condo hunting!

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!