More Foreclosures on their way

The number of foreclosures and short sales are still rising here on Kauai. Most of the activity is at the lower end of our market as the higher-end areas are generally owned by a more affluent and less distressed clientelle. Here is a list of some upcoming foreclosures from one of our realtors who specializes in representing banks.

#1. 5322 Kahala St., Kapaa. This 3 bedroom 1 bath home is in good condition. Granite tile countertops, bamboo flooring are just some of its features. Located in the Kapahi area, this home should be a good value under 400k i would guess
#2. Mimilo Road, Kapaa. Hundley Heights area.
#3. Koili Lane, Wailua Homesteads.
#4. 5733 A Kuamoo Road, Wailua. 2 bedroom 2 bath with a small yard - this one will be very affordable
#5. 4836A Puuwai Road, Kalaheo. 2 bedroom 1 bath home.
#6. 5796 Noni, Wailua Homesteads, Kapaa. 5 bedroom 3 bath home. - this home sold for 389,000 in 2003 and is currently assessed at $591,000. Most often REO's are selling for prices well below their assessed value. Look for this large home to be in the high 400s.
#7. Hoolako, Lihue. Nicer home in eviction process.
#8. 148 Royal Drive. over 1 acre on the rim in Wailua w/ two homes. - I went to the foreclosure auction of this property six months ago, and the back bought it back for $948,000. This lot has three potential home sites. The value is in the land, not in the existing structures.

#9. Kauai Beach Resort #4208 (Hilton) - Building Four is right on the ocean. This project is simply imploding. There are 25 units available for prices as low as $105,000.
#10. Lae Road, 3/2 In the eviction process.
#11. Aheahe Place. Lihue. 4 bedroom 3 bath.-Fannie Mae
#12. Paniolo #103, Princeville condo.-Fannie Mae

The REOs and short sales have increased this month again. As we continue to see the unfurling of Alt-A and option ARM loans add to the mess of the sub prime loans, our distressed inventory continues to grow. Buyers, it's time to get your checkbooks out.