Princeville condo (and house) update for the week of August 16th to 22nd

Aloha,

It's been a relatively slow week which is reflected in the rather sparse condo update this week. There's been a few showings here and there but by and large, it seems like things have quieted down as we approach the end of summer. So much for a hot summer market! The reality is that the market is still soft, with numerous overpriced properites, several good buys and buyers sitting on the sidelines in both cases. Of course, there are some exceptions, but slow is (unfortunately) the operative word right now. Here is your update for this past week:

Copyright 8/23/2009 by Hawaii Information Service

NEW LISTINGS
200564 T A 6 4-5-4-5-16-2 FS $525,000 Alii Kai At Hanalei #1102 1,086 #1102 2/2
226784 T A 2 4-5-4-6-1-12 FS $839,000 Villas Of Kamalii #12 1,825 #12 3/3
226738 T A 6 4-5-4-5-16-42 FS $874,000 Alii Kai At Hanalei #5202 1,086 #5202 2/2

SALES
209062 T S 421 4-5-4-5-24-51 FS $695,000 Nihilani At Princeville Resort #17C 1,874 #17C 3/2.5
SOLD 8/18/2009 for $640,000 (CASH) DOM 421

UNDER CONTRACT
208900 T U 508 4-5-4-5-4-12 FS $497,000 Ka'eo Kai Ph I #2B 2,100 #2B 3/3

PRICE CHANGES
223270 T A 130 4-5-4-5-27-19 FS $275,000- Hale Honu #10A 1,085 #10A 3/2
224707 T A 69 4-5-4-12-2-16 FS $280,995- Hale Moi #116 1,033 #116 1/2

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

Ali'i Kai 1102 is the first new listing this week, priced at $525K. This owner looks like one of the "originals" as the unit was purchased back in 11/87 for $100K. This is the first time on the market since that time. Villas of Kamai'i 12 is back on the market listed at $839K. This is quite a bit less from the previous list price of $900K when it was listed from 3/08 to 3/09. It was also listed from 3/09 to 7/09 for $875K. This unit last sold for $750K in 6/05. Ali'i Kai 5202 is the final new listing at $874K. This unit sold for $405K in 7/03 and was previously listed from 9/06 to 2/07 for $1.195M before it was withdrawn with 120 market days.

Nihilani 17C, purchased from the developer in 8/06 for $822,870 sold for $640K after 421 days on the market. This agent owned unit started out at $875K and slowly reduced, reaching the list price of $695K in 11/08. This is a surprisingly good price for this unit considering that 14A just went into escrow as a foreclosure listed at $489,900 and 22C is in escrow listed at $565K. All three of these units are the same Makani floor plan.

Ka'eo Kai 2B, listed for $497K finally went into escrow after 508 market days. Originally selling for $240K in 4/01, this unit started out at $650K slowly reducing over time.

As for price reductions: Hale Honu 10A purchased in 8/05 for $510, reduced this week from $325K to $275K as a short sale. Hale Moi 116, which last sold for $459K in 10/04 reduced from $297,500 to $280,995 and is also a short sale. Now on to your Princeville home update:

Copyright 8/23/2009 by Hawaii Information Service

NEW LISTINGS
226912 RS A 3 4-5-3-12-11 FS $1,595,000 3991 Aloalii Dr 7,827 sqft 3,389 3/2.5
226863 RS A 5 4-5-4-16-79 FS $769,500 4105 Kekaulike Ln 10,408 sqft 1,700 2/2
226809 RS A 6 4-5-4-20-33 FS $799,000 3975 Punahele Rd 9,979 sqft 1,960 3/2.5
226808 RS A 5 4-5-4-23-50 FS $849,000 3788 Moae Pl 6,974 sqft 1,937 3/2

BACK ON THE MARKET
222510 RS A 103 4-5-4-23-76 FS $729,000 3789 Mapuana Pl 6,398 sqft 1,535 3/2.5
220949 RS A 166 4-5-4-20-14 FS $1,345,000 5118 Iolani Pl 19,012 sqft 3,918 3/3.5

WITHDRAWN
222745 RS W 140 4-5-4-23-35 FS $599,000 3793 Moae Pl 6,386 sqft 1,651 3/2

TEMPORARILY WITHDRAWN
215902 RS T 713 4-5-4-15-6 FS $689,000 3881 Albert Rd 11,515 sqft 1,272 3/2

PRICE CHANGES
226912 RS A 3 4-5-3-12-11 FS $1,595,000- 3991 Aloalii Dr 7,827 sqft 3,389 3/2.5
224854 RS A 72 4-5-4-19-19 FS $727,800- 5086 Napo'okala Cir 15,326 sqft 2,206 3/3
200621 RS A 729 4-5-4-21-7 FS $790,000+ 3770 Cr Kaweonui Rd/alber 10,737 sqft 2,184 3/2.5
220531 RS A 197 4-5-4-13-44 FS $799,000- 3646 Kaweonui Rd #II 10,937 sqft 2,240 3/2
220949 RS A 166 4-5-4-20-14 FS $1,345,000- 5118 Iolani Pl 19,012 sqft 3,918 3/3.5
200380 RS A 719 4-5-4-13-7 FS $1,595,000- 3687 Kaweonui Rd 11,420 sqft 3,588 4/3.5
225837 RS A 9 4-5-4-7-6 FS $1,695,000- 3932 Namakeha Lp 12,575 sqft 2,848 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.

Lots of old/new listings, homes back on the market and price reductions but no homes went into escrow and none closed this past week. Buyer's continue to sit (on the fence) prices continued to soften, short sales and foreclosures increase, inventory grows.....

It's amazing - the difference in buyers now and back when it was a seller's market. Back "then" a buyer overlooked so many things in a property for the sake of getting it into escrow and making the sale. If things were wrong, unless they were major, most buyers just asked for a little concession or they took the property as is with plans for improvements down the road. Now, it seems that most buyers want something ready to go, something that has been remodeled or updated or at the very least, is very clean and livable. Everything is closely examined, weighed and a decision made as to if the price warrants the condition of the property. The contrast is amazing.

It's a different market, and a different type of buyer to be sure but make no mistake - it is a GREAT market. It's a great market with wonderful pricing, lots of variety, great rates and negotiable sellers. It's a time when a buyer can actually achieve the dream of home ownership. What could be better than that?

Before you start out on your journey to buy or sell, call or email for the facts on the property that interests you. There are some special properties out there, you just have to take the time to look. Check out Pu'u Poa 404 listed for only $1.095M! Last sale was unit 411 for $1.3M.

Aloha Elaine

I always ride Incognito with a full face helmet!

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!