Princeville condo (and house) + short sale update for the week of Feb 5th to Feb 11th

Aloha,

We had 64 sales in Feb 2011 and are at 20 as of today’s date. You’ll see three of those sales in this week’s update along with one new listing. Right now we have 82 active listings and 30 that are currently in escrow or under contract. With numbers like that, there’s hope we’ll start to see this market stabilize. Now on to your market update:

NEW LISTINGS
250276 CND A 1 4-5-4-5-24-61 FS $469,000 Nihilani At Princeville Resort #21A 1,874 #21A 3/2.01

CONTINGENT SALES
243074 CND C 165 4-5-3-6-22-2 FS $1,250,000 Kaiulani Of Princeville #2 2,843 #2 3/3.01
243691 CND C 326 4-5-4-12-5-11 FS $699,000 Pali Ke Kua Incr I, ii, iii #111A 717 #111A 1/1.00

SALES
248654 CND S 60 4-5-4-12-10-20 FS $369,000 Emmalani Court #323 952 #323 1/2.00
SOLD 2/10/2012 for $325,000 (CNV) DOM 60

247837 CND S 148 4-5-4-5-24-51 FS $575,000 Nihilani At Princeville Resort #17C 1,874 #17C 3/2.01
SOLD 2/8/2012 for $530,000 (CASH) DOM 148

245671 CND S 182 4-5-4-5-24-22 FS $579,000 Nihilani At Princeville Resort #8A 1,874 #8A 3/2.01
SOLD 2/10/2012 for $515,000 (CNV) DOM 182

WITHDRAWN
249714 CND W 98 4-5-4-5-24-68 FS $425,000 Nihilani At Princeville Resort #23B 1,406 #23B 2/2.00

PRICE CHANGES
250122 CND A 82 4-5-4-5-39-43 FS $189,999- Cliffs At Princeville #2203 917 #2203 1/2.00
248842 CND A 53 4-5-4-6-1-36 FS $535,000- Villas Of Kamalii #36 1,825 #36 3/3.00

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. Copyright ©2/12/2012

New Listings:
We have one new listing this week which is Nihilani 21A, a Makani townhouse listed for $469K. This short sale sold for $778,745 from the developer in 10/06.

Contingent:
The developer’s Ka’iulani 2 went into escrow while priced at $1.25M. This unit reduced from $1.55M to $1.25M on 1/31. Ocean and Bali Hai view Pali Ke Kua 111 found a buyer after 321 days priced at $699K. This unit is not a short sale although it sold for $950K in 10/05.

Sales:
Emmalani Court 323 sold for $345K while listed for $369K. This unit was purchased for $330K in 5/09. Two Nihilani units sold this week: Nihilani 17C sold for $530K cash while listed for $575K. This unit was purchased for $640K in 8/09. Nihilani 8A sold for $515K while listed for $579K. This Makani unit was purchased from the developer for $803,302 in 3/07. Neither of these were short sales.

Withdrawn:
Short sale Nihilani 23B withdrew from the market. This unit sold from the developer in 11/06 for $685,160 and was priced at $425K.

Price Changes:
Bank owned Cliffs 2203 reduced from $199,999 to $189,999. This unit was leasehold when purchased by the prior owner in 5/02 for $130K. The fee was purchased for $66,150 in 4/04 and the unit was subsequently foreclosed on in 10/11. Villas of Kamali’i 36, which sold for $799K in 5/07, reduced from $570K to $535K. It is not a short sale. That’s it for this week. Now on to your Princeville home update:

NEW LISTINGS
251972 RES A 6 4-5-4-24-6 FS $960,000 4210 Waileia Pl 8,416 sqft 2,526 3/4.00

SALES
228327 RES S 820 4-5-4-18-5 FS $735,000 4156 Mahina Pl 12,194 sqft 1,668 3/2.00
SOLD 2/6/2012 for $650,000 (CASH) DOM 820

WITHDRAWN
243409 RES W 225 4-5-4-18-43 FS $689,000 4175 Kamalani Ln 10,499 sqft 1,748 3/2.01
240016 RES W 445 4-5-4-9-17 FS $798,888 4206 Liholiho Rd 10,407 sqft 1,668 3/2.01

PRICE CHANGES
238260 RES A 519 4-5-4-23-13 FS $399,000- 4841 Moli Pl 8,270 sqft 1,530 3/2.00

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. Copyright ©2/12/2012

If you want to know what’s happenning in your part of the market, before buying or selling, just send an email. That’s why I’m here, to make sure you have the facts before buying or selling. With interest rates at historic lows it’s a great time to buy but you need to know if you’re looking at a short sale, foreclosure or a regular sale, how long it’s been on the market and much more – before deciding to move forward with a purchase. The same is true for sellers. When you have the facts, you can make an informed decision when pricing etc.

I’ve been on the mainland for a few days but will be back on Kauai by tomorrow. Part of our trip was to visit family in Henderson NV. I’m sure if you’ve been to Las Vegas you’ll recognize the pictures below. I always love to see the dancing water at the Bellagio!

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………

In 2011. there were 167 properties sold on the island of Kauai, Hawaii as bank-owned REOs - an increase from 2010 when 135 properties sold as Kauai REOs.

The median sales price was $274,000 - down from the median sales price for Kauai REOs in 2010 of $320,000.

The most expensive Kauai REO sold for $3,100,000 in May 2011 after only 21 days on the market. In 2009, the property had been listed for sale for over $7,000,000.

4160-C NORTH WAIAKALUA ST, #71 in Kilauea is an ocean bluff estate in Kilauea Farms. There are fantastic ocean views and direct access to Pilaa Beach. The property consists of 2.88 acres. The home has five spacious bedroom suites, a gated entry, gourmet chefs kitchen, library, two living rooms, dining room, and a media room. What a great buy.

Twenty (20) of the REO sales were at Islander on the Beach and Thirteen (13) of the REO sales were at Kauai Beach Resort. Seventy two (72) were single familty residences.

As of today, there are only 22 Kauai REO properties for sale on the island of Kauai. Call me if you want to know more about those properties.

February 6, 2012

Aloha,

It’s been a great week with lots of breeching whales and sunny skies. I always consider myself lucky to actually see a whale breech when I have the binoculars up to my eyes pointed in the right direction which is what happenned this past week. I excitedly told my hubby that I saw “two breeching whales with binoculars” to which he responded, “Whales with binoculars? What were they looking at?”……

Now on to your update:

NEW LISTINGS
251877 CND A 4 4-5-3-6-22-70 FS $625,000 Kaiulani Of Princeville #70 1,738 #70 2/2.01
251982 CND A 4 4-5-4-5-17-15 FS $265,000 Alii Kai Ii Hanalei #9G 1,037 #9G 2/2.00
252005 CND A 3 4-5-4-11-3-15 FS $1,175,000 Hanalei Bay Resort #C25 1,705 #4204/5/6 3/3.00

CONTINGENT SALES
249888 CND C 88 4-5-4-5-24-58 FS $465,000 Nihilani At Princeville Resort #20A 1,874 #20A 3/2.01
251115 CND C 32 4-5-4-5-39-178 FS $495,000 Cliffs At Princeville #8204 1,864 #8204 4/4.00

SALES
244152 CND S 224 4-5-4-5-18-65 FS $369,900 Puamana #18B 1,419 #18B 3/3.00
SOLD 1/30/2012 for $320,000 (CNV) DOM 224

241617 CND S 366 4-5-4-12-11-46 FS $1,499,000 Puu Poa #404 1,752 #404 2/2.00
SOLD 1/31/2012 for $1,356,000 (CASH) DOM 366

UNDER CONTRACT
235813 CND U 474 4-5-3-6-22-30 FS $1,395,000 Kaiulani Of Princeville #30 2,864 #30 3/3.01
245671 CND U 182 4-5-4-5-24-22 FS $579,000 Nihilani At Princeville Resort #8A 1,874 #8A 3/2.01

WITHDRAWN
240854 CND W 385 4-5-3-6-22-72 FS $899,000 Kaiulani Of Princeville #72 1,892 #72 2/2.01

TEMPORARILY WITHDRAWN
244321 CND T 298 4-5-3-6-22-50 FS $1,295,000 Kaiulani Of Princeville #50 2,443 #50 3/3.01
248315 CND T 146 4-5-3-6-22-11 FS $1,450,000 Kaiulani Of Princeville #11 2,864 #11 3/3.01
250027 CND T 75 4-5-4-12-10-25 FS $349,000 Emmalani Court #413 952 #413 1/2.00

PRICE CHANGES
227553 CND A 845 4-5-3-6-22-59 FS $625,000- Kaiulani Of Princeville #59 1,892 #59 2/2.01
248319 CND A 151 4-5-3-6-22-52 FS $975,000- Kaiulani Of Princeville #52 2,479 3/3.00
243074 CND A 158 4-5-3-6-22-2 FS $1,250,000- Kaiulani Of Princeville #2 2,843 #2 3/3.01
244035 CND A 312 4-5-3-6-22-5 FS $1,465,000- Kaiulani Of Princeville #5 2,843 #5 3/3.01
245259 CND A 271 4-5-3-6-22-20 FS $2,295,000- Kaiulani Of Princeville #20 2,864 #20 3/3.01
232843 CND A 1417 4-5-4-12-11-14 FS $935,000- Puu Poa #114 2,065 #114 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. Copyright ©2/5/2012

New Listings:
The developer’s Ka’iulani 70 is back at a new low price of $625K. This townhome has been as high as $995K. It was listed from 6/05 to 12/07 during which time it went up from $825K to $995K, from 2/08 to 9/09 when it was listed for $995K, and again from 10/09 to 9/11 when it went from $995K to $845K.

FNMA foreclosure Ali’i Kai 9G is on the market listed for $265K. This unit sold for $151K in 12/99 and first came on the market in 7/05 to 1/06 with a $615K list price. It was then listed from 2/06 to 9/09 starting at $619K and reducing all the way to $380K. It came on one last time from 11/09 to 3/10 with a start price of $349K, dropping to $299K when it came off the market.

Hanalei Bay Resort 4204-5-6 returns to the market priced at $1.175M after selling for $1.064M in 4/05. This unit was previously listed from 3/06 to 8/07, starting at $1.899M and reducing to $1.799M, from 8/10 to 3/11 with a price of $1.225M and most recently from 5/11 to 12/11 when it was priced as it is now at $1.175M.

Contingent:
Short sale Nihilani 20A, priced at $465K went into escrow. This Makani unit sold for $804,075 from the developer in 9/06. Also finding a buyer is the Cliffs ocean view four bedroom unit 8204 that was extremely well priced as a foreclosure for $495K.

Sales:
Puamana 18B closed for $320K with an asking price of $369,900. This unit sold previously for $329K in 10/03 and was foreclosed on in 1/11 by the prior owner. Top floor, ocean front Pu’u Po’a 404 sold for $1.356M while listed for $1.499M. Purchased in 2/10 for $900K, this unit was completely remodeled.

Under Contract:
Short sale Ka’iulani 30 went into escrow on 10/3/11 and finally moved to under contract this week. Listed for $1.395M, this unit sold for $2.3M in 8/07. Nihilani 8A moved from contingent to under contract which means we should see it closing within the next week to 10 days. Priced at $579K, this unit sold from the developer for $803,302 in 3/07.

Withdrawn:
Ka’iulani 72 was withdrawn while listed for $899K after 385 market days. This unit was purchased from the developer for $857,270 in 4/07.

Temporarily Withdrawn:
Two of the developer’s Ka’iulani units were temporarily withdrawn: unit 50 was listed for $1.295M and unit 11 was at $1.450M. Emmalani Court 413 was temporarily withdrawn with a list price of $349K. Although not a short sale, it sold for $565K in 7/05.

Price Changes:
Three of the developer’s Ka’iulani units reduced this week: 59 went from $799K to $625K, unit 52 reduced to $975K from $1.195M and unit 2 went from $1.550M to $1.250M. Two resale Ka’iulani’s also reduced: Unit 5 sold for $1,765,990 in 4/08 and reduced from $1.575M to $1.465M while unit 20, which sold for $1,985, 180 in 11/07 went from $2.495M to $2.295M. The final reduction is short sale Pu’u Po’a 114 which went from the bank approved price of $995K to $935K. Unfortunately, this unit has been in and out of escrow several times now. The last time it came out of escrow on 1/5, there was a price increase from the prior price of $774K to a bank approved price of $995K . This unit sold for $1.4M in 3/05. Now on to your Princeville home update:

There are no new listings this week.

BACK ON THE MARKET
248967 RES A 121 4-5-4-23-35 FS $585,000 3793 Moae Pl 6,386 sqft 1,651 3/2.00

CONTINGENT SALES
245677 RES C 247 4-5-4-24-5 FS $635,000 4200 Waileia Pl 9,639 sqft 1,928 3/2.01

SALES
250327 RES S 12 4-5-4-13-82 FS $549,000 3684 Albert Rd 11,847 sqft 2,464 2/3.01
SOLD 1/30/2012 for $549,000 (Veteran’s Administration (VA)) DOM 12

249380 RES S 27 4-5-4-19-2 FS $1,495,000 5074 Napookala Cir 23,703 sqft 3,138 4/3.01
SOLD 2/3/2012 for $1,200,000 (CASH) DOM 27

EXPIRED
242579 RES X 356 4-5-4-10-17 FS $827,000 5275 Honoiki Rd. 10,264 sqft 2,146 3/2.01

PRICE CHANGES
248967 RES A 121 4-5-4-23-35 FS $585,000- 3793 Moae Pl 6,386 sqft 1,651 3/2.00

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed. Copyright ©2/5/2012

As of today, Sunday the 5th, there are 37 residential listings in the Princeville area and 84 condo listings. Last year 44 homes sold which is good news. It means we have an 10 month absorption rate with our current inventory. That is, based on sales last year, it will take slightly more than 10 months to deplete the current inventory. In the last couple of years, the absorption rate has been as high as 1.5 to 2 years or more so this is good.

As for condos, we have 84 on the market with 68 sales last year for an absorption rate of 14 to 15 months – which means it is still a strong buyer’s market in this type of property. Those are the facts based on market statistics. If you have any questions before buying or selling, please do not hesitate to send an email. That’s why I’m here. Have a great week filled with your equivalent of ocean breezes, breeching whales and soaring albatross!

Aloha Elaine

Kekaha (westside) sunset..Going

Going…

Almost gone.

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………

Aloha,

We’re starting the year out right – with a total of 63 sales for Jan 12 which is a 9% increase over the 58 sales of Jan 11. Any increase is good news! Of those 63 sales, 30 were residential, 8 land, 4 commercial and 21 condos. The Waimea zone accounted for 4 of the sales, Koloa zone saw 11, in the Lihue zone there were 12 sales, 19 in Kawaihau and Hanalei zone had 17 transactions. This month’s number is an increase compared to past Januarys – in Jan 10 there were 54 sales, Jan 09 saw 20 sales, 08 had 50 sales and only Jan 07 had more which was 68 sales.

Sales volume was down dramatically showing at 20% decline from $38M in Jan 11 to $30M for Jan 12. Residential took a 43% decrease, going from $30M in sales in Jan 11 to $18M for Jan 12. Condos were up 44 % with $7M changing hands in Jan 12 compared to $5M in Jan 11. Still, these monthly numbers are up from recent years – Jan 10 had $22M in sales volume and Jan 09 $24M. Jan 08 was a good year with $47M and was topped by Jan 07 with $55M. Of course, 06 and 05 will always be the banner years but I only go back 5 years in reporting.

Median sales price was at $402,500 for Jan 12 residential compared to $421,000 for Jan 11. Land was about the same, going from $255,000 in Jan 11 to $234,950 in Jan 12. Condos stayed the same with $270,000 as the median price for both Jan 11 and 12. Quite unusual. Keep in mind these are median prices and not average pricing.

We’re still seeing short sales and foreclosures, although short sales are far exceeding the number of REO’s. It cost the bank less time and money to process a short sale and they seem to be closing them with less stress than a couple of years ago. This may be due to the fact that more and more agents are “short sale” knowledgeable and are bringing more informed buyers and sellers to the table.

Whatever the case, there’s good buys to be had in today’s market place, if you have the time and energy to commit to finding the right property for your needs. As a buyer or seller, if short sales are your goal, please do ask your agent if they have had any specialized training in this area and / or how many short sales transactions they’ve handled. In this market, a good agent can often mean the difference between a closed transaction or a property going back on the market.

If you have any short sale or foreclosure questions, or questions about this month’s statistical report, please do not hesitate to ask. For a copy for a copy of the full report, please go to my wesbsite and click on “monthly market statistics” along the left margin.

See you the beginning of March to check the market pulse once again.

Aloha Elaine

Nothing like a westside sunset over Niihau.

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………