About Princeville's Nihilani

As of this posting, there are at least 25 properties in the Kilauea, Princeville, and Hanalei areas that are in short sale or foreclosure. This list is compiled by RealtyTrac, the nation's leading source for foreclosures. This does not include the many sellers who are still current in their mortgages but still must seek short sales. The lists are divided into two types, those in pre-foreclosure where the NOD (notice of default) has been filed with the County of Kauai. Then there are those who already have their auction dates set. Experience tells us that its few and far between that the auctions actually take place on the dates noted in the RealtyTrac database. They are often postponed by the lender for a plethora of reasons.

Many of the Princeville foreclosures are at condo complexes like Kamahana, Mauna Kai, and the newest condo complex, Nihilani, by Brookfield Homes. Nihilani is a very nice complex but many sellers only bought to invest and got caught as the market turned If you wish to have a list of the most recent short sale properties in the North Shore of Kauai, drop me an email and I will forward the list to you immediately. You might also find it interesting to download the laws about Foreclosure in Hawaii to gain some insight as to the how this process may work.

Buyers who can qualify are getting some excellent values, and if you are one of them, you may want to check out the opportunity to own real property on one of the most people places on the planet.

Bali Hai view from this Nihilani Luxury Condo in Foreclosure in Princeville. Owner paid $761,000 for this 3 bedroom unit. Default amount is 609,000.

Aloha,

It looks like the developer of Nihilani condos is finally getting competative with the resales. In other words, Brookfield is getting real. Case in point: Nihilani 33A, a three bedroom, two and a half bath townhouse style condo listed by Brookfield for $731,500 closed on 12-08 at the unbelievable price of $625,000. Now that's what I call a price discount and is a strong indication of how desperate the developer is to move these remaining units and get down to business with their new Poipu project, PiliMai.

Don't get me wrong. There's nothing wrong with these condos that is causing the developer to "unload" then except for the fact that they got caught like everyone else in the market decline. Here they were building this great complex, increasing the price each release, when the market started to decline. Unfortunately for the developer, for whatever reason, they were very slow to react and were left basically holding the bag on many fine units with no buyers in sight. The current list prices are still a little high compared to some of the resales but this sales price tells the story. Come in and bargain because we're ready. If you've always wanted a nice, new condo filled with upgrades in a premier resort destination now is the time.

One word of advice: do not walk into the site office without an agent otherwise you will become the developer's agent's client and will find yourself in a dual ageny situation. I never advocate dual agency and do so even less in today's market where there is so much room for negotiation, if you only ask. I believe each client should have an agent working for them and ONLY for them. This is a rare chance to buy at great prices and I am glad to see that Brookfield is back in the game. Call if you'd like to see the complex!

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!

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