The news today is that what I believe to be the firse resale Ka™iulani went into escrow after 307 days on the market. This unit is priced at $1,685,000; down considerably from the original $2,150,000 it was listed for in 4/07. Unfortunately, this unit was purchased for $1,861,490 in 3/07, which will probably net the seller a nice tax deduction for 08.

These are all the Ka™iulanis currently listed and in escrow/under contract:

Copyright 2/12/2008 by Hawaii Information Service
Listed
207166 T A 5 4-5-3-6-22-59 FS $995,000 Kaiulani Of Princeville #59 1,892 #59 2/2.5
206788 T A 5 4-5-3-6-22-70 FS $995,000 Kaiulani Of Princeville #70 1,781 #70 2/2.5
206220 T A 8 4-5-3-6-22-67 FS $1,095,000 Kaiulani Of Princeville #67 1,901 #67 2/2.5
207194 T A 4 4-5-3-6-22-72 FS $1,295,000 Kaiulani Of Princeville #72 1,901 #72 2/2.5
202550 T A 119 4-5-3-6-22-41 FS $1,590,000 Kaiulani Of Princeville #41 2,479 #41 3/3
202473 T A 112 4-5-3-6-22-27 FS $1,899,000 Kaiulani Of Princeville #27 2,864 #27 3/3.5
206549 T A 18 4-5-3-6-22-3 FS $1,900,000 Kaiulani Of Princeville #3 2,843 #3 3/3.5
205973 T A 28 4-5-3-6-22-48 FS $1,900,000 Kaiulani Of Princeville #48 2,476 #48 3/3
203934 T A 87 4-5-3-6-22-22 FS $2,395,000 Kaiulani Of Princeville #22 2,864 #22 3/3.5
201156 T A 103 4-5-3-6-22-18 FS $2,500,000 Kaiulani Of Princeville #18 2,864 #18 3/3.5
203210 T A 12 4-5-3-6-22-20 FS $2,650,000 Kaiulani Of Princeville #20 2,864 #20 3/3.5

Contingent
194231 T C 307 4-5-3-6-22-43 FS $1,685,000 Kaiulani Of Princeville #43 2,443 #43 3/3.5

Under Contract (all developer™s units)
152060 T U 0 4-5-3-6-22-71 FS $825,000 Kaiulani Of Princeville #71 1,901 #71 2/2.5
152059 T U 0 4-5-3-6-22-69 FS $835,000 Kaiulani Of Princeville #69 1,901 #69 2/2.5
152065 T U 0 4-5-3-6-22-61 FS $855,000 Kaiulani Of Princeville #61 1,781 #61 2/2.5
152066 T U 0 4-5-3-6-22-64 FS $855,000 Kaiulani Of Princeville #64 1,781 #64 2/2.5
152056 T U 0 4-5-3-6-22-65 FS $855,000 Kaiulani Of Princeville #65 1,901 #65 2/2.5
152053 T U 0 4-5-3-6-22-60 FS $870,000 Kaiulani Of Princeville #60 1,901 #60 2/2.5
151410 T U 0 4-5-3-6-22-57 FS $875,000 Kaiulani Of Princeville #57 1,901 #57 2/2.5
151413 T U 0 4-5-3-6-22-58 FS $875,000 Kaiulani Of Princeville #58 1,781 #58 2/2.5
152054 T U 0 4-5-3-6-22-62 FS $995,000 Kaiulani Of Princeville #62 1,901 #62 2/2.5
152095 T U 0 4-5-3-6-22-51 FS $1,650,000 Kaiulani Of Princeville #51 2,430 #51 3/3.5
152075 T U 0 4-5-3-6-22-5 FS $1,750,000 Kaiulani Of Princeville #5 2,861 #5 3/3.5
152027 T U 152 4-5-3-6-22-9 FS $1,900,000 Kaiulani Of Princeville #9 2,864 #9 3/3.5
152028 T U 6 4-5-3-6-22-10 FS $1,900,000 Kaiulani Of Princeville #10 2,873 #10 3/3.5
152081 T U 0 4-5-3-6-22-16 FS $2,100,000 Kaiulani Of Princeville #16 2,861 #16 3/3.5

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

A buyer™s market makes it hard to flip property, no matter how beautiful and spectacular it is – which certainly describes Ka™iulani. Until next time¦.

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!

Aloha from Sunny Kauai! We finally have a perfect day with everything you™d expect from a tropical paradise. Sun, blue sky, fluffy white clouds and of course, the tradewinds. I live in a complex (Cliffs) that not only has whole ownership but also timeshare, and I often feel sorry for the visitors that get here just in time for a week of rain. Sometime I think it bothers me more than it bothers them, as they simply put on their rain slickers and go about their daily walk or on shopping jaunts. I™m sure what I fail to consider is that a rainy day here is better than a freezing one at home. Just goes to show you how spoiled you can become living here. It was a busy weekend, so let me get right to your weekly update!

Copyright 2/10/2008 by Hawaii Information Service

NEW LISTINGS
207166 T A 3 4-5-3-6-22-59 FS $995,000 Kaiulani Of Princeville #59 1,892 #59 2/2.5
206788 T A 3 4-5-3-6-22-70 FS $995,000 Kaiulani Of Princeville #70 1,781 #70 2/2.5
206220 T A 6 4-5-3-6-22-67 FS $1,095,000 Kaiulani Of Princeville #67 1,901 #67 2/2.5
207194 T A 2 4-5-3-6-22-72 FS $1,295,000 Kaiulani Of Princeville #72 1,901 #72 2/2.5
206958 T A 5 4-5-4-5-23-17 FS $565,000 Plantation At Princeville #511 1,153 #511 2/2
206939 T A 7 4-5-4-12-10-16 FS $670,000 Emmalani Court #314 1,192 #314 2/2
206801 T A 1 4-5-4-5-7-48 FS $759,000 Princeville Sealodge #E10 633 #E-10 1/1
206628 T A 6 4-5-4-5-39-154 FS $945,000 Cliffs At Princeville #6306 1,186 #6306 2/2

BACK ON THE MARKET
189728 T A 376 4-5-4-5-12-19 FS $599,999 Sealodge Ii #H1 556 #H1 1/1

CONTINGENT SALES
206096 SH C 25 4-5-4-5-23-23 FS $165,000 Plantation At Princeville #621 1,318 #621 3/3

SALES
152030 T S 0 4-5-3-6-22-12 FS $1,700,000 Kaiulani Of Princeville #12 2,873 #12 3/3.5
SOLD 2/7/2008 for $1,732,190 (CNV) DOM 0

WITHDRAWN
180178 T W 592 4-5-4-5-12-33 FS $925,000 Sealodge Ii #J6 754 #J6 2/2

PRICE CHANGES
185798 T A 482 4-5-3-11-1-14 FS $869,000- Villas On The Prince #14 1,737 #14 3/3
173568 T A 669 4-5-4-5-17-15 FS $470,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
191060 T A 362 4-5-4-5-13-4 FS $499,000- Kamahana #4 1,145 #4 2/2
200357 T A 166 4-5-4-5-23-42 FS $576,000- Plantation At Princeville #1112 1,153 #1112 2/2
189728 T A 376 4-5-4-5-12-19 FS $599,999- Sealodge Ii #H1 556 #H1 1/1
200456 T A 164 4-5-4-12-11-14 FS $1,749,000- Puu Poa #114 2,065 #114 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.

For new listings, we have two more developer™s Kai™ulani™s on the market, units 59 and 70. It looks like these may have been previously in escrow and fallen out for some unknown reason. Two more resale Kai™ulani™s came on the market at the same time: Kai™ulani #67 which was purchased for $895K on 11/08 and priced at a 22% increase at $1,095,000 along with #72 which gathered even more appreciation, 51%, since it™s purchase in 4/07 for $857,2270 and is now listed for $1,295,000! If you are looking to buy a Kai™ulani you now have several more to choose from¦

Plantation #511 is not all that new, having been previously listed for 255 days starting at $635K in 12/06 and reducing to $595K before the listing was withdrawn and relisted with a new agent at $565K. During the life of the previous listing, the unit was in escrow from 5/20/07 to when it was withdrawn on 9/6/07. My guess would be that it fell out of escrow and the disappointed seller withdrew the unit to take a break. Buying and especially selling is hard on the clients“ very emotional and sometimes stress filled. Taking a break is not that uncommon.

Emmalani Court #314 is also a new listing, and was purchased in 12/94 for $330K. At last, a seller who has equity! Continuing on, Sealodge E10, now listed for $759K was purchased 9/03 for $499K. Finally, we have Cliffs #6306 which was purchased on 11/05 for $895K and is now listed for $945K. Interestingly, when this unit sold in 11/05, it was only on the market for 14 days. How times have changed!

Back on the market after the listing expired is Sealodge unit H1, purchased in 8/05 for $560K. This unit started at $749K in 5/07 and was reduced from $633K to the current price of $599,999 on 2/8/08. There must some magic in the number nine for this seller. You™ll also see this property listed under price changes as the seller reduced when they continued the listing

Our only property to go into escrow is the fractional share of Plantation #621. If you want a fractional in this complex, this unit is priced the same as the 2 bedroom, 2 bath Plantation that is currently listed. The only sale this week is yet another developer Kai™ulani sale.

Of course, the largest catagory is always the price changes, which are all reductions. Villas on the Prince #14 went from $885K to $869K, from an all time high of $1,050,000. This unit was purchased in 6/03 for $570K. Ali™i Kai 9G was reduced from $570K to $470K. Now that™s a price reduction that get™s your attention. 9G was purchased in 12/99 for $151K so they can certainly reduce to sell this unit if necessary

Kamahana #4, purchased in 9/05 for $499K went from $549K to $499K having started out at $559K. This seller will certainly be taking a loss on this unit. Plantation 1112 was purchased for $430K in 11/05 and was reduced from $576K to $575,900. This unit has been minimally reduced several times this week just to keep it on the daily update page of the MLS. Pu™u Po™a #114, purchased 3/05 for $1.4M was only on the market 24 days and was listed for $1,388,000 at the time. It was previously listed for 116 days in 3/07 for $1.975M after which the seller became licensed and listed the unit themself for $1.849M. It was reduced a full $100K to $1.749M.

Everyone always asks about Princeville houses too, so I will continue providing a weekly update as a courtesy. If time permits, I will give the œbehind the scenes info on these properties too. Just remember, whether or not I have time to œresearch houses in my blog, I am always available to research any property Islandwide at your request. Here™s this week™s Princeville house update:

Copyright 2/10/2008 by Hawaii Information Service

NEW LISTINGS
206835 RS A 6 4-5-4-9-58 FS $995,000 5345 Honoiki Rd 10,005 sqft 2,572 3/2
206454 RS A 5 4-5-4-16-65 FS $1,345,000 4465 Emmalani Dr 10,896 sqft 2,122 3/2

CONTINGENT SALES
203965 RS C 82 4-5-4-20-3 FS $1,199,000 5121 Kapi™olani Loop 30,742 sqft 1,989 3/2.5
198602 RS C 60 4-5-4-16-86 FS $1,290,000 4114 Nalani Ln 12,012 sqft 4,000 4/4

WITHDRAWN
204102 RS W 73 4-5-3-12-42 FS $1,195,000 4046 Aloalii Dr 8,041 sqft 1,603 2/2.5
196002 RS W 266 4-5-4-23-24 FS $888,000 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
204206 RS W 49 4-5-4-20-27 FS $890,000 5142 Iolani Pl 8,641 sqft 1,562 3/2

PRICE CHANGES
197400 RS A 235 4-5-3-11-46 FS $2,195,000+ 4140 Aloalii Dr 18,188 sqft 3,469 3/3
192103 RS A 341 4-5-4-24-5 FS $899,000+ 4200 Waileia Pl 9,639 sqft 1,928 3/2.5

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

5345 Honoiki is a new listing, which was purchased 11/01 for $305K. 4465 Emmalani, now listed for $1.345M was previously listed for 364 days for $1.5M and was purchased 5/04 for $845K.

It may look like 5121 Kapiolani went quickly into escrow with only 82 days on the market, but look again. This home was first listed in 7/05 for 180 days, starting out at $2.250M and ending at $1.799M. It was then relisted for 384 days in 1/06 starting again at $1.799M and reducing to $1.560. It was listed a third time (they say the third time is a charm¦) in 4/07 for 222 days from $1.556M to $1.389M. It was relisted with the current agent who started at $1.389M but reduced down to $1.199M before it went into escrow this past week.

Now – some people would look at this and say the bottom is falling out of the market. However, I don™t see it that way at all. Here I go out on the limb again with my ever present opinion but I would say : Considering that the seller bought this house in 6/05 for $1.050 it has been overpriced for a long long time. This seller tried to flip a house just when the market started turning. It was first listed 7/27/05 for $2.250M. Hmmm, quite a bit of appreciation in one month™s time. When you start to look at the timeline, you see that the market is just fine¦.the house was simply overpriced“ a lot!

Moving right along to Nalani, this home was built in 2004 with the last purchase being that of the land for $135K in 5/01. The house was initially priced at $1.575M but this astute seller quickly dropped to $1.290M and successfully found a buyer with only 60 days of market time.

As for 4046 Aloali™i, this home is currently under construction and came on the market at $1.989M, the reduced to $1.895M before being increased this week to $2.195M. I guess if it doesn™t sell for less, you can try selling for more. No really, in all fairness, the seller probably figures that now that the house is beginning to take shape, buyers are able to get a better feel for the house as opposed to when it was just being sold from house plans.

An finally we have the saga of 4200 Waileia Place. This golf course home was purchased 7/05 for $820K and listed 3/07 for $999,995. During its 342 days on the market, the home was reduced several times, until it was finally at $799K. At that point, it was reduced another $100K to $699K and the comment that it was a short sale subject to lender approval was added to the listing remarks. Now, after considerable interest at that attractive price, it has suddenly found new life and rebounded to $899K. What isn™t clear is if it is still a short sale, as that language is no longer in the remarks section of the listing. Like I said before, if it won™t sell for less, try try selling for more.

Until next time,

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!

As of July 1, 2005 there was a change in the amount of conveyance tax that sellers pay when transferring property. A conveyance tax, much like the name implies, is a tax paid to the state of Hawaii œfor all transfers or conveyance of realty or any interest therein¦ (Section 247.2 HRS) Prior to July 1, 2005, the tax paid was a flat .10 per $100 of value. For example, if you sold property for $400,000 your conveyance tax was $400; for a $1,250,000 sale the tax was $1,250 regardless if it was a single family residence, condo or land.

Now if you sell a home, condo or land, you pay .10 per $100 for sales up to $600,000, .20 per $100 for sales from $600,000 up to $1M with the highest tax rate of .30 per $100 of value reserved for sales $1M and over. That™s quite an increase! The $700,000 sale that used to cost you $700 is now $1400!

But it gets even better. This 2005 law increased not only the cost of selling a property in Hawaii, but it also unfortunately penalizes the seller if you are selling a single family residence or condo and the buyer is an œinvestor. Yes you heard me right. If you buyer is an investor (i.e. ineligible for a county homeowner™s exemption on property tax) your tax rate will be as follows: (this does not apply to land)

(A) .15 per $100 for properties less than $600,000;
(B) .25 per $100 for properties from $600,000, but less than $1,000,000: and
(C) .35 cents per $100 for properties with a value of $1,000,000 or greater.

Now your $700,000 sale to an investor will cost you $1750.

You may be wondering, why do YOU have to pay more simply because YOUR buyer is an investor?” Well that™s still a mystery to me. So why should you know this? It™s simple: If your buyer is an investor you may want to ask your real estate agent to negotiate for the buyer to pay the difference. Admittedly, in today™s buyer™s market, it™s hard to get buyer™s to acquiesce to much of anything but you just may find yourself in a situation where there is room for negotiating and you may be able to save yourself a few dollars. Even if you do not use this as a bargaining tool, you should be fully informed as to what your expenses will be upon the sale of your property. Seller beware!

Questions and comments are always welcome. Just call or email.

Aloha,

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!

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 œgiven that listings go with that agent. Since all listings are œheld 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 œrest 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 œwhy 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 œupside 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 œnot 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!

Aloha,

I™m going to divert from my usual Princeville focus and switch down to Poipu for a moment to pass along some information received from Brookfield Homes, the developer of Princeville™s Nihilani. Brookfield just announced they have received their builidng permits for their Poipu condo project, PiliMai, which I thought might have been tabled due to softening of our market. Apparently, not so!

œWe are pleased to announce to our buyers and the real estate community that we have received our permit to begin construction of the first phase of PiliMai, said Jeffrey Prostor, president of Brookfield Homes Hawai˜i. œGrading and water line infrastructure are currently in progress.

PiliMai is located adjacent to the Kiahuna Golf course and the Poipu Shopping Center and offers two, three and four bedroom condos ranging from 1,208 to 1,850 sqft in both townhouse and single story configurations. Mountain, golf course and distant ocean views will be seen from throughout the complex. In addition, the complex includes a private recreational village complete with pools, spa, exercise center and gathering pavilion.

Pre-construction pricing ranges from the $600,000s to the $900,000s. The first phase of construction is scheduled for completion in 2009, and when completed will consist of 191 units.

If you would like additional information, please do not hesitate to call or email me.

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

Aloha,

I™m going to get right down to business this week so here it is: your update for this past week:

Copyright 1/13/2008 by Hawaii Information Service

NEW LISTINGS
205059 T A 3 4-5-3-11-1-3 FS $850,000 Villas On The Prince #3 1,737 #3 3/3
205685 T A 4 4-5-4-15-21-21 FS $459,000 Sandpiper Village I #121 1,042 #121 2/2
205596 T A 1 4-5-4-15-21-30 FS $535,000 Sandpiper Village I #130 1,042 #130 2/2
205798 T A 4 4-5-4-6-1-34 FS $920,000 Villas Of Kamalii #34 1,825 #34 3/3
205638 T A 2 4-5-4-11-3-13 FS $1,350,000 Hanalei Bay Resort #C15 1,705 #C15 3/3

BACK ON THE MARKET
181966 T A 527 4-5-4-15-21-50 FS $549,999 Sandpiper Village I #213 1,173 #213 3/2.5

CONTINGENT SALES
196331 SH C 234 4-5-4-6-1-42 FS $245,000 Villas Of Kamalii #42 1,825 #42 3/3

SALES
152057 T S 0 4-5-3-6-22-66 FS $895,000 Kaiulani Of Princeville #66 1,901 #66 2/2.5
SOLD 1/11/2008 for $896,720 (CNV) DOM 0

152067 T S 0 4-5-3-6-22-67 FS $895,000 Kaiulani Of Princeville #67 1,781 #67 2/2.5
SOLD 1/11/2008 for $895,000 (CNV) DOM 0

WITHDRAWN
194278 SH W 253 4-5-4-5-23-23 FS $165,000 Plantation At Princeville #621 1,318 #621 3/3
196532 T W 226 4-5-4-12-2-6 FS $515,000 Hale Moi #106 1,033 #106 2/2
196871 T W 202 4-5-4-12-8-20 FS $995,000 Pali Ke Kua Ii #227 993 #227 2/2

PRICE CHANGES
198765 T A 157 4-5-4-15-21-32 FS $434,000- Sandpiper Village I #132 1,042 #132 2/2
171233 T A 720 4-5-4-11-3-84 FS $488,000- Hanalei Bay Resort #N22 867 #1513 1/2
193495 T A 290 4-5-4-12-2-16 FS $525,000- Hale Moi #116 1,033 #116 1/2
186819 T A 427 4-5-4-6-1-20 FS $874,900- Villas Of Kamalii #20 1,825 #20 3/3
180178 T A 565 4-5-4-5-12-33 FS $925,000- Sealodge Ii #J6 754 #J6 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.

We do have several new listings, starting with Villas on the Prince #3 which was last sold on 9/05 for $849K. This is followed by Sandpiper 121 which last sold on 1/05 for $510K putting this seller œupside down from the œget-go. This unit was previously listed by another agent from 11/06 to 4/07 for $559K. You have to hand it to this seller for their willingness to come down closer to a more realistic price, although the last two bedrooms units in this complex sold for $379K (totally fixed up) and $340 (in need of a lot of help) and the last three bedroom sold for $450K on 12/07.

Moving right along, Sandpiper 130 is a new listing, having been purchased for 6/03 for $238K. Villas of Kamalii #34 was purchased on 12/04 for $670K and was previously listed briefly from 6/11 to 6/30 for $859K. Hanalei Bay Resort has been relisted after being previously listed for 357 days starting $1.590M and ending at $1.399M. It is now listed for $1.350M.

The only unit that went into escrow was Villas of Kamalii #42 that was a fractional share. This is a very nice townhouse style condominium that is beautifully decorated and offers great value as a fractional. Our two sales this week were once again Kai™ulani developer units.

As for the price changes: Sandpiper 132 was reduced from $484K to $434K, Hanalei Bay Resort N22 (which is owned, in part by the listing agent) was reduced from $499 to $488K, (this unit was purchased in 1/06 for $469,900) Hale Moi 116 went from $549K to $525K, Villas of Kamali™i dropped $25K from $899K to $874K and Sealodge J6 saw it™s second reduction in 565 days on the market from $949K to $925K. This seller appears capable of further reductions since they purchased the unit back in 11/78 for $62K. These are the 5 highest sales in Sealodge since 2004 when the market took off. Although they are all 1 bedroom, some are in the J building. As you can see, no Sealodge has sold for more than $762K.

Copyright 1/13/2008 by Hawaii Information Service

174467 T S 87 4-5-4-5-12-27 FS $745,000 Sealodge Ii #H9 567 #H9 1/1
SOLD 7/14/2006 for $745,000 (CNV) DOM 87

164799 T S 130 4-5-4-5-7-25 FS $755,000 Princeville Sealodge #C5 566 #C5 1/1
SOLD 4/7/2006 for $750,000 (1031, CNV) DOM 130

159069 T S 30 4-5-4-5-12-30 FS $759,000 Sealodge Ii #J3 556 #J3 1/1
SOLD 10/3/2005 for $720,000 (CNV) DOM 30

180131 T S 52 4-5-4-5-12-24 FS $775,000 Sealodge Ii #H6 567 #H6 1/1
SOLD 12/14/2006 for $725,000 (CNV) DOM 52

192714 T S 28 4-5-4-5-12-29 FS $825,000 Sealodge Ii #J2 560 #J2 1/1
SOLD 5/8/2007 for $762,000 (CNV) DOM 28

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

Happy Condo Hunting. Please do call or email with any questions or comments.

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!

The end of year statistics are out and overall for Princeville condos it was a good year after all, despite all the gloom and doom news heard on every new channel and in every newspaper.     For Hanalei Zone, which includes the condos both in Princeville as well as Hanalei Colony Resort down in Wainiha, the total number of sales for the year was only off 2.44%.   In 2006, 123 condos were sold while in 07 only 3 less were sold!   For the month of December there was a huge 50% drop which sounds bad but only means that 6 instead of 12 condos sold like they did in 2006.  

Interestingly, sales volume is up too, probably due in part to the release of Kai’ulani which is a beautiful high end complex still under construction in the Princeville Queen Emma’s Bluffs area.   (by the fountain as you first enter.)   Sales volume overall is up a hefty 40.32 % with 2007 showing $118M over 2006™s $84M while monthly sales for December 06 vrs 07 show a decline from $8M to $4M.  

The median sales price also shows an increase with the median for 07 up a strong 24.77% over 06.   Of course, this just means that more high end than low end condos were sold.   As I always say, the rich always have money and usually do not have the same concerns as those who are struggling to find mortgage money or make payment.   In the Hanalei Zone the median condo price went from $640K to $798K.   Again, December overall was a down month as the median price went from $750K in 12/06 to $472K in 12/07 for a 37% drop.      

If you were wondering if Princeville is a popular and /or desirable place, here™s what I call a clue — Island wide the number of condo sales for the year were off a whopping 57.74%, down from 698 sold in 06 to 295 sold in 07.   For the month of December the statistic is just as dismal, with 51 sold Dec 06 and 13 sold in Dec 07 which is a 74.51% drop.  

Condo sales volume Island wide was also down from $353M in 06 to $208M in 07 for a 41.07% drop.   Interestingly, condo median sales price Island wide was up from $405K to $565K.

And for a final note of comparison, Koloa Zone condos sales which includes Eleele to Koloa, are down year to date 10.98% with 82 sold in 06 and 73 in 07.   Lihue “zoned” condos which includes Puhi to Wailua are down year to date from 472 in 06 to 78 in 07 for an 81.65% drop.   And finally in the Kawaihau area which is Wailua to Aliomanu, condo sales are off 66.18% from 68 in 06   to 23 in 07.

If you’d like to view all the December statistics, click here to go to my website for your viewing pleasure.   Hurray for Princeville for a good 2007!   As an owner of two condos up here, I’m happy to see that the buyers are still buying Princeville!

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

It’s always fun to look at the daily update and see what’s what.   For those of you unfamiliar with the Kauai Multiple Listing service, everyday, throughout the day, the MLS is updated with new listings, properties that went into escrow or were sold, withdrawn or reduced. I always like to see what’s been reduced since I think so many of them are still overpriced.   What’s also of interest to me is the amount of reduction.   For example, here are the price reductions for today:

PRICE CHANGES
 
  189229 T A 338         4-3-3-3-48-19 FS   $588,000-   Regency Huleia #19   1,404 #19 3/2.5  
  197404 T A 364         4-4-3-2-13-127 FS   $299,000-   Islander On The Beach #148 372 #Niihau 0/1  
  203027 T A 70         4-4-3-2-13-125 FS   $329,000+   Islander On The Beach #146 372 #Niihau 147 0/1  
  196201 T A 227         4-5-3-11-1-26 FS   $960,000-   Villas On The Prince #26       1,765 #26 3/3  
  194396 T A 177         4-5-4-5-4-17 FS   $599,950-   Ka’eo Kai Ph I #7B       2,603 #7B 3/3  
  185479 LN A 428         4-2-8-14-35 FS   $625,000+   Pau A Laka St   12,071 sqft      
  203016 LC A 71         4-5-2-12-9-4 FS   $2,995,000-   2297-H Kahili Quarry #4   11.81 ac          
  194651 LC A 261         4-5-2-12-9-5 FS   $3,295,000-   Kilauea Agricultural Subdivision   11.13 ac          
  200086 RS A 1         4-2-8-28-91 FS   $1,900,000-   2228 Iukika Pl   10,858 sqft   2,950 5/4  
  181040 RS A 541         4-4-6-24-45 FS   $395,000-   5325 Luana St   6,000 sqft   1,008 3/3  
  199919 RC A 140         4-4-6-15-13-6 FS   $399,000-   4890 Nunu Rd #6   5,104 sqft   850 3/2  
  193229 RS A 280         4-4-6-13-35 FS   $489,000-   5434 Kula Mauu St   6,392 sqft   1,708 4/3  
  200130 RO A 129         4-5-2-6-50 FS   $615,000-   2460 Kolo Rd   9,661 sqft   1,800 4/3  
  195521 RS A 242         4-5-4-15-3 FS   $1,492,975-   3979 Kamehameha Rd   10,772 sqft   3,425 5/3.5  

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

You will see that two optimists increased their price.  The  land at Pau  A Lake went from $595K to $625K.   I guess if it doesn’t sell for $595K after some 400 days on the market you may as well increase the price.   The  ”big reduction” award for today goes to the land at 2297 Kahili  Quarry which wins  the all time price decrease award with a whopping $1M reduction from $3,995,000 to $2,995,000.   Now, that will get your attention.

Another interesting reduction is  the house on Kamahana.   This home has seen several $1000 a day reductions which have been going on with some degree of regularity since  12/27.   The thing about a very small reduction every day is that your property shows up EVERY DAY on the  update  which gives it daily  exposure. I know some agents who “tweak” their price almost  daily- up one down two,  whatever, just to keep their listing on the “front page.”   This has to be done of course, with the seller’s approval as the agent cannot arbitrarily make pricing decisions without the client’s approval.  

As I said, this listing update come out everyday and is readily available. If you have a particular property or area in mind, let me know and I can track the price point on a daily basis.   Just one of the many things available through our MLS.   Happy Real Estate 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

If you™re one of those Island visitors who come for several months during the winter, perhaps you™d like to volunteer for the National Oceanic and Atmospheric Administration™s Annual Whale Watch count that starts on January 26th and continues on February 23rd and March 29th. This shore based count, held throughout the Island requires attendance at a short training session scheduled for January 12th. For more information call 246-2860. If counting is not your thing, you can always stop and talk to a Naturalist to learn more about whales. Naturalists will be present at the Princeville Hotel Grounds, the Kapaa Overlook area and the Poipu Beach Park on the œcount days.

Seeing the huge splash of a whale tail slapping the water, or even better, a full on breech, is simply incredible. Last year, it was almost the end of the season and I hadn™t seen much more than a few spouts and was feeling that I™d missed out for the year. As I came into my kitchen I suddenly saw a huge splash out of the corner of my eye. That™s usually how it goes for me ” I see the aftermath instead of the actual event but this time I got the full on treatment. That whale slapped his fluke in the water almost 16 times in row, long enough for me to run to get my binoculars. The way I saw it, I got my whale watching season all in that one morning.

I™m still waiting to see my first whale this season, although a friend of mine has already seen a pod over on the Westside. I™m very optimistic though ” after all the season is still young! When it happens, I™ll let you know ” You™re more than welcome to do the same. Happy Whale œHunting.

Aloha, Elaine

While reviewing The Garden Island newspaper in preparation for writing my newsletter, (which can be seen on my website) I came across an article in the Business Section of the Dec. 16th issue that surprised me.   I didn’t realize that œThe Mediterranean Gourmet, located beachfront at the Hanalei Colony Resort in Ha™ena, was recently named one of Kauai™s top three restaurants for 2008 in Honolulu Magazine™s 24th annual Hale ‘Aina Awards.   The Mediterranean Gourmet followed The Beach House and Roy™s Poipu Bar & Grill in securing the top three spots.  

“To be open less than two years and already be recognized at the same level as two of Kauai’s most acclaimed and long-standing restaurants….we are very proud!” Laura Richards, the resort’s general manager, said in a press release.”  

“Last year, the Mediterranean Gourmet was named “best New Restaurant” in Kauai by the magazine after having been open six months.”

This surprises me because I have seen numerous restaurants come and go in this rather remote Hae™na location.   The setting is outstanding, right on the beach where you can sit and have lunch or dinner while watching the waves come crashing in. (Especially during the winter months.)   I must say, I’ve had lunch there once or twice and it was very good.

When I moved here in 1991, the restaurant that was there was Charo™s, named of course after the cucchi cucchi entertainer herself.   She left sometime after the hurricane, and I honestly lost track of the various entrepreneurs who came in and tried to make a go of it.   Congratulations to The Mediterranean Gourmet for their success.   They really must be good if people are willing to travel to Ha™ena to eat there.   In my mind, Ha™ena is off the beaten path, but perhaps I™ve been here too long.   Try them sometime in 2008 and let me know what you think.

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!