This week on Kauai 5 properties were reverted back to the lender on the courthouse steps. Approximately 30 auctions were postponed til dates in August and September. 12 new listings are distressed properties. The distressed property market is primarily composed of two things:
- REO (Real Estate Owned) – These properties have already been foreclosed on by the lien holder, assigned to an asset management company, and relisted with an REO agent.
- Short Sales – these properties may or may not be in foreclosure but the proceeds of the sale will be less than what is owed to the lienholder and thus require lienholder approval.
Two of the best North Shore values that just listed are in Princeville proper, where an owner can have a legitimate vacation rental. Princeville is sanctioned by the county of Kauai for this purpose since it lies within the VDA (visitor destination area).
8th hole of Prince Course from Villas on the Prince
Villas on the Prince – Unit 30
This 3 bedroom, 3 bath townhome (MLS# 237228) looks out at the Hanalei mountains and overlooks the world renowned Prince Golf Course. This is a short sale with Bank of America and is listed at $579,000. Remember, the pricing requires lienholder approval so it may sell for more than this in the end. The unit is in clean shape and is unfurnished.
5141 Kapiolani Loop
This single family home ( MLS# 237229) is probably the best value for a home under $600,000 in Princeville. It features 5 bedrooms, including two upstairs with spacious lanai and pretty mountain views. The practical laminate flooring is easy to maintain in Kauai and there is a great garden and backyard that can keep you busy if you nurture it. Priced at only $549,000, this home must be sold within two weeks. Read entire post →
Posted by Sagar Hallal, RA on June 1st, 2010 |
Tags: Condos, Deals, For Sale, Foreclosures, Kauai, Mauna Kea, Princeville, Puamana, REO
As recently as 3 months ago, bargain seekers had only to scan Princeville condo listings to find a great deal.
One of the few Princeville condo deals on the market today, a Puamana REO (MLS# 234354)
Some listing prices there, impacted early in the game by short sales and REO’s, had fallen to less than 50% of their sales prices at the height of the market. Some excellent deals were had by savvy Buyers.
So where are the deals now? Good question—I had the opportunity to show Princeville condos yesterday and could only find two listings that fit my description of a “deal”. Read entire post →
Posted by Ron Margolis, RA, ABR on May 9th, 2010 |
Tags: Condos, Deals, For Sale, Foreclosures, Hawaii, Homes, Kapaa, Kauai, Koloa, Princeville, REO
As we moved from April into May’s market the number of distressed property listings continues at a brisk pace.
There are three new short sales at the Kauai Beach Resort including a unit at $40,000 (MLS# 234148). Pretty soon they’ll be paying us to take these units, LOL.
At the Islander on the Beach, a smaller condotel complex in a great location across from the Coconut Marketplace, we had 5 new listings that are Kauai REO’s from Pacific Rim Bank, plus a new short sale listing. Prices have adjusted at this complex so that the choicest oceanfront units (truly oceanfront where the pounding surf may keep you awake at night) have adjusted from their selling price of $350,000 to between $150,000-165,000 (MLS#234015 & MLS# 234481)—a correction of over 50%.
Kauai REO Highlights
Check out all Kauai Foreclosure Listings →
- A 2 bedroom condo at Puamana in Princeville ( MLS #234345), adjacent to the fabulous Westin Resort in Princeville, home of the superb Nanea restaurant and bar. Over 1,532 sq. ft and priced at under $200 a square foot, this is a lot of condo for the money.
- A larger parcel close (MLS# 234286) to Koloa on the south side, this property has been occupied for years through an agreement of sale that has now gone bad. Yes, it needs work. But, this is 5 bedrooms, 3 baths, on a half an acre close to the south shore’s tourist area and you can purchase it for less than $400K is my guess. Read entire post →
“I never saw such a romantically beautiful spot in all my life time. Were I forty years younger… I would throw the Foreign Office with all its musty papers in the King’s hands and spend the remainder of my life here.”
—Robert Crichton Wyllie, founder of Princeville at Hanalei.
In 1845, Scottsman Wyllie entered the service of King Kamehameha IV as Minister of Foreign Affairs. He purchased the area, today known as Princeville, for the king. Wylie planted sugar cane and coffee and constructed a large, modern sugar mill. Wyllie named his sugar plantation “Princeville” in honor of a visit to Kauai by two-year-old Prince Albert and his parents, King Kamehameha IV and Queen Emma.
The vivid blue Pacific Ocean – a perfect backdrop for your dream house
Five minutes from this historically beautiful plantation is land where you can create your own piece of history. Perched high atop one of the North Shore’s most exclusive developments, Anini Vista boasts unparalleled views of land, sky and sea. As you revel in the breathtaking ocean and mountain views of MLS 225424, you’ll agree this is the ideal location for building a home fit for a king or queen. Read entire post →
For the first time since 2008, a single family home in Princeville has closed for over 1 million dollars.
The sales price was 85% of the listed County assessed value.
This is significant, as there are 35 ( ! ) homes in Princeville currently listed for over 1 million dollars. We hope that the advent of this comparable sale leads some sellers to reassess their listing prices.
Posted by Ron Margolis, RA, ABR on April 10th, 2010 |
Tags: Anahola, For Sale, Foreclosures, Hawaii, Homes, Kapaa, Kauai, Kilauea, Lawai, Lihue, Moloaa, Poipu, Princeville, Puhi, REO, Short Sales
Whatever your price range, there’s an REO for you.
Kauai’s REO inventory offers homes in multiple price ranges, although the majority of the bank-owned properties are in a more modest price range. When the banks foreclose, the banks have already done an appraisal and are pretty clear on the value of the home. REO listings are generally very well priced, and there’s not too much negotiation on them. In fact, a bank-owned Nihilani in Princeville listed for $418,900, almost $100,000 below the current market value of these modern townhomes, and no wonder there were four offers above asking price within a week.
Custom home with big ocean views (MLS# 233650) - waiting for you to finish
Here are the newer REO listings you may consider:
- 4673 Hauaala Road, Kapaa. (NEW) A 2 bed / 1 bath home on 1.9 acres of land. $695,000. (MLS# 232984).**
- 4208 Mano St, Puhi (Lihue area). $325,000. Already under contingent contract. (MLS# 233538).
- 3874 Hunakai St, UluKo subdivision, Lihue. A 3 bed / 2.5 bath, plus family room. This home is big, but quite a project. Not for the faint-hearted. $434,900. (MLS# 232974).
- 1643 Papau St, Kapaa. This is a 3 bed / 1.5 bath home. One of the more affordable eastside homes. $259,900. (MLS# 232990).
- 2365 Oka St, Kilauea. 2 bed / 1 bath homein Kilauea town, a popular neighborhood for young families. $269,900. (MLS# 231859).
- 3648A Moloaa Rd, Moloaa Bay. Just steps from the ocean. $832,800 (MLS# 232417).
- 4560-M Uha Road, Lawai. A large brand new but not yet finished 4 bed / 4.5 bath home on 2.04 acres. $900,000. (MLS# 233650).
- 4462 Imua Place, Kilauea. A 3 bed / 3 bath home appearing to be in good condition. $399,900. (MLS# 232165).
- 5086 Napookala Circle, Princeville. Fabulous golf course lot, 15,326 with a tired 2,206 sq. ft home, needs reworking but great potential. $643,800. (MLS# 229705).
- 4679 Emmalani Dr, Princeville. 1861 sq.ft. of living area. Great mountain views. There is a non-conforming 1 bedroom apt. downstairs not included in the square footage. $567,000. (MLS# 227993).
- 4345 Naulu Place, Koloa. Located off of Omao Road this property is a true fixer upper. This property has it all. Rot, mold, termites and more. It is part of a 2-unit CPR. $190,980. The smaller home behind it was foreclosed on the courthouse steps this week and should be coming on market shortly. (MLS# 230334).
- 3384 Kekaha Rd #A, Kekaha, 2 bed / 1 bath home on a small CPR lot for $277,900. (MLS# 230302).
Read entire post →
Posted by Ron Margolis, RA, ABR on March 30th, 2010 |
Tags: Condos, Deals, For Sale, Foreclosures, Homes, Kapaa, Kauai, Land, Lihue, Princeville, REO, Short Sales, Wailua
While we have a few new REO listings and there are 16 Kauai REO properties in escrow, we continue to see an increase in short sales. Once the major lenders launch their participation in the HAFA program, we will continue to see more short sale opportunities and hopefully the time frame from writing an offer to a successful closing will get shorter. As an advanced member of Distressed Property Institute, we have a website that will help you understand what HAFA is all about.
View all Kauai Foreclosures →
Here are the latest list of Kauai Short Sales and Kauai foreclosures for the last two weeks.
1) Two excellent Princeville condo opportunities listed in the last couple of days. 
The Plantation at Princeville is a complex of 68 two and three-bedroom condos. Unit 622 (MLS# 233255) is a short sale listed for $415,000. Three bedrooms and three baths and this list price is now below the developer’s original prices in 2004 when the project was started. Each unit has a single car garage.
Plantation at Princeville short sale until location within complex
The other Princeville value (may be sold by the time you read this posting), is an REO at Nihilani at Princeville for $418,900, a modern condo complex of 34 triplexes (the last three units are just being built).
3 bedroom unit, turnkey vacation rental, Nihilani at Princeville Resort
The location of Unit 13C (MLS# 233385) is by the front entrance and on Pepelani Loop, so it will be a busy location. BUT, the unit has multiple upgrades including plantation shutters, built-ins in the closets and in the office, and appliances like a Fisher-Paykel dishwasher (I want one of those, you don’t have to scrub the dishes before putting them in the unit). A three-bedroom Makani floor plan has never sold at Nihilani for under $500,000 so this unit is definitely a deal.
2) In the condotel space, we have six new listings Read entire post →
Posted by Ron Margolis, RA, ABR on March 16th, 2010 |
Tags: First Time Buyers, Foreclosures, Hanalei, Hawaii, Kapaa, Kauai, Koloa, Lihue, Poipu, Princeville, REO, Short Sales, Wailua
Time is running out for the extended first-time homebuyer’s tax credit.
Join the experts from Wells Fargo Home Mortgage, Title Guaranty Escrow, Hawaii Life Real Estate, and 101 Financial who are co-sponsoring four free first-time homebuyer seminars on March 22, 24th and 26th and the following week on April 1st. Register online →
Sometimes when buying a first home, home buyers can get overwhelmed by the paperwork and the process. By attending this seminar, you ‘ll get a great head start on understanding this process of home ownership and acquire the knowledge that will help you be more confident when purchasing. Attendees are suggested to bring a notepad to take notes, and there will be plenty of handouts for each of the seminar participants sponsoring the event.
Learn
Our group of presenters will tell you what you need to know and help you avoid an potential scam that may come your way. Read entire post →
Posted by Ron Margolis, RA, ABR on March 4th, 2010 |
Tags: Condos, For Sale, Foreclosures, Hawaii, Homes, Kapaa, Kauai, Land, Lihue, Princeville, REO, Short Sales
The latest two weeks of new listings on Kauai feature something old and something new.
View all Kauai Foreclosures →
My new listing of 10.8 acres on Kuamoo Rd. offer a superb opportunity for a developer.
Zoned R-2, 2 homes to an acre, this is an opportunity for a smaller subdivision or CPR. Let me know if you need a preliminary map or topo of this property. Read entire post →
Breaded Lamb with Vegetables from Kauai Grill
As someone that loves food, good food, I’m always looking for somewhere different to eat when going out. Now please don’t get me wrong here, I do still enjoy many of the already established restaurants, but the choices have been somewhat limited on Kauai’s North Shore. I recently had the pleasure of trying two of several new North Shore establishments and am thrilled to share them with you.
Ahi entree from Kauai Grill
With the much-anticipated opening of the St. Regis Princeville Resort, I was excited to learn that they expanded from the usual hotel fare with the opening of Jean-Georges’ Kauai Grill. I read a bit about Jean-Georges and flipped through one of his cookbooks prior to going. His recipes are too complex for me to attempt at home, but I definitely wanted to try them…prepared for me. After walking through the entry I felt as if I had been transported to a very hip New York eatery…until I spotted Bali Hai from the window. The décor is a wow, especially if you have dined there in the past when it was La Cascata. When you go there, be sure to check out the amazing glass chandelier in the middle of the restaurant that changes color every few seconds. We found our waitress helpful, but not overbearing. The food, all a la carte, was outstanding both in presentation and to the taste. And the prices were much more reasonable than I expected, especially for the quality and location. I’ll definitely be going back there! Read entire post →
