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Kauai

Kauai Foreclosure Update – March 30

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.

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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. 5 are at the Kauai Beach Resort and one unit is an REO at the Aston Islander on the Beach. Prices range from $69,000 to $110,000. Between the two resorts, there are over 50 units for sale. The challenge is that a buyer must pay cash. And, with room rates at around 99 dollars, it is currently challenging for the rental income to surpass the cost of ownership (primarily homeowner’s fees and taxes). I even had a seller tell me yesterday he would not take one of these if someone gave it to him for free. However, if you simply want a spot on the ocean with a minimum cost, this could be a wonderful solution for you.

3) The REO land parcel that listed on Pelehu Rd. (MLS# 233152) for $152,900 has the possible of having two home sites. This land is a two-unit CPR (Condominium Property Regime). When buying land on Kauai, It’s important for you or your agent to check with the Kauai County Planning Department regarding the status of permits and capabilities.

4) At $329,000, 296 Molo Street (MLS# 233239) is a well-priced short sale in the Kauai Gardens subdivision of the Wailua Homesteads. A modest-sized 3 bedroom home on a large and totally level 10,000 sq. ft. lot. This lot qualifies for a second dwelling, an ADU (additional dwelling unit) AND the seller currently has an active building permit for the ADU.

296 Molo St. is a large lot, 2 mango trees, ADU permit active

5) A country home located at 6362 Kalama Rd. (MLS# 233355) in Wailua Homesteads for $499,000 is a four bedroom home, and completely updated. With bamboo flooring, granite counters, designer glass sinks in the bathrooms, this home is a magical spot in upcountry Wailua.

6) 4673 Hauaala Rd. (MLS# 232984) may be the REO development opportunity you are looking for. At $695,000, this land has the potential of 8 home sites on the northern side of Kapaa. Property was CPR’d into 8 units, however the Final Report was not issued. Contact me if you want further details or a CPR map.

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Justin - Head Web Head

March 30, 2010

I have a dual drawer Fisher-Paykel dishwasher. My honey says it works great!

I can’t believe the prices on those 2 Princeville condos. I remember when those were first sold and everybody thought they were such a great value at the developer price. Now they’re selling for less then that.

Justin - Head Web Head

March 30, 2010

I have a dual drawer Fisher-Paykel dishwasher. My honey says it works great!

I can’t believe the prices on those 2 Princeville condos. I remember when those were first sold and everybody thought they were such a great value at the developer price. Now they’re selling for less then that.

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