Six luxury model homes in the Wainani at Poipu subdivision on Kauai’s south shore are set to be auctioned December 28, 2010 with starting bids as low as $450,000 for homes previously listed between $1,075,000 and $1,495,000.
The remaining 63 lots are expected to be made available for sale later on the MLS, though we’ll all have to wait and see what the homes auction for first. It will be interesting to see how all this plays out, and how the Poipu real estate market is impacted by these sales.
Carson
December 22, 2010
Christian,
I wonder how banks go through the process of selecting which properties go on auction or MLS. Has this trend been happening only in the Luxury end Kauai?
It would be really interesting what the prices of the homes will be sold at and how that affects comparables..
Carson
December 22, 2010
Christian,
I wonder how banks go through the process of selecting which properties go on auction or MLS. Has this trend been happening only in the Luxury end Kauai?
It would be really interesting what the prices of the homes will be sold at and how that affects comparables..
Christian Halladay
December 28, 2010
I’ll have to ask my banker friend at Central Pacific Bank how they decide which properties go to auction opposed to MLS. I’ll get back to you with what he says. Kauai is seeing more and more of these auctions from the bottem end market all the up to the luxury market. A few Halelani Village units just auctioned for $100,000.
Here are the results from today’s auction at Wai’nani at Poipu:
#1 Auction #2 – 3004 Kiahuna Plantation Drive
3 Bedrooms / 3.5 Baths (1-Level Home)
Plan: Nohea-A
Current Bid:
US $845,000.00
# of Bids:10
#2 Auction #4 – 2889 Kolepa Street
3 Bedrooms / 3.5 Baths / Pool (1-Level Home)
Plan: Hau’oli-B
Current Bid:
US $900,000.00
# of Bids:9
#3 Auction #3 – 2998 Kiahuna Plantation Drive
3 Bedrooms / 3 Baths (1-Level Home)
Plan: Hoku-E
Current Bid:
US $930,000.00
# of Bids:18
#4 Auction #1 – 2995 Kiahuna Plantation Drive
3 Bedrooms / 3.5 Baths / Pool (2-Level Home)
Plan: Alakai-C
Current Bid:
US $950,000.00
# of Bids:9
#5 Auction #6 – 5385 Kolepa Place
3 Bedrooms / 3 Baths (1-Level Home)
Plan: Hoku-E
Current Bid:
US $780,000.00
# of Bids:17
#6 Auction #5 – 2897 Kolepa Street
3 Bedrooms / 3.5 Baths (2-Level Home)
Plan: Hanohano-D
Current Bid:
US $900,000.00
# of Bids:12
Kennedy Wilson has five days to accept the bids. It will be interesting to see what happens. I’m a little shocked by the high bid amounts. I was expecting them to be a little lower.
Aloha,
Christian
Christian Halladay
December 28, 2010
I’ll have to ask my banker friend at Central Pacific Bank how they decide which properties go to auction opposed to MLS. I’ll get back to you with what he says. Kauai is seeing more and more of these auctions from the bottem end market all the up to the luxury market. A few Halelani Village units just auctioned for $100,000.
Here are the results from today’s auction at Wai’nani at Poipu:
#1 Auction #2 – 3004 Kiahuna Plantation Drive
3 Bedrooms / 3.5 Baths (1-Level Home)
Plan: Nohea-A
Current Bid:
US $845,000.00
# of Bids:10
#2 Auction #4 – 2889 Kolepa Street
3 Bedrooms / 3.5 Baths / Pool (1-Level Home)
Plan: Hau’oli-B
Current Bid:
US $900,000.00
# of Bids:9
#3 Auction #3 – 2998 Kiahuna Plantation Drive
3 Bedrooms / 3 Baths (1-Level Home)
Plan: Hoku-E
Current Bid:
US $930,000.00
# of Bids:18
#4 Auction #1 – 2995 Kiahuna Plantation Drive
3 Bedrooms / 3.5 Baths / Pool (2-Level Home)
Plan: Alakai-C
Current Bid:
US $950,000.00
# of Bids:9
#5 Auction #6 – 5385 Kolepa Place
3 Bedrooms / 3 Baths (1-Level Home)
Plan: Hoku-E
Current Bid:
US $780,000.00
# of Bids:17
#6 Auction #5 – 2897 Kolepa Street
3 Bedrooms / 3.5 Baths (2-Level Home)
Plan: Hanohano-D
Current Bid:
US $900,000.00
# of Bids:12
Kennedy Wilson has five days to accept the bids. It will be interesting to see what happens. I’m a little shocked by the high bid amounts. I was expecting them to be a little lower.
Aloha,
Christian
Matt Beall, PB
December 29, 2010
Wow! I have to agree, those are shockingly high bid amounts. That’s great for Wainani. I can’t imagine they wouldn’t get accepted. How many people were there?
Matt Beall, PB
December 29, 2010
Wow! I have to agree, those are shockingly high bid amounts. That’s great for Wainani. I can’t imagine they wouldn’t get accepted. How many people were there?
Christian Halladay
December 29, 2010
Kennedy Wilson may have had their own bidders there to keep the prices up because they still have 63 vacant lots to sell in this subdivision and these auction sales will have a direct impact on the lot values. I wouldn’t be surprised if we see a couple of these auctioned homes come back on the market under the Kennedy Wilson name or affiliate brokerage.
It was a closed auction but from what I hear there were approximately 15 bidders on location and unknown number bidding online.
It will be interesting to see how all this plays out.
CJ
Christian Halladay
December 29, 2010
Kennedy Wilson may have had their own bidders there to keep the prices up because they still have 63 vacant lots to sell in this subdivision and these auction sales will have a direct impact on the lot values. I wouldn’t be surprised if we see a couple of these auctioned homes come back on the market under the Kennedy Wilson name or affiliate brokerage.
It was a closed auction but from what I hear there were approximately 15 bidders on location and unknown number bidding online.
It will be interesting to see how all this plays out.
CJ
Katie Minkus, R(BIC)
December 30, 2010
I’m glad to hear these results – just not for the overall market, but very selfishly because one of the buyers interested in my Puako house flew over to Kauai for the auction hoping to get a “screaming deal.” Looks like there were no screaming deals, so I’m crossing my fingers that means we’ll be getting an offer on Puako!! Thanks Kauai!!
Katie Minkus, R(BIC)
December 30, 2010
I’m glad to hear these results – just not for the overall market, but very selfishly because one of the buyers interested in my Puako house flew over to Kauai for the auction hoping to get a “screaming deal.” Looks like there were no screaming deals, so I’m crossing my fingers that means we’ll be getting an offer on Puako!! Thanks Kauai!!
Christian 'CJ' Halladay, RB
December 30, 2010
No “screaming deals” at this auction that’s for sure. You could almost hear the collective sigh of relief from all the Poipu property owners after the auction… whew! Their Poipu investment still seems to be holding strong and remains the least impacted market on Kauai. – CJ
Christian 'CJ' Halladay, RB
December 30, 2010
No “screaming deals” at this auction that’s for sure. You could almost hear the collective sigh of relief from all the Poipu property owners after the auction… whew! Their Poipu investment still seems to be holding strong and remains the least impacted market on Kauai. – CJ
Christian 'CJ' Halladay, RB
December 30, 2010
Katie – I forgot to wish you good luck with your Puako sale. I hope it goes quick! Aloha – CJ
Christian 'CJ' Halladay, RB
December 30, 2010
Katie – I forgot to wish you good luck with your Puako sale. I hope it goes quick! Aloha – CJ
Ron Margolis
January 2, 2011
Don’t think a public company like Kennedy & Wilson would be bidding on their own auctions. That’s a risky strategy. I’d be surprised if the owners don’t accept those offers in the 900s. That’s definitely a fair market value offer.
Ron Margolis
January 2, 2011
Don’t think a public company like Kennedy & Wilson would be bidding on their own auctions. That’s a risky strategy. I’d be surprised if the owners don’t accept those offers in the 900s. That’s definitely a fair market value offer.