Some people think the worst of the recession is behind us. Other people, like on this month’s cover of Economist magazine, are providing a “bubble warning” cautioning it’s readers that “many of our asset classes are overpriced.” Regardless of your opinion, one thing is for certain. On the North Shore of Kauai., the affordability factor for Kauai 2nd home vacation condominiums has gotten much better in the last 12 months.
The dollar volume of North Shore condos sold in 2009 was down a whopping 53.45% from 2008 numbers and the Median Sales Price of a North Shore condo dropped 38.67 % from $799,000 to $499,000. Currently, not including fractional offerings, there are 37 condos currently for sale in Princeville under $400,000 and thus, you can see the improvement in affordability. If you’ve been wanting a condo on Kauai’s North Shore, the time is right. Let me highlight a few of the more outstanding values for you to consider:
1. Sandpiper Village Unit 115
This bank-owned 2 bedroom condo can be used as two rentals. There’s a full one bedroom apartment and a separate studio apartment. Each unit has its own lanai. It’s a ground floor unit with a large park-like lawn just outside the lanai. Remember, when buying an REO you must show proof of funds and pre-approval from the lender if you are purchasing with a mortgage. At $215,000 this is very affordable Princeville Condo.Â View more details on the Hawaiilife.com website.
2. SeaLodge Unit B3
Unit B3 at SeaLodge is a quite little condo of around 600 sq. ft in a great location by the bluff overlooking the grand pacific. Originally priced at $499,000, this one bedroom unit is now price at $345,000 and it would make a cozy and quaint vacation home for some individual or family. The unit is a successful vacation rental too.
3. Nihilani 14B
This split-level, two-story “Hoku” townhome at the new, beautifully landscaped Nihilani complex located within Kauai’s Princeville Resort Community is an excellent destination for a primary residence, second home, or investment property (VDA location allows for long-term or vacation rental use). 1, 567 sq ft of living area, 2 bedrooms, 2.5 bathrooms plus a large family room and attached two-car garage make this opportunity a real value. Short Sale of course reqires bank approval and buyers are best to be pre-approved and show proof of funds with the offer.
4. Nihilani 3B
Nihilani 3B now only $385,000. $100K price reduction PLUS developer will CONVERT to 3 BEDROOM at NO COST TO BUYER. Great opportunity to purchase in this newer Princeviile complex, close to everything on the North Shore. View the details of this developer special in Princeville.
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