A change in Short sales and the MLS

Aloha,

As of July 1st, the Hawaii MLS is changing their rules to require that all short sales be changed to “contingent” as soon as an offer is accepted by the seller. Previously, many agents kept their listings as “active” until they had acceptance by the bank. This meant that although a property showed as an active short sale, a call to the agent was typically required in order to see if there were any offers in play. I’d be curious to know how short sales are handled on other MLS platforms.

Just for fun, here is a list of all the properties in Princeville currently listed either as a short sale or foreclosure: (Condos first followed by homes)

Copyright 6/30/2010 by Hawaii Information Service

234169 RES GA FS A 68 4-5-4-5-39-33 $215,000 Cliffs At Princeville #2103 917 #2103 1/2.00
224335 RES CD CF A 397 4-5-4-15-21-11 $220,000 Sandpiper Village I #111 1,042 #111 2/2.00
232853 RES CD CF A 111 4-5-4-15-21-8 $245,000 Sandpiper Village I #108 1,042 #108 2/2.00
236265 RES GA,HR,LR,MR,PH CF A 6 4-5-4-15-21-23 $250,000 Sandpiper Village I #123 1,042 #123 2/2.00
231596 RES SA CF A 147 4-5-4-12-2-35 $300,000 Hale Moi #215 1,033 #215 1/2.00
234283 RES OT CF A 58 4-5-4-5-18-1 $310,000 Puamana #1A 1,312 #1A 2/2.00
210873 RES LR,SA CF A 730 4-5-4-5-16-52 $429,000 Alii Kai At Hanalei #7101 886 #7101 2/2.00
225956 RES CD CF A 293 4-5-4-5-24-56 $495,000 Nihilani At Princeville Resort #19B 1,567 #19B 2/2.01
229552 RES LR CF A 191 4-5-4-5-12-27 $499,000 Sealodge Ii #H9 567 #H9 1/1.00
216359 RES CD CF A 640 4-5-4-5-24-68 $569,000 Nihilani At Princeville Resort #23B 1,406 #23B 2/2.00
220974 RES CD CF A 505 4-5-4-5-24-63 $585,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3.00
229452 RES SA CF A 225 4-5-3-11-1-30 $599,000 Villas On The Prince #30 1,732 #30 3/3.00
235501 RES SD CF A 29 4-5-4-12-3-8 $659,900 Hanalei Bay Villas #8 1,244 #8 2/2.01
232843 RES CD CF A 112 4-5-4-12-11-14 $999,000 Puu Poa #114 2,065 #114 2/2.00
229479 RES RS FS A 206 4-5-4-20-31 $799,000 5141 Kapi’olani Loop 9,669 sqft 2,262 5/3.00
210722 RES LR,SD FS A 791 4-5-4-18-7 $779,000 4170 Mahina Pl 10,751 sqft 2,310 2/3.01
233631 RES RS FS A 89 4-5-4-9-19 $749,000 4188 Liholiho Rd 10,981 sqft 2,405 4/3.00
234352 RES SD FS A 64 4-5-4-15-12 $489,900 3837 Haulani Pl 11,421 sqft 1,510 #0 3/2.00
229218 RES SD FS A 225 4-5-4-24-11 $625,000 4240 Waileia Pl 12,336 sqft 2,074 3/2.00

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

Right now there are a total of 19 properties listed. I’ll be curious to see how many of these change status as a result of the new listing regulation.

Aloha Elaine

Elaine Schaefer (R, CRS, GRI, ABR, SFR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
Graduate, Realtor’s Institute
Accredited Buyer’s Representative
Short Sale and Foreclosure Resource Certification
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
blog: http://blogs.alohaliving.com/princeville-condo-sales/

……you can have your own piece of paradise
ask me how!

2009 Condo Assessments

Aloha,

If you’ve been wondering how and why the land portion of your condo assessment has increased, it’s because of a new approach in valuation by the assessor’s office. Per today’s Garden Island Newspaper article “New value allocation approach applied to Kaua‘i condominiums” the real property assessors visted all the condo projects throughout the Island and determined that “allocation of values between building and land for these properties needed to take into account differences in view plains and location within each project to better mirror their market values, per a county news release.”

“Assessments of individual condominiums may have increased, decreased or remained level in comparison to their 2008 values, depending on supporting market data and any relevant changes made to more accurately characterize views and locations,” Finance Director Wallace Rezentes Jr. said in the release. “In as much as land tax rates are presently lower than building tax rates, we feel that we have achieved the overall goal of having a more accurate and equitable distribution of the total assessment between land and building for this class of property.”

“The total assessed value of a condominium unit was calculated using the final price per square foot multiplied by the gross living area. Adjustments in the price per square foot were made for differences in unit size, view, location and date of sale.

In determining land values, the following allocation table was devised for condominium projects:

• One-story condominium, 40 percent of the total assessed value

• Two-story condominium, 35 percent

• Three- to six-story condominium, 30 percent

• Seven- to 10-story condominium, 25 percent

• 11-story or higher condominium, 20 percent

Factors that were also taken into consideration for the 2009 tax year include:

• Active listings not subject to distress situations were utilized as collateral data.

• Listings were viewed as ceiling values as well as market trend indicators, especially in instances where the listing price was lower than the most recent prior sale prices.

• Short sales, real estate owned properties and foreclosures were regarded as indicators of liquidation value rather than market value.”

For more information on real property taxes, visit www.kauaipropertytax.com or call 241-6222 or click here to visit the tax page of the Kauai government website.

Aloha Elaine

queens-bath-coastline-640480.JPG

Queen’s Bath Coastline

Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

Understanding MLS info in my blog…..

Aloha,

Recently, I was asked how to read the information contained within my weekly update and thought it would be more helpful to post the answer on my blog for everyone’s benefit. MLS information is taken directly from the Hawaii Information System which is the entity that bring us our MLS. (Multiple Listing Service) Here is the Island update for Tuesday, March 17th:

Copyright 3/18/2009 by Hawaii Information Service

NEW LISTINGS

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
191493 T A 1 4-2-8-19-4-28 FS $698,000 Poipu Shores #B101 630 #B101 1/1.5
222144 T A 1 4-2-8-17-26-136 LH $750,000 Kiahuna Ph Ii #165 620 #165 1/1
222193 T A 1 4-3-7-1-17-85 LH $215,000 Sun Village-kauai #B401 747 #B401 2/1
215411 LN A 1 4-2-3-24-7 FS $295,000 Kakela Makai Dr 14,229 sqft
222041 LN A 1 4-2-8-31-97 FS $525,000 Poipu Beach Estates Lot #:97 15,007 sqft
222276 RS A 1 4-4-2-17-44 FS $385,000 295 Molo St 8,155 sqft 1,026 3/2
222146 RC A 1 4-4-6-22-3-9001 FS $375,000 5026 Laipo Rd 4,906 sqft 835 2/2
222147 RC A 1 4-4-6-22-3-9002 FS $425,000 5026 Laipo Rd 5,095 sqft 1,274 3/2
222321 RC A 1 4-5-2-23-10-1 FS $529,000 2567 Titcomb St #A 4,248 sqft 1,052 3/2
222312 RS A 1 4-5-3-11-32 FS $1,450,000 4066 Aloalii Dr 13,511 sqft 2,784 3/2.5
221534 RS A 1 4-5-4-13-48 FS $899,000 3677 Keoniana Rd 11,432 sqft 2,066 3/2.5

BACK ON THE MARKET

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
220195 T A 57 4-2-8-17-26-130 LH $650,000 Kiahuna Ph Ii #159 620 #159 1/1

CONTINGENT SALES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
220522 RS C 49 4-2-4-4-54-2 FS $678,900 5027-A Puuwai Rd #B 18,949 sqft 2,101 3/4

SALES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
218298 B S 113 4-5-5-10-1 LH $60,000 Hanalei 7,501 sqft
SOLD 3/16/2009 for $35,000 (CASH) DOM 113

207576 LN S 105 4-2-8-9-901 FS $235,000 Koloa Town Lot #:B-1 10,065 sqft
SOLD 3/1/2009 for $210,000 (CASH) DOM 105

UNDER CONTRACT

EXPIRED

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
208842 T X 364 4-3-2-5-8-134 FS $350,000 Banyan Harbor #134 920 #K/134 2/1.5
210587 LC X 314 4-5-2-5-35-4 FS $3,950,000 Kauapea Rd #4 9.36 ac
205051 RC X 456 4-5-2-17-22-6 FS $695,000 05-2821 Kuhio Hwy #F 2.71 ac 716 1/0.5

WITHDRAWN

TEMPORARILY WITHDRAWN

PRICE CHANGES

MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
221838 T A 128 4-2-8-20-3-54 FS $338,000- Makahuena #IIC104 1,145 #IIC104 2/2
220195 T A 57 4-2-8-17-26-130 LH $650,000- Kiahuna Ph Ii #159 620 #159 1/1
211776 T A 242 4-2-8-19-22-13 FS $749,000- Nihi Kai Villas #402 1,221 #402 2/2
207723 T A 387 4-2-8-27-17-58 FS $775,000- Manualoha Ph I & Ii #1006 1,412 #1006 2/2
220956 T A 21 4-2-8-15-3-39 FS $825,000- Poipu Kapili #39 1,170 #39 1/2
216467 T A 161 4-3-3-3-29-8 FS $245,888- Halelani Village At Puhi Ph Ib #M204 750 #M204 2/1.5
219417 T A 79 4-3-3-3-36-1 FS $361,000- Hookena At Puhi #101 1,398 #101 3/2.5
209244 T A 352 4-5-3-6-22-63 FS $894,000- Kaiulani Of Princeville #63 1,901 #63 2/2.5
221121 T A 34 4-5-4-5-3-3 FS $239,900- Princeville Paniolo #103 1,058 #103 1/2
220078 T A 54 4-5-4-5-3-19 FS $279,000- Princeville Paniolo #204 1,058 #204 1/2
210669 SH A 322 4-5-8-11-27-24 FS $200,000- Hanalei Colony Resort #F3 850 #F3 2/2
220795 LN A 42 4-1-8-14-66 FS $299,000- 3647 Uwao St 12,633 sqft
220647 LN A 46 4-2-3-8-60 FS $595,000- Hawea Estates Lot #:3 2.60 ac
220645 LN A 46 4-2-3-8-60 FS $595,000- Hawea Estates Lot #:3 3.40 ac
218152 LN A 120 4-2-8-31-111 FS $375,000- Poipu Beach Estates Lot #:111 13,064 sqft
218183 LN A 120 4-2-8-31-127 FS $375,000- Poipu Beach Estates Lot #:127 12,998 sqft
218184 LN A 120 4-2-8-31-128 FS $375,000- Poipu Beach Estates Lot #:128 13,657 sqft
218187 LN A 120 4-2-8-31-162 FS $375,000- Poipu Beach Estates Lot #:162 12,800 sqft
218211 LN A 120 4-2-8-31-167 FS $375,000- Poipu Beach Estates Lot #:167 12,072 sqft
210190 LN A 156 4-3-3-17-58 FS $379,000- Kauila St 13,704 sqft
199693 RS A 586 4-2-6-13-50 FS $450,000- 3280 Hailima Rd 8,140 sqft 1,240 3/2
219581 RS A 71 4-3-8-13-19 FS $565,000- 5032 Paka Dr 10,911 sqft 1,169 3/2.5
214547 RS A 218 4-4-1-4-33 FS $1,699,000- 4617 Anolani St 11,771 sqft 2,057 4/3
211656 RS A 300 4-4-2-16-56 FS $726,000- 5825 Haaheo St 11,571 sqft 1,662 3/2
219200 RS A 90 4-4-2-15-78 FS $749,000- 273 Aina Pua Pl 22,694 sqft 1,710 3/3
221589 RC A 20 4-4-5-2-3-2 FS $844,000- 1127-C Moanakai Rd #2 10,123 sqft 904 3/1
219295 RS A 79 4-5-2-15-60 FS $450,000- 4230 Waipua St 6,000 sqft 1,638 3/2
216585 RS A 166 4-5-2-9-29 FS $695,000- Kolo Rd 17,598 sqft 2,820 5/3.5
213870 RS A 237 4-5-4-6-12 FS $598,000- 4154 Lei O Papa Rd 11,369 sqft 1,544 2/2
219148 RS A 92 4-5-4-15-16 FS $644,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
220705 RS A 44 4-5-4-19-19 FS $859,900- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3

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

As you can see, there’s quite a bit of activity on a daily basis. (All the more reason to have a real estate agent on your side helping you keep up with everything.) But let me explain the data — the first number is the MLS number. The second item tells what kind of property it is: RS and RC for residential single family homes, T for condos, LN and LC for vacant land, B for Business, C is commercial and SH is for fractional or shared interests in property.

Next is the Status which is either A – active, C – contingent (the property owner received an acceptable offer and escrow was opened) U – the property is in escrow with no remaining contingencies, S – Sold, X – Expired, W – Withdrawn and T – Temporarily Withdrawn. Do not confuse the “T” under property type (Tp) which indicates a condo with the status (St) change of T for temporarily withdrawn.

Moving right along, the number following the status is the days on the market or DOM. This number stops progressing when the property goes into escrow. Next up is the tax map key (TMK) commonly called a taxkey number, which is like a social security number for each piece of real estate in Hawaii. The tax key number is a unique property indentifier and tells you where the property is located. All property on Kauai starts with “4” the next number is the the zone of which there are 5 : 1 is Waimea, 2 Koloa, 3 Lihue, 4 Kawaihau, and 5 for Hanalei. The mere fact that a property has a 5 for the second digit does not necessarily mean it is in Hanalei proper but that it is in the Hanalei Zone. The third number designates a section of the zone. The next two numbers are plat and parcel. If the land has been further divided it will have a 6th number to indicate which unit it is. If the house is built on “divided” land it too will have a 6 number TMK. For a more detailed describtion of the TMK click here to go to my website to learn more. If you understand the TMK system, just by looking at the TMK you’ll have a general idea of the property location.

After the TMK is the land tenure which is either FS for Fee simple (you own land along with improvements on the land) or LH for Leasehold. (You only own the improvements and pay a fee, usually monthly, like rent, for the land.) List price is next, then the property location. You’ll see an address for single family residence and the name of the complex along with the unit number for condos. Land may have a project number or just an address depending on the parcel.

The final bit of information is a brief property description. If the listing is a condo, you’ll see the square footage of the unit, followed by the unit number then the number of bedrooms and baths. For a single family residence, the first number is the lot square footage, followed by the house square footage and bedrooms / baths. Land just has the lot square footage or acreage.

That about covers it. Let me know if there are any more questions out there.

Aloha Elaine

p2240142.JPG

This is a great spot along Ka Haku Rd. in Princeville where you can just sit and enjoy. This is almost across the street from my Hale Moi listing discussed in a prior posting.

Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

How I see this market….Since you asked.

Aloha,

I believe that a picture is worth a thousand words so take a look below where you’ll find a birds-eye view of all the Princeville homes that came on the market, went into escrow, sold etc during February:
Copyright 3/3/2009 by Hawaii Information Service

NEW LISTINGS
220705 RS A 29 4-5-4-19-19 FS $876,800 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
219047 RS A 18 4-5-4-13-59 FS $980,000 3682 Keoniana Rd 10,247 sqft 1,676 3/2
220820 RS A 14 4-5-4-13-40 FS $995,000 3618 Keoniana Rd 12,013 sqft 3,081 4/3.5
221587 RS A 4 4-5-4-9-49 FS $1,395,000 5289 Pokii Ln 20,868 sqft 3,510 4/4
220949 RS A 17 4-5-4-20-14 FS $1,395,000 5118 Iolani Pl 19,012 sqft 3,918 3/3.5
220890 RS A 24 4-5-4-18-56 FS $1,450,000 4158 Kamalani Ln 16,029 sqft 2,834 3/2.5
221067 RS A 20 4-5-4-14-17 FS $1,475,000 3835 Albert Rd 10,579 sqft 2,743 3/3.5
221404 RS A 9 4-5-4-14-32-5 FS $1,890,000 3875 Kamehameha Rd #5 10,332 sqft 3,709 5/5
220623 RS A 29 4-5-4-13-74 FS $2,495,000 3651 Albert Rd 10,838 sqft 3,263 3/3.5
221684 RS A 4 4-5-4-9-49 FS $2,695,000 5289 Pokii Ln 20,868 sqft 3,510 4/4
220782 RS A 21 4-5-4-4-40 FS $16,900,000 4951 Hanalei Plantation Rd 1.08 ac 5,800 4/5
220738 RS S 0 4-5-4-23-47 FS $610,000 3783 Moae Pl 6,124 sqft 1,678 3/2
SOLD 2/3/2009 for $610,000 (CNV) DOM 0

BACK ON THE MARKET
215193 RS A 191 4-5-4-23-8 FS $698,000 4838 Ou Pl 8,104 sqft 1,213 3/1.5
214181 RS A 214 4-5-4-24-12 FS $1,295,000 4246 Waileia Pl 11,741 sqft 3,006 4/3
220949 RS A 17 4-5-4-20-14 FS $1,395,000 5118 Iolani Pl 19,012 sqft 3,918 3/3.5

CONTINGENT SALES
218263 RS C 97 4-5-4-18-22 FS $598,000 4163 Kalani Pl 9,802 sqft 1,755 2/2
211760 RS C 278 4-5-4-7-8 FS $1,195,000 3928 Namakeha Loop 10,007 sqft 1,884 3/2

SALES
220738 RS S 0 4-5-4-23-47 FS $610,000 3783 Moae Pl 6,124 sqft 1,678 3/2
SOLD 2/3/2009 for $610,000 (CNV) DOM 0

WITHDRAWN
206101 RS W 395 4-5-4-15-15 FS $895,000 3838 Haulani Pl 14,510 sqft 2,262 4/3
196353 RS W 245 4-5-4-15-10 FS $960,000 3829 Haulani Pl 11,502 sqft 1,884 3/2
219075 RS W 67 4-5-4-19-25 FS $1,099,000 5137 Napo’okala Cir 15,482 sqft 2,288 3/2
217234 RS W 111 4-5-4-19-2 FS $1,475,000 5074 Napookala Cir 23,703 sqft 3,138 4/3.5

PRICE CHANGES
203978 RS A 467 4-5-3-11-41 FS $1,375,000- 4120 Aloalii Dr 9,103 sqft 2,521 3/3.5
219545 RS A 60 4-5-4-22-26 FS $598,000- 4372 Emmalani Dr 11,390 sqft 1,294 3/2
219148 RS A 77 4-5-4-15-16 FS $664,900- 3834 Haulani Pl 11,020 sqft 2,048 3/3
211335 RS A 292 4-5-4-17-28 FS $749,000- 4812 Emmalani Dr 10,817 sqft 2,444 4/3
210765 RS A 301 4-5-4-23-24 FS $750,000- 3807 Makani Kai Pl 10,386 sqft 1,535 3/2
218518 RS A 82 4-5-4-23-71 FS $869,000- 3784 Mapuana Pl 9,985 sqft 1,857 3/2.5
215324 RS A 189 4-5-4-9-58 FS $875,000- 5345 Honoiki Rd 10,005 sqft 2,572 3/3
220705 RS A 29 4-5-4-19-19 FS $876,800- 5086 Napo’okala Cir 15,326 sqft 2,206 3/3
220820 RS A 14 4-5-4-13-40 FS $995,000- 3618 Keoniana Rd 12,013 sqft 3,081 4/3.5
208122 RS A 369 4-5-4-7-19 FS $1,135,000- 3928 Punahele Rd 9,999 sqft 1,694 3/2
218263 RS C 97 4-5-4-18-22 FS $598,000- 4163 Kalani Pl 9,802 sqft 1,755 2/2
219075 RS W 67 4-5-4-19-25 FS $1,099,000- 5137 Napo’okala Cir 15,482 sqft 2,288 3/2

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

I’m sure you noticed that with all the new listings, back on the market etc that only one house sold and two went into escrow. How about condos? They fared slightly better with 3 sales and 5 going into escrow:

Copyright 3/3/2009 by Hawaii Information Service

NEW LISTINGS
220884 T A 22 4-5-3-11-1-27 FS $750,000 Villas On The Prince #27 1,732 #27 3/3
220019 T A 15 4-5-3-6-22-20 FS $2,650,000 Kaiulani Of Princeville #20 2,864 #20 3/3.5
221121 T A 19 4-5-4-5-3-3 FS $260,000 Princeville Paniolo #103 1,058 #103 1/2
221360 T A 5 4-5-4-12-2-36 FS $395,000 Hale Moi #216 1,033 #216 2/2
221307 T A 7 4-5-4-5-18-86 FS $495,000 Puamana #24A 1,312 #24A 2/2
220906 T A 25 4-5-4-5-23-21 FS $559,000 Plantation At Princeville #611 1,153 #611 2/2
220974 T A 21 4-5-4-5-24-63 FS $599,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
221018 T A 17 4-5-4-5-12-28 FS $615,000 Sealodge Ii #J1 754 #J-1 2/2
221272 T A 13 4-5-4-5-24-102 FS $650,000 Nihilani At Princeville Resort #34C 1,972 #34C 3/3
221029 T A 19 4-5-4-12-3-26 FS $799,000 Hanalei Bay Villas #26 1,244 #26 2/2.5
221026 T A 19 4-5-4-12-3-1 FS $899,000 Hanalei Bay Villas #1 1,244 #1 2/2.5
221028 T A 19 4-5-4-12-3-2 FS $899,000 Hanalei Bay Villas #2 1,244 #2 2/2.5
221227 T C 9 4-5-4-5-3-17 FS $235,000 Princeville Paniolo #202 1,058 #202 1/2

BACK ON THE MARKET
207166 T A 390 4-5-3-6-22-59 FS $995,000 Kaiulani Of Princeville #59 1,892 #59 2/2.5
206788 T A 390 4-5-3-6-22-70 FS $995,000 Kaiulani Of Princeville #70 1,781 #70 2/2.5
214620 T A 203 4-5-3-6-22-39 FS $1,400,000 Kaiulani Of Princeville #39 2,479 #39 3/3
207634 T A 376 4-5-4-5-39-16 FS $310,000 Cliffs At Princeville #1206 917 #1206 1/2
206436 T A 390 4-5-4-15-21-7 FS $329,000 Sandpiper Village I #107 1,042 #107 2/2
207661 T A 373 4-5-4-5-4-5 FS $349,000 Ka’eo Kai Ph I #5A 1,503 #5A 2/2
210999 T A 288 4-5-4-12-10-42 FS $549,900 Emmalani Court #525 1,456 #525 2/2
207020 T A 372 4-5-4-5-7-13 FS $659,000 Princeville Sealodge #B5 748 #B5 2/2

CONTINGENT SALES
206915 T C 500 4-5-4-12-10-29 FS $450,000 Emmalani Court #422 1,192 #422 2/2
219933 T C 133 4-5-4-12-10-24 FS $475,000 Emmalani Court #412 1,192 #412 2/2
218924 T C 40 4-5-4-6-1-11 FS $945,000 Villas Of Kamalii #11 1,825 #11 3/3
215878 T C 168 4-5-4-5-16-31 FS $949,000 Alii Kai At Hanalei #4203 1,086 #4203 2/2
217448 T C 121 4-5-4-12-11-15 FS $1,300,000 Puu Poa #201 1,359 #201 2/2

SALES
199453 T S 245 4-5-4-12-10-19 FS $480,000 Emmalani Court #322 1,192 #322 2/2
SOLD 2/10/2009 for $387,000 (CNV) DOM 245

201267 T S 488 4-5-4-5-24-87 FS $599,000 Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
SOLD 2/26/2009 for $565,000 (CNV) DOM 488

214678 T S 113 4-5-4-12-5-31 FS $1,195,000 Pali Ke Kua Incr I, ii, iii #213B 904 #213B 2/2
SOLD 2/18/2009 for $1,100,000 (CASH) DOM 113

EXPIRED
211294 T X 283 4-5-4-5-18-34 FS $440,000 Puamana #9C 1,532 #9C 2/2
207326 T X 363 4-5-4-5-24-62 FS $560,000 Nihilani At Princeville Resort #21B 1,400 #21B 2/2
214863 T X 183 4-5-4-5-23-49 FS $625,000 Plantation At Princeville #1311 1,140 #1311 2/2
207652 T X 101 4-5-4-5-24-25 FS $659,200 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
207389 T X 101 4-5-4-5-24-44 FS $819,200 Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
207650 T X 101 4-5-4-5-24-99 FS $849,200 Nihilani At Princeville Resort #33C 1,972 #33C 2/3
205502 T X 407 4-5-4-11-3-125 FS $995,000 Hanalei Bay Resort #R17 867 #3105-6 1/2
214847 T X 174 4-5-4-12-11-3 FS $1,249,000 Island of Kauai, Hanalei District, Puu Poa 1,800 #103 2/2

WITHDRAWN
207393 T W 340 4-5-3-6-22-64 FS $900,000 Kaiulani Of Princeville #64 1,738 #64 2/2.5
207502 T W 305 4-5-4-5-3-17 FS $399,000 Princeville Paniolo #202 1,058 #202 1/2
216532 T W 133 4-5-4-5-18-87 FS $467,000 Puamana #24B 1,700 #24B 3/2
217262 T W 105 4-5-4-5-18-20 FS $498,000 Puamana #6A 1,312 #6A 2/2
210590 T W 290 4-5-4-5-7-9 FS $499,000 Princeville Sealodge #B1 566 #B1 1/1
210596 T W 288 4-5-4-5-24-23 FS $578,000 Nihilani At Princeville Resort #8B 1,567 #8B 2/2.5
208134 T W 344 4-5-4-5-18-42 FS $595,000 Puamana #12B 1,532 #12B 2/2
188592 T W 799 4-5-4-5-24-63 FS $599,000 Nihilani At Princeville Resort #21C 1,972 #21C 2/3
207651 T W 356 4-5-4-5-24-29 FS $643,300 Nihilani At Princeville Resort #10B 1,567 #10B 2/2.5
210698 T W 356 4-5-4-5-24-25 FS $664,000 Nihilani At Princeville Resort #9A 1,406 #9A 2/2
218708 T W 83 4-5-4-5-23-12 FS $679,900 Plantation At Princeville #322 1,318 #322 3/3
210700 T W 287 4-5-4-5-24-98 FS $690,000 Nihilani At Princeville Resort #33B 1,406 #33B 2/2
208778 T W 340 4-5-4-5-12-6 FS $695,000 Sealodge Ii #F6 567 #F6 1/1
210607 T W 282 4-5-4-5-24-6 FS $735,200 Nihilani At Princeville Resort #2C 1,972 #2C 3/3
210608 T W 343 4-5-4-5-24-99 FS $774,200 Nihilani At Princeville Resort #33C 1,972 #33C 3/3
210696 T W 287 4-5-4-5-24-32 FS $780,500 Nihilani At Princeville Resort #11B 1,874 #11B 3/2.5
210611 T W 295 4-5-4-5-24-33 FS $799,200 Nihilani At Princeville Resort #11C 1,972 #11C 3/3
206852 T W 340 4-5-4-6-1-29 FS $855,000 Villas Of Kamalii #29 1,825 #29 3/3

PRICE CHANGES
216836 T A 142 4-5-3-11-1-30 FS $769,000- Villas On The Prince #30 1,767 #30 3/3
217907 T A 99 4-5-3-6-22-27 FS $1,795,000- Kaiulani Of Princeville #27 2,864 #27 3/3.5
215773 SH A 175 4-5-4-5-27-7 FS $279,000+ Hale Honu #4A 866 #4A 2/1
217211 T A 97 4-5-4-5-39-39 FS $325,000- Cliffs At Princeville #2109 917 #2109 1/2
196998 T A 630 4-5-4-15-21-43 FS $365,000- Sandpiper Village I #206 1,173 #206 2/2.5
208790 T A 308 4-5-4-5-7-11 FS $385,000- Princeville Sealodge #B3 570 #B3 1/1
215563 SH A 182 4-5-4-5-18-76 FS $389,000+ Puamana #21B 1,700 #21B 3/2
173568 T A 1,055 4-5-4-5-17-15 FS $399,000- Alii Kai Ii Hanalei #9G 1,037 #9G 2/2
192528 T A 726 4-5-4-5-13-27 FS $444,000- Kamahana #27 1,732 #27 2/2
219389 T A 62 4-5-4-5-7-18 FS $493,000- Princeville Sealodge #B10 566 #B10 1/1
200564 T A 452 4-5-4-5-16-2 FS $525,000- Alii Kai At Hanalei #1102 1,086 #1102 2/2
217318 T A 129 4-5-4-5-24-20 FS $529,000- Nihilani At Princeville Resort #7B 1,406 #7B 2/2
215869 T A 172 4-5-4-5-23-16 FS $539,900- Plantation At Princeville #422 1,318 #422 3/3
210598 T A 294 4-5-4-5-24-8 FS $550,000- Nihilani At Princeville Resort #3B 1,567 #3B 2/2.5
210699 T A 299 4-5-4-5-24-31 FS $620,000- Nihilani At Princeville Resort #11A 1,406 #11A 2/2
214607 T A 204 4-5-4-12-9-9 FS $629,000- Pali Ke Kua #13 1,135 #13 2/2
210691 T A 361 4-5-4-5-24-44 FS $648,000- Nihilani At Princeville Resort #15B 1,874 #15B 3/2.5
213707 T A 696 4-5-4-5-16-41 FS $650,000- Alii Kai At Hanalei #5201 1,086 #5201 2/2
209200 T A 342 4-5-4-5-7-5 FS $677,000- Princeville Sealodge #A5 564 #A5 1/1
210693 T A 299 4-5-4-5-24-28 FS $765,000- Nihilani At Princeville Resort #10A 1,874 #10A 3/2.5
221029 T A 19 4-5-4-12-3-26 FS $799,000- Hanalei Bay Villas #26 1,244 #26 2/2.5
221026 T A 19 4-5-4-12-3-1 FS $899,000+ Hanalei Bay Villas #1 1,244 #1 2/2.5
221028 T A 19 4-5-4-12-3-2 FS $899,000+ Hanalei Bay Villas #2 1,244 #2 2/2.5
208628 T A 355 4-5-4-12-11-55 FS $1,099,000- Puu Poa #413 1,777 #413 2/2
200456 T A 545 4-5-4-12-11-14 FS $1,425,000- Puu Poa #114 2,065 #114 2/2
219178 T A 75 4-5-4-11-3-4 FS $1,595,000- Hanalei Bay Resort #A22 1,705 #9201-2-3 (A22) 3/3
207393 T W 340 4-5-3-6-22-64 FS $900,000- Kaiulani Of Princeville #64 1,738 #64 2/2.5

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

I’m often asked what I think about the market so here it is: Many buyers are holding off because they are afraid the market is still going to go down. I touched on this briefly in my last posting. Yes, the market will continue to go down as long as buyers continue to offer less than asking price. Since buyers think the market is going down they offer less to “recoup” the amount they think the market will drop thus justifying their purchase. However, that sale then becomes the benchmark for the next buyer who also feels the same way so they too offer less and so it goes. The market will continue to go down until such time that properties are listed at such a price that makes buyers jump up to buy them because they see good value for the dollar.

Fortunately, we are actually seeing some of these this year. Take a look at the last three Paniolos that came on the market.

Copyright 3/4/2009 by Hawaii Information Service
221121 T A 20 4-5-4-5-3-3 FS $260,000 Princeville Paniolo #103 1,058 #103 1/2
220078 T A 40 4-5-4-5-3-19 FS $299,000 Princeville Paniolo #204 1,058 #204 1/2
221227 T C 10 4-5-4-5-3-17 FS $235,000 Princeville Paniolo #202 1,058 #202 1/2

Each was priced less than the one before but when Paniolo 202 came on the market at $235K it was such a good buy that it went into escrow in a record 10 days! I wouldn’t be surprised if this closes very close to the list price. This is an upstairs unit compared to the next lowest priced Paniolo which is unit 103 at $260K followed by unit 204 at $299K. So yes, prices will continue to go down until sellers start setting prices that excite buyers, as this Paniolo did.

Let’s look at that mantra about “we want to wait until the market hits bottom.” I hate to say this but the only way you can tell the market has hit bottom is when it starts to go back up and then — guess what — ITS TOO LATE! So you may as well just forget about waiting to “see” the market hit bottom.

My advice is to take advantage of the market now. What makes this market so affordable is not just the low interest rates and competitive prices, but most importantly, it is the fear factor. We already know buyers are not buying because they’ve lost confidence in the real estate market, (and the financial market in general) but they are overlooking the fact that sellers are also in fear…because they know the mindset of buyers and they know that to sell they will have to come down, they will have to make concessions, they will have to do whatever it is they have to do! Who do you think is more fearful, the buyers or the sellers? Do you think for one moment that once the market turns that the sellers will feel this way? NO WAY!!! While sellers will undoubtedly still be negotiating offers, they too will know the market has turned and that hope is on the horizon.

Let’s take a look at our inventory for a minute. First, an abundant inventory doesn’t mean that there will always be something there for you. Even though it looks like there are millions of properties to choose from, the fact of the matter is that when it comes right down to it, there are only one or maybe two properties that you’d really want. This is also true in condo complexes. Even though the units may be the same inside, (which, in truth, they seldom are) the location is always different. One is on the road, another may be too close to the adjacent building or may be an interior unit and you wanted exterior etc. Not all condos are created equal! It sure looks like a big inventory when it’s on paper and your agent can easily drag you around to 40 or 50 properties to look at but having done that, I can almost guarantee that you will be lucky to find one or two that you actually feel like spending hundreds of thousands of dollars on.

I’ve always felt there is a dollar value to getting what you want. By that I mean, it may cost you a little more to buy now, but it is worth it to get what you want. After all, what the point of standing by and seeing pricing go down another $20K, $50K or whatever and lose your dream home in the process? Who cares if it costs less if it’s not what you want? Besides, interest rates are not always going to be this low and you can easily lose any benefit of waiting for a lower price if you end up with a higher interest rate.

Bottom line, if you, the buyer, are afraid, recognize that the seller is even more so and use that to your advantage while you can. The reason we have a buyer’s market in part, is because buyers are afraid to buck the trend and buy while things are trending down. Strangely, they’d much rather buy when things are going up and pay more. Don’t ask me why but that’s the way it is. So, if you really want to capitalize on this temporary buyers market (that means it will not last forever) I will say it again — now is the time to buy. Don’t be one of those many who said “I wish I had” during 05 and 06 as the market rose skyward.

This is a second opportunity to own in one of the most beautiful places on earth. Oh, and one last thing. When I first bought real estate, (back in 1976) it was considered a long term investment. Somehow, somewhere people got spoiled over the last few years and now think that they are owed and guaranteed some sort of huge appreciation each year (or each month) on their investment. Nope… not any more. Buy what you love and hold on to it. Go back to basics. The market will come back and you’ll be one happy camper.

Aloha Elaine

Elaine’s Photo

Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

Buying Kauai land? You may want to bring your mainland lender…

Aloha,

Throughout my real estate career one of my main mantras has been “Use a local lender.” They know the lay of the land, they understand our Hawaiian terminology, basically – they know what they’re lending on. I’ve seen too many buyers go with a mainland lender who assured them they they could loan on the “Condhotel” or whatever only to have it blow up within days of closing or have the interest rate and / or points increase because the underwriter finally understood what the buyer was buying.

With the shakeup in the financial market comes a change in my recommendation to always “go local.” At our last Kauai Board of Realtors meeing, American Home Savings gave a financial update, and said they were no longer lending to mainland buyers on LAND. The reason being that of the few loans they have had go into default, the majority were land and of those land loans, the majority were mainland buyers. So there you have it. American Savings’ land loans now require 25% down up to $650K, 35% down up to $1M with full documentation (in other words, the stated income is history..) along with 6 months reserve of PITI (principle, interest, taxes and insurance) and minimum fico score of 680. No exceptions. Other lenders have implemented similar restrictions and requirements.

This does NOT apply however, to a land purchase and construction loan where 95% financing is still available for both local and mainland buyers on conforming amounts or 90% financing for Jumbo loans. On these, a fico score of 700 is required along with 6 months of cash reserves and some other conditions. The bank feels these are less risky as the buyer is purchasing the land and moving ahead to build on it, thus making a much greater committment and investment than someone just buying raw land.

There are many excellent lenders here on Island, and I’m sure most agents can recommend several to you, some who may be able to broker the loan out if needed. When you start shopping for a property, it is the wise buyer who starts with finding a good lender and understanding what the requirement and limitations of the various loan programs are. Find a lender you are comfortable with and can trust because the financial landscape is changing almost daily.

Happy Shopping!

Aloha Elaine

Elaine’s Photo

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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

Why some sellers sell for less, (by mistake) instead of more.

What seller would deliberately sell for less when they could sell for more? Sounds like a silly question, right? Well, I believe in today’s market it happens more often than we know.

I recently took note of a closing on the MLS. What caught my attention about this closing is that the seller sold for much less than what they could have 13 months earlier. Read that again – the seller sold for less; in fact they sold for $45K less than they could have 13 months ago.

Back in September 07 I wrote an offer for a property that was $84K less than the asking price. In my buyer’s opinion, which was supported by market data, the list price was too high, not to mention that the market was still trending down.

Unfortunately, the seller rejected our offer. They thought our offer was too low, that the property had greater value and if they just kept it on the market a little longer (translate that into one year longer…) they would get closer to their price. My buyer walked.

When the property finally closed, the accepted price was $45K less than what my buyer had written. Also, during the 13 month period between the rejected and accepted offer, the seller had come down (somewhat) but still, the accepted offer was $85K off the new reduced list price. Ironic, is it not?

The moral of the story? Sellers, don’t be so hasty to reject an offer thinking it is too low. It just might be that if you decide to wait, you could find yourself with even less in the end. After all, a property really is only worth what a buyer is willing to pay. True, it takes a willing buyer AND seller to make a sale but in this buyer’s market, the negotiating power is on the buyer’s side.

Aloha Elaine

muddy-trail-along-the-river.jpg

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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

When it come to lending go local……

One of the most important elements in any transaction is the lender. A good lender can save a transaction while one that is unfamiliar with the terrain can just as easily cost you the whole enchilada. My advice is simple: Use a local lender. I cannot stress this enough. I, and many others I’m sure, can tell you horror tale after horror tale of unsuspecting buyers who used their (seemingly) faithful mainland lender only to find out at the 11th hour that they “no can do.” Sometime the agent is able to switch to a local lender and save the deal but oftentimes it falls out of escrow to everyone’s dismay.

Now I’m not saying that every mainland lender fails to perform but I am saying that the risk a buyer takes when using a mainland lender only adds to the stress of the transaction. If you think more stress is needed, guess again. Real estate is emotional, very emotional for both buyer and seller. That’s why there are two agents inbetween; to filter out the occasional flashes of emotion that come at some point in every transaction between buyer and seller. But I digress.

Getting back to lenders: Mainland loan officers will tell you in all honesty that they can do the loan. The problem is, they don’t know what they don’t know and when it gets to the underwriter, they will not stop asking questions until everything the loan officer didn’t know, is very clear. Unfortunately, it is at this point that the underwriter, now with full knowledge of the situation, will tell you that for such and such a reason, they cannot do the loan. Not good.

Local lender know the lay of the land. They know what a “Princeville” is, what “Kiahuna” looks like, what is going on in Poipu. They don’t ask what an ADU or a guest house or a CPR is, they don’t need a list of possible appraisers or anything else because they’ve been there and done that – in other words they know pretty much everything because they are part of the Community. So do yourself (and your agent) a favor and go local.

Most all agents can refer you to reputable loan officers with a demonstrated ability to perform. I always recommend that my clients contact two or three officers and see who they are most comfortable with and who has the best loan program for their needs. It could make all the difference in the world which in this case would mean – you end up with the house or condo or land of your dreams instead of major disappointment.

If you are thinking of buying and don’t know what lender to contact, please call or email and I will provide you with several contacts. Remember, achieving your goal of ownership in Paradise should be a pleasant experince, not a nightmare.

Until next time,

Aloha Elaine

beautiful-sunset-low-density-grey-bull.jpg

This magnificent sunset was taken in MT on my recent camping trip.

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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

Buying and Selling Princeville in today’s market

If I told you that I just went from representing 50% of the sellers of Princeville homes currently under contract to only representing 33%, you would probably wonder what happenned to “ALL” the other houses to cause such a percentage drop. After all, if you’re assuming there’s maybe 30 or 40 homes in escrow in Princeville at any given time, that’s a loss of approximately 5 or 7 houses. You might wonder if some fell out of escrow, if they all closed or if it was some combination of the two. Not only that, but myself and one other agent actually represent the sellers on ALL the homes currently in escrow in Princeville, excluding Queen Emma’s Bluff, where there is only one home under contract.

Now you’re probably thinking, Wow – those are two lucky agents with ALL those homes in escrow but here’s the truth — up to this morning when my Nalani Lane house closed, there were a total of 4 houses in escrow in Princeville and now there are only 3. That’s right, between myself and Jeanne Bierlien, who also has two houses in escrow, we represent all the seller’s who have Princeville homes in escrow. So you see, dropping from 50% to 33% simply means that one sale closed. Right now there are 64 homes listed in Princeville and 7 in QEB. Of the 64 in Princeville, 45 of them are priced above $1M. There is one home in the $600K’s, 5 in the $700K’s, 6 in the $800K’s and 7 in the $900K’s.

As for condos, there are (hold on to your seat for this one) 161 listings excluding Queen Emma’s Bluffs and a total of 185 when including QEB with the Villas on the Prince and Ka’iulani. Of the 161 Princeville listings, only 5 are in escrow: Mauna Kai 21 listed for $490K, Pali Ke Kua 210 (LH) listed at $635K, Pali Ke Kua 111 listed for $1.1M (I don’t know what is going on with this unit as it came on the market in escrow back on 3/3/08 and has stayed that way since then…), Hanalei Bay Resort 4101/2/3 for $1.350M and Nihilani 34A for $731,500. That’s it — that’s all the Princeville units in escrow. As for QEB, there are 3 — one Villas on the Prince and 2 of the developer’s Ka’iulani units.

So what’s my point? My point is this: now is an EXCELLENT time to buy. Not a good time, or a pretty good time but an EXCELLENT time to buy. Forget about waiting for the bounce. You know how you can see the bounce has occurred? Prices start trending up then guess what, it’s too late. Yes, I know the market may go down some more, but NOW is when you can pick and choose what you want. Now is when you can pit one seller against another (especially when it come to condos) and get concessions and pricing like never before. In fact, you don’t even have to do much more than just step into a great deal because many-or should I say some- sellers are noticing that their properties have not sold, and are finally lowering their prices so that they are competative.

There is something for just about everyone in this market, and as the summer comes to and end, so does the hopes of those sellers who were holding out for a “sale during the busy summer season.” Oh well. That never materialized and as we head into fall and year’s end, serious sellers will be jubilant to see a buyer express even the most remote amount of interest in their property.

And if you are a seller reading this, just know that it really doesn’t matter what you think your property is worth. It is only worth what a willing and able buyer will pay and not a penny more. I found that out when I sold my Sandpiper condo. My offer came in at $379K and I countered back at $399K. After all, I had a brand new kitchen with birch cabinets, silestone countertops, new paints, carpets — you name it, I had fixed it. When I countered back at what I thought was a very reasonable $399K the buyers simply said “No thanks. We only want to pay $379K.”

I took me a week to come to my senses…and I called the agent back and put the transaction together. I am happy to say that I have been spending my Sandpiper money since last September while many others in the complex who are higher priced are still waiting. So if you are a seller and you want to sell, and you’ve had your property on the market for $XXX amount of dollars for the last zillion days and you haven’t gotten an offer, I call that a clue. Reduce! Apparently, no one wants to pay what you think your property is worth. If you don’t want to reduce you may want to consider taking your property off the market until such time that we have a seller’s market that can once again support your desired price. (Am I being too harsh here? If so, please excuse me….)

If you’re a buyer, rejoice, because it’s truly a great time to be a buyer. You just have to have faith that even though the market may go down a bit more, buying going down is a better way to go that buying on the uptrend. Don’t forget we are talking about Paradise here. Kauai really is Paradise and the more time you spend here, the more you’ll be convinced, especially if you have the opportunity to travel to the Mainland and back a few times. Trust me, you will always to be glad to be back Home, even if for now, Kauai is your Home away from Home.

Need help making a buying or selling decision? You know who to call. In the meantime, start fantasizing about your own piece of Paradise because it’s a dream that could easily become a reality in today’s buyer friendly market. That’s my two cents worth for today. Have a great weekend!

Aloha, Elaine

Elaine’s Photo

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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

Hawaii Closing Costs – not in the top 10!

Everyone always asks about closings costs- who pays what and how much. In Hawaii, the escrow fee is split 50 / 50 between seller and buyer with the title insurance cost shared on a 60 / 40 basis between the same. If you want to get a rough idea of closing costs for any given purchase or sale, go to www.tghawaii.com and move your cursor over Real Estate Tools. From that point you can choose either Closing Cost Estimator or Fee Schedule. If you select Closing Cost Estimator, you must first choose which type of property, then select fee simple, next is buyer and seller split costs then put in yes or no for the question about the buyer getting a loan. It then brings up a page where you enter in the sale price at the bottom (don’t worry about all the other stuff.) With just the purchase price entered in, you can then click on the tab at the top right that says Estimated Closing Costs to get the basic fees for a transaction at that price point. You can also choose the fee schedule for a general estimate of cost.

Despite how expensive Hawaii is in other areas, when it comes to closing costs we are not even in the top 10! Here are the 10 Most Expensive States for Closing Costs according to an article in Realtor Magazine’s online daily real estate news for August 15th:

“A slowing housing market isn’t stopping closing costs from rising, according to a study by Bankrate.com.

The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650.

Here are the top 10 most expensive states to pay closing costs.

New York: $4,016
Texas: $3,975
Florida: $3,683
Oklahoma: $3,558
New Mexico: $3,465
New Jersey: $3,432
Pennsylvania: $3,411
Alaska: $3,409
Colorado: $3,358
California: $3,321”

—————–
Now I understand why my CA clients never comment on the closing costs. It probably seems like a bargain!

Aloha Elaine

Here’s the site of one of my campgrounds- Devil’s Tower, WY. If you watched Close Encounters of the Third Kind then you saw Devil’s Tower. It is also famous for being the first national monument and was designated as such by President Theodore Roosevelt in 1906. Devils Tower rises 1267 feet above the Belle Fourche River. Once hidden, erosion has revealed Devils Tower. This 1347 acre park is covered with pine forests, woodlands, and grasslands. Deer, prairie dogs, and other wildlife are seen.

devils-tower-low-density.jpg

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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!

Puamana 26B in escrow!

Aloha,

If you read last week’s update you saw Puamana 28B come onto the market at $319,900. I fully expected that this REO (bank owned property) would go quickly, but it went into escrow at warp speed! It was released as active on the MLS on 6-12 and went into escrow on 6-17. It’s good to see this move so quickly. Compared to other units, it is an exceptional buy. Here are the other Puamana units on the market:

Copyright 6/17/2008 by Hawaii Information Service

MLS DATA
MLS # Tp St DOM Taxkey Tnr Price Location Land area Details
206918 T A 328 4-5-4-5-18-91 FS $470,000 Puamana #25B 1,532 #25B 2/2
211294 T A 28 4-5-4-5-18-34 FS $497,950 Puamana #9C 1,532 #9C 2/2
196884 T A 373 4-5-4-5-18-68 FS $499,000 Puamana #19B 1,660 #19B 3/2
212639 T A 0 4-5-4-5-18-1 FS $515,000 Puamana #1A 1,312 #1A 2/2
208375 T A 103 4-5-4-5-18-5 FS $515,000 Puamana #2A 1,312 #2A 2/2
211031 T A 42 4-5-4-5-18-87 FS $527,000 Puamana #24B 1,732 #24B 2/2
191813 T A 483 4-5-4-5-18-21 FS $579,000 Puamana #6B 1,732 #6B 3/2
201318 T A 273 4-5-4-5-18-32 FS $599,000 Puamana #9A 1,532 #9A 2/2
208230 T A 93 4-5-4-5-18-82 FS $644,900 Puamana #22D 1,673 #22D 3/3
208134 T A 106 4-5-4-5-18-42 FS $649,000 Puamana #12B 1,532 #12B 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.

These are all the Puamana sales since 1-1-07. Please note, there has only been one prior sale in 08 and that was for $380K:

Copyright 6/17/2008 by Hawaii Information Service

207945 T S 37 4-5-4-5-18-81 FS $419,000 Puamana #22C 1,790 #22C 2/2
SOLD 4/30/2008 for $380,000 (CNV) DOM 37

189724 T S 202 4-5-4-5-18-25 FS $475,000 Puamana #7B 1,532 #7B 2/2
SOLD 9/28/2007 for $420,000 (CNV) DOM 202

174932 T S 323 4-5-4-5-18-20 FS $489,000 Puamana #6A 1,312 #6A 2/2
SOLD 3/9/2007 for $490,000 (CNV) DOM 323

188897 T S 4 4-5-4-5-18-90 FS $499,500 Puamana #25A 1,312 #25A 2/2
SOLD 1/21/2007 for $490,000 (CNV) DOM 4

179491 T S 263 4-5-4-5-18-3 FS $510,000 Puamana #1C 1,732 #1C 2/2
SOLD 4/19/2007 for $470,000 (CASH) DOM 263

162203 T S 349 4-5-4-5-18-15 FS $525,000 Puamana #4C 1,532 #4C 2/2
SOLD 4/12/2007 for $487,000 (CNV) DOM 349

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

It will be very interesting to see what this unit closes at. No matter what it is, this is one astute, lucky buyer who knows how to move fast when the time is right!

Aloha, Elaine

Elaine’s Photo

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
blog: www.blogs.alohaliving.com/princeville-condo-sales

……you can have your own piece of paradise
ask me how!