What does an 80’s song have to do with real estate? Not much, really.
But the past two months I’ve been absent from this blog, due to my Mom’s passing in May – and the lengthy, family chaos that surrounds an unsigned will.
I just returned from a trip to Nebraska where I was able to take care of all of her things. As I feel the peace of knowing her love is with me, picking up the pieces of things neglected… this song came to mind…along with memories of huge shoulder pads, crazy hair-do’s, loud colors (ok, I still wear loud colors – just not as much orange) and wearing different wild earrings in each ear. (Click on the photo and enjoy!…go ahead and dance – no one’s watching )
Yes.... I'm "Back to Life"
So – what’s going on now?
The Kauai foreclosure and short sale market is hotter than ever. During this time, I have two new short sale listings and closed the sale of a home in Princeville that no one thought could be done. It had been listed as a short sale by another agency for a very long time, and the “word” out in the real estate community was that the banks were not negotiable and a sale would be impossible. However, with buyers through HawaiiLife, we were able to overcome all obstacles and close the sale in May.
I’ll post additional foreclosure news and statistics in another blog entry – but by all indications…we’re in a “sweet spot” time of the market. No one can call the peak, or the bottom…but we are in a period of time where luxurious properties are available at distressed prices. Just how long that will last – no one knows. But if you want to buy a luxury distressed property, now is the time to be on top of the market, and write offers ( in my opinion..).
But..what am I doing for you??
In order to provide you the best possible service, I continue to invest in my professional education….
I’m completing my CDPE (Certified Distressed Property Expert) designation giving me additional training on serving the distressed property market, along with opening a national network of resources to go to with questions, etc.
At the same time, I’m completing myABR (Accredited Buyers Representative) and GRI (Graduate Realty Institute) designations. The GRI is like an undergraduate degree in residentail real estate. I’ve been working on this for several years (courses are few and far between on the island).
But what about the properties??? In order to help you fully explore the Kauai Short Sale and Foreclosure market…be sure to be on my mailing list for:
Short Sale Seminars on Kauai – Stay tuned….I will be hosting several Short Sale seminars on Kauai in the coming 6 weeks.
Webinars analyzing distressed properties- very soon, I’ll be hosting regular webinars providing detailed financial analysis of my “top pick” of distressed properties in each of the main Kauai market areas.
Please let me know how I can help you, and be sure to contact me and sign up for my mailing list – I’ll keep you updated.
Kauai Luxury Short Sales Condos – Just listed… two wonderful opportunities to buy into the luxury resort community of Princeville at a distressed value.
Both are short sales. The lenders are well organized & ready to negotiate!
Bali Hai Views - next to St. Regis Princeville Hotel
Hale Moi 116 - luxury living at a short sale discount price! Located near the newly renovated St. Regis Hotel (formerly known as the “Princeville Hotel”), you have luxurious amenities within walking distance to Hideaways Beach with opportunities to snorkel with dolphins and honu (turtles). The lender has a negotiator assigned, the file is open – and waiting for offers!
Cliffs Resort with Luxurious Amenities
Cliffs 2205 - Resort living at an affordable price. Cliffs Resort offers amenity rich living in Princeville. One bedroom, 2nd floor unit is offered as a turnkey fully furnished legal vacation rental, managed by CondoBob. Living room set with high quality sofa bed recently purchased from Otsuka’s. Full bathroom off living area offers privacy when guests visit.The Cliffs Resort presents many on-site amenities, including two tennis courts, a full-size volleyball/badminton court, a half-court basketball court, two shuffleboard courts and a childrens’ playground. A swimming pool, spa for adults, and a putting green with sand trap round out the Cliffs amenities.
For up-to-date listing and short sale information, contact me to be on my mailing list. Coming soon – Short Sale webinars with analysis of “top pick” Kauai short sale listings from an investment standpoint.
Brand new REO listing in Princeville – won’t last long! We haven’t seen many foreclosures in this complex, but Villas on the Prince had a unit come on the market recently and it was in escrow in 3 days. Seller says bring all offers!
Luxury townhome development in Princeville offers:
Mountain Views
Located next to Makai Golf Course & Tennis Courts
Walking distance to upcoming Princeville Spa location
Looking for that great Kauai foreclosure value, you might miss listings that are priced at what the financial guys call “liquidation value” but are NOT a foreclosure or short sale.
This week I’d like to highlight two of my favorite listings on island that are privately owned, but listed at a “liquidation value” price to compete with foreclosures.
1.3683 Anini Road- wonderful beach location listed at $1,250,000. The owners paid $1.4M in 2001. Used as a second home, not a vacation rental – the open Hawaiiana floor plan, and beach location make this a great deal. It won’t last long – it’s time to write that offer!
2. 271 Mala Street- Eastside upcountry home located in Wailua Homesteads. Listed at $449,000 with a $10,000 buyer concession offer.
These values won’t last long – be sure to contact me for more information, or to write an offer.
Remember that in Hawaii, you have an initial inspection period where you can cancel for any reason…the weather, your horoscope, your deceased mother-in-law talked to you in a dream…well, you get the idea. So don’t be afraid to make an offer and secure the opportunity to buy!
Coming soon – luxurious 3 bedroom townhome located in the heart of Princeville. Nihilani’s Makani floor plan offers 3 bedrooms / 2.5 baths in 1,874 sq ft of living space in the heart of Princeville.
Be ready to make an offer! This is Fannie Mae owned. I just successfully negotiated an offer for my buyers with Fannie Mae and have some tips and insights that will help you. It’s best to be prepared BEFORE it comes on the market!
Kauai foreclosure (REO) listings can be very confusing, and difficult to find – even for Kauai realtors. Our MLS system is in the process of changing how foreclosure and short sale listings are identified. In the meantime, to provide a complete list, I need to sort 3 different ways, and double check the data.
Buying a foreclosure property can be confusing and frustrating. Add to that the unique twists and turns that the Kauai real estate market has – and it’s enough to make your hair curl…oops mine is already To help you navigate the process of purchasing a foreclosure, and know some of the key steps to sucess, I’ve created a Buyers Video outlining the Top 3 Tips to Buying a Kauai Foreclosure:
Find an experienced Buyers Agent who you feel comfortable with, then make a commitment to work with them. My clients usually sign a Buyers Agreement with me so that we are all clear about what our working relationship is, and in that sense – they’ve “hired” me to work for them, even though I’m paid via the seller’s commission.
Prepare – Prequalify with a Hawaii lender and provide Proof of Cash Funds. When you’re negotiating on a foreclosure or short sale, remember it’s a bank reviewing your offer. They want to see that you’ve taken the time to prequalify – they’ll want another lender’s opinion as to your ability to purchase. It may sound strange, but your agent should ask you for your Proof of Cash Funds to submit with your offer. Please feel free to contact me for more information about what this is and why.
Be Ready to Act Quickly! Emotionally this can be the most difficult. But foreclosure offerings on Kauai are moving quickly. It’s important that with all the homework you’ve done by working with an agent, staying in touch with the market, prequalifying – that you pace yourselves to be ready to write an offer right away if you see something you like. What I tell my clients is to remember that “an accepted offer only means you’ve secured the opportunty to buy.” The ball is then in your court to say YES or NO…. but waiting means someone else will be first in line and at best, we’ll be able to write a back-up offer.
The following video goes over these three points in a little more detail.
In a market where listings take 6-9 months to sell – if they sell, we’re seeing a quick movement on Kauai foreclosure (REO) listings.
Buyers – if you’re interested in foreclosure listings, contact me so I can set up automatic email updates for you, and be ready to make an offer right away. Strong offers are all cash, or prequalified with proof of cash funds.
Sellers – take note of the price range of properties similar to yours that are selling as foreclosures or short sales. That’s where our market values are today, and you can compete successfully in that range – as buyers will always prefer to buy from an individual. But the reality of the market the “bulls eye” of pricing now reflects the distressed property valuations. For a complete market analysis of your property, please feel free to contact me.
Following are all the Kauai foreclosure (REO) lsitings currently in escrow. Please note the Days on Market (DOM)…typically going into escrow in under 30 days:
Kauai Beach Resort #4208- listed for $139,900
MLS 220882 – in escrow within 40 days
5573 Kuamoo Road #1, Kapaa- listed for $225,00
Small 2 bedroom / 1 bath CPR house located close to the road
MLS 221077 – in escrow in 14 days
383 Laaukea Pl, Kapaa – listed for $350,000 3 bd / 2 bath standard floor plan with carport – Not a CPR
MLS 221886 – in escrow in 9 days
4836 Puuwai Road #A, Kalaheo – listed for $290,000 2 bedroom /1 bath CPR house on almost 12,000 sq ft lot
MLS 221776 – in escrow in 17 days
4801 Lae Road #4, Kalaheo – listed for $365,000 3 bd / 1 ba CPR home on large upcountry lot of 18,949 sq ft
MLS 219749 – in escrow twice, price dropped from $399K
5027 Puuwai Road, Kalaheo – listed for $678,900 3 bd / 4 ba CPR home of over 2,000 sq ft on 18,949 sq ft lot
MLS 220522 – in escrow in under 12 days
Of note – I started this post before the weekend, and this morning I find that our Kauai market trends tie into National Real Estate updates.
Today’s Wall Street Journal, The Washington Post and MSNBC.com report the largest increase in home sales in 5 years, but note that foreclosures and short sales reflect about 45% of reported sales.
It’s reported that the increase in home sales has driven part of today’s rally on Wall Street. This positive news reflects the common sense perspective many of us have had throughout this market disaster – that Main Street will have to rebound in order for Wall Street to stabilize.
Hopefully, lenders will make loans more available and attractive for buyers who are well qualified, and interested in buying real estate.
Oceanfront living at foreclosure prices? You bet! (click on each listing’s photo for more pictures)
Poipu REO Condo
1) Starting with a Poipu condo that is truly Oceanfront. The interior needs to be remodeled, but you can’t get any closer to the ocean unless you jump in! MLS 213644- Kuhio Shores in Poipu listed for $581,900
2) Moving along the coast to Kapaa, Coconut Coast shoreline.
Beach at your door
This is the other truly oceanfront REO / Foreclosure listing that recently came on the market. Cute 2 bedroom, 600 sq ft cottage located on a beachfront lot. Any additions or modifications to this house would be very difficult due to shoreline management rules and regulations. But for the price of a condo, you have a home on the beach.
3) Least expensive Oceanfront foreclosure offering. Located on the Coconut Coast, and managed as a Hilton property, the Kauai Beach Resort is a condo/tel conversion. Other listings for lower are short sales and the prices are not approved by lenders. This is a foreclosure listing, owned by the lender. MLS 220882 – Kauai Beach Resort #4208 listed for $139,900
As a bonus…not a foreclosure, but a short sale….luxury living along the river, with ocean views. The listing price is not guaranteed with a Short Sale. However, this was in escrow and fell out. The lender is open to all reasonable offers. A unique ocean view, luxury living opportunity!
Short sales can feel like a trip down the rabbit hole in Alice in Wonderland. Even more stressful when you’re the homeowner trying to sort through the many offers on the internet that are for the most part scams.
Good news! Shortsalenation.orgis a nonprofit website focused on you – the homeowner. There’s no fee for the service, and it’s designed to help you through the process of negotiating a short sale for your home. A free account provides an online resource for you, your real estate agent, and your attorney to work from. You can also network with other homeowners and learn about their experiences with lenders, etc. Some highlights:
To help you navigate the process of purchasing a foreclosure, and know some of the key steps to sucess, I’ve created a Buyers Video outlining the Top 3 Tips to Buying a Kauai Foreclosure:
It’s reported that the increase in home sales has driven part of today’s rally on Wall Street. This positive news reflects the common sense perspective many of us have had throughout this market disaster – that Main Street will have to rebound in order for Wall Street to stabilize. 
