Kauai real estate has not been a “flip” market for several years. So are two recent foreclosure flips of Princeville condos a sign of hitting bottom?? At least within this “micro market”?
Let’s look at what’s happening….
Princeville REO condos have had multiple offers with closing prices at or above list price during the past 4-6 months. This trend, along with the successful flip of these two units may indicate prices aren’t likely to drop any further within this market segment;
- Paniolo 103 - MLS 221121 sold as a bank-owned REO in July 2009 for $185,000.
Paniolo 103
At that time, very few buyers were making offers. It was in and out of escrow 3 times and on the market for 139 days prior to finally selling for $185,000 ALL CASH while listed at $209,900.
The new owner flipped it and listed it the same month for $239,000 - MLS 226124. It went into escrow January 29, 2010 and closed 30 days later at a final sales price of $232,400 with a Private Money Mortgage.
- Hale Moi 208 – MLS 232928. Bank of Hawaii REO auction sale in February 2010 for $185,000. Listed at $295,000 a month later, and in escrow after 30 days. Final sales price pending, but I have a client who submitted an offer for $250,000 which was rejected.
Located close to the Princeville Resort, Hale Moi also offers a split floor plan where the master suite can be rented as a separate studio. Upstairs unit, with vaulted ceilings, loft and Bali Hai views. - For more details – Princeville REO Condo Sales
Download report of current Princeville REO condo listings, what’s in escrow and sales since January 1, 2010.
What are your thoughts? Is this part of the Kauai market going down further? Or can we “call the bottom”…at least for the Princeville condo market segment??
