Jamie Friedman’s Blog

Well the Islander on the Beach has seen quite a year so far in 2009!

6 units have sold in 6 months and the prices have been outstanding ~ incredibly lower than last year!

In January, an oceanfront unit in the Ni’ihau Building sold for $235,000. Then in February, a bank sale oceanfront unit sold for $200,000 and that was considered unbelievably low for an oceanfront in comparison to the prior sale ~ down $35,000 in just over a month!

Also in February, a garden view unit, ocean view from lanai only, offered at $148,000 sold for $162,000. Yep, that’s right, not a typo.  The unit sold for more than asking.  In this market, many strange things occur. This property was sold with the Buyer assuming the Sellers mortgage loan in its entirety. The advantage to the buyer was that there was no cash down required; the advantage to the seller was that it was no longer considered a short sale.  This is one of those rare and unique transactions where the stars aligned!

But the greatest shocker to the property was the activity in May when two ground floor pool/ocean view units came on the market at $95,000! Holy cow batman! We all thought maybe it was a typo, but in fact it was just a motivated seller (not a bank or a short sale) who wanted their units sold quickly and for cash. Mission accomplished as they both had offers within the week and closed/sold for full price.

The most recent sale, and the last of those that have closed thus far this year, was unit 321. Unit 321 was a bank sale offering at $145,000 which closed last week for $105,000.

This project continues to shake up and shift around with numerous short sale listings, starting at $109,900 for a third floor ocean view up to $189,000 for an oceanfront; a bank sale ocean view 3rd floor listing at $189,000; and some great “regular” listings starting at $139,000.

This is definitely a great time to buy in this project and take advantage of the fabulous “steals and deals”!

Want more information? Please do not hesitate to contact me directly:

Jamie Friedman (RA), Prudential All Star Realty, (808) 634-2011, jamiejoy@aloha.net , www.MyKauaiProperty.com

OR Create your own Custom Real Estate Search at: www.EmailMeKauaiRE.com

Aloha,

I just wanted to check in to say hello and remind you to celebrate! Below are some of the GREAT DEALS right now for oceanfront condo complexes as well as a quick market update for this May!

MARKET UPDATE

In May of 2008, Kauai recorded sales for:

21 residential listings

19 condo listings

8 land listings

In May of 2009, we have:

41 residential listings in escrow

31 condos listings in escrow

31 land listings in escrow

Provided that all of these escrows close during the current month, we are well on our way to a banner May!

Steal of a deal! Oceanfront condo complex with Studio units starting at $59,000!

Kauai Beach Resort

Listings starting at $59,000 (no that’s not a typo!)

Mountain View listings starting at $69,000

Ocean View “regular” listings starting at $99,000

Short sale listings mountain view starting at $49,000 *

Bank Sale listings ocean view starting at $219,000**

Islander on the Beach

Listings starting at $85,000

Ocean view “regular” listings starting at $200,000

Short sale pool/ocean view starting at $85,000*

Short Sale oceanfront starting at $189,000*

Bank Sale ocean view starting at $145,000**

The best deals, in both the Kauai Beach Resort and Islander on the Beach are available for CASH only and many sellers will only consider full priced offers (for the lowest priced regular sales ~ those offered under $100,000).

Though there may be limited financing available for the purchase of a Kauai Beach Resort, each one would be reviewed on a case by case basis and would like require 40% more cash down toward your purchase.

Click the links for more information on short sales and bank sales.

Kauai Beach Resort and Islander on the Beach both are fee simple ownership of units in oceanfront complexes with swimming pools and on-site management available for vacation rentals.

*Short sale offers are subject to lenders approvals and may take from 2 weeks to 4-6 months for approvals depending upon the banks

**Bank sale offers are generally responded to within a week to ten days

It’s a great time to buy on Kauai! Hundreds of properties to choose from, great prices, and record interest rates!

Please do not hesitate to call or email if you have any questions or would like additional information.

Mahalo, Jamie

Jamie Friedman jamiejoy@aloha.net  Prudential All Star Realty Call today! 808-634-2011

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Princeville, on the North Shore of Kauai, is still a PREMIER DESTINATION for tourists and those who would like to relocate from the mainland and embrace the life style that only Kauai has to offer.

To expound even further on this is the renovations at the Princeville Resort in which it is being transformed into the St. Regis, and will be ONE of only a few resorts to fly this flag of excellence! In addition the Makai golf course is also getting some major attention and together the two projects will push the $100,000,000 mark in cost to complete.

What impact will this have on Kauai’s North Shore? I expect HUGE but only time will tell. The NEW St. Regis is scheduled to open late spring of 2009 (as with most construction, project is likely to be moderately delayed).

It’s a great time to buy on Kauai as the Sellers tend to be very motivated! Please contact me for more detailed information on Princeville or any other part of Kauai.

Mahalo