This week on Kauai 5 properties were reverted back to the lender on the courthouse steps. Approximately 30 auctions were postponed til dates in August and September. 12 new listings are distressed properties. The distressed property market is primarily composed of two things:
- REO (Real Estate Owned) – These properties have already been foreclosed on by the lien holder, assigned to an asset management company, and relisted with an REO agent.
- Short Sales – these properties may or may not be in foreclosure but the proceeds of the sale will be less than what is owed to the lienholder and thus require lienholder approval.
Two of the best North Shore values that just listed are in Princeville proper, where an owner can have a legitimate vacation rental. Princeville is sanctioned by the county of Kauai for this purpose since it lies within the VDA (visitor destination area).
8th hole of Prince Course from Villas on the Prince
Villas on the Prince – Unit 30
This 3 bedroom, 3 bath townhome (MLS# 237228) looks out at the Hanalei mountains and overlooks the world renowned Prince Golf Course. This is a short sale with Bank of America and is listed at $579,000. Remember, the pricing requires lienholder approval so it may sell for more than this in the end. The unit is in clean shape and is unfurnished.
5141 Kapiolani Loop
This single family home ( MLS# 237229) is probably the best value for a home under $600,000 in Princeville. It features 5 bedrooms, including two upstairs with spacious lanai and pretty mountain views. The practical laminate flooring is easy to maintain in Kauai and there is a great garden and backyard that can keep you busy if you nurture it. Priced at only $549,000, this home must be sold within two weeks.
5141 Kapiolani Loop – in the heart of Princeville
Beautiful tiled counters – white cabinets – gas range
Laminate Floors, skylights – bright and joyful home
Let me know if you need a list of the best-valued distressed properties in any area of Kauai. I track the entire island’s foreclosure properties.
View Kauai Deals in my Kauai Foreclosure Gallery â†’