Standout Kauai REOs (May 2010) – Can I Please Give You a Condo on the Beach?

As we moved from April into May’s market the number of distressed property listings continues at a brisk pace.

There are three new short sales at the Kauai Beach Resort including a unit at $40,000 (MLS# 234148). Pretty soon they’ll be paying us to take these units, LOL.

At the Islander on the Beach, a smaller condotel complex in a great location across from the Coconut Marketplace, we had 5 new listings that are Kauai REO’s from Pacific Rim Bank, plus a new short sale listing. Prices have adjusted at this complex so that the choicest oceanfront units (truly oceanfront where the pounding surf may keep you awake at night) have adjusted from their selling price of $350,000 to between $150,000-165,000 (MLS#234015 & MLS# 234481)—a correction of over 50%.

Kauai REO Highlights

Check out all Kauai Foreclosure Listings →

1. A 2 bedroom condo at Puamana in Princeville ( MLS #234345), adjacent to the fabulous Westin Resort in Princeville, home of the superb Nanea restaurant and bar. Over 1,532 sq. ft and priced at under $200 a square foot, this is a lot of condo for the money.
   
2. A larger parcel close (MLS# 234286) to Koloa on the south side, this property has been occupied for years through an agreement of sale that has now gone bad. Yes, it needs work. But, this is 5 bedrooms, 3 baths, on a half an acre close to the south shore’s tourist area and you can purchase it for less than $400K is my guess.
3. A  new REO in upcountry Kapaa area on Waipouli Rd (MLS# 234328) is a 5 bedroom, 3 bath, 3,520 sq. ft. home on over an acre of land in a quiet mountain area that is both 10 minutes from Kapaa town and 10 minutes from the Wailua river. This convenient location helps you to avoid any east side traffic on most days. Do the math. When it costs a minimum of $170 a square foot to build on this island, how could you build a home this size for this $$$. You can’t. Bring your creativity and you’ll have a great country estate at an affordable price.
   
4. The lowest priced home in Princeville (MLS# 234352) is listed at $515,900. A modest-sized 3 bed/2 bath, this is a Bank of America REO. It does back up to KaHaku Rd., Princeville’s main drag, but when you consider that you can pay over $500,000 for a Princeville condo, there is good value here.
5. The east side’s best buy is a newer custom 4 bedroom home (MLS# 234321) with a gourmet kitchen to-die-for. This unit is priced at $525,000. The loan on this short sale is over $700,000 so the bank will ultimately determine the selling price. But still, located in a private area of the countryside down a long driveway, this home is in excellent shape and will make a wonderful resting place for some lucky souls.
   

Remember, I track all distressed properties and can give you the back story on most short sale or pre-foreclosure properties on the Garden Island.