Kauai REO Bank-Owned Update

Whatever your price range, there’s a REO for you.

Kauai’s REO inventory offers homes in multiple price ranges, although the majority of the bank-owned properties are in a more modest price range. When the banks foreclose, the banks have already done an appraisal and are pretty clear on the value of the home. REO listings are generally very well priced, and there’s not too much negotiation on them. In fact, a bank-owned Nihilani in Princeville listed for $418,900, almost $100,000 below the current market value of these modern town homes, and no wonder there were four offers above asking price within a week.

Custom home with big ocean views (MLS# 233650) – waiting for you to finish

Here are the newer REO listings you may consider:

• 4673 Hauaala Road, Kapaa. (NEW) A 2 bed/1 bath home on 1.9 acres of land. $695,000. (MLS# 232984).**
• 4208 Mano St, Puhi (Lihue area). $325,000. Already under contingent contract. (MLS# 233538).
• 3874 Hunakai St, UluKo subdivision, Lihue. A 3 bed/2.5 bath, plus family room. This home is big, but quite a project. Not for the faint-hearted. $434,900. (MLS# 232974).
• 1643 Papau St, Kapaa. This is a 3 bed/1.5 bath home. One of the more affordable eastside homes. $259,900. (MLS# 232990).
• 2365 Oka St, Kilauea. 2 bed/1 bath homein Kilauea town, a popular neighborhood for young families. $269,900. (MLS# 231859).
• 3648A Moloaa Rd, Moloaa Bay. Just steps from the ocean. $832,800 (MLS# 232417).
• 4560-M Uha Road, Lawai. A large brand new, but not yet finished 4 bed/4.5 bath home on 2.04 acres. $900,000. (MLS# 233650).
• 4462 Imua Place, Kilauea. A 3 bed/3 bath home appearing to be in good condition. $399,900. (MLS# 232165).
• 5086 Napookala Circle, Princeville. Fabulous golf course lot, 15,326 with a tired 2,206 sq. ft home, needs reworking but great potential. $643,800. (MLS# 229705).
• 4679 Emmalani Dr, Princeville. 1861 sq.ft. of living area. Great mountain views. There is a non-conforming 1 bedroom apt. downstairs not included in the square footage. $567,000. (MLS# 227993).
• 4345 Naulu Place, Koloa. Located off of Omao Road this property is a true fixer upper. This property has it all. Rot, mold, termites and more. It is part of a 2-unit CPR. $190,980. The smaller home behind it was foreclosed on the courthouse steps this week and should be coming on market shortly. (MLS# 230334).
• 3384 Kekaha Rd #A, Kekaha, 2 bed/1 bath home on a small CPR lot for $277,900. (MLS# 230302).

Kauai REO Condo Listings:

Great Ocean View from Alii Kai REO (MLS# 231100), listed below

• Makahuena at Poipu Beach 2 bed/2 bath condo with ocean views. $422,000. (MLS# 230302).
• Plantation Hale K-8, Kapaa. 1 bed/1 bath condo adjacent to Coconut Marketplace. The bank is marketing this property occupied. It is in eviction but the former owner has not yet left. The buyer must agree to buy this property occupied and continue or do their own eviction. Owned by GMAC. $105,000. (MLS# 230302).
• Kai #6102, Princeville. 2 bed/2 bath condo. Ocean bluff unit with excellent views. Great location. $462,900. (MLS# 231100).
• Hale Honu 2A, Princeville. 2 bed/1 bath condo. Freddie Mac/Fannie Mae REO. Originally employee housing for Princeville, this quiet complex is located on the prestigious Hanalei Plantation Road with multi-million dollar homes just across the street. $209,900. (MLS# 230827).
• Waipouli Beach Resort F202. 2 bed/3 bath with luxurious amenities including Wolf range and SubZero fridge. First Hawaiian Bank (The Hawaiian local banks do not have nearly the foreclosure ratios of the mainland banks, but they do have them.) $499,999. (MLS# 230630).
• Kuhio Shores #104, Poipu. 1 bed/1 bath oceanfront project ground floor unit. Listed by Rod Easterly of Hawaii Life. $359,900. (MLS# 231846).
• Islander on the Beach and Kauai Beach Resort – There are many REO units at both these complexes including units on oceanfront. If you want a complete list of sub $100,000 oceanfront condos, email me and request it please.

Kauai Commercial REO:

• 4524 Hoi Road In Waipouli, located behind the old Coconuts Restaurant. $395,000 (MLS# 229811). Owned by Finance Factors. This is a small plantation home but the large lot could accommodate a nice business structure. This lot served as the parking area for Coconuts which closed in January of 2009. We miss their good nut-crusted fish dishes.

Vacant Land:

• 4840 Pelehu Road, Kapaa. This is a vacant lot of approximately 18,422 sq. ft. It is zoned for 1 house but former owners obtained a ADU (additional dwelling unit) clearance form enabling the owner to build a second house. (MLS# 233152). $152,000. A OneWest Bank (formerly IndyMac)) REO.
• Kaena St. Located in upscale Kakela Makai subdivision, a 10,044 sq. ft lot well-priced at $206,000. (MLS# 233633).

Sold Kauai REOs for the month of March:

1. 4-4240D Kuhio Hwy, Anahola, 4 bedroom/3 bath home. This house is as pretty as it looks. Hardwood floors spa tubs in good condition. $519,900 (MLS# 230089). 8 offers came in for this home. IndyMac/OneWest REO. Sold for $550,000 3/30/10. Conventional Mortgage.
2. Sandpiper #115, Princeville. 2 bedroom/2 bath condo with lock off type floor plan. (MLS# 229521) $214,900. Sold for the listed price on 3/31/2010, CASH.
3. 3. Alii Kai I #5301, Princeville, 2 bedroom/2 bath condo 1,086 sq ft. ocean bluff ocean view condo. $530,900 (MLS# 229489). Sold for $528,500 3/29/2010. CNV.
4. 922 Laipo Rd, Kapaa. Two -2 bedroom 1 bath with living area & kitchen. Only $290,000.  Sold for $290,000 Cash 3/19/2010.
5. Villas of Pualii #50, Puhi, Lihue (MLS# 229863). $314,900. Newer 3 bedroom/2.5 bath town home. Sold for $300,000 VA 3/17/2010.
6. Halelani  Village, Z104, Lihue, 2 bedroom/2 bath condo. $166,900 (MLS# 229621) Sold for $155,800 3/9/10 Conventional Mortgage.
7. 5095 Panihi Place, Waimea Heights. 4 bedroom/3 bath home in Waimea Heights subdivision with beautiful views. $612,900. Sold for $535,000 CNV on 3/16/2010.
8. 5276 Kahala St #2., Kapaa. This is a two story newer home 2 bedrooms/1 bath upstairs and a studio with kitchen and bath downstairs. Corner property. $299,900 a GMAC REO (MLS# 229133). Sold FHA loan for $310,000 3/17/2010.
9. Kuhio Shores #204. Poipu 1 bedroom/1 bath oceanfront ocean view condo. $379,900 (MLS# 229468). sold for $379,900 on 3/9/10 with a mortgage.
10. 4932 Aliali Road, Kapaa, aka Apopo Hale #23. This is a 4 bedroom/1.5 bath CPR home. $214,900. Sold for $209,000 Cash on 3/8/10.

In March, Kauai had a total of 60 closed sales; 24 single family homes, 29 condos and 7 parcels of land. That’s almost a 50% increase over March 2009. In 2010, Kauai has had 153 closings for the first quarter, compared with 87 closings during 2009’s first quarter. Definitely more market velocity as we enter the “go phase” of the market’s “tranquility segment as defined by economists. Of the 60 sales in March, 20 of them or 33% were either short sales or REO properties. This continues to be the trend. For more information on the government’s new HAFA short sale program, visit my Kauai Short Sale Website.

View Kauai Deals in my Kauai Foreclosure Gallery