This week brings a couple of new opportunities in the Princeville REO market. The number of Kauai foreclosure properties continues to accelerate with 39 properties on the North Shore either in pre-foreclosure, foreclosure (meaning the auction date has been set), or bank owned (REO). This is up 7 properties from the prior week. Here are three new Kauai REO listings that have intriguing possibilities.
1. A new listing at Mauna Kai, technically known as Ka`eo Kai Phase I. Part of Ka`eo Kai is utilized as a timeshare property and part of Ka`eo Kai is fee simple. The complex has two and three bedroom units. In Phase I, the two bedrooms are 1,503 sq. feet and the three bedroom units vary in size. The three bedroom units are on the second floor and have huge lanais plus vaulted ceiling to add to the spaciousness of these condos.
Mauna Kai also has one of the largest pool and barbecue complexes of any Kauai North Shore condominium. Unit 5A is an REO listing is a Princeville foreclosure that is on the market for $319,900. If you analyze the price per square foot, the two-bedroom units, at about $200 a square foot, offer good value. I have clients who vacation rent their units at Mauna Kai and in 2008 they were able to rent their unit out for $135 a night, roughly $950 a week.
Ka`eo Kai Phase 1 – Part of Mauna Kai – Mature and lush grounds
Nice laminate flooring and sunken living room with fireplace
2. The next new listing is at the one of Kauai’s premier condo complexes, Villas of Kamalii. This gated community of 57 units, features pool and jacuzzi, a nice barbecue area, and views of either the Makai golf course, or the dramatic Hanalei mountains. Unit 44 draws from the Mokihana floor plan with a smaller bedroom upon entering, a master on the upper level, and a master suite on the downstairs level. View this rough cut real time walk through of the unit which I created for one of my buyers who loves this complex. Priced at $699,000 and seller is willing to look at ANY OFFERS according to the comments in our MLS listing.
3. The final review is for the “lowest priced home on the Princeville Makai Golf Course”, which, by the way, will not be open for play til the end of the year or early next year. But all of the fairways and greens have been re-seeded. It’s gonna be awesome. This REO Princeville home is located at 3995 Kamehameha drive.
This is an ideal opportunity for some who either wants a fixer-upper (’cause it most certainly is), or someone who wants to live on the golf course and doesn’t mind getting their hands dirty. The home features these old-style wood parquet flooring and I’ve seen some remodels where this type of flooring was refinished and looks stunning. That might even be less expensive than replacing the flooring with Brazilian cherry or even bamboo laminate (which is very popular on Kauai). E-mail me if you’d like to see a video preview of this Princeville Home.
Princeville REO home on Makai Golf Course