The distressed property activity on Kauai continues to expand as we move into the New Year. Here are the newest short sale and REO (bank-owned) listings through yesterday January 18th, since the beginning of the year. Navigate to my website and enter the MLS number to search for photos and more information, Our view my visual Kauai Foreclosure Gallery at Hawaiilife.com. Properties that show up with the status of Back on the Market may simply have re-listed after expiring or may have fallen out of escrow and become active again.Read Full Post | Make a Comment ( None so far )
We’re getting the word out about the extended first-time homebuyer’s tax credit. Come and join experts from Wells Fargo Home Mortgage, Title Guaranty Escrow, Hawaii Life Real Estate, and 101 Financial in two free first-time homebuyer seminars on January 26 and 28. Participants are encouraged to register online at www.kauaihome101.com or call 346-7095 as seating is limited.
The seminars, entitled Home Ownership 101, will cover topics that are important to those considering purchasing in a real estate market that appears to be getting more affordable every month. Attendees will hopefully walk away with all they need to know and learn how to take their next steps in pursuing home ownership. If this is the year you’ve dreamed of owning a new home, this seminar can help you get jumpstarted. And best of all, it’s free. The session on January 26th will be held at the Kauai Beach Resort starting at 7 p.m. The session on January 28th will be held at the Waimea Neighborhood Center and also starts at 7 p.m. Registration for both events starts at 6:30 p.m.
The first step is to get your financial house in order. 101 Financial will show you how getting out of debt and improving your credit score are essential in preparing yourself for home ownership. Obtaining a loan is also key to home ownership; the lending industry has changed dramatically in the last year. Come and find out what’s available. Learn about the USDA Rural Housing no-money down programs and FHA loans.
It’s not too late to take advantage of government-sponsored incentives too. First-time homebuyers could be eligible for a credit up to $8,000. Longtime homeowners could be eligible for a credit of up to $6,500. There are many bank-owned properties and short sales currently on the market. View my foreclosure gallery at hawaiilife.com. Learn how to avoid some of the pitfalls in buying a distressed property. Understand how the escrow process works as we explain step-by-step how a successful real estate transaction is completed.
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Here are some graphs demonstrating the foreclosure activity island-wide for Kauai, along with a few Kauai foreclosure home updates.
1. Purchase this property in Lihue for as little as 3% down! This property is approved for HomePath Mortgage and HomePath Renovation Mortgage financing. I have HomePath lenders available for you. This Fannie Mae owned “REO” property is sold “as-is” with no seller’s disclosure.
This home has a large den and full bathroom downstairs, and a living room, dining room, kitchen, three bedrooms and two full bathrooms upstairs. The interior of this home is in fantastic condition for a foreclosed home. Close to schools (KHS and CKMS), Kukui Grove Mall, Costco, Kalapaki Beach, Kauai Marriot, Harbor Mall, and all the conveniences of Lihue. This is a Kauai Fannie Mae REO home listed at $485,000.
2. Unit C409 at Pono Kai is now listed at $472,900. Ya gotta go back almost two and a half years for the last 2 BR/2 BA sale which was at $600,000. Countrywide Kauai Foreclosure!! Great ocean views, hear the surf whispering at your feet. Comes with all the vacation rental furnishings. New flooring, paint and windows are now going into unit!! Free appraisal & credit report if after being pre-qualified with Countrywide you chose to use Countrywide as your lender.
3. Question: When is a foreclosed kauai property not the best deal on the block. Answer: When you have a truly motivated seller. That’s what you got here. It’s the least expensive one bedroom condo with full kitchen on Kauai. Not a hotel room. Listed at $169,000 and seller says, “Make an offer!”. If you buy this 1 bedroom Plantation Hale unit for $140k for cash, it has the potential to earn 4 to 6% on your money. You can afford to own a condo on Kauai, can’t you!
4. OK, so this unit is in foreclosure but may be purchased as a Kauai short sale. But talk about value. Here’s a newer townhome, built in 2005, with a 2-car garage that is coming on the market at the Villas at Puali for the mid 300’s. Make an offer in the 200’s and get something practically new with a 2-car garage. Email me for the details on this short sale- pre foreclosure on Kauai opportunity.
Here’s the latest activity of Foreclosure filings on Kauai by areas for the first half of April. You can see there is less foreclosure activity on the south side of Kauai.
On the right is a comparison of percentage of Kauai Foreclosures to both the Hawaii state average and the national average. The numbers on Kauai are below the national average but our numbers are still rising. Looking for a list of the latest foreclosure listings , both properties in pre-foreclosure and properties that have auctions scheduled, request your desired area of the island of Kauai and I’ll email you a spreadsheet of opportunities.
This week the Pacific Business Journal reported about the upcoming auction of the remaining units owned by Brian Anderson and company at the luxurious property which is operated as the Hilton Kauai Beach Resort. This sale will represent the largest number of Kauai Foreclosure units sold to date. This property was formerly a Radisson Hotel. It was purchased by Anderson and Co. in 2004 for $62 million and the 350 hotel rooms were totally renovated. The grounds and amenities were also upgraded. After going through the condominization process, the 350 rooms were put up for sale in 2005. Over the next roughly three years, 205 of these condotel units were sold. The remaining units were not. Now, notice of the auction has been appearing in both the Kauai and Honolulu papers. The 145 condominium hotel units and 15 commercial condominium units will be sold in bulk at the May 6 auction at the entrance to 5th Circuit Court in Lihue, according to an advertisement placed by commissioner George Van Buren.
The New York lender, iStar Financial , filed for foreclosure on the property on July 22, 2008, claiming Anderson and his KB Resort LLC were in default of nearly $29.5 million in unpaid principal, interest, late charges and fees.
The amount was what remained from an original loan of $85.75 million — $75.75 million borrowed from subprime lender Fremont Investment & Loan on Dec. 7, 2005, and $10 million advanced in July 2006, according to the complaint. In June 2007, iStar took over the loans after it acquired Fremont’s commercial real estate lending business.
Developer Anderson had said last year that the 145 units now up for auction had been in escrow to an unnamed single buyer. So, come on down to the courthouse steps or tell your developer friends if you are looking for a good deal in a Kauai Foreclosure.
Download the kbr-floor-plan
The foreclosure notice states that all 145 rooms and 16 commercial units ( those are the shops, store, restaurants,etc.) will be sold in bulk. The property has been operating successfully for several years. If you were to walk in the lobby, and dine at the restaurant, or attend South Pacific ( which runs in the ballroom each Wednesday night) you’d have no idea of any problems existing at the facility.
The condotel units sold from around 225,000 to as high as $500,000 when they came on the market in 2005. The recent comparables have sold for around 100-150 thousand per unit. With high occupancy, the units at the KBR have the potential to generate a positive cash flow.Read Full Post | Make a Comment ( None so far )
Here is the newest Kauai REO on the North Shore in the town of Kilauea. Just listed at $454,900, this 3 bedroom two bath homes has nice bamboo floors and appears to be in good shape. Unlike on the mainland where people often trash the home upon leaving, that’s not usually the case on our little island.
The home is 1,248 square feet, and on a nice sized lot of 9,600 sq. ft. As with many foreclosures on Kauai, the listing agent requests a pre-qualification letter and proof of funds with the offer. If you are looking to purchase a foreclosure on Kauai, you need to be prepared to move rapidly as they best values often sell within weeks or sometimes even days.
This home sold for $720,000 at the peak of our market. You can download a list of all North Shore short sales and foreclosures. I’ll be adding this newest listing to my list shortly.Read Full Post | Make a Comment ( None so far )
The Poipu resort area of Kauai’s South Shore has been the most resilient neighborhood in the current real estate market. What i mean by that is that as the real estate market has been correcting, the Poipu area has sustained its price appreciation the longest. That is until recently. In the past six months, prices have begun to adjust and there are now several Poipu short sales and foreclosures in this area.
The Poipu area generally is the most popular tourist area because of it’s just reputation as the “Sunny Side of Kauai”. Don’t get me wrong, there’s plenty of sunshine all over Kauai. However, in the winter time you are more likely to find the sun and rain-free weather when you head to the South Side of Kauai.
Here’s one particular bank owned condo that offers a very good value to a condo owner, especially if you want to have the ocean view right in your face.
Here is a larger list of South Shore Foreclosures and pre-foreclosures. Some of these are in Kalaheo and areas adjacent to Poipu and Koloa as well.Read Full Post | Make a Comment ( 2 so far )
There are great values now available in both single family homes and condominiums on the North Shore of Kauai. This recently compiled list of REOs and foreclosures shows what is available and what propeties will be up and coming. Two of the better value-priced listings that I’d like to highlight are:
Villas on the Prince – Unit 3 – $576,900 – Last unit sale here was $700,000
- Private and gated complex – small number of units -
- 3 BR/3 BA – over 1700 square feet
- Views of the 5th hole of the Prince Golf Course, Hawaii’s #1 rated course (and way too difficult)
- Owned by Bank of New York and priced at $576,900.00
- Get all the Kauai MLS details HERE
Kamahana Unit 4 – $336,000
- 2 BR/2BA Spacious Unit -1,145 sq. ft.
- Pool, Tennis, and walk to the beach
- Reasonable monthly maintenance fees by Kauai standards
- Owned by Countrywide – Use a Countrywide lender and get free credit check and free appraisal
Here is a current list of North Shore Foreclosure and Pre-foreclosure properties. Many of these can be purchased as short sales too!Read Full Post | Make a Comment ( None so far )