Lihue Foreclosures

Kauai Foreclosure and Kauai Short Sale Update

Posted on January 19, 2010. Filed under: Kauai Foreclosure, kauai REO, Lihue Foreclosures | Tags: , , |

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.

Kauai Short Sales and REO (bank-owned) current status

Kauai Short Sales and REO (bank-owned) current status

Kauai Short Sales and REO (bank-owned)  - SOLD and Price Reductions

Kauai Short Sales and REO (bank-owned) - SOLD and Price Reductions

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This week’s Kauai Foreclosure Update – April 14th, 2009

Posted on April 15, 2009. Filed under: Kauai Foreclosure, Kauai Great Value Properties, kauai REO, Lihue Foreclosures |

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.

4119 Aheahe Place in Lihue - Close to Costco and Home Depot

4119 Aheahe Place in Lihue - Close to Costco and Home Depot

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.

Pono Kai C209 - Oceanfront in Kapaa - Pools/Putting Green

Pono Kai C209 - Oceanfront in Kapaa - Pools/Putting Green

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!

Pono Kai C209 - Oceanfront in Kapaa - Pools/Putting Green

Pono Kai C209 - Oceanfront in Kapaa - Pools/Putting Green

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.

Modern Townhome with 2-car garage - in Puhi

Modern Townhome with 2-car garage - in Puh

April Foreclosure Filing Activity on Kauai

April Foreclosure Filing Activity on Kauai

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.

Kauai Foreclosure rates compared to State and Nation

Kauai Foreclosure rates compared to State and Nation

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.

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Kauai Hilton Resort Goes to Auction

Posted on April 13, 2009. Filed under: Kauai Foreclosure, Kauai Great Value Properties, Kauai Real Estate Auctions, Lihue Foreclosures |

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.

Aerial View above the Hilton Kauai Beach Resort

Aerial View above the Hilton Kauai Beach Resort

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.

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