Kauai Foreclosure Update – May 21

The market on Kauai continues to be biased to the buyers as new distressed inventory continues to manifest.

As we move towards the end of May, the Realtytrac numbers for April show the state of Hawaii moving up to 11th place for numbers of foreclosures.

Acreage on the North Shore and a custom built home ready for your finishing touches (MLS# 234869)

When I checked yesterday’s newspaper, there were 253 foreclosure notices in the paper. When a property is in default, the lien holder generally files an NOD (notice of default) starting the foreclosure process. It is not until some time later that notice for the foreclosure auction is published in the paper. By law it must be published 3 times before the auction is held.

Highlights of some of the new Kauai REO and Kauai short sale listings are noted below, or check out all Kauai foreclosures. As I track the entire distressed property segment, please contact me for the back story on any of these properties. I’m happy to assist you in your search.

1. First up is a two bedroom condo REO on Rice Street in Lihue (MLS# 235108). At $129,900 this Lihue Townhouse unit is one of the lowest priced 2 bedroom offerings on the island. Offers for owner occupants will be accepted starting on June 2nd.
2. A newly listed Kauai short sale located at Apopo Hale (MLS# 234730), a family-friendly and pet-friendly complex located in central Kapaa up on a hill. This is a 4 bedroom, nicely appointed and remodeled unit. This is a short sale with Bank of Hawaii.
3. A newly listed Kauai REO from First Hawaiian Bank is a 2-bedroom Hanalei Bay Resort (MLS# 234870), overlooking magical Hanalei Bay, this 1,300 sf plus unit sets a new price point for this 23 acre luxury resort. Price at $485,000 it is at 60% of current assessed value. Will not last long, that’s for sure.
4. A spacious country property, almost 2 acres, is a 2 bedroom, 3 bath home just under 1,800 sf (MLS# 234869). This home was re-financed at market peak and then defaulted on. Assessed in 2009 at $918,600 this home is listed at only $595,000. This is also a deal for a north shore Kauai property.
5. A country property in Wailua Homesteads area that affords over 6,000 sq. ft of living space (MLS# 233053), has 7 rentals (not all conforming) and has a price of $667,000 accepted by bank of america. Although there are multiple offers in place, the bank may ask for highest and best offer and you might get this amazing property for less than 50 cents on the dollar of what it previously sold for.