Princeville is located on the north shore of Kauai County in the state of Hawaii. It is a popular tourist spot, known for its well-maintained landscape and serene environment. It has a total land area of 2.1 square miles. There are a total of 1,640 housing units currently in the town. The most attractive feature of the town is its golf courses and landscapes, and tourism is the main industry. The most investor-friendly properties are therefore resorts, which attract thousands of tourists. However, expansion is expected in the real estate sector.
Real estate in Princeville, over the past five years has gone through a roller coaster ride. After temporarily reaching an all-time high in median sales price in 2008, the median sales prices have been experiencing a decline ever since. The median sales price for homes and condominiums is now $385,000. This is a decline of 15.5%, which amounts to a total value of $70,490, in comparison to the previous quarter. In comparison to the previous year, the median sales prices for homes and condominiums have depreciated by over 24%. Over the past five years, there has been a decline of almost 49% in the median sales price.
Despite the real estate crisis that all states across USA experienced, the real estate market in the country began regaining its composure at the start of this year. Princeville, however, has experience no such ray of hope. The average number of sales has also been fluctuating, but hasn’t given enough reason for the market to attract investors. The average listing price is now $849,763, which represents a depreciation of 3.2% in comparison to the previous year.
The number of listings, however, has gone up. This might prove to be an advantage for the real estate market, as long as the number of sales increases accordingly. There has also been a decrease in the average price per square foot, which is now $291. This is a decline of almost 9% in comparison to the previous year. Although there is no real reason for investors to look at real estate in Princeville as a good investment option, it is expected that the real estate market will make a comeback. With the world wide prevalent economic and financial crisis, and the growing volatility of the stock market, real estate markets such as those in Princeville might also be a good investment option with expected long term returns on investment.
There are a great number of lenders, bankers and mortgage brokers in the town of Princeville. They offer loans for varying interest rates. The annual percentage rates in general depend on the number of years of expected interest payment, the principal amount of loan, and the type of loan preferred. Mortgage rates currently range from 3 to 5% depending on whether the loans are 15 year, 30 year or 40 year, fixed type. There has however, been a slight increase in the mortgage rates. This is understandable, given the decrease in sales and the falling average median sales prices.
Realtors and brokers
There are a large number of real estate agents and brokers which help sellers find buyers, and vice versa. They charge a small percentage of the sales price as commission to the seller. They generally hold open houses, which are highly recommended. It is important to do a survey of the neighbourhood to get an idea of the prices of properties in the locality.
People in Princeville come from diverse racial backgrounds. They form a well-knit community, and experience a high standard of living with low crime rates.