October 1, 2015
By: Fred V. Burgart (PB)
Frederick V. Burgart, Realtor
Aloha Papakea Owners & Future Owners,
Hope you all had a fantastic summer. Those of you who
were here a week ago for the Annual Owners Meeting
were treated once again with gorgeous weather, perfect
for the outside owner parties. If you haven't heard, our
summer can be summed up with two words: HOT & HUMID!!
And definitely will go down as the hottest summer ever.
Half the days of August were record breakers
alone. All of the hurricanes and tropical storms missed
us but they wiped out the trade winds, thus creating
unbearable humid conditions along with super heavy
afternoon thunder showers. The hot weather didn't stop
the usual tourist crowd. Last weeks Maui News reported
that Maui had the best improvement over the rest
of the islands. Maui No Ka Oi they say.
3RD QUARTER SALES STATS
During the last 3 months, there were 4 more sales,
increasing our sales total to 11 sales
for the first 9 months of the year. Last year
at this time we had 9 sales, so the sales are a little
better so far this year. With another 2 units now
pending, sales activity continues steadily
along. Our inventory is currently at 21 units
offered for sale. For the year so far, there's
been a little more inventory than last year for the
Buyers out there. Prices seem to be slowly but surely
increasing. We'll see how the rest of the year goes.
SEPTEMBER & ANNUAL OWNERS MEETING
The meetings were held the weekend of September 25th &
26th at the neighboring Kaanapali Beach Club which is a
convenient walk down the beach from Papakea. The
meeting hall was packed as usual and there was no
problem getting quorum established.
Highlights of the Annual Owners Meeting were:
1)Three Board of Director positions were
open and voted in were all Board Directors already:
Elected: Phil Nudelman (C-208, C-305)
Elected: Virginia Sargent (B-407)
Elected: Daryl Wilson (J-302)
The other contender was Lou Bellardo of L-404 who
ended up with 15% votes but not enough.
2)EXTERIOR RENOVATION PROJECT: Is not over
yet: The LAST of the work is to be done by mid November.
3)EMERGENCY SEAWALL REPAIRS: There was a
detailed presentation of the history of the
Papakea seawall and sink hole problems. And now with 10
holes popping up in the past few years, it's gotten out
of hand. The Board has no choice but to do an
emergency repair. The Board will be soon sending out a
request to make an AOAO loan to cover the estimated cost
of $ 4-5 million. If the Board fails to get the 50%+
approval, they will have no choice but to declare
a special assessment. No County approvals yet, but they
anticipate work to begin in November and it'll take a
year to compete the 975 feet of seawall. Everyone knows
it kind of hurts because there are still 250 owners who
are making monthly payments for the exterior
renovation project. It looks like the seawall will
cost about half the cost of the renovation
you are looking for updated information regarding
Papakea, please search my website for all the latest
info on sale, listings, & cost of ownership.
You can always drop me a note for any questions you may have.
Aloha & Mahalo,