July 1, 2015
By: Fred V. Burgart (PB)
Frederick V. Burgart, Realtor
Aloha Papakea Owners & Future Owners,
Happy 4th of July. Hope everyone is enjoying their
summer. On Maui, the summer season is in full swing now
with wedding parties, family reunions, and after
graduation vacations. Tourism seems to be busy as ever,
and the weather couldn't be more perfect. Though, I do
have to say we've just had 6 straight days of record
breaking heat. All in all, it's a good year
for Maui. The annual owners meeting is just around the
corner on Saturday, September 26th. Look me up
when you are here.
2ND QUARTER & MID YEAR STATS
During the last 3 months we've had 2 closed sales,
bringing our half-year total to 7 closed sales. Last
year at this time we had only 5 sales, so we're looking
a tad bit better than last year. And with another 4
units now pending in escrow, we've got even more sales
in the works. Currently there are 22 units offered
for sale, which is twice as many as last year when we
had so few units for sale. With more units on the
market, there are more sales taking place. We'll see how
the rest of the year goes, but so far so good.
Check out the enclosed 'Papakea units for sale' insert.
We've got some new listings that have never been
offered before. Another 'never before': we now have more
units for sale on the oceanfront than in the
ocean view category.
JUNE BOARD MEETING
The Board of Director was held June 12th in the
upstairs AOAO meeting room. This meeting is normally a
quiet meeting with the Board needing to pass the
Highlights of the Annual Owners Meeting were:
1)Treasurer's Report: The Resort Fee is bringing
in WAY more money than the Board originally
2)Maintenance Dues: As most owners already know,
maintenance dues dropped almost 9% for the 2015-2016
year. This helps the owners who are now paying for the
3)Board of Directors: There are 3 BOD openings to
be voted on in the upcoming annual owners meeting.
4)Sink Holes: Those sink holes just keep on
happening on the oceanfront. First it was near the
'A' building, then another one popped up
near the 'L' building. Then just last week another
one popped up near the Phase I stairway. The AOAO has
spent a whopping $462,000 on the sink hole repairs.
FEE SIMPLE UPDATE: Medusky & Co who bought
and now owns the 31 remaining Fee Simple interests has
shown interest in selling some of the Fee
interests if any owner wants to purchase. For a short
time, a leasehold owner can now put their unit on the
market and say if you want to buy their unit in Fee
Simple, then the buyer could have that option. What
Medusky is not going to sell are any OCEANFRONT
FEE INTERESTS. So, the oceanfront leasehold owners, like
#F-204 which is currently on the market, won't have the
Fee Simple option for any new buyers. As for the Fee
price, the owners must contact Medusky to see what the
Fee price is.
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,