Latest Newsletter
PAPAKEA
ROUND-UP
July 1, 2010
By: Fred V. Burgart (PB)
Frederick V. Burgart, Realtor
Aloha Papakea Owners & Future Owners,
I hope everyone enjoyed their 4th of July holiday. Last
year it fell on a Saturday, and this year on a Sunday,
and if you were lucky, you also got Monday off. I always
enjoy it when you can get everyone together and
celebrate the time with friends and family. On Maui, the
first half of the year is light-years better than 2009.
Tourism has bounced back to near normal levels, helping
the Hawaii economy to slowly improve. Hopefully, in your
area, you are also seeing some improvements.
2ND QUARTER & MID YEAR SALES STATS
During the 1st quarter we had just 1 sale; but 6
closed sales in the 2nd quarter, adds up to
7 sales for the first half of the year. Last
year at this point there were only 3 sales, so things
have improved since then. While that may sound good for
Sellers, our inventory is very low with only 18
units currently offered for sale. We do have
2 units pending in escrow, so
more sales are taking place. One of these is a
'potential short sale' so don't expect any good news
with that one. Hopefully, things will continue to
improve over the summer. For instant, up-to-date market
activity, please check my website (where you are now)
MID-YEAR BOARD OF DIRECTOR MEETING
The most recent Board of Director meeting was held on
June 18th in the upstairs AOAO meeting room. It was well
attended by owners who were here on property. Many
issues were discussed, but highlights of the meeting
were:
1)Phase I Lease Renegotiation: An appraiser has been
agreed upon by both the Weinberg Family and the
Leasehold owners. Next step: Now we wait for an opinion
of value. Feb 1st 2011 is when the new leaserents will
be in effect.
2)Fee Simple Update: It was reported that it may take up
to 2 years for the Weinberg Family to settle the estate.
The leasehold owners hoping to buy their Fee Simple
interests soon will now have to wait a while.
3)Monthly maintenance dues are increasing 12% for the
2010-2011 year. Part of the maintenance dues funds the
Capital Reserves, which now tops $900,000 in cash to
fund future maintenance projects.
FRED'S FEE SIMPLE SPECIALS
(BEST VALUE) #D-404, 4TH FLOOR, 3 BEDROOMS, 3 BATHROOMS,
MAST BEDROOM WITH VIEW, & HIGHLY UPGRADED @ $850,000 FS
(BEST FIXED UP) #K-204, OCEANVIEW, 2ND FLOOR, 2
BEDROOMS, 2 BATHROOMS, MASTER BEDROOM VIEW, SUPERIORLY
UPGRADED @ $875,000 FS
(BEST LOCATION) #G-304, OCEANVIEW, 3RD FLOOR, 1 BEDROOM,
1 BATHROOM, TILE & LAMINATE FLOORING, ATTRACTIVELY
FURNISHED @ $525,000 FS
FRED'S LEASEHOLD SPECIALS
(SELLER FINANCING) #H-106, GROUND FLOOR, 2 BEDROOMS, 2
BATHROOMS, MASTER BEDROOM VIEW, BOB MARSHALL UPGRADED @
$595,000 LEASEHOLD
(THE WOW FACTOR) #F-210, OCEANFRONT, 1 BEDROOM END
UNIT WITH SO MANY UPGRADES (20 YEARS IN THE MAKING), ONE
OF A KIND UNIT @ $1,000,000 LEASEHOLD
Aloha & Mahalo,
Fred
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