April 1, 2016
By: Fred V. Burgart (PB)
Frederick V. Burgart, Realtor
Aloha Papakea Owners & Future Owners,
Our 2016 busy season is in full force right now with all
of the 'spring breakers' on island. Tourism has been
excellent on Maui as reported by the Hawaii Visitors
Bureau. All other islands had a slight drop in tourism,
but not Maui. We've had a very dry winter and LOTS of
VOGGY days. Because of 'El Nino' most storms tracked
north of the islands. These storms also caused some the
biggest surf, and cleanest surf in decades. Hope you can
come see all of the action.
1ST QUARTER SALES STATS
The first part of the year has started off with 3
closed sales. Activity started off awfully slow,
but soon interest and sales finally took hold and we now
have 6 units now pending. Inventory
started to rise, but with the recent increase in sales
activity inventory now stands at 22 units offered
for sale. Even with the seawall issue, Papakea
sales interest has been very good this year.
1ST BOARD MEETING OF THE YEAR
The Board of Director meeting was held on March 11th in
the AOAO upstairs meeting room.
Highlights of the meeting were:
1)Lobby Renovation / Basement Reconfiguration:
Discussion on spending $270,000 for lobby renovation and
then what to do with the basement area below the front
2)Emergency Seawall Repair: Discussion to take
out a 5 million dollar loan for the project repairs
which is supposed to take all year long to complete.
They've been in front of 'L' building for at least 3
3)Exterior Renovation Project: Work is officially
completed and they can close the books.
4)Budget 2016-2017: Discussion on increasing the
dues or raising the resort fee to offset budget
5)Fire Windows: Letters were sent out to 70 or so
end unit owners who are now on notice of Fire Code
changes. These end units close to the stairways are now
forced to spend upwards to $7,000 for the new fire code
While I am at it, I might mention that I talked
with the Medusky & Co. regarding the remaining 31 Fee
Simple interests Medusky purchased from the AOAO. They
have now decided to NOT SELL any of the fee interests.
If you remember before, they were not going to
sell any oceanfront fee interests. On the other hand,
the other person who bought a few of the fee interests
will consider selling his fee interests. So, if you are
lucky like my #E-110 leasehold unit for sale at
$215,000. You can buy the fee interest for $220,000 and
turn it into fee simple.
Have a great year!
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,