Latest Newsletter
PAPAKEA
ROUND-UP
January 1, 2010
By: Fred V. Burgart (PB)
Frederick V. Burgart, Realtor
Aloha Papakea Owners & Future Owners,
Happy New Year to all!! If you were here this
Christmas/New Years, Maui was as beautiful as it gets
with clear, blue, windless, sunny skies that lasted for
days and days on end. If you came for a little R&R, this
year was the best. Although tourism has been soft
throughout the year, most resorts were fuller than last
year and beaches seemed crowded with families happy to
be soaking up some warm Maui weather. Not that it is the
start of the New Year, it'll probably slow down again as
it typically does in January. But tourism is predicted
to slowly get better and better throughout the year.
4TH QUARTER & YEAR END SALES STATS
(this website newsletter has been modified to give us
the correct number of sales during the year as there was
the sale of 1BR #B-301 that closed before the end of
2009 , but was reported a few days after the 1st. If you
received my newsletter via the mail, there was reported
9 sales during the year, which now we have 10 and stand
corrected.)
The 2009 year finished off with 4 closed sales in
the last quarter, bringing us up to 10
closed sales for the year. This is a bit
slower than last year's 15 total sales, but what the
heck, 2009 just wasn't a good year for holding on to
values. And with the economy still trying to gain some
momentum, we have yet to see anything consistent in the
way of increasing sales. Our current inventory us up to
23 units offered for sale. We have seen
some surprising low sale prices as some investors
looking for the best deals are negotiating Sellers down
to rock bottom. Fortunately, most Papakea owners don't
have to be desperate. We have only 1 unit
currently pending in escrow, which will be our
first closing for 2010.
LAST BOARD MEETING OF THE YEAR & FEE SIMPLE UPDATE
The Board of Director meeting was held December 11th in
the upstairs AOAO meeting room. It was pretty much
business as usual until Michael Pang, the OAOA
representative who will be negotiating the leasehold
values in the coming year on behalf of the Papakea
leasehold owners, told the members present that our
longtime landowner, William Weinberg, had passed away
recently. This raises the speculation that there may be
a chance the Weinberg family might also have an interest
in selling the Fee Simple land (again) to the Papakea
leasehold owners. I know many owners have been waiting
for the Fee interest to become available again,
especially the owners who didn't have the opportunity to
buy the Fee interest when it was first offered in the
year 1996. Having the Fee interest available again could
be an important step in retaining the Papakea values,
for now and in the future.
Let me know what you want to know. How do I know so
much? Real estate licensed since 1982. Broker
licensed since 1988, and over 160 completed sales for
Buyers and Sellers at the Papakea. That's how!
Aloha & Mahalo,
Fred
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