OCTOBER 1, 2016
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 or two ago for the Annual owners
meeting were treated with gorgeous weather, perfect for
the outside parties. If you remember my last newsletter
telling you about the huge fires on the Pali, well since
then we got a huge downpour a few weeks ago that almost
washed out the road between Lahaina & Kahului. With
nothing to hold the loosened dirt, the floods brought
down tons of mud and debris. Currently, we're back to
the usual beautiful fall weather, pretty much normal for
this time of year. It's the 'off season' but tourism
seems busier than normal. It may be another record
breaking tourism year for Maui.
3RD QUARTER SALES STATS
Can't really explain the big uptick in sales, but
during the last 3 months there were 7 more
closed sales. That increases our sales
total to 18 sales for the first 9 months of the
year. Last year at this time we had 11 sales,
so the sales are far better so far this year. With
another 6 units now pending, sales activity continues
steadily along. Our inventory has dropped to just
17 units offered for sale. When you check
the enclosed "Papakea Units for Sale", you'll see we
back down to having just 1 unit for sale in the
one bedroom oceanview category. It's a very popular
category and price range for most Papake people. Prices
seem to be slowly but surely increasing. We'll see how
the rest of the year goes, but I can't remember the last
time we had over 20 sales in a year.
SEPTEMBER BOARD MEETING AND ANNUAL
The meetings were held the weekend of September 23rd &
24th 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 meeting were:
1) Two Board of Director positions were
open and voted in were Board of Directors already:
Elected: Stuart Gray (A-307 & E-304)
Elected: Mike Dean (B-405)
Just like last year, the other contender was Lou
Bellardo of unit #L-404 who ended up with 15% votes but
not enough. That means the Board of Directors will
remain the same.
2)Lease to Fee Loan Balance: The Board of
Directors has authorized the payments to all the 198 or
so owners who purchased the Fee Simple interest for
their units a few years ago. The loan balance is
$189,000 so it looks like the owners will be getting
close to $1,000. Something unexpected I presume.
3)Emergency Seawall Repairs: Lots of talk
about the emergency seawall project and costs involved.
'A' & 'L' buildings are now complete and now 'F'
building gets the repairs. The $5 million seawall loan
payments don't start until April 2017.
4)Canal: The canal is deteriorating
rapidly and the Board is seeking ways to address the
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,