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I hope everyone enjoyed your summer. Some of you who made it here to last week's Annual Owners Meeting were greeted with outstanding, beautiful weather. But as far as tourism goes, that's another story, with occupancies at most Hawaii resorts down to 30% and the rest of the year isn't looking that great either. All of the negative economic factors have made most people step back and hold tightly onto their wallets. Even though Hawaii is so far displaced from most of the world, we still are affected by mainland and world struggling economies.
As the market has slowed down, so have our sales: Just 1 unit sold in the last 3 months. This will bring us up to 12 units sold so far this year, way better than last year's 7 sales at this time. You would think there would be a ton of units on the market, but there are still only 18 units currently listed for sale. Current activity has slowed dramatically compared to past years, but we do have 2 units pending in escrow. So, the market isn't completely dead--just a little quiet.
(For latest sales and availability, click for 'What's For Sale' link on this webpage.
The Annual Owners Meeting was held Sept 27th at the Sheraton Maui and we well attended with a quorum of over 78% by attendance or proxy. It was a beautiful day and the meeting went very smoothly. The vote for 3 Board of Director (BOD) positions resulted in 2 new BOD members are Roger Risdall (J-301 & G-302) and Papakea resident Marie LaBanca (C-207). They will replace longstanding BOD members Alberta Crook and Dave Eatwell, whom I assume will stay on in many committees. There was also the vote to allow smoking on the lanais: That has failed. Smokers at Papakea will have stick to the designated smoking areas.
As always, please check the Papakea website for any updates that I might have not mentioned. The website is: www.papakea-aoao.org
#J-101: One bedroom, one bathroom, corner unit with large livingroom window, ground floor, and still has an oceanview. ALSO: Recently remodeled like a showroom model. Totally turnkey in the Resort Quest rental program. Priced: $549,000 (LH) #A-107: Oceanfront, ground floor, one bedroom, one bathroom, and the lowest priced. Walk out to the best oceanfront views in the world looking across to Molokai. Inside, the unit has ceramic tile entry, resurfaced kitchen and bathroom cabinetry, and furnished with natural rattan furniture. Excellent value. Priced at: $629,000 (LH). #F-209: One bedroom one bathroom, second floor, direct oceanfront view of the ocean, Molokai, and Lanai. Never miss a sunset again. Inside, who cares? You are on the oceanfront. Priced at $625,000 (LH). #K-306: Fee simple, one bedroom, one bathroom, prima dona location, 3rd floor, shady-side of the building. I did say Fee Simple didn't I? This is only one available. Tile floors, resurfaced cabinetry, rattan furniture. All for $625,000 (FS) If you're thinking of buying or selling, give me a call. With over 160 sales now at the Papakea sinnce I started out way back in 1982.
Frederick V. Burgart, Realtor |
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