October 1, 2014
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 few weeks ago for the Annual Owners Meeting
were treated with gorgeous weather, perfect for the
outside parties. After having the wettest winter in 10
years, Maui has since dried up so much that they are
asking upcountry residents to conserve water. We didn't
get much rain or weather from the 2 hurricanes that
passed close by the islands last month. The Big Island
took most of the wind damage. Tourism remains fairly
strong but occupancies have dipped a bit. On the other
hand, the Hawaii Tourism Bureau reported 10 billion
dollars spent in Hawaii this year and that is much
better than previous years. Everything considered, Maui
continues to be the place to vacation.
3RD QUARTER SALES STATS
During the last 3 months we had just 1 closed sale,
increasing our sales total to 6 units
sold in the first 9 months of the year. Last
year at this time we had 15 sales, so sales have really
fallen behind this year. With 1 unit now pending,
sales activity is struggling to improve. Inventory has
climbed recently , jumping up to 14 units now
offered for sale. For the year as a whole, there
really hasn't been much inventory for the Buyers out
there. So, with a few more units for sale maybe we'll
see some sales before the end of the year.
SEPTEMBER BOARD MEETING AND ANNUAL OWNERS MEETING
The meetings were held the weekend of September 26th &
27th at the neighboring Kaanapali Beach Club which is a
convenient walk down the beach from Papakea. The
meeting had the highest turnout in years and there was
no problem getting quorum established.
Highlights of the Annual Owners Meeting were:
1)THREE BOARD OF DIRECTOR positions were open and
voted in were all Board members already. Elected: Barry
Franzen(G-306). Elected: David Pasta (H-203). Elected:
Ray Prasad (E-205)
2)FEE SIMPLE OFFERING: The fee offering was declared a
super success. As the AOAO closes the books on the fee
purchase, all of the AOAO 254 owners are now going to
get some cash back with the money left in the fee
3)RESORT FEE: I guess the most controversial subject at
the meeting is the new $15 'Resort Fee' which guests (&
OWNERS) now have to pay. It seems like most owners don't
like it, but the Board of Directors say it is needed to
fund the operation of the front desk.
4)EXTERIOR RENOVATION PROJECT: They are just putting the
finishing touches on Building 'G'. And the LAST
building for renovation is 'F' building which is well
underway in it's renovation. It was reported that 102
owners did prepay their share of the renovation cost.
The rest of the owners will start paying their share
starting Nov 1st. Studios will be paying roughly $120
per month. one bedrooms: $150. & two bedrooms: $200.
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,