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Frederick V. Burgart, Realtor

P O Box 1921
Wailuku, Maui, Hawaii 96793
OFFICE: 1-(808)-242-7249
FAX: 1-(866)-451-2365
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Frederick V. Burgart,
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Papakea Beach Resort,
Latest Newsletter

PAPAKEA

ROUND-UP

January  1, 2012

By: Fred V. Burgart (PB)

Frederick V. Burgart, Realtor

Aloha Papakea Owners & Future Owners,

Happy New Year to all!!  I hope you all enjoyed your Christmas & New Years. If you were here on Maui, we started the holidays with wet and windy weather. But soon as New Years closed in, the weather turned back to the normal sunny skies we are used to. Tourism was definitely busy over the holidays, but I didn't see the usual crazy busy we have seen in the past. The new year is starting off with encouraging tourism reports and 2012 looks like another good year ahead. I will be looking for you on Maui if you make it this year.

4TH QUARTER & YEAR END SALES STATS

The 2011 year finished off with 4 closed sales in the last 3 months, bringing us up to 19 closed sales for the year. If you recall, in 2010 we ended up with only 8 sales for the year, so this year we at least doubled our sales total. This was due to a number of factors, but most importantly LOW PRICES have continued to fuel the investment interest. People are asking "How long can these low prices last?". Most are thinking the market has got to bounce back one these days.

Sales slowed in the 2nd half of the year, mainly due to the struggling economy and the uncertainty on whether the Fee Simple offering is affordable to the owners. We currently have 22 units listed for sale, which is about the same amount we've seen throughout the year. We have seen a few more oceanfront properties come up for sale, which has been good for those oceanfront buyers. There are 3 units now pending in escrow which will be our fist sales for the 2012 year.

LAST BOARD MEETING OF THE YEAR

The meeting were held on the weekend of Dec 9th in the upstairs AOAO meeting room and was fairly well attended. Highlights of the meeting were:

1)Michael Pang, Fee Simple sales coordinator for the AOAO, was there to give a brief update on the ongoing Fee Simple sales to the leasehold owners. It was reported that nearly 73% of the owners have signed up for their Fee purchase with almost 80% paying cash. At the time of the meeting, 57 owners had already purchased the Fee interest and another 25 were due to close before the end of the year. On the downside, time share owners of Vacation International (25 units) are not buying the Fee Simple interest.

2)Ongoing discussion regarding the Exterior Renovation Project and a proxy will be sent to each owner to see if they will approve borrowed funding for the project. A multi-page handout was given to all owners present. (If you are curious and want one let me know).

3)Termite tenting will be done in the month  of May for buildings 'B' & 'C'.

MY WEBSITE: if you are looking for updated information regarding Papakea, please search my website for all the latest info on sales and listings. You can always drop me a note for any needs you may have.

Aloha & Mahalo,

Fred
(Frederick V. Burgart, Realtor) Copyright © 2009 -