The Beach Villas at Ko Olina on Oahu Hawaii held their clearance sale on their luxury condo's this past weekend on September 19th & 20th.
This was the real estate sales event where the condo prices were drastically reduced with the goal of selling all of the remaining 114 condos/villas (or about half of the project) over two days.
The sale was very successful with around 78 out of the 114 villas sold. You still have a second chance with around 26 villas remaining. If your interested,
click the Call Me or Email Me links to the right >
and we can discuss the opportunity. Some of the villas sold for as low as in the high $500's which is an amazing price when you figure the original starting prices at the project were around $1.8m. This is an almost four for the price of one deal.
It remains to be seen as to how they will dispose of the remaining villas. The standard method would be to sell the rest of them one at a time as they have in the recent past (at the discounted prices) until they are all gone. Who knows though, they might add additional incentives as time goes on so that they can unload the remaining units. Maybe they'll sell the rest of them in bulk to a single buyer. I don't have a crystal ball to know what will happen next. The one thing I have learned around here is that everything can and will change from moment to moment.
I am still working on pulling as many homeowners together into a central reservation website site so that we can control our rates and offer good values for guests with rates that don't force homeowners into foreclosure when they can't make their mortgage and HOA payments. Rates continue to decline and I predict they are going to get worse. At some point, it's not worth renting out because the cost of wear and tear of both our grounds and our villas will be higher than the nightly rental rate.
One central site will also allow us to compete with other properties in the global market instead of spending time competing with each other. There should be enough guests around the world if we can effectively reach them. Why spend all of our time fighting over one guest, we should go out and get ten more instead.
Give me a call or drop me an email if you agree. If you have purchased a villa and are interested in renting it out and would like some effective marketing, I may be able to help. If your still thinking about purchasing there may be some good opportunities for you. It's going to be a little rough going for the immediate future but five or ten years from now you'll probably be glad you "got in the game". At least, that's what I think. See you around the pool! Alfred--
As of Friday night, the sale is still a go for Saturday and Sunday. Prices are discounted anywhere from 34% - 47% off of the last discounted prices.
Centex and the Ko Olina Resort have also come to an agreement and the least expensive 35 villas are now going to be available for purchase on Saturday and Sunday. Previously, the Ko Olina Resort had the exclusive right to purchase these villas. So now villas in the $600k - $800k range will be available.
These units won't have as nice of a view but they will cash flow better if they are going to be a rental property. The more expensive units will offer potentially better appreciation and increased homeowner enjoyment for those shopping for a second home.
Rental rates have come down substantially so caution is advised.
Good Luck with the Sale! Come Monday, we'll see how everything went.
First time on the market, luxurious Ocean Front Condo at the Beach Villas at Ko Olina available for lease or vacation rental.
Are you looking for a place to live where each day feels like you are on a luxurious vacation? You can at the Beach Villas at Ko Olina. Imagine waking up to a beautiful Ocean Front view, then wandering down to the the fitness center for an early morning workout, followed by a visit to the steam room and sauna, and then some laps in the lap pool, all before you head off to work.
In the evening, go for a stroll on your sandy beach, take a dip in the ocean or lagoon pool, watch the sun set as you BBQ some fresh Ahi Tuna steaks, Rib Eye Steaks or Shrimp. Costco, Target and Safeway are all just one exit away and less than five minutes from your home.
Not interested in cooking? No problem, our on-site concierge staff (Debbie, Heaven & Summer) are here to make your life easier by making that perfect restaurant reservation or ordering tickets for a special event.
Need a massage after a hard day, no problem, perhaps a Hot Stone Massage will chase away any stress.
Short term rentals of one week and longer are available through September of 2010. After September of 2010, minimum length of stay is 30 days.
FYI for people purchasing property in Hawaii: Property tax rates in Hawaii are 400% higher for properties that provide short term rentals. So we're keeping our 3br as a short term rental and our 2br will become a long term rental.
We've already paid the taxes for short term rentals through September of 2010 for both properties so that's why you can reserve the 2br as a short term rental until then. However, to change the property type from a short term to long term rental, you must do it a year in advance. The deadline is once a year in September so you have to decide now to make the property a long term rental but it won't take effect until a year later, in October of 2010!
It's a crazy system but I think it maximizes revenue for the state. Taxes for this property are $16,000.00 a year as a resort rental and around $4,000.00 as a residence/long term rental, quite a difference.
Vacation rental rates and long term lease rates include two parking stalls, high speed internet, phone service with unlimited local and mainland phone calls, cable and water. Vacation rental rates also include electricity. (On a long term lease, the tenant pays the electric bill based on usage and the monthly association fees for the upkeep of the grounds. You don't need a gardener, lawn mower or pool maintenance person.)
Contact us for current short term and long term vacation rental and long term lease rates.
Are you thinking about purchasing a villa at the Beach Villas at Ko Olina at the Final Sales Event in September, 2009? Should you buy? Here is the latest scoop.
Last week in Federal Court (August 13th, 2009), the Master Developer of the Ko Olina Resort, Jeff Stone lost his motion to stop Centex, the developer of the Beach Villas at Ko Olina from recharcterizing the limited common areas of our property into common areas. This allows Centex to take the areas such as the pools, grounds parking lots, etc. and turn these areas over to the homeowners via our homeowners association. This is through the process of converting the limited common elements into common elements.
The judge ruled that Centex was within their right to proceed with the change, based on the wording of the contract signed by the Master Developer and Centex.
With this said, the rental program front desk and the beach bar will continue to be under a long term lease (20+ years) to the Master Developer. In addition, the fitness center and owners lounge are currently slated to be owned by the Master Developer and are not part of the current proceedings.
A big caviat, while I believe I have the best perspective of what's going on from being involved with the property in many different ways, I am not an attorney. The above referenced document and other documents that were signed between the Master Developer and the Developer of the Beach Villas along with the latest Condominimum Report filed with the State of Hawaii and the purchase agreement between you and Centex should be read, digested, interpreted and advised upon by a licensed attorney. Not just any attorney, but one you trust and who is very skilled in this type of work. I would be glad to speak with your attorney to help them make a better educated guess as to where all of this will end up and the risks and rewards offered.
As I continue to say, the developer wouldn't be offering an additional 35%-40% discount off of the already reduced prices if the situation was perfect and the economy wasn't in the dumps. As with any investment, you'll have to make an educated decision as to if this investment is better than another investment for your situation. A lot has to do with your own motivations and why you wish to be here at the Beach Villas. I can lend you my ear but ultimately, only you will know if this is the right fit for you.
If you wish to brain storm and get my perspective on "Should You Buy" based on my being a homeowner at the property, a licensed Hawaii Real Estate professional, a member of the homeowner group who brought all of these issues to see the light of day and who runs a successful rental operation at the property, give me a call or drop me an email.
North Shore Dining When your ready to venture away from the Beach Villas at Ko Olina head to the North Shore or Haleiwa, my home town. Here, stop at Kua Aina's for a Mahi Mahi burger, my wife loves their burgers. They also have hamburgers but we never order them. I get mine with Ortega Chilies on it. Delish! Kua Aina Burgers
For desert, stop at Matsumoto's for a Shaved Ice. I have great childhood memories of my mom rewarding me with a shave ice after my haircut across the street, the barber shop is now a dress shop. My favorite flavors are li hing mui, lychee & lilikoi (passionfruit). Matsumoto's Shave Ice
The best Mexican Restaurant on the Island is also in Haleiwa, they have good margaritas also. Good local vibe. After lunch, continue on around and stop at Waimea Bay, Sunset Beach, Pipeline, all at the Northern tip of the Island. Great waves, great surfing, check the water and see what everyone is doing before swimming. In the summer, Waimea is as flat as glass, in the winter up to 40 foot waves. Cholo's Mexican Restaurant
Further around in Kahuku are the famous shrimp trucks, on one of your treks out, you have to stop here for lunch. The shrimp are grown in ponds right outside the shanty's or trucks. Giovanni's is the original. There are many more since then. The Polynesian Cultural Center is also over here in Laie. Think Epcot of the Pacific Island Nations. Good visit and a good show to end your day. The shrimp trucks have also expanded into Haleiwa. Giovannis Shrimp Truck or Romy's Shrimp Shack
Ko Olina Restaurants and Kapolei Restaurants located near the Beach Villas at Ko Olina, West Oahu, Hawaii. Beach Villas at Ko Olina Homeowner and Vacationer nearby dining options.
So your on vacation at the Beach Villas, where to eat? Even though the Beach Villas at Ko Olina have beautiful kitchens with Sub Zero, Wolf & Fisher-Paykel appliances, not everyone wants to cook while on vacation!
Here is a list of our families favorite restaurants in the Ko Olina Resort and the Kapolei area. All of these restaurants are convenient and close to our property, the Beach Villas at Ko Olina. Our property, the Beach Villa Resort is located on Lagoon Two.
Lagoon Two (Beach Villas) - The Beach Bar is now open serving well drinks, sodas, water and coffee in the mornings. The Beach Bar is for the exclusive use of our guests so it's not crowded. Moon is always ready to talk story with you and play his Ukulele. Todd mixes a mean drink both with or without alcohol. The $3.00 smoothies are a hit with both children and adults. Sandwiches and salads are also available while relaxing at the pool or beach.
We also have BBQ grills on the property by the lagoon pool. (The front grills by the bar are for bar use only.) One exit down on the highway (a 5 minute drive) is the new Costco which opened on February 23rd. They sell USDA Prime Beef and fresh fish (The Ahi steaks are fantastic marinated in some huli huli sauce, garlic & ginger) which you can grill using your in villa Wolf oven or poolside with our outdoor Wolf BBQ grills. Grill out by the pool, swim, eat, watch the sunset, not a bad way to end the day. Check with the bar tender at the beach bar to have them unlock the grill and to provide you with a grill cleaner if needed. The grills are cleaned every day.
Lagoon One (One lagoon over from the Beach Villas) - The outdoor patio at the Ihilani has a pool side bar and they have live Hawaiian Music and torch lighting each evening. Our favorite restaurant at the resort is Azul's which is located here. There is also a casual dining restaurant and a Japanese restaurant here. These dining options are about a five minute stroll along the ocean via a palm lined pathway that connects all of the lagoons together. Lagoon Three (One lagoon over from the Beach Villas) - Kolohe's on Lagoon Three is good for lunch and drinks, also for sunset drinks, it overlooks lagoon three. Chuck's Steakhouse is also located here. They have good steaks and seafood.
Either lagoon is only a couple minute stroll along the beach in either direction from the Beach Villas at Ko Olina. Dining at the Golf Course within the Ko Olina Resort - Located between lagoon's one and two at the 18th hole. Roy's is great for Pupu's and listening to Moon Kahele who works at the Beach Villas at Ko Olina play his slack key guitar, every other Wednesday overlooking the 18th hole. Roy's is also a full service restaurant, their Chocolate Soufflé is famous. The restaurant is a short walk along the golf course, you can drive over or take the shuttle which comes by the Beach Villas at Ko Olina at 7 minutes and 37 minutes after the hour.
Dining and Food Options in Kapolei - One exit down from the Resort. A five minute drive. On the "Makai" side of the Freeway. Makai means towards the ocean. (The other direction you'll hear is "Mauka" or towards the mountain.)
Kapolei is called the "second city" after Honolulu as all of the new government offices, a new University of Hawaii campus, etc. are being constructed out this way. Here you will find the Safeway Grocery Store, the new Costco, the new Target and other stores.
Assaggio's Restaurant - 777 Kamokila Blvd, Kapolei, HI 96707 (808) 674-8801 My favorite restaurant in Kapolei is Assaggios Italian Restaurant. I'm a "local boy" and when I go home I usually eat all of the food I can't get on the mainland. With that being said, I like the food at Assaggio's so much that I could eat here every day. The food quality is top notch and the prices are more reasonable then say at Roy's or Azul's at the Ihilani. Menu
House of Fortune - 777 Kamokila Blvd, Kapolei, HI 96707 (808) 693-8998, the Chinese Restaurant next door to Assaggio's is also enjoyable. Hong Kong Style. Not as good though as a trip to China Town in Honolulu for some Dim Sum at lunch. Right next to and in the same building as Assaggio's. Menu
Chun Wah Kam - 885 Kamokila Blvd, Kapolei, HI 96707 (808) 693-8838, (on the same side of the street as the above restaurants, building to the left) is the new Chinese takeout place that also serves takeout Dim Sum. The local favorite is the Pork filled Manapua. In Chinese it's called a Char Siu Bao. Char Siu is the pork, Bao is the bun. A Chinese sandwich. My favorite is the Kalua Pig Manapua. They make a yummy food gift for family and the staff. Menu
Local Fast Food - Our fast food comes from "Zippy's" a good local place for plate lunches and local food. They have a location in Kapolei. They are three in one kind of place, a sit down, dine in restaurant; a fast food take out counter with outdoor seating; and a Napoleon's bakery which has really good pastries. This or Safeway both have good baked goods. I stop at both places for breakfast items.
There is also an Outback Steakhouse and a Chili's here in Kaploei along with a water park and movie theater. Outback prints a Hawaii version of their menu here as you can get Rice instead of a potato with your Steak! In Hawaii, you eat rice with pretty much everything.
Hope this gets you started with a great list of restaurant choices in West Oahu, have a great vacation!
We'll it looks like trouble is brewing in other places beside our little piece of paradise we call the Beach Villas at Ko Olina.
Trump Waikiki buyers sued Irongate yesterday within an hour of each other in two separate suits.
The first suit states that buyers were misled into thinking that Donald Trump played a bigger roll in the development of the property when in fact, he was just leasing his name to the project. The press releases stated that he was co-developer.
The second suit states that the buyers were misled regarding who would be managing the rental program and the rental units. Buyers are afraid that the litigation between Trump and Irongate regarding the Trump Baja debacle will spill over into the Trump Waikiki project. This could leave the property unbranded, creating just another generic hotel property in Waikiki.
If Trump was truely a co-developer, he wouldn't be able to just pull out of the project and walk away.
I remember looking at the property early on when it was not even called Trump Waikiki. Interest levels were very low and didn't increase until Trump's name was added. So having the Trump name at the project is huge.
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Branding:
Here at the Beach Villas, we don't have that problem as we are unbranded with no associated national brand name. So we're doing things the old fashioned, albeit the slower paced way by earning our reputation, one owner at a time, one guest at a time and I'm happy to report that after being open for a little over a year that we are now the highest rated hotel accommodations in Ko Olina according to Trip Advisor.
So cudo's to the homeowners and all of the top notch staff at our property for making our place #1 without a lot of fanfair with just some plain old fashion hard work.
Although I didn't realise it at the time (we had deposits in to purchase at Trump Waikiki) it is a huge advantage to be one of only three hotel properties in Ko Olina. Of course with Disney opening in 2011 and other properties to follow, this will change but I'll take five or six hotels in Ko Olina compared to hundreds in Waikiki.
Over here in Ko Olina, "We don't need no stinkin brand names", guests love our property and enjoy the great value and high end luxury it provides. We're not cheap but you get a lot of bang for your buck, a ton. Some of our guests have started to return for their second and/or third visits, a great validation to the very high quality of our property and our outstanding staff.
Branding our property would increase prices which would translate into higher revenue for the national brand, less revenue in the homeowners pockets and higher prices to guests. Who needs that? Better to join an organization such as Leading Small Hotels of the World.
So good by Trump Waikiki and good buy Beach Villas at Ko Olina.
Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, understanding all of the nuances along with the good and the bad will arm you with the ability to make an educated decision.
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)
First things first, I think it's a 50/50 shot that the final sales event will happen by the planned end of July date. With everything up in the air, I don't see how the sale could happen by then. I could be wrong, but that's my thought. If it were me, I would be using frequent flier miles for those tickets so that you could change them at a moments notice. I'll update here if anything changes.
Secondly, if things turn out the way I think they may, those of you who have made a reservation and are in line to purchase are going to get a bargain and a good one at that. If you do not have a reservation and are inclined to do so after reading my blog entries, please email me or give me a call. I'll explain what I mean.
The situation:
As you know from past blog entries, the current disagreement pertains to who will own the common areas of our property including the pools, grounds, parking lots, beach bar, fitness center, etc. once the final sale is completed and Centex is no longer invoved with the project.
The homeowners believe that they should own the common areas via their homeowners association (Centex is not offering all of the areas, but some is better than none) as they paid good money to purchase their property, Mr. Stone believes that he should own the common areas at the Beach Villas as the master developer overseeing the entire Ko Olina Resort where the Beach Villas reside. So Centex is stuck in the middle.
As another homeowner put it "Centex is the meat in the sandwich with the homeowners and Mr. Stone being the bread on opposite sides."
This uncertanty to who will own and control the majority of our land assets at the property along with the economic down turn combined have chased away buyers and depressed property values to below what they are worth even in todays economy.
Reading through the documents, you'll notice that the master developer was in line to purchase around 35 units or all of the remaining villas that he could pick up for around $700,000.00 - $800,000.00 and below. So at some price point, even the master developer was ready with a rather large check book to make a sizable purchase here. This is how he picked up the original Ko Olina Resort for cents on the dollar.
If your sales person told you in the past that all of the lower priced units were gone, I read between the lines that Mr. Stone had them locked up from the get go with no chance for the rest of us. If your sales person came back later and said buyers were moving up to higher priced units and that lower priced units would possibly become available once again, I read between the lines that it wasn't other single buyers that were moving up but simply that Mr. Stone lost his right to purchase those units.
The good news is that through the homeowner's attorneys efforts, Centex has decided to turn over some of the common areas to the homeowners through what they believe is their legal right. They have asked the homeowners to put it to a vote and are looking for a 75% approval rating by the homeowners to make sure that all homeowners feel that this is in their best interest.
So if things don't go Mr. Stone's way, the opportunity to purchase a bargain priced villa becomes ours, our gain for those who can step up and not be afraid to swim in the opposite direction of everyone else. That's how fortunes are made folks.
In the interim, Mr. Stone has filed a lawsuit against Centex and has also threatened the homeowners with a lawsuit if they proceed with and approve the vote. Some of the homeowners have expressed that this bullying is what they feared would happen once Centex completed the final sale and were no longer the balance of power.
Centex as per their attached letter has agreed to protect the homeowners from Mr. Stone regarding this specific vote issue and has also agreed to pay any damages that resulted from a lawsuit regarding the vote. This will keep the voting process as pure as possible by eliminating the fear and intimidation factor.
I believe we will have a positive outcome and that this will improve our property values for current owners. Future owners will have a greater discount and with ownership of the grounds, you should see a good return on your investment.
In addition, if things do not work out and Mr. Stone receives our common areas at a future date, I believe that we have some additional legal remedies that will give us some additional options.
Feel free to give me a call if you wish to explore the minutia that are our legal documents. Remember, I'm not an attorney.
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
I can assist you in evaluating the risk at hand. Is this is a viable opportunity?
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. We can discuss your goals to see if this is a good fit as a retirement or vacation home, as a primary residence or if it meets your investment and cash flow goals or any combination of the three.
With all of my above statements, please look at the enclosed documents to get the information straight from the horses mouth. Any errors or omissions are completely accidental. I am enclosing the source documents for reference. As always, these are my own opinions.
Just received word that the June 6th & 7th sales event has been postponed until July 25th. Updated: now postponed until September, 2009. I don't have any additional information at this time as to the why's or what for's. Stay Tuned...
Thought I would let everyone know in case you had already booked your plane tickets and hotel reservations as the date is fast approaching. We are currently at the property and I will be here for the next three weeks if anyone has any questions and/or would like to get together.
We spent Memorial Day BBQing out by the Beach Bar and enjoyed a magnificent sunset along with our Ono Grinds "Delicious Food" and time with our ohana "family" from both the mainland and here in Hawaii.
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, the villa you select and how much you pay for it will make a big difference in your profitability; both from an appreciation standpoint and if renting, covering expenses by "getting heads in beds" .
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)
How do we get Heads in Beds? It takes marketing my friends ....
24 hours a day, 7 days a week working continuously to get the word out about our beautiful slice of paradise, The Beach Villas on Honu Lagoon, Ko Olina, Oahu Hawaii
Once we have captured a potential guests interest, we need to follow up quickly with high quality photos, videos, panorama shots, maps and other information to makes the guest comfortable that we are the best fit for their vacation accommodations.
Once the guest has reserved, a little pre arrival pampering is in order along with the appropriate thank you's, once the guest has completed their stay.
Of course the most important part of the process is the guest stay and ensuring that our guests are happy and are having the time of their life. This requires anticipating the guests needs, (even ones they may not have thought about) and then providing them with more than they asked for. This is what makes a stay memorable and keeps them coming back.
It's all about the guest experience and giving our guests a terrific and memorable time through the entire process with a what can we do for you and it's our pleasure attitude.
Enjoy our latest marketing piece to get the word out!
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, the villa you select and how much you pay for it will make a big difference in your profitability; both from an appreciation standpoint and if renting, covering expenses by "getting heads in beds".
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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