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As a licensed real estate professional, I have a responsibility to share all of the pro's and con's of purchasing property here in Ko Olina and at the Beach Villas at Ko Olina. Sometimes, this means I may loose making a sale.
An issue has come up recently regarding purchasing at the Beach Villas at Ko Olina. I have enclosed a copy of the email I received plus discussions from homeowners who are on both sides of the issue. I have also attached the legal document that brought this to a head.
In a nutshell, on September of 2008, a document was modified to provide the developer of the Ko Olina Resort, the option to purchase our common areas such as our pools, workout center, etc. for $1.00 from the property developer, Centex. Some of the homeowners are concerned that this will further devalue each individual condo as most of the land at our property is contained in the common areas.
The counterpoint to this is that in order to maintain the overall look and feel of the overall Ko Olina Resort, the master developer (KOD) should own the common areas to keep everything uniform.
Depending on your outlook, this may or may not be important to you but the following information will allow you to make an informed decision. Feel free to email and/or call me with questions.
Real Estate Professionals who read this blog and have experience with Resort Vacation Condo Projects, I would appreciate some input as to your experiences as far as who typically owns the condo common areas such as the pools, lobby, workout center, beach bar, etc. The homeowners association, the developer or the owner of the overall resort where the property is constructed. Mahalo!
Here is a copy of the email I received on May 2nd, 2009:
To Fellow Beach Villa Owners,
When most of you were shown the beautiful pools, gardens, member lounge, gym and other amenities of The Beach Villas by the Centex sales force you weren’t told that you may never own them.Our legal documents are different from the majority of the condominiums in the United States.In our case the pools, gardens, member lounge, gym and other amenities are either part of or attached to six commercial apartments presently owned by Centex.In almost all condominium developments when the last unit is sold these amenities are turned over to the condominium association as they have been paid for with part of the purchase price of the condominium units.This may not be true at The Beach Villas.
Please find attached a letter outlining the concerns we have regarding the ownership of our commercial apartments, pools, parking lots, gym, and other amenities.
Also attached is a legal document dated September 22, 2008 in which Centex agrees to offer us the purchase of our amenities for one dollar, but then allows Jeffery Stone’s company, Ko Olina Development LLC, to match the one dollar offer and end up owning the property we believed we paid for when we purchased our units.
Several owners have attempted to negotiate with Centex since January 2009 but have been unable to convince Centex to make any changes in problem areas pointed out in the attached letter.
We would like to have a negotiated settlement in the matter if possible. We have retained legal counsel (see attached link regarding resume) to review our documents, review the law in these areas, negotiate with Centex, and to recommend additional legal action if necessary.
We would request your endorsement and financial support in the protection of our rights.
From Concerned Beach Villa Owners
Here is a excerpt from an email I received on May 3rd, 2009:
It is my understanding that Mr Stone (President of the Ko Olina Resort) came to the board meeting on Friday and gave a wonderful presentation on all the great things he was going to do at Ko Olina, but never answered any of our concerns. At this time Bruce (President of Centex Hawaii) is only telling people in so many words we would never let anything happen to you. As xxxxx and I can tell you he can be very convincing. I think we should try and contact all owners with the facts and the fact that Mr Stone will try to enforce the Sept 2, 2008 Right of first refusal and will give nothing in writing to say what he will do in regard to the issues raised in our letter.
The wording in the purchase agreement states than verbal promises are null and void and that it must be in writing to be valid. However, the homeowners are only receiving verbal assurances that everything will be fine and to not worry about this which is completely counter to the wording in the legal documents.
Click here to view the Sept. 2008 Agreement between Centex and the Ko Olina Resort. (pdf file format)
Click here to read why ownership of the common areas is a big deal to homeowners. (pdf file format)
Click here to read why ownership of the common areas is not a big deal to homeowners. (pdf file format)
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.