In the last 5 years the resort went through difficult time. It was originally built in 1965, and then the 5th floor was added in 1974. The Association tried to keep up with preventive maintenance, and as a result the Maintenance fee in the resort was usually higher than in other condo-hotels, but the age is something you can't fight.
The time came when they needed to do major concrete restoration, consisting of replacement of balconies and partial replacement of concrete in walkways.
It came at a time when the values were on decline, which made it very difficult for the owners. Special assessments one after another in lump sums and installments, high default rate, people were walking away from their units.
There was a moment when we did not know whether the Condo-hotel could even survive. Prices fell to the all-time low with $15K, 18K and others for under $20K.
Finally concrete restoration has been completed, I think, 2 years ago. By that time defaulted owners have either lost their units or short sold them, and new lucky owners started paying their regular maintenance fee.
In February 2009 there were 34 units for sale in Hawaiian Inn Resort starting from $29K for a small unit without a balcony.
Owners are breathing much easier now, after it is finally all paid off. It is a fully functional condo-hotel at this time. Look at the listings and you will see how different it is today. Prices are much higher than in 2011.
For now Maintenance fee is same $450 a month. It can be changed after the Association decides on reserves. «No pets» policy. Wi Fi available in all rooms and in the lobby.
The resort had a series of pricy Special Assessments to complete the project, and I am sure
Today we only have 11 units for sale with prices starting from $49,900.
This is a sign of a trend. While you can still find low priced properties, the inventory is only about 40% of what it was at the peak of the real estate flood. And low inventory means that there is more competition with fewer units to sell.
And it, in turn, means that prices are going up and will be going up for some time. Just check the asking prices in Hawaiian Inn today with what the units were selling for last year, and you will see it with your own eyes.
The resort amnities include:
- Olympic Size Swimming Pool with One of the Largest Pool Decks in the Area
- Indoor Heated Swimming Pool
- Children's Wading Pool
- 9-Hole Miniature Golf Putting Green and 2 Shuffleboard Courts
- Ohana Bar, Grill & Tiki Bar
- Ohana Luau Dinner Show
- Game Area
- Gift and Souvenir Shop
- Meeting Room Available for Group Events
The resort rooms feature:
The condo-hotel offers all the comforts of home including cable TV, safe, irons and ironing boards, a microwave, a mini-refrigerator, a coffee-maker and a hair dryer.
And, of course, Florida sun, clear waters of the Atlantic and the World's Most Famous Beach.Did I mention that this comes as a bonus and is free?