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Ko Olina Real Estate, Beach Villas Purchase, Final Sales Event, September 2009, Should I Buy?
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.
Here is a copy ... more

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