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The Beach Villas at Ko Olina sale event is temporarily on hold

By
Real Estate Broker/Owner with Beach Villa Realty,LLC

Reservations now being considered without $50,000 initial deposit!!!

If I have ever dreamed of being a Developer, that thought is now officially out of my head. I have been more involved with this project than any other in my career and am now in full understanding of the risks that a developer takes. It's easy to think of how great it would be if everything goes great, but the vulnerability to outside forces can not be understated.

This project has experienced many adverse conditions. An economic downturn of near biblical proportions, deterioration of market values, declines in the tourist industry, changing lender guidelines and Home Owner Association (HOA) issues have all taken their toll on the event. And yet, it seemed that with a 7 week postponement, the event was still going to be successful. All of this was thrown into question this past week when litigation was filed and it now seems that the event has been placed on hold until this is resolved. 

And still I like this project! Perhaps more now than before. I have placed 3 more reservations this weekend and hope to place a few more once I receive them. The biggest change generated in all of this is the apparent willingness of the Developer to now accept reservations without the previous requirement of the $50,000 deposit due to the uncertainty of when the event will occur.

The units are the same as they were and Ko Olina is the same as it was before. Arguably one of the best beach front fee simple developments on Oahu, that has also not changed. Bearing in mind that over half of the units have sold and closed at the pre event discount prices and that the last word I had was that once the event occurs, there is still the intention of selling at discounts ranging from 30% to 40% (subject to change of course) from those prices, in my opinion it continues to be an investment worthy of consideration depending more on your own situation than that of the Developer.

I'm not saying that there aren't issues and I'm not saying that due to the cost structure that these properties have that they are for everyone. Because of the winding road the event has taken and the complexity of the issues involved, I would also emphasize that it is a great example of where there is a definite advantage of having outside representation with only the buyer's interest at heart. But I will say that this is shaping up to have all the possibilities of a good opportunity to buy into a unique resort property at very competitive prices.

As always, if you would be interested in contacting me, I would be more than happy to share my thoughts with you and send you a reservation form for your review and consideration. With the apparent ability to secure a reservation without a deposit, it seems a great opportunity to get a place in line and then make the harder decisions when the time comes.

For a link to my last article with links to all the previous articles, CLICK HERE . To contact via email, CLICK HERE .

If you would just like to chat about them and get a little more information, please feel free to give me a call at (808) 225-3660.

I look forward to hearing from you!

Mahalo,

Michael Hege' RA
Kapolei Realty, Inc