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--
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