Keauhou Shopping Center - Whats Going on over there?

By
Real Estate Agent with Kona Home Team (luva llc) RS 62947

Great news, Keauhou Shopping Center is going to be the place that it always should have been - friendly, warm, and inviting, utilizing some of its natural charm - wait till you see the upcoming changes.  But first let's do a recap of an earlier report we did. The old Wendy's that sits above the shopping center - I just reconfirmed that Sam Choy will be opening up his new restaurant in that location. They will be utilizing most of the existing Wendy's building but you will never recognize it once he is through with the remodel, and look for lots of outdoor dining on the Makai side of the property. Even better, it's rumored that the lease calls for Sam himself to be running the restaurant for years to come. Can't wait Sam - miss your old place - but looking forward to the new one!

Los Habenero's - I hear the negotiations are still ongoing for them, but moving forward in a very positive flow. Hopefully we see them opening up, just a few doors down, with a Tequila Bar, and about triple the floor space they currently occupy, and while taking advantage of the killer view from the new location - rumor has it - They too, will be adding outside dining - hope to see this one come true.

Ok - Keauhou Shopping Center - What's going on?

It's amazing how many rumors can go around a small town - I mean you would think that as small as Kona is, rumors would be put to bed pretty quickly - just doesn't happen though. With the exodus of so many retailers in the last few years, rumors were flying around that The Keauhou Shopping center was trying to chase out all of its tenants and change the entire place into Condos. A Medical Center or any of the other 10 rumors you heard. None of it made any sense though - but why was everybody leaving? Were the rumors true about them DOUBLING rents? What about the whole C.A.M. (common area maintenance) fiasco?

Ok here is the latest - CAM - nobody makes money on CAM, CAM is CAM, and when the Common Area Maintenance went up - it was passed on to the tenants, nothing to really report here.

Rents Doubling? Here is what I understand about that whole leasehold rent deal. Everybody knew when they signed their original lease - it clearly stated - if your lease ends, and you do not renegotiate a new lease - meaning you are just a "stay over" - your rent was doubled. You signed the lease, you knew it - and it happened. It wasn't any master plan to chase everybody off. In fact it was designed to do just the opposite - they - like anybody else out there doing business - needed to know what was in the future, this was a way of discouraging these  "Stay over's". They wanted to know who was on board for the next 10 years, wouldn't you if you ran a shopping center? I would? So needless to say, there is no master plan to chase of the existing tenants, in fact I have heard that some were actually helped quite a bit by the management to stay on as tenants - I don't want to go into detail, but Kamehameha Schools has helped out quite a bit, there should be a big thank you out there, somewhere,  for Kamehameha Schools.

With all that said, let's start talking about the new changes; first of all, have you noticed the new color they've painted it? I did - in fact, well I can't tell you what I said when I first saw it, but after finding out more - I think it will tie in better. It seems the new master plan has it being painted this new brown color, and the old blue roofing, well that will be replaced with thatched roofing, taking the look back to the old days, of thatched Hawaiian Huts, and meandering paths throughout the center, I am telling you, it's going to look outstanding. These changes are going to start slow, but they are in the pipeline. Oh - wait until you see what's in store for the farmers market - NICE. Obviously the changes have started already and will take several years to conclude, but I tell you what, if you know any start up business looking for a great location - you need to take them by here and see for yourself. From what I understand lease rents are real negotiable right now, but you know,  once the improvements are done - you're not going to get the deals you can today!

There is a lot more to talk about here - just out of time today - be sure to follow my blog and get the inside tips on who's coming and who's going, in the Keauhou area. 

With all that said, if your thinking about moving over here to Keauhou - I need to tell about 2 great deals

Deal # 1

Lance Owens | Aloha Kona Realty Inc | lance@konahometeam.com | 808-936-8383
   

78-6800 Alii Drive, Kailua Kona, Hi, HI
Direct Ocean Front - best priced unit since 2003 !
2BR/2BA Townhouse
offered at $349,000
           
Year Built 1971
Sq Footage 961
Bedrooms 2
Bathrooms 2 full, 0 partial
Floors 2
Parking 1 Uncovered spaces
Lot Size Unspecified
HOA/Maint $765 per month
 
DESCRIPTION

Direct Ocean Front Townhouse - nobody above you, nobody below you, Pacific Ocean in front of you, pool and tennis courts behind you? Kona Country Club borders the complex, at the Keauhou end of Alii Drive



Disclaimer: I am not an investment professional, I make no claim that you can produce the same numbers below - seek professional advice if these numbers affect your purchase decision! These are only the numbers the owner provided for 2009.

The only thing being sold here is - Real Property - NOTHING else



Seller had in vacation pool, maintained - 65% occupancy last year - Probably the worst year since the complex was built.

First quarter of 2010 - 74 % booked!



$1,389.00 Loan payment - 30% down @ 5.5%

$ 765.00 Maintenance fees

$ 299.00 Monthly Property Tax

----------------

$2,453.00 Monthly Totals - Based on 2009 figures



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$2,550.00 Last year's average - and that's

probably the worst since the Great Depression! 65% average!  That gives you a 35% vacancy to enjoy it yourself.



Why aren't you pulling out your checkbook right now?



Complex amenities include

� Gated Community

� 3 Tennis Courts

� 1 Volleyball Court

� Swimming Pool

� Gathering area

� Mature Landscaping

� Archaeological Sites on property � and property adjoining complex

� Walking paths along Ocean

� Sandy Beach at North End

� On a Walking meter of 1- 10, I would give this one a - 9.8 -

� .5 miles to Kahaluu Beach (best snorkel place in Kona)

� .4 miles to Keauhou Shopping center (shopping/dining/entertainment)

� .3 miles to Outrigger Keauhou Beach Hotel (Dining/entertainment)

Private: This is a REGULAR sale that is just priced right for today's economy

 


see additional photos below
  
PROPERTY FEATURES















- Living room- Refrigerator- Stove/Oven
- Washer- Dryer- Laundry area - inside
- Balcony, Deck, or Patio- Swimming pool

   
COMMUNITY FEATURES











- Guest parking- Clubhouse- Storage space(s)
- Swimming pool(s)- Tennis court(s)- Gated property


 
OTHER SPECIAL FEATURES







- Direct Ocean Front - 2/2 Townhouse
- Gated Resort Community - Pool, Tennis Courts, Vollyball
- Keauhou Kona Surf and Racquet Club

 
ADDITIONAL PHOTOS


Looking Left

Looking right

Ocean outside Kitchen Win

Photo 4

Photo 5

Photo 6
  Contact info:

 




  
Lance Owens
Aloha Kona Realty Inc
808-936-8383
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Feb 25, 2010, 2:06pm PST


 

 


View more photos of this property at:


http://KonaHomeTeam.com - Click on Featured Listings to the left and they are sorted by price.



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Aloha and have a great day!


Lance Owens (RS)


 (808) 936-8383


Email me direct


Lance@KonaHomeTeam.com



Visit my website below for more listings, current Hawaii MLS market reports, Maps, Big Island Links, Kona Coffee, Mortgage Calculator, Weather Reports, and more!  


http://KonaHomeTeam.com


Aloha Kona Realty Inc.


78-6740 Alii Dr. - Suite 5, Kailua Kona, Hi 96740


Serving these areas:

Kailua Kona, Keauhou, Kealakekua, Captain Cook, Waikoloa, Waimea, West Hawaii, and Hawaii Island .

 

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Aloha, and have a great day 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

LUVA Real Estate 

75-240 Nani Kailua Dr #8 , Kailua Kona, HI. 96740 (Pines Plaza

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