Please post any repairs to your unit you may have had to request. Things for other owners to look out for. Thanks.
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Aloha everyone and welcome.
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21 comments:
I am interested in buying an investment unit. I am waiting to hear what the Mngt. company has to say regarding their marketing plan. I encourage all of you to call Joseph to discuss this if you are in the same situation. Feel free to call Dan Dolan as well and discuss with him.
Doug R
Aloha Doug,
Check out the following info regarding an investment here at the Beach Villas. Good & Bad
www.activerain.com/blogs/aharding
Alfred--
Needless to say the pending event to sell the remaining units at whatever cost is disturbing to any of us who paid top market dollars for ours. But I suppose we all knew to a certain degree the risks involved. I imagine the question we all have to ask ourselves though is whether or not the Developer is considering the best interest of the Project if he were to drop it to levels so low that any kind of appreciation recovery could take the current owners way beyond the actual effects being caused by the Economy. It's hard to believe that all current owners are totally open and accepting of a situation that presents a threat to anyone's financial well being. I'm curious what owners out there feel some sense of unfairness or resistance to this entire June Sales Event.
One things for sure, Centex is going to loose a lot more than we are. Some of it through their own doing and some for being in the wrong place at the wrong time.
I don't enjoy seeing my equity on paper decline but that's how the games played. If it doubled in price, Centex wouldn't be asking us to split it with them.
I believe the bigger issues is to get more heads in beds. This covers the expenses until the market rebounds and we lock in our appreciation. Of course with the firesale, and many more units being dumped onto the market, it's going to be tough in 2010.
Hi Alfred:
Thanks for pointing me to your blog-very interesting. One thing that would get more rentals is if the Beach Villas changed the rules from a seven day minimum to a 3 or 4 day minimum. How do we change the rule?
Why are you wanting to represent possible owners in June? I'm just curious
Aloha guys, it seems that the cleaning fee for the 3 day rental would pose a cost issue for prospective renters. Who wants to pay a $300. cleaning fee for a 3 night stay?
BTW, when the prices come down from the June sales event, any current owners wanting to refi to a lower % rate or to move into their unit as owner occupants and qualify for an Owner Occ loan will need to be under a 90% loan to value (LTV), probably even 80% depending on the criteria. Check with your local lender. We'll all be upside down. Get any financing your considering, done now.
Aloha Doug,
I am a licensed Real Estate agent in the State of Hawaii and can be the buyers agent to walk them through the selection process.
I believe that the rule is in place so that we don't compete with the Ihilani and Beach Club, like the 30 day rule is in place so that the Coconut Plantation and other town homes at the resort don't compete with us and the hotels.
This is probably like Moses with the Ten Commandments as far as it being set in stone.
Once occupancy is up, it won't matter, plus, the increase in the in and out traffic, I don't know that were staffed for it.
I would like to see the common areas come under HOA control instead of it being under Centex ownership with first right of refusal going to Jeff Stone. What does Centex want out of it?
1)Shower stall floor re-leveled to drain properly. 2)Stain in granite countertop lessened. 3)Haze in floor tiles not removed completely. 4)Sliding door handles binding. Lubricated.
Both my husband and I are quite upset with the current situation - not so much the economy, but the way Centex is handling the market. For those who are economics major, we all know that the it is extremely hard to predict the economy. Having said that, we for one, do not like to see our investment literally go down below the market price. We have to however, make an important note that the market will eventually climb up however slow. We bought our two units because we like the area and we know that there's a huge potential for further growth in the near future. We hope that everyone will sit tight and we'll ride the waves together...
Alfred, in one of your posts you said "Centex is going to lose alot more than we are." I'm not so sure. They've made a killing on the units sold, and will still be profitable on their remaining sales. One telling point: our property taxes on our $1.4 Million unit were origninally based upon $254,000. In other words, $254K was Centex's cost on our $1.4M unit. Even if they cut the price in half, they'd still do well...
Interesting, how do you know that $254,000.00 was the construction cost? The Centex staff have always maintained that the average build cost was around $1.2M unit. It would be nice to see if this is broken out in the Centex financial statement.
Any new news about the Sales Event?
Regarding the June sales event, the Centex team was at the Hyatt Regency Huntington Beach Resort on Feb 26 and just finished there presentation in the San Francisco Bay Area. I will try and get more info from the Sales staff this week end.
Ray Beltran
Kapolei is fast becoming very self sufficient with the new Costco complete with gas station and the Target shopping center which has a Starbucks inside, Kapolei's third Starbucks also in the shopping center is Petco, Office Max, Sports Authority and a few others with more to come. Soon to come is the Orange Tree Frozen Yogurt shop in The Marketplace at Kapolei, you gotta try it.
Ray
Why are they presenting to San Fran Why not Chicago or Japan?
Huntington Beach, isnt that where they just gave all those fraudulent loans?
According to one sales rep, "It’s going awesome! The events in CA were successful, and produced quite a few reservations. In fact, because it was a success, we are going to do the same thing in Seatlle, Vancouver & San Diego around May 4-8. We have also been getting in a steady stream of reservations continuously besides that."
I'll keep checking in with them. Aloha, Ray
I was told that it was unlikley they will sell all units in June. Is anyone going to wait until after the June event to buy a unit?
What kind of units do you think will be available after the June event?
2 and 3 bedroom
I just read the summary of the Sept homeowner's meeting. Is anyone concerned about the ocean water leakage in to the parking garage? This sounds like a defect that could lead to major structural problems either in the near future or longterm. I am not very knowledgeable about construction and am wonering if anyone else is concerned. Thanks. Chris McKenzie
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