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 of the court document:

Order Denying KOD Preliminary Injunction Motion (filed 8/13/09)

A big caviat, while I believe I have the best perspective of what's going on from being involved with the property in many different ways, I am not an attorney. The above referenced document and other documents that were signed between the Master Developer and the Developer of the Beach Villas along with the latest Condominimum Report filed with the State of Hawaii and the purchase agreement between you and Centex should be read, digested, interpreted and advised upon by a licensed attorney. Not just any attorney, but one you trust and who is very skilled in this type of work. I would be glad to speak with your attorney to help them make a better educated guess as to where all of this will end up and the risks and rewards offered.

As I continue to say, the developer wouldn't be offering an additional 35%-40% discount off of the already reduced prices if the situation was perfect and the economy wasn't in the dumps. As with any investment, you'll have to make an educated decision as to if this investment is better than another investment for your situation. A lot has to do with your own motivations and why you wish to be here at the Beach Villas. I can lend you my ear but ultimately, only you will know if this is the right fit for you.

If you wish to brain storm and get my perspective on "Should You Buy" based on my being a homeowner at the property, a licensed Hawaii Real Estate professional, a member of the homeowner group who brought all of these issues to see the light of day and who runs a successful rental operation at the property, give me a call or drop me an email.

Ko Olina Vacation Reservations available at: Beach Villa Resort Reservations.

Whether you are new to this string on the Beach Villas at Ko Olina or have been following it since December... welcome! In either event, it might be a good time for a review of that last year. As is the custom, if you want to read the full details, links to the earlier articles are at the end of this.

When we began this story, the Villas were about half sold and were being offered with some slight price reductions, but were essentially priced close to the prices that the first 127 units had sold for. That was December 2008.




In January 2009, Centex Destination Properties, the Developer of the Beach Villas at Ko Olina announced that they were going to have a Final sale event on June 5th and 6th with plans to sell the 120 remaining units at discounts ranging between 25% to 35% from their last published prices. Reservations were going to be taken on a priority basis with a $50,000 deposit and the selection of the units would be based on the order that your reservation was taken. During the time of this sales period, there were approximately 140 reservations taken and plans were being made for the event.

In May, it became apparent that "issues" were beginning to develop on a few fronts. The future control and ownership of several commercial apartments within the complex like the fitness center, beach bar, reception area and pools became embroiled in controversy and there was discussion as to whether the classification of the pool areas should remain as limited common areas appurtenant to the commercial apartments or if the Home Owners Association should reclassify those areas as common area and assume control of those areas. Between the existing homeowners, prospective homeowners, Centex and the Ko Olina master developer several different opinions existed and those issues are now in the process of being resolved either through mediation between the parties or if unsuccessful through that process, ultimately through litigation.




At the same time, it was also expressed by the Master Developer that the right existed for them to purchase 35 units of their choice and that option was presented to Centex. Again, differences in opinions were expressed and that issue also is in the process of being resolved either through mediation or if unsuccessful through litigation. At this point, due to the uncertainty of events, the reservation holders were given the option of maintaining their reservations with the return of their $50,000 deposits and new reservation holders were given the opportunity of placing reservations without a $50,000 deposit. There was an initial attempt to hold the event in July, but due to the complications that was postponed also.

That brings us to where we are today. Since the $50,000 deposit requirement was removed in June, the number of reservations has increased from about 140 to close to 220 at last count and continues to increase daily. It was determined that due to litigation and some changes within the parking spaces assignments, that it was necessary for a new public report to be filed which was done and has now been accepted. As we sit right now, the plan is now to move forward with the sale event, irregardless of the resolution of the "issues" and with or without the 35 lowest price units depending on the resolution of those issues between now and then.

So in summary, these are the key points:

The sale event is currently anticipated in the second half of September.
The sale event may consist of 120 units starting in the $500's or it may consist
of 85 units starting at about $800K with the 35 units being held out of the sale.
There will be a reclassification of the limited common areas or there will not be.
Limitations will be placed on the future use of the common areas or not.
Lenders are currently in place to provide financing for the units apparently in any
of the above scenarios.
Prices are about to be released and appear to be closer to 30% to 45% less than the
last published prices depending on the units.

If the 35 units are held back from the sale, it is entirely possible that there may be in excess of 250 reservations or more for 85 units and it is impossible for me to predict how many of those reservations were hoping for the units that were anticipated being priced below $800K. My understanding is that between now and then, there is going to a refinement of the existing reservations with preapprovals being requested, level of interest being determined and units of interest being established. Packages are going to be delivered to the existing reservation holders to assist in the diligence periods including unit pricing so that by the time the sale is in process, purchasers will have a good idea of the units that are going to be available based on their reservation place and the developer will have a solid understanding of the ability of reservation holders to perform once the contractual period is entered.



At this point, it seems there is still much to be answered for the event to be a true success. My hope is that as the event approaches, those answers will be resolved and that the end result is that all of the remaining units will be included in the sale. If not, it will a little harder to make a truly informed decision of price and value, but with the anticipated prices, it will also be hard to say no if given the chance to purchase the unit you want at the price you would like to pay. Time will tell and a lot can happen in 30 to 40 days when parties are motivated to do so.

If you are becoming aware of these units for the first time, I encourage you to read the links below. If you are interested in potentially forming a partnership with an existing reservation holder to increase your chance of a higher selection, there are some parties who may be interested in doing so and if you would like to discuss that as a possibility, follow this link: Partnership opportunities .

If you are interested in an alternative ocean front property I currently have a comparable ocean front property that is fully described in this link, Kai Lani Ocean Front

Here is a link to an article that was previous to this one that also has links to all of the earlier articles. Link to earlier article

I hope you find this update interesting and hope that it increases your understanding of what is a bit of a confusing situation. If you would like some personalized or additional information, please feel free to contact me at this link: Email Michael

Look forward to hearing from you!

Aloha,



Michael Hege' RA
Kapolei Realty, Inc
(808) 225-3660
www.KapoleiToday.com
www.HomesOahuHawaii.com

Ko Olina Restaurants and Kapolei Restaurants located near the Beach Villas at Ko Olina, West Oahu, Hawaii. Beach Villas at Ko Olina Homeowner and Vacationer nearby dining options.

So your on vacation at the Beach Villas, where to eat? Even though the Beach Villas at Ko Olina have beautiful kitchens with Sub Zero, Wolf & Fisher-Paykel appliances, not everyone wants to cook while on vacation!

Here is a list of our families favorite restaurants in the Ko Olina Resort and the Kapolei area. All of these restaurants are convenient and close to our property, the Beach Villas at Ko Olina. Our property, the Beach Villa Resort is located on Lagoon Two.

Lagoon Two (Beach Villas) - The Beach Bar is now open serving well drinks, sodas, water and coffee in the mornings. The Beach Bar is for the exclusive use of our guests so it's not crowded. Moon is always ready to talk story with you and play his Ukulele. Todd mixes a mean drink both with or without alcohol. The $3.00 smoothies are a hit with both children and adults. Sandwiches and salads are also available while relaxing at the pool or beach.

We also have BBQ grills on the property by the lagoon pool. (The front grills by the bar are for bar use only.) One exit down on the highway (a 5 minute drive) is the new Costco which opened on February 23rd. They sell USDA Prime Beef and fresh fish (The Ahi steaks are fantastic marinated in some huli huli sauce, garlic & ginger) which you can grill using your in villa Wolf oven or poolside with our outdoor Wolf BBQ grills. Grill out by the pool, swim, eat, watch the sunset, not a bad way to end the day. Check with the bar tender at the beach bar to have them unlock the grill and to provide you with a grill cleaner if needed. The grills are cleaned every day.

Lagoon One (One lagoon over from the Beach Villas) - The outdoor patio at the Ihilani has a pool side bar and they have live Hawaiian Music and torch lighting each evening. Our favorite restaurant at the resort is Azul's which is located here. There is also a casual dining restaurant and a Japanese restaurant here. These dining options are about a five minute stroll along the ocean via a palm lined pathway that connects all of the lagoons together.

Lagoon Three (One lagoon over from the Beach Villas) - Kolohe's on Lagoon Three is good for lunch and drinks, also for sunset drinks, it overlooks lagoon three. Chuck's Steakhouse is also located here. They have good steaks and seafood.

Either lagoon is only a couple minute stroll along the beach in either direction from the Beach Villas at Ko Olina.

Dining at the Golf Course within the Ko Olina Resort - Located between lagoon's one and two at the 18th hole.
Roy's is great for Pupu's and listening to Moon Kahele who works at the Beach Villas at Ko Olina play his slack key guitar, every other Wednesday overlooking the 18th hole. Roy's is also a full service restaurant, their Chocolate Soufflé is famous. The restaurant is a short walk along the golf course, you can drive over or take the shuttle which comes by the Beach Villas at Ko Olina at 7 minutes and 37 minutes after the hour.

Dining and Food Options in Kapolei - One exit down from the Resort. A five minute drive. On the "Makai" side of the Freeway. Makai means towards the ocean. (The other direction you'll hear is "Mauka" or towards the mountain.)

Kapolei is called the "second city" after Honolulu as all of the new government offices, a new University of Hawaii campus, etc. are being constructed out this way. Here you will find the Safeway Grocery Store, the new Costco, the new Target and other stores.

Assaggio's Restaurant - 777 Kamokila Blvd, Kapolei, HI 96707 (808) 674-8801
My favorite restaurant in Kapolei is Assaggios Italian Restaurant. I'm a "local boy" and when I go home I usually eat all of the food I can't get on the mainland. With that being said, I like the food at Assaggio's so much that I could eat here every day. The food quality is top notch and the prices are more reasonable then say at Roy's or Azul's at the Ihilani. Menu

House of Fortune - 777 Kamokila Blvd, Kapolei, HI 96707 (808) 693-8998, the Chinese Restaurant next door to Assaggio's is also enjoyable. Hong Kong Style. Not as good though as a trip to China Town in Honolulu for some Dim Sum at lunch. Right next to and in the same building as Assaggio's. Menu

Chun Wah Kam - 885 Kamokila Blvd, Kapolei, HI 96707 (808) 693-8838, (on the same side of the street as the above restaurants, building to the left) is the new Chinese takeout place that also serves takeout Dim Sum. The local favorite is the Pork filled Manapua. In Chinese it's called a Char Siu Bao. Char Siu is the pork, Bao is the bun. A Chinese sandwich. My favorite is the Kalua Pig Manapua. They make a yummy food gift for family and the staff. Menu

Local Fast Food - Our fast food comes from "Zippy's" a good local place for plate lunches and local food. They have a location in Kapolei. They are three in one kind of place, a sit down, dine in restaurant; a fast food take out counter with outdoor seating; and a Napoleon's bakery which has really good pastries. This or Safeway both have good baked goods. I stop at both places for breakfast items.

There is also an Outback Steakhouse and a Chili's here in Kaploei along with a water park and movie theater. Outback prints a Hawaii version of their menu here as you can get Rice instead of a potato with your Steak! In Hawaii, you eat rice with pretty much everything.

Hope this gets you started with a great list of restaurant choices in West Oahu, have a great vacation!

Ko Olina Vacation Reservations available at: Beach Villa Resort Reservations.

Furnished 3 Bedroom For Rent In Kai Lani at
Ko Olina Resort and Marina
"Place of Joy"
Now only $3,750/mo Fully Furnished!





If there is a better place to live, I just haven't found it. Located just outside of Kapolei, Hawaii, Ko Olina Resort and Marina is simply paradise. 4 protected lagoons front 5 star destination vacation spots like the Marriott Ihilani, The Marriott Beach Club Time Share Resort, The Beach Villas at Ko Olina and the Ko Olina Marina. With Disney's newest Hotel currently under construction, wouldn't you love to live where most people can only vacation.

Currently available units:

I have a Kai Lani (Heavenly Ocean) 3 bedroom with 2 full baths townhouse with one of the best unobstructed Ocean views in the entire Resort. This unit is available for rent for the first time on a 12 month lease. Walk out the sliding doors and enjoy the sunset or take a stroll to a secluded beach off the beaten trail. This the view from the master bedroom window! The same view is from the covered lanai and the living room through the large sliding glass doors which face the ocean. At sunset, you can watch the sun dip into the ocean from the comfort of your own home.





This unit is fully furnished includling kitchenware, linens and 3 televisions and is in exceptional condition, with plantation shutters, granite counters, plantation shutters on every window and laminate flooring throughout.













The kitchen is equipped with all appliances (stove, range, dishwasher, microwave hood, refrigerator, beautiful granite counters and ample storage)




A single car garage with openers and an additional assigned parking space in this gated community with swimming pool and hot tub on 11 beautiful acres fronting the ocean create a place to live you've only dreamed of. Here is a view from your personal lanai!




The grounds at Kai Lani are exceptional and include a resident only
pool and hottub with BBQ grills for individuals to use




As a resident of the community, through the Home Owner Association paid by the owner, you will also be entitled to an included membership to the Ko Olina Sports Club which includes tennis courts (with lights at night), a fitness center, fitness classes and discounts on restaurants and other activities in the resort. If you would like more information on the sports club I can email you the latest newsletter.


Fitness center that is open until 10 pm with plenty of Equipment

NOW FULLY FURNISHED! JUST PUT YOUR CLOTHES IN THE CLOSET!

Available now for only $3,750 /month on a 12 month lease this is as good as it gets! If ocean views and proximity are what you have hoped to find, I'm not sure you can find a better location. This unit is a rare opportunity to obtain a rental of premium quality and location that was recently for sale at well over 1 Million dollars. They say that it's all about the view in Hawaii and this home has it! For information about shorter stays and availability, give me a call and I'll let you know if there is anything available.

Enjoy the various pictures of the furnishings here or for a picture extraganza of the both the unit itself and some of the surrounding views, Click here and choose slideshow Master has King sized bed and there are 1 Queen bed in each of the other 2 bedrooms. One of the bedrooms has a large desk if your needs include a home office and there is a computer in the living room at another reference and writing desk. I've included a few more pictures below of Kai Lani and the Fitness center and if you find yourself drawn to this home and would like to make an appointment to see the property, give me a call at 808-225-3660 or you may email me by CLICKING HERE


Mahalo for your time and I hope to hear from you if you are interested in finding out more about the property!

Michael Hege' RA
Kapolei Realty, Inc.
(808) 225-3660
Ko Olina, Hawaii

Here are a few pictures :


This is the entry gate into Kai Lani located within Ko Olina Resort & Marina










Two excellent tennis courts with lights at night are available at the
Sports Club and the membership is included with your lease.


If you would like to learn more about Ko Olina including the rest of the resort, world class golf course, and marina - CLICK HERE

If you own property in Ko Olina and have considered having a professional management service manage your property, Kapolei Realty, Inc has been managing property in the area for over 15 years and is a locally owned company with an impeccable reputation. I would be more than happy to explain our property management program to you! An email will get the best response if you are curious about our system, so click here to Contact Michael

Michael Hege' RA, CDPE
Kapolei Realty, Inc
(808) 225-3660
www.HomesOahuHawaii.com
www.KapoleiToday.com

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