So the latest pricing information for the June Beach Villa's at Ko Olina blow it out, price reduction, sell all units at great discounts, sales event is that Centex Destination Properties, the developer is probably going to offer a 35% discount and not a 25% discount. This is great news for potential home buyers and investors.
Just to recap, the starting entry price when the Beach Villas first went on sale in 2004/2005 was $1,800,000.00. Now the starting price is going to be in the $600,000.00 price range at 35% off of the already discounted prices. Seems to work out to more like a 67% discount.
The nicest and most expensive unit will now be around $1,800,000.00 for direct beach front. The other ten units at the front have already sold for around $3,000,000.00. You look out and see beach sand, beach, ocean, etc. This is a beach front property but only these units are directly on the beach. Can't get any closer. There are four remaining here.
The least expensive units will have more of a sideways view of the water, instead of being right on the beach. The nice thing here is that all units have an ocean view. The least expensive units will loose some of their view when additional properties are construction on either side of our property in the future. So check it out thoroughly so you won't be disappointed later. To be fair, prices are future priced based on the possible future view, not on what the view is now.
I have been told that since the discount is going to be larger, that existing homeowners who are first in line are thinking about purchasing more expensive condos. Even though it's late in the game, I think this will translate into giving people who send in their deposits now a possible chance at one of the less expensive units. Before this, it was thought that only the more expensive $1,200,000.00 - $1,400,000.00 villas would be left.
We had one buyer last week who walked 105 Villas to come up with his list of preferences. Others look at the three or four they would like to have and stop at that. If your serious about this place, you really need to walk the property to get a sense of understanding the view / price relationship to find your "sweet spot".
It's kind of a cliche these days when people say "Once in a lifetime opportunity". We'll, with the way the economy is acting, the fact that this place completed construction at what seems to be the bottom of the real estate boom. It could very well be that this is a once in "our" lifetime opportunity. If you are inclined to think so, just give me a call to schedule a time to walk the property.
Mahalo,
Alfred--
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
You can also find him blogging about the resort at: Beach Villa Resort Blog and on Facebook. Vacation Villa Reservations available at: Beach Villa Resort Reservations.
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If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, the villa you select and how much you pay for it will make a big difference in your profitability; both from an appreciation standpoint and if renting, covering expenses by "getting heads in beds".
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)
According to today's Honolulu Star Bulletin article, 724 homes went into foreclosure in the month of March, a 503% increase from last year.
The Waikoloa area on the Big Island had the largest number of forclosures. Here on Oahu, the West Oahu resort market of Ko Olina is experiencing large price declines as available inventory continues to increases. The city of Kapolei where the Ko Olina Resort is located, experienced the largest number of foreclosures on all of Oahu during the first quarter of this year.
So what does this mean for everyone who is thinking about purchasing a Beach Villa at the Beach Villa's at Ko Olina during the "Everything Must Go" sale that Centex is holding over June 6th & 7th?
My thoughts are that this is going to put additional pressure on Centex to price their inventory appropriately and I would take this to mean additional downward pricing pressure. aka: price decreases. So if you haven't registered for the Beach Villas at Ko Olina Final Sales Event being held on June 6th & 7th at the Ihilani Hotel, please call me ASAP.
So "If you can keep your head when all about you are losing theirs ..."
I believe that everything is coming together to make this one of the best value buying opportunities that we will see in our lifetime regarding Hawaii Real Estate.
So if you are thinking about buying and your own personal financial situation has not been affected much by the economic downturn and you can still afford to buy, then be prepared to pick up some fantastic out of this world bargains. Five to ten years from now, you won't be the one kicking yourself in the tail for missing out. Happy shopping!
Link to the article: Finding it hard to hang onto home.
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
You can also find him blogging about the resort at: Beach Villa Resort Blog and on Facebook. Vacation Villa Reservations available at: Beach Villa Resort Reservations.
--
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, the villa you select and how much you pay for it will make a big difference in your profitability; both from an appreciation standpoint and if renting, covering expenses by "getting heads in beds".
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)
Pulte Homes agrees to buy Centex in $1.3B deal. Just announced this morning. I received a heads up from a fellow Beach Villa's homeowner who reads my blog. Thanks!
The deal is supposed to close in the third quarter of 2009. Interesting, as the big sales event to sell the rest of the Beach Villas at Ko Olina happens on June 6th & 7th, right on the cusp between second and third quarters. It will be interesting to see how this play's out for current and future homeowners.
As you may or may not know, as homeowners all we own is the interior air spaces of our villas, everything else is owned by Centex. So the handoff between Centex and Pulte will be very important. Interesting times.
Alfred--
Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. You can also find him blogging about the resort at: Beach Villa Resort Blog and on Facebook. Vacation Villa Reservations available at: Beach Villa Resort Reservations.
I walked the entire property with a client today who is shopping for a three bedroom villa.
A good question to ask is what might be available by the time it's your turn to pick if you sent in your deposit today. With 100+ reservation deposits in for an available 123 units, the pickings get slimmer as each day passes.
After the touring around, I conclude that the best selection is going to be right at the $1,200,000.00 price point. At this level, you will be purchasing villas that were going for around $2,200,000.00 and these villas have some of the best views at the property. At this price point, you may be able to score a 14th - 16th floor penthouse level villa in the Ocean Tower with amazing 180 degree views of the three lagoons. At this same price point, you might also be able to purchase a three bedroom villa in the Beach Tower facing towards the swimming pool with a beach view when looking towards the right.
Give me a call to setup a tour of the property or to discuss strategy on which villa may be the correct fit for your situation. Tomorrow, it's alternating between the sauna and steam room on this rainy day with a dip in the pool and ocean if the sun peaks out.
Aloha, Alfred--
Ocean Tower Penthouse Beach Panorama
Ocean Tower Penthouse Golf Course Panorama
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. You can also find him blogging about the resort at: Beach Villa Resort Blog and on Facebook. Vacation Villa Reservations available at: Beach Villa Resort Reservations.
--
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, the villa you select and how much you pay for it will make a big difference in your profitability; both from an appreciation standpoint and if renting, covering expenses by "getting heads in beds"
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)
Ah, lucky we live Hawaii. Investors purchasing at the Trump Baja project in Northern Mexico, just South of San Diego lost more than $32,000,000.00 in deposits recently when the Trump/Irongate venture folded. According to the article, all of the down payments have already been spent by the developer.
At the Beach Villa's sales event, your deposit is being held by a third party escrow company, not by the developer Centex. Also, the Beach Villa's project is completed, you can touch it, feel it, see it and walk in it. Unfortunately, not the same outcome for those unfortunate US buyers who thought they were making a solid investment in Mexico.
We could have been one of them as we went down and looked at Trump Baja. Luckily, we purchased at the Beach Villa's.
Aloha, Alfred--
Original Story 03/06/09: AP New Story
Latest Update 04/10/09: Donald Trump Sues Irongate
The once untarnished Trump Baja Logo
Alfred & Deanna with Coastline Behind Us. The photo is looking up the coast towards the United States
Model at the Trump Baja sales center between Tijuana and Rosarito, Mexico
The line to cross back over the border from Tijuana, Mexico to San Diego, California
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Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. You can also find him blogging about the resort at: Beach Villa Resort Blog and on Facebook. Vacation Villa Reservations available at: Beach Villa Resort Reservations.
Everything related to the Beach Villas at Ko Olina. Licensed Hawaii Real Estate Professional, Homeowner of multiple units at the Beach Villas and owner of a successful rental program at the property.
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