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Maui News
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Maui News Maui News - Polo Beach Club Area
Maui reclaims top spot in Conde Nat
readers poll released on Thursday: "Best Island in the
World." Since poll began 17 years ago, Maui has always been
rated "Best Pacific Island." Then when best-in-the-world
voting began, Maui owned that title to -- until last year.
The Maldives won in 2006. For 2007, Maui is back on top.
Kauai is second, Maldives and Bali tied for third. Several
Maui hotels also ranked high, starting with Four Season
Resort (Wailea) scored top resort in Hawaii and 15th best in
the world. All results to be published in Conde Nast issue
coming in November.
Bicycle tours down Haleakala under
temporary ban due to second death incident. Park closed the
tour operators down to investigate.
Real estate numbers stay even with 2006
figures of last September. However, the number of single
family homes and condos were down for August. For single
family homes the average sale price for the first three
quarters of the year has fallen 8%. Median prices have
fallen 13%. However, overall number of sales in the first
three quarters is up 16%, Condo action not much different in
price - average prices down just 1% (but median prices up
4%). Number of condo sales down 8% in the first three
quarters. By contrast, average prices in one resort area
continue to rise. Kapalua up by 55% with average sale of
$5,78 million. Unusual drop in Wailea-Makena, showing a 6$
drop to $3.2 million average.
We will target this unofficial newsletter to sales and related real estate matters here at Polo and surrounds. There’s a lot going on and coming down.
Although 2006 was close to a banner year for Polo sales volume, this year has been slower. Sales prices have seen no decline at our property (we are still on the rise), but current sales activity is at half the level it was this time last year. Polo Beach Real Estate Update 9/07 <--Click Here
The Baccarat blast off!
The Renaissance is indeed coming down. And from the ashes will rise…Baccarat Wailea! With this ultra high-end branding of the 15.6-acre beachfront “re-development” project, we can expect a new and stellar level of service and accommodation in the hotel resort and residences arena. Watch out, Four Seasons!
Demolition is scheduled for early September. There promises to be a web cam on site, so those who have already bought in can monitor the progress of their substantial investment. We have two full pages of resort and residence features, plus floor plans, site and elevation plans, the works. Monthly fees will be twofold: There will be a maintenance fee and a service fee. Holler if you want more details. For now, a quick summary:
There will be 193 private 1, 2, 3 and 4-bedroom residences plus spa, specialty bars and restaurants featuring world renowned chefs, meeting rooms, event lawns, fitness center, children’s play center, game room, beachside pool, custom furnishings plus Baccarat crystal and sculpture. There will be full concierge and private butler services, valet underground parking, 24-hour security, a la carte food, beverage and maid services.
The resort will be configured into three distinct levels: Beachfront, Central and Upper Resort. A good portion of the residences will be 1 bedroom and 1 bath units of 1,100 to 1,200 square feet. Imagine this revised concept of hotel accommodation…Living area, kitchen, bedroom, bath & lanai, about this size of our average Polo Beach unit.
The Grand Opening Sales event occurred July 27th, with a lottery the following day for those who did not get their first choice. There were 42 pre-sales to “Founder” investors. An additional 100 units were offered at the Opening Event (the remainder will be held for future release). It was not quite the scramble witnessed at the Beach Villa sales event, which was a virtual sell out. This might be due in part to significantly higher pricing, and partly to a perceived trepidation regarding market conditions nationwide. After the two-day sales event 39 additional units went into escrow. A total of 81 Baccarat Wailea units are presently “sold.”
Right now our four-page list of available inventory shows two Beachfront locations from $7 to almost $9 million. These are 2 and 3 bedroom floor plans. There are 19 Central Resort units available. These are 1, 2 and 3 bedroom plans ranging in price from $1,862,000 to $4,998,000. The 44 remaining units from the original offering are located in the Upper Resort. These are primarily the 2, 3 and 4 bedroom plans.
Not such a brief summary after all…The build out will likewise be lengthy. It should be at least two and one-half years before the elegant Baccarat Wailea lobby is ready to receive residents, renting guests and neighbors. Both restaurants and the spa will be open to the public. Magnificent in Makena - Maluaka revisited:
We previewed “Shades of Comfort” in previous letters. Since then, initial sales have gotten underway for this exclusive, strictly residential development on 11 acres due south of the Maui Prince Hotel.
In review: there will be 69 condominium residences comprised of 11 buildings and 2 free standing bungalows. The property is situated along the 15th and 16th holes of the Makena South Golf Course. While not strictly a beach/ocean front location, the spectacular views overlooking the slender green belts are uncompromised.
The private 35,000 square foot Club at Maluaka will offer a variety of exceptional services 7 days a week. Club facilities will encompass a world class, full service Spa & Wellness Center, fitness center, 25 meter infinity pool with whirlpool, dining facilities with many options, wine cellar and a full time Hawaiian cultural steward. Beach services will include chaise lounges, umbrellas and recreational ocean equipment. Residents will apply for Club membership, and these expenses will be separate from standard condominium maintenance fees. Monthly Club dues are estimated at $1,250 and estimated annual food and beverage minimum at $2,000. Condominium maintenance fees will be based on square footage of interiors, but should range from $2,200 to $2,500 per month.
Interior residential features (too numerous to cite here) are impressive indeed. However, we have floor plans, lists of feature details, site plans and view projections available. This will be a gated entry property with 24-hour security kiosk, security elevators with private entry access and deeded covered parking with locked storage rooms.
Because Maluaka is strictly residential – no rentals allowed – there was a mandatory 30- day purchase period open only to buyers committed to full time residency. I believe there were nine contracts completed in this period. Subsequent sales to Founders and investor owners brings the total “sold” tally to 23. I can provide a list of the 14 units currently offered for sale. These are all 3 bedroom floor plans from 3,150 to 4,556 square feet. Prices range from $4,055,000 to $10,250,000. The balance of 34 units is on hold for future release. Developer Dowling hopes the project will “go vertical” by this November.
More up and coming or coming up soon in Wailea:
Soon enough there will be no pukas left undeveloped in Wailea. Just where the Pi’ilani Highway drops us into the resort, the Wailea Gateway Center is underway. Dust screens are being erected before serious grading begins. Abutting this project on the Kihei side, 12 home sites are being prepared for future construction. There are 9 additional home sites planed for the parcel next to and just north of the Diamond Resort.
Special Management Area approval has been granted Kila O Wailea. This will be a development of 75 condominiums on 12.5 acres. The parcel is located at Okalani and Wailea Alanui. Plans are for 15 buildings of 5 units each. Three of the 12.5 acres will be dedicated to open space. Refreshing, that!
Major moves in Makena:
Big news in the neighborhood was the $575 million sale of the 1,800-acre Makena Resort to a hui of veteran local developers. Everett Dowling plus partners “Chuck” Sweeney (of Kea Lani fame) and Jon Miho (born and raised on Maui, now an attorney in Honolulu), have teamed up with Morgan Stanley Real Estate. This giant entity has steered more than $100 billion in real estate investments since 1991. The sale included the 310-room Prince Hotel and the two 18-hole Makena Golf Courses. Presently about 1,300 acres remain unused. For years the Seibu Group, previous owner, has been rebuffed in attempts to develop this land. There seems to be a groundswell of local resistance.
Dowling’s 20-year plan would include 1,100 luxury homes, condominiums, apartments and a time-share hotel. No one says if there are plans to refurbish the Prince or take it down. So many factors hinder potential development, water being a key issue. Dowling promotes green building concepts that may lessen demand for water. A new wastewater treatment plant would be included in the build-out. While some might say Dowling’s apparent commitment to the environment is no more than developer-speak, he does seem willing to put some of his money where his mouth is. He recently pledged $250,000 to the Hawaii Nature Center in Iao Valley.
Honua’ula still under fire:
Almost every week a new twist, turn or concern pops up, adding to the litany of issues that have inhibited approval for the development project originally called Wailea 670: Water, traffic, density, exclusivity, overloaded infrastructure, harm to the native dryland forest…the list goes on. Most recently, the Maui County Council members decided they want the private golf course planned for Honua’ula opened to public play.
Meetings and debates continue. Still under question is how the recently passed county “Residential Workforce Housing Policy” will affect Honua’ula. Interpreted literally, 50% of the proposed 1,400 housing units must be priced at affordable prices. Determining what “affordable” is may prove difficult, if not ludicrous. But the need for 700 new homes local residents may manage to afford could prove to be an irresistible carrot for council members.
Dear to the stomach…
This has absolutely nothing to do with real estate – but we are very excited to learn the Whole Foods Market will come to Maui! Most of you have more mainland experience than we, but I still remember the first time I visited this store in Southern California. Harrod’s for the health minded! Late 2008 or early 2009 look for Whole Earth in the Maui Mall where Star Market is located. This is close to the Kahalui Long’s Drugstore.
Even dearer to the heart and home:
Terry Hunt of Wailea Community Association is spearheading a Reef Program. All our precious reefs are in peril, and this is a wonderful opportunity to do something…anything! Terry is organizing volunteers to help gather information for the Department of Land and Natural Resources, monitoring our reefs and fish counts. Terry’s phone is 874-6866, ext. 202. Email address: operations@wcamaui.com.
Oh dear…out of space and time. The Jacksons are off to retrace Ray’s past, at least the TransAtlantic part of it. We will be on the Queen Mary II from New York to the Mediterranean and back. Ray first sailed to the US in 1950 on the original. We’re hoping for nicer accommodations and better weather! We’ll be back on Maui October 1st. Aloha!
The information offered in this unofficial newsletter deemed reliable but not guaranteed.
JACKSON & COMPANY Courtesy of Phylleen Jackson Jackson and Associates 808 874 1336
Expedition Ferry has just begun providing two daily round trips from Ma'alaea Harbor to Manele Harbor in Lanai. Day trips or weekenders on Lanai are fun as can be (good golfing, excellent snorkeling in the marine preserve where dolphins are often leaping and playing). However, those of us over here had to drive to Lahaina, poke around for a parking place, lot of extra effort in crowded Lahaina Town. First trip from Maalaea departs at 7 AM and arrives on Lahai at 8:30. The ferry heads back for Maalaea at 9:00 AM, arriving on this side at 10:30 AM. The afternoon trip departs from Maalaea at 3:30 PM, arriving at Manele at 5. Return trip to Manele leaves Lanai at 5:30, back here an Maalaea by 7 PM. The ferry ride from Lahaina to Lanai is 45 minutes, so this is a longer boat trip. Shoud be some great whale watching and sunsets coming back. For more information, visit www.go-lanai.com
- Outdoor Polo games are at Olinda Field every Sunday at 1:00 commencing September 1st. Very exciting (I prefer the Polo matches to the annual rodeo). It is right across from the entrance to Seabury Hall. It is so beautiful up there. Great shopping in Makawao (and farther down in Paia), hot Mexican food at Poli's in Makawao, and hikes at the top of Olinda Road, public welcomed (no kapu signs). - Flatbreads in Paia is a fairly new, excellent organic fare restaurant. Pizza to die for. Great salads. (Watch out, might now be appropriate for everyone: lots of beautiful young servers in skimpy tee-shirts. - Roy's Restaurant - Latest word on the street is that it may have changed a bit. Much smaller wine list, limited salad selection, smaller entrée menu. Soufflé still great. - Kahili Golf Course (used to be Sandlewood) is in GREAT shape. Challenging, great fairways and greens. Off Honoapiilani Hwy on way to Wailuku. - Kapalua - Village Golf Course is temporarily closed, may (or now - may not) be converted to private course. Note: Kapalua Golf Academy is still at the Village Clubhouse and the best golf instructor in the world - Jerry King - is still there. - Sansei in Kihei - still great selections - food and liquor.
New Maui Tidbits, many are courtesy of Phylleen Jackson Jackson and Associates 808 874 1336 |
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