Back from WKORVs

[capjak]

First, would 24,000 plus closing and 1/2 2008 mfs (get use of 2008 week) for WKORVNorth island view be a good deal?

Second observations:

1. WKORV pool was full every day, but the North property had plenty of chairs...could it be owners from North prefer the WKORV pool?

2. Beach/water snorkeling in front of these units is great, much better than down where the hotel is/marriott location

3. North island view/ocean view is better buty WKORV ocean front is much better

4. Developer prices have become ridiculous at these properties

5. WKORV Pool area and lobby seems more open

6. Pools were not cold at all

 

[capjak]

Forgot:

Rumor from sales person:

1. WKORV/WKORV North, soon will be sold out and will be excercising ROFR agressively.

2. Unlikely to build on open property anytime soon as no one can get water rights (may have to use desalination very $$$$ and therefore probably fractionals Reg Club)

3. May take over current Intrawest property which is having $$ problems

that's all

 

[grgs]

Forgot:

Rumor from sales person:

3. May take over current Intrawest property which is having $$ problems

Where's that? Thanks!

Glorian

 

[SDKath]

I just got your PM and 104k for OF delux at WKORV seems INANE! Resale is about $55,000! Come on guys. I thought the price was for an event week but it wasn't! It was for a regular week at the S property.

Granted nothing compares to the OF D at WKORV. But that price tag is too much to swallow. They were $72,000 in 2003-04. I know because we almost bought one then....

Katherine

 

[capjak]

Where's that? Thanks!

Glorian

Just North of the WKORV North

 

[DeniseM]

This is the map Starwood sent out when they announced WKORV-N-N.

Lot 1 is WKORV
Lot 2 is WKORV-N
Then there is the open space/drainage easement/public access that cannot be built on.
Lot 3 is where they are supposedly building WKORV-N-N,
Lot 4 is the area that I believe belongs to Intrawest, so it would be WKORV-N-N-N

You can also see where the infamous water treatment plant is.

 

[capjak]

Correct in the location and there is already 4 or 5 story structure there, looks very nice and a lot like WKORV.

I believe they said it would be bid on by other developers one of which could be Westin.

Oh and to add to the rumors one of the sales managers stated that the VP of development was in honolulu this past week working on a development deal, don't know if that was the Kauai property or maybe a new one.

 

[jmatias]

The rumors about "taking over" Intrawest are funny. Intrawest is the developer of the Honua Kai project. The first building will be done in about 10 months and they already started the foundation for the second building.

We were at the Honua Kai sales office this morning talking to the sales person about rumors. He said he has heard them all. He gave no indication of problems at Intrawest. At Honua Kai they have 620 units and 580 are sold.

He did say that Westin has laid off some sales people b/c they are running out of product to sell.

The lot next to the last Westin building will be a park. And Westin bought the next lot from Intrawest to build more timeshares.

Of course this info is from the Honua Kai salesman

Aloha,
Jen

 

[LisaRex]

Are you talking about the area in between Embassy Suites/Kaanapali Ocean Club/whatever the heck they're calling it today and WKORV? I thought there was was Maui Kai, a private condo community that juts out onto the beach and then WKORV. Is there something else?

Where's an aerial when you need one?

 

[DeniseM]

Are you talking about the area in between Embassy Suites/Kaanapali Ocean Club/whatever the heck they're calling it today and WKORV? I thought there was was Maui Kai, a private condo community that juts out onto the beach and then WKORV. Is there something else?

Where's an aerial when you need one?

The area we are talking about is lot 4 on the map posted above - it has been under construction for at least 2 years. The Pink Monster and the Maui Kai are both north of lot 4.

 

[DeniseM]

Here is an aerial view.

The area labeled Kekaa Open Space Recreational Area is the area we are talking about. But the image is more than 2 years old.

You can see the WKORV at the bottom of the picture and the WKORV-N construction site.

 

[PerryM]

South by Southeast...

This is the map Starwood sent out when they announced WKORV-N-N.

Lot 1 is WKORV
Lot 2 is WKORV-N
Then there is the open space/drainage easement/public access that cannot be built on.
Lot 3 is where they are supposedly building WKORV-N-N,
Lot 4 is the area that I believe belongs to Intrawest, so it would be WKORV-N-N-N

You can also see where the infamous water treatment plant is.

Lot 3 was owned by Playground (Intrawest) and was sold to Starwood 2 years ago. Currently Starwood is negotiating with the sewage plant across to the street to cap it, like they do in cold northern locations on the mainland, to cut down on the stink which blows southeast from the plant diagonal across Lot 3 and drifts into Lot 2.

IntraWest is also in on this since they sold the land to Starwood and I get the feeling our Canadian friends pulled a fast one on poor old Starwood – all of this is just a rumor I heard 1 month ago.


Lot 4 is the Honua Kai, where we own a 1BR unit and will take possession in March of '09.

 

[DeniseM]

Thanks Perry - I had forgotten that you bought a condo there. How much do you think it will rent for?

 

[PerryM]

Thanks Perry - I had forgotten that you bought a condo there. How much do you think it will rent for?

For an ocean view around $600 per nite year round. A 1BR ocean view WKORV rents for about that on Orbitz. (We are 2 blocks down the beach from WKORV)

4Th of July week and all holiday weeks run about $1,200 per nite.

We get 50% of that. Occupancy rates are about 85% year round in Ka'anapali.

 

[capjak]

Wife and I walked buy the construction a few days ago and the units look like they will have glass wrap around for the views. The beach is really nice there.

 

[capjak]

First, would 24,000 plus closing and 1/2 2008 mfs (get use of 2008 week) for WKORVNorth island view be a good deal?

Any comments on the price/deal above. We could use the unit every other year for next 4 years (kids going to college in 2 and 4 years) and than would go there every year for 2 weeks.

At first I thought 24K was a great deal and now I am thinking it is probably an ok deal.

 

[DeniseM]

For an ocean view around $600 per nite year round. A 1BR ocean view WKORV rents for about that on Orbitz. (We are 2 blocks down the beach from WKORV)

4Th of July week and all holiday weeks run about $1,200 per nite.

We get 50% of that. Occupancy rates are about 85% year round in Ka'anapali.

Wow! Orbitz may be asking that, but WKORV owners aren't getting that much. I rented my Ocean View 2 bdm. for $3,400 for July 2008 and I think that's pretty average. That's less than $500 a night and it sleeps 8.

 

[SDKath]

I think that is the eBay price right now. It's a good deal but I think prices will drop in the next 6 months. OV is going for around $28,000 right now so for $4,000 more, you can have your cake and eat it too. I would spring for the extra money to have a lifetime of OV!

They have already in the first 3 months of 2008 from the offers I have gotten to sell the higher priced OF units!

Katherine

 

[DeniseM]

Any comments on the price/deal above. We could use the unit every other year for next 4 years (kids going to college in 2 and 4 years) and than would go there every year for 2 weeks.

At first I thought 24K was a great deal and now I am thinking it is probably an ok deal.

Is that the price from the developer? Is it a 2 bdm.? It's not an EOY, right?

I am not sure I understand about going every other year for next 4 years and then every year for 2 weeks. What would you do with it the alternate years?

 

[capjak]

Is that the price from the developer? Is it a 2 bdm.? It's not an EOY, right?

I am not sure I understand about going every other year for next 4 years and then every year for 2 weeks. What would you do with it the alternate years?

It is an annual 2 bedroom island view New North property (building 7 deed) every year, I would rent it out the other years or do an owner exchange perhaps via redweek or other

so Year 1 rent it out, Year 2 occupy for 1 week 2 bedroom, year 3 rent/exchange, year 4 occupy 1 week 2 bedroom, and than split unit in 1 bedroom 1 week and 1 week stuio.

 

[PerryM]

Wow! Orbitz may be asking that, but WKORV owners aren't getting that much. I rented my Ocean View 2 bdm. for $3,400 for July 2008 and I think that's pretty average. That's less than $500 a night and it sleeps 8.

Apples and oranges. Orbitz knows what its customers will pay and they charge it. Week 51 (Dec 20 - Dec 26) costs $10,352.09 Total charges from Orbitz for a 1BR ocean view for the week.

I was chatting with a good friend of mine today and he just spent 4 days on Maui at WKORV in a 1BR and paid $600 per day - from Orbitz, he loved the place and thought nothing of the price.

Intrawest plans to heavily market the Honua Kai to European travelers and offer them 2 weeks in Whistler and 2 weeks in Maui in a combo package over Christmas/New Years. The US is a bargain for the Europeans right now.

We will belong to Resort2Resort and get to exchange a week in Maui for other distinations - like a destination club/timeshare exchange.

 

[capjak]

I was chatting with a good friend of mine today and he just spent 4 days on Maui at WKORV in a 1BR and paid $600 per day - from Orbitz, he loved the place and thought nothing of the price.

I rented a 1 BR ocean view (full kitchen) WKORV for 300 per night and loved the resort as well and felt it was a good price.

 

[PerryM]

...
I rented a 1 BR ocean view (full kitchen) WKORV for 300 per night and loved the resort as well and felt it was a good price.

My friend knows I'm into timeshares but has never asked for me to reserve something for him at 1/10 the price. He has a hectic schedule and can't plan but 30 days in advance - there are many professionals that are in the same boat. He paid 1st class to fly his family of 4 to Hawaii and thought nothing of that either.

There is a price point for everyone in a free market. I got to ride in his new 7 series BMW today which cost him $100k and he didn't blink an eye either.

Just because we timeshare folks find it an adventure to maximize our investment in timeshares doesn't mean the whole world shares our obsession.

 

[SDKath]

True. Although most people don't ever get to ride in a 7 series BMW either! Nor fly first class -- anywhere.

I loooove that 7 new series. And I hear it's being redone for 2009. But that's another topic entirely.

My advice on the price of the IV is to find OV for a few thousand more! Better yet, wait 3 more months and you'll be able to find an OV for sale for about that much money. It will also rent out better. People want to fly 3000 miles for an OV, not IV! Katherine

 

[DeniseM]

*What Kath said!