KBV Forum Moderator
- Jun 8, 2005
- Reaction score
- Mercer Island WA
- Resorts Owned
- Pahio Kauai Beach Villas, Pahio Shearwater
Aloha,<snip> . . . Now, to the question of Special Assessment for the owners who have been left in the dark. I believe a good first step is to have at least 3 unbiased appraisals of the property done if not done thus far. What the property is now worth and a pro forma of what it would be worth after is important for any decision making. . . . <end snip>
As part of my campaign for the board of KBV in 2018, I wrote a long document that I sent to all owners with available emails and posted in TUG. It occurred to me that one of the details I addressed was the value of wholly owned units.
From top of page 10 of attachment “Goodstein_KBV_BOD_2018” embedded in post 101 https://tugbbs.com/forums/threads/pahio-kauai-beach-villas-board-election.240675/post-2124393
“While KBV owners who sell their timeshares net negligible to negative dollars, sales of the non-timeshare condos still net real money. As of 3/20/18, there are two active listings. Wholly owned two bed two bath E11 is listed for sale at $309K and one bed one bath D19 is listed for $269K. Per Zillow, these asking prices are in line with but a bit higher than recent sales.”
Neither of these units were ocean front, but the majority of units in KBV are not ocean front. If E11’s value is rounded up to $350K and multiplied by all 105 units (overvaluing all 1B1B and 1B2B units), the 2018 value of the resort would be somewhere in the vicinity of $37M. Even if the $37M above is doubled to $74M, $56M >> 50% of $74M.
Inference: if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.
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While searching for the material above, I came across this statement in a post I made ( https://tugbbs.com/forums/threads/kauai-beach-villas-letter-from-board-member.254729/post-1996108 ): . . . This leads back to the goal and promise of my candidacy: to get an owners’ online community or communication network started.
I am sad about developments at KBV but I apparently achieved at least one of my campaign promises in my brief one year stint as a board member.