 On August 6th this headline appeared on the front page of our local Garden Island newspaper :
"Construction to begin on Waipouli beach condominium project". The sub-heading was "Completion planned for late in 2005 or early 2006". The article went on to say that ground breaking for a $100 million 196 unit luxury beachfront residential condominium project in Waipoli, across from the Safeway shopping center, could begin in a couple of months. The developer, Keith Singleton, was quoted as saying "We have designed and priced the luxury units to satisfy a variety of buyers. There's something here for everyone. Sales and marketing should begin soon with prices ranging from $350,000 to $2.5 million".
The project consists of a mix of mostly two bedroom units, 27 one bedrooms and six hotel studio units. Other facilities and amenities will include a restaurant, spa, fitness center, beach activity center and an 185,000 gallon fresh-water fantasy pool complete with two serpentine water slides.
There was also a notice that a real estate brokers preview would be held under a tent on the property on August 11th. I was leaving on vacation the same day the article came out and made a mental note to contact the listing broker when I returned. I got back to Kauai to find this headline:
"Waipouli beachfront resort units snapped up". The article went on to say that the 196 unit project was basically sold out-80% to local Kauai buyers. Many Kauaians used the equity on their existing properties to purchase the units. Prospective buyers were required to put 5 percent down for a reservation, with another 10 percent within 45 days, however the developer Rick Singleton said that most buyers put down 15% right off the bat ($52,500 to $325,000).
In case anyone was wondering if the Kauai Real Estate market is over priced, there are 157 local Kauai residents (80% of 196) who definitely don't think so. Having just returned from 10 days in Orange County, California and looking at prices there, I think everyone here will be very happy with their decision to purchase when they see where values are two years from now.
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