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Newsletter |
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| Volume 2, Issue 3 -- Summer 2002 |
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FROM THE MANAGER’S DESK
I often find myself in a conversation with potential new owners discussing property values on West Maui, particularly as they apply to the Kaanapali Royal.
I thought it might be interesting to examine some recent sales to see what has happened to this investment we think of as our "little grass shack". For this purpose I will only use information on fee simple units reported through Maui Multiple Listing.
Looking at the year that ended May 1, 2001 we see nine closed sales with an average sale price of $405,000. Compare that to eight closed sales for the same period ending 2002 with an average sold price of $422,000 and we see a 4.1% increase for the year.
Currently there are seven units listed at an average price of $460,000. Maui Board of Realtors says our sales average 96.25% of the listed price. If the trend continues, we will be looking at the average price going forward of $443,000, or a 5% increase.
What does it all mean? Who knows? Lucky we live Maui!
Aloha from sunny Maui, Jim.
On with the news….
BOARD OF DIRECTORS MEETING
The April 9th Board meeting was held on property at the barbecue area. Often the April meeting is conducted via a conference call. However, this year we were fortunate to have all board members attend in person.
Jim Hess reported on the healthy financial condition of the AOAO.
Steve Foster reported on the results of the golf cart survey with the Board deciding to table this discussion for lack of a determining interest to proceed.
Larry Carlson led a lively discussion on the various options to deal with our rubber tree problems. This resulted in a decision to explore stringing nets to coconut trees similar to the work done at the Waialae course on Oahu. More on this later.
Fran Waddell discussed House Rules as they pertain to permitted colors of mini lanai refrigerators. It was decided to allow colors other than black and brown.
Higgins Maddigan recommended an arborist to survey and report on the health and safety condition of some of our more mature trees.
Larry Kerr presented an interesting proposal to switch from cable to digital (dish) TV. Digital TV has the possibility of huge financial savings. There are still issues to work out here.
All in all, it was a very productive meeting. Minutes of Board meetings will be mailed to all owners.
KEKAA DRIVE PROJECT
On February 25, The Maui County Council voted against the plan to build a subdivision along Kekaa Drive.
This property was zoned A2 apartment in 1961, but was designated park in the 1983 Community Plan. As the Community Plan is not law, the developers applied for an amendment, which would allow them to proceed with the development.
I attended all but one of these meetings, and I can say for certain the decision to deny this amendment was due primarily to the protests of the residents and owners of the Kaanapali Royal.
We all deserve a BIG MAHALO!
THE FAIRWAY SHOPS
In a recent conversation with Stephanie Ross, leasing agent for the Fairway Shops, I was told they now have signed leases for three of the spaces. Whaler’s Realty, Aloha Toy Company, and Bob’s Dive Shop will soon be neighbors. Aloha Toy leases exotic cars and motorcycles.
Stephanie also reports that they are in discussions with other potential tenants, with plans to include a restaurant on the south end nearest our property.
DRYER VENT UPDATE
We received several calls from owners of 1st and 2nd floor units following a recent letter sent to them by Vent Tech of Hawaii.
Vent Tech is the company that recently cleaned our dryer vents and provided condition reports for each unit. During this inspection they identified 17 units with damaged vents allowing venting inside the wall cavities. All 17 have since been repaired or replaced.
The original vent was a poor design. The flexible vinyl ducting material has since become brittle and prone to cracking. Third floor units are constructed differently, and are not affected. Vent Tech sent letters to owners explaining this condition with a bid for replacement.
Several owners have realized that this vent will be a problem in the future and have had them replaced. For those considering this, we highly recommend replacement.
TREE WORK SCHEDULED
Earlier this year heavy winds blew the crown off a large Mindanao Gum tree near the "L" building. Two huge sections from an African Tulip tree in the courtyard also failed during this storm.
Safety concerns caused us to consult with an arborist to survey our mature trees and provide a priority list of trees that need attention. This report recommended ten (10) African Tulip trees and two (2) Mindanao Gum be removed.
The tulip trees are prone to branch failure and cannot be topped safely. They are known for excessive deadwood and harbor carpenter bees. They are also an invasive species in Hawaii. One Mindanao Gum is too damaged to save, and another is experiencing crown dieback.
Removal of five African Tulips in the courtyard will begin the week of May 13th. These trees will be replaced with young King Palms that will eventually reach thirty feet.
The balance of the recommended work will be scheduled in phases.
NEW WATER HEATER POLICY
Water heater failure has the potential of huge financial loss for all parties. We have had experience in these matters at Kaanapali Royal.
In an effort to control these costs, your Board of Directors will add language to our documents, which states the following;
"The Board of Directors recommends replacement of water heaters prior to the expiration of the warranty period. Water heaters are required to be replaced within one year of the warranty expiration date".
Management keeps a history on water heater replacement and will send reminder notices to owners as needed.
CHANGES IN THE WIND
It is always good to see new faces on property…please welcome our new owners.
C303 – Bob and Diane Pure
D201 – Allen and Marjorie Cook
H302 – Bill and Leslie Mapes
J102 – Kurt and Kim Becker
And a fond aloha to old friends.
C303 – Aloma Wang
D201 – Donald and Carroll Guichon
H302 – Herb Jackson
J102 – Ernie Kosek
REMINDER
The new key policy went into effect on March 1st. A "Unit Access Authorization Release & Indemnification Agreement" was mailed to all owners in February. If you have not returned this release, please do so to avoid complications.
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