Land Purchase - Owner Assessment

Does anyone know of a discussion forum on this topic with good and current info, or ...... did I just start one? Thanks, Steve

I think that you just started one! I am still a little unsure about how this whole thing will work. One thing that concerns me is that there seems to be some shady things going on about this purchase. Perhaps an investigation needs to be started about whose hand is in the cookie jar!

Thanks Steve. I agree. I'm not to pleased with what we are being told. I did not like at all what the sales gal told us at our yearly member update.

Maybe someone will post something for us on this site.

Take care, Steve

Hi, I keep getting letters about the fee simple situation. I would like to know if anyone understands what is going on, how much this is suppose to cost, if we have a choice, and lastly the HOA's have gone up ridiculously how will that be effected? Does anyone have some information they can share? Mahalo and aloha!! Caroline

Well. It is 2 days before the proxy vote is due. Our maintenance fees for 2008 have gone up about 6% from 2007 to $915 for a 2BR. The loan payment for the land will be ~$260/yr for a 2BR for the next 10 years.

All things considered, I am voting against the land purchase. But ...... It is a wasted vote as CR said that the current talley is about 30:1 in favor of the land purchase.

My understanding is that without the purchase we stay status quo until 2036.

I'm now paying more annually than what it would cost me to rent a unit for a week.

I'll probably try to get $0.40-0.50 cents on the dollar back on the original investment.

Happy new year all.

I do not have any details on the purchase proposal, but it definitely sounds fuzzy! I agree that the fees have gone up dramatically. A lot of people need to start charging a lot more for the rentals or else we all lose! Hopefully, someone will notify the Hawaiian attorney general and have this investigated! If you bought your unit on the retail market then you will do good to get so much of a percentage back on your investment. I recently saw a 2 br unit going for $7,500! That is ridiculous!

Steve, Thanks for keeping us informed. Please let us know if you find any other forums or info on the subject. Sincerely, Tony Alanis

What have the owners been told? Can you elaborate? Is this a good time share or are there issues with it? I am thinking of purchasing but not sure whether I will get hit with a big assessment. ???? please share...

The land purchase is a very GOOD thing for all owners. For a minimal outlay you will own a piece of Maui and your timeshare will not end in 2036. You now can deed it to your kids for life. $215 a year for ten years (2bdrm) is a great deal.

mikeb475 wrote:

The land purchase is a very GOOD thing for all owners. For a minimal outlay you will own a piece of Maui and your timeshare will not end in 2036. You now can deed it to your kids for life. $215 a year for ten years (2bdrm) is a great deal.

I'm with mikeb475. The buyout was done right at the right price. As long as the payments by our HOA are made on time to the bank, we're fee simple.

Now, I know we just had elections, but LET'S GET CONTROL OF THE MANAGEMENT OF THIS PROPERTY and save a few bucks on maintenance fees.

We are in the middle of closing a purchase here, our extended family has another unit as well but it seems like everyone is uncertain as to what the "change" means. At time of sale, we were told just the maintenance fee is due every year, that is the annual commitment. Now we have the lease buy out which fair enough is only for a ten year period and will go away, but also CR is not including property tax in the meintenance fee anymore and we have to pay that as an extra as well. Essentially our annual commitment has almost doubled from what we were told during the sale process to now. Sure we are told we got a "good" deal on the unit, but as mentioned earlier, for the cost of maintenance fee's I can rent a unit and not be out of pocket long term. We really enjoy this resort but now I wonder if this "fun" get away location will be worth the cost. If anyone has any other thoughts, please let me know.

It seems like if it's cheaper to rent a unit through Orbitz (which you can do), it's a better deal. I don't see any advantage to having a place if you pay more as an owner and you have trouble booking it at the date that is most convenient. You really don't own anything but a week. Just a thought.