In 2006, I was invited to sit open house at a fancy kiosk that was being managed by a Realtor friend at the Poipu Village Shopping Center. Excitedly, I drove down to Poipu, weekly looking for buyer prospects for a new golf course development called Wainani. It was pretty hard selling as there was nothing on the lots. We had maps, pictures, and a mock kitchen that showed many of the interior finishes. I drove clients around in a Cadillac-brand golf cart and talked about the potential, and the views.
Fast forward, two broker changes and three years later, the builder, the Maryl Group from the Big Island, gets foreclosed on by the lender on the project, Central Pacific Bank, ouch! I remember thinking in 2006 as the market was turning, “who is going to buy these homes anyway?”
And I remember responding to prospects who inquired if the builder had the financial capability to withstand the changing market. “AIG is backing this project, so there’s really nothing to worry about, they have deep pockets!” Little did I know what would unfold.
Retractable sliding doors open to lanai, slate floors, and elegant finishes
So now, the project belongs to a real estate company named Kennedy & Wilson. Kennedy & Wilson will be auctioning off the 6 homes that Maryl managed to build on December 28th. If you have an interest in owning a new home on the Kiahuna Golf Course in sunny Poipu, I’d be happy to work with you towards a successful auction bid.
It’s important to do all your due diligence prior to the auction. Please note that the starting bids are not necessarily the reserve price. I anticipate the homes will sell for between $800K-$900K, however, they may go for less, one never knows.
You can bid via phone, or online if need be. So far, this year there have been four luxury auctions. Each one worked out well for the buyers. This should be no exception.