The 196-unit Waipouli Beach Resort condominium project is basically sold out — mostly to local Kaua‘i buyers, according to its developers. Only 2 percent of the suppliers of the 170 applications taken so far have failed to qualify for financing,
The 196-unit Waipouli Beach Resort condominium project is basically sold out — mostly to local Kaua‘i buyers, according to its developers.
Only 2 percent of the suppliers of the 170 applications taken so far have failed to qualify for financing, and more than 80 percent of buyers are from Kaua‘i, said Keith Singleton, the project’s developer.
“Our reservations list is pretty healthy, but we’re still taking reservations on a few units,” he said.
Singleton said that many Kauaians used the equity on their existing properties to purchase the units, which range in cost from $350,000 to $2.5 million each.
Prospective buyers were required to put 5 percent down for a reservation, with another 10 percent within 45 days, but Singleton said that most buyers put down 15 percent right off the bat ($52,500 to $325,000). With a strong list of qualifying buyers, the Waipouli project should get a green light for the millions of dollars in loans needed to start construction.
“It’s all part of the process that developers go through all the time,” Singleton said. “You surround yourself with good, qualified buyers, because the investors want to know you’ve got buyers before spending millions.”
The developers are applying for building permits now through representatives of county agencies, and the 12.6-acre, $100-million project should get underway soon, Singleton said. Unlimited Construction Services, Inc., of Lihu‘e, will be the general contractor for the project that Unlimited officials say should keep 200 Kaua‘i resident builders busy for two years. The project’s developers insist that the project will employ only union workers. The project, which will be first of its kind in the area in 20 years, will consist of 153 two-bedroom units, 37 one-bedroom units, and six hotel studio units. The units could ready in late 2005 or early 2006.
Phil Hayworth, business editor, may be reached at 245-3681 (ext. 251) or phayworth@pulitzer.net.
