May 15, 2015
Like Hualalai, Kukui’ula also had a banner year in 2014, recently announcing a total of $84 million in closed contracts and under-contract activity, including 23 new properties sold during the year.
The past year saw several nationally acclaimed architects and builders announce projects at Kukui’ula, continuing to bring a diverse new collection of designs and inventory to the community. Seventeen homes are currently under construction, adding to the 40 completed homes in the project, with additional construction starts planned for 2015, including the second offering of the Club Villas.
“We continue to see strong buyer demand at Kukui’ula.” says Kukui’ula President Richard Albrecht. “The Club Villa product has had a tremendous response, with six residences selling before construction started. Our down-to-earth island community is attracting individuals and families looking to enjoy the very best of Kaua`i. Kukui’ula is known for the extraordinary friendliness of the staff and their Kaua`i style of caring for the residents.”
Based on Kukui’ula’s recent first-quarter 2015 earnings report, real estate activity appears to be getting even more robust with three more closed sales and $41 million in binding contracts for 14 units in escrow. Said Alexander & Baldwin Inc. CEO Stan Kuriyama during the May 7 call: “Sales at Kukui’ula have nearly depleted available built inventory and as result, we are expanding our home construction program.”
According to president/chief operating officer Chris Benjamin, two vacant lots closed during the quarter for $3 million and $2.3 million, and one club cottage closed for $2.9 million. Additionally, he said two of the club’s original buyers traded their lots for larger home sites with one of the lots setting a new “high-water mark for a vacant lot at a sales price of $3.8 million.”
“This increasing activity on lot sales is a very positive sign, as it means more and more buyers are willing to design and build custom homes, ” he said. “Something we did not see for several years. In fact, 18 members are currently planning, permitting or building homes at Kukui’ula.”
See the full article at WorldPropertyJournal.com.