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The Kapalua Club .... any deals with foreclosure?

GregGH

TUG Review Crew
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The old Ritz Carlton Club - now called .. The Kapalua Club with 62 fractional units ... any TUG'ers with any background info on what resales ( 1 month fraction ) have been like and where they may go ??

One site (http://www.luxuryrealestatemaui.com/maui-blog.asp) shows 567 fractions never sold ( approx 47 units of the original 62 ) ... and a majority of the full ownerships never sold ...

Sure is a pretty part of Maui ( we can handle the extra rain ) ...

Any thoughts ?
Greg
 

RichardL

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I toured the units. But with so many unsold units, it is a very high
stakes gamble. What really scared me initially was that the developer has no financing in place with a local bank. You paid a fortune upfront in cash or found your own lender. That was before the project tanked and once that happened you are faced with the problem that with such a high maintenance resort and few owners, with a financially bk developer, something has to give or someone has to pay more money.
 

DavidnRobin

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Resorts Owned
WKORV OFD (Maui)
WPORV (Kauai)
WSJ-VGV (St. John)
WKV (Scottsdale)
I have a colleague who bought here when they first came on the market. What is the situation for Owners?
 
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