January 23, 2008

Fractionals? Vacation Rental ownership

Regina Orlando was able to give me some answers on the Fractionals relating to Vacation Rental Ownership. Copied from Old Republics information packet on Fractionals.

Fractionals have transformed the vacation ownership industry over recent years and are becoming increasingly popular alternatives to wholly – owned vacation homes. Fractionals attract consumers who can afford luxurious vacation homes, but can’t justify the cost and inconvenience of whole ownership when their use of the property is usually limited to only several weeks per year. Consumers are also drawn to the extensive amenities, five-star-hotel-like services , high-quality furnishings and finishes, desirable locations, exclusivity, and maintenance-free lifestyle offered by fractional projects.

While fractionals offer vacation home benefits at a fraction of the cost of owning an entire vacation home, the decision to purchase a fractional is signifigant. Fractional prices range from under $50,000.00 to several million dollars, depending on the size of the fractional and related accommodations, the location of the resort, and the degree of luxury provided. Consequently, the purchase of a fractional could prove to be a costly mistake unless you have sufficient information regarding a particular fractional project from asking the right questions of developers, salespersons, and yourself. The brief primer provides you with some of the basic information that you will need in order to evaluate fractional ownership and decide how to make and turn your purchase of a fractional a successful, cost-effective, and worry-free venture.

The Basics: Ownership Structure

Fractional ownership is and arrangement in which two to six individuals , or entities, hold shared legal title to a single parcel of real estate or a condominium unit. Each owner generally shares a fraction of the total ownership. This can range from a 1/2 share to 1/17 share. Every state has different rules and regulations on the minimum size of fraction. The size of the fraction a person owns , corresponds to the amount of the time that he/she is entitled to the use of the property. This arrangement allows those who might not otherwise be able to afford the resort lifestyle to do so by sharing the expense of ownership with others.

Purchase Price: Assesments and Dues

Fractional purchasers pay a one-time purchase price and yearly assessments that cover the expenses of operating and maintaining the fractional project. In some fractional projects , separate fees may be assessed for the use of certain amenities.

Financing

Although financing for the purchase of a deeded fractional interest is not nearly as prevalent as it is for the purchase of “whole” vacation homes, more and more lenders are treating the two purchases similarly for financing means. You should consult with your own tax attorney or economic consultant for advice.

Resales

Many people purchase fractionals for personal use, without any expectation of rental returns, appreciation, or other financial benefits. You can resell your fractional just like you can sell a wholly owned vacation home. Before purchasing a fractional, however, you should confirm the subsequent purchasers of your fractional would have the same use and rights and privileges that you would have as the original purchaser. You should determine the amount of any transfer fee, if any , that you or your purchaser must pay. The slowing real estate market and market saturation in certain locations may affect the resale potential of your fractional.

Accommodations

Fractional accommodations, usually condominium units, typically contain one to four bedrooms and are often equipped with high end furniture and finishes.

Rentals

Fractional purchasers may, or may not, have the opportunity to rent their reserved accommodations. You shouldconsult with a Real Estate professional for more details regarding the ability to rent your reserved accommodation.

January 18, 2008

Puako History

sm.JPGThe translation of Puako is literally Puako “sugar cane blossom” – pua (blossom) and ko (sugar cane). The area was settled by the Hawaiians, who established several small fishing villages along the coast. Puako has a rich history of petroglyph art. There are approximately 3,000 petroglyphs scattered throughout the Puako Archaelogical Fields. These pictures etched into the dark lava rock that permeates the Kohal and Kona Coasts give a fascinating glimpse into ancient Hawaii. Access to the Puako Petroglyph Park is through the adjacent Mauna Lani Resort.

The Puako Marine Preserve is a protected environment for endangered sea life that includes sea turtles, monk seals, exotic corals, and many varieties of colorful reef fish. Ther Preserve provides for and exeptional diving experience. The incredible clarity of the water is due to substantial infusion of fresh water and strong currents. The green sea turtles that inhabit the Preserve have been tracked by satellite all the way to the French Frigate shoals 1500 miles away, where they lay their eggs. They are a protected species and should not be bothered or disturbed in any way. Dolphins play and whales breach the surface in the deeper water beyond the reef shelf. Puako is a breeding area for humpback whales on their annual migration to Hawaii from their Alaska feeding grounds. The young whales are quite active and safe from predators and man. Puako is a safe haven for all.

Just North of Puako is Hapuna Beach State Park, home to the best white sand beach on the Big Island. The water at Hapuna is infused with fresh water from Mauna Kea Volcano , and it is clear abd refreshing with seasonal surfing during the winter months.

Golf- There are seven chapionship golf courses in the area at Waikoloa Village, Mauna Kea Resort, Mauna Lani Resort, the Waikoloa Beach Resort and the Waimea Country Club in Kamuela.

Beaches around the area include Hapuna Beach State Park, Spencer Beach State Park, Mauna Kea Beach and Anaeho ‘ omalu at the Waikoloa Beach Resort.

Deep sea fishing, whale watching, diving, snorkeling and boogie boarding at Paniau at the end of Puako Beach Drive are some of the fun things to do during your visit.

We have homes for rent and homes for sale in one of the greatest places to live on the Big Island. With 12 inches of annual rainfall you will almost always have sun on your vacation or when moving into your new ocean front home.

January 16, 2008

Hawaiian Green Sea Turtles

Honu (green sea turtles) are native to the Hawaiian Islands and can be found in our shallow coastal waters. Here at Puako Beach, the turtles commonly swim into the shallow waters to feed on the limu (algae) growing on the bottom. Sometimes they crawl out of the water onto the rocks or the beach to bask or sunbathe, usually during the daylight hours. This basking is unique to Hawaiian green turtles and is a naturally occurring behavior.

Although sea turtles live most of their lives in the ocean, adult females must return to land in order to lay eggs. Scientists believe that nesting females return to the same beach on which they were born. Sea turtles often travel long distances, up to 800 miles, from their feeding grounds to their nesting beaches. The eggs of the turtles arthe size of ping-pong balls and have leathery shells. Turtles lay an average of 100 eggs in a nest dug in the sand.

Green turtles are protected by both state and federal laws as a threatened species. That makes it illegal to disturb or handle them in any way. Fines can be imposed for disturbing any sea turtle. If you see turtles being captured, harmed, harassed or killed, please call the Enforcement Division of the National Marine Fisheries Service at 808-974-6208. After business hours , please dial 0 and ask for “enterprise 5469″ You can aid in sea turtle recovery by reporting nesting or basking activities and dead, sick, injured or stranded turtles to the Honolulu Laboratory of the National Marine Fisheries Service at 808-943-1276 or 943-1221.

If you see turtles basking, it is important that you do not bother them. They will crawl back into the water on their own when they are ready. Please enjoy the beauty and wonderful creature, be it above or below the water.

Malama Na Honu———- (Take care of the turtles)

You will always see turtles here in Puako. Please follow all rules when staying at a Vacation Rental here on the Big Island.

Thank you– Mahalo

January 15, 2008

The General Store–Heartbeat of Puako

mauna-lani-fairways-_605-001.jpgRight next door we have the General Store here in Puako. Narand and Urmila Patel run the store and whether they are behind the counter or tidying up out front, Narand and Urmila , proprietors of M’s Puako General Store, constantly interact with residents and visitors in Puako. The Patels embody the hard-working, low key, practical and productive lifestyl for which Big Islanders are known for.

Before they opened the store more than 15 years ago, Puako was a loose collection of a few full time residents, a few seasonal residents, weekend fishing shacks and vacation rental units.
The closest place to buy beverages or a bag of chips was Kawaihae, a 15 minute plus drive by car. The refuse collection point–the dump– was where residents most often ran itno each other . The store quickly became the gathering place and focus of the neighborhood interaction: the place to go when you want to find out what is going on in Puako. You always run into your friends and neighbors at M’s Puako General Store.

The modest 2 story building, located at he head of the tiny neighborhood, is reminiscent of Big Island Plantation buildings , sports a front porch, the perfect place to sit and enjoy a cold drink or ice cream cone and talk story. An exchange book shelf, filled with paperbacks, is well used, as is the neighborhood bulletin board. There is a constant flow of people in and out the doors.
They walk over from nearby homes, stop on their bikes, drive over to pick up a bag of ice, or just stop in to see what’s happening. The strore itself is an unassuming establishment, its the Patels who make it the vibrant heartbeat of Puako.

Before Christmas of 1988, Narand and Urmila had never even heard of Puako. Vacationing from London, they visited friends in Kona and fell in love with the Big Island. They saw an add for strore space in Puako, and after a day at Hapuna Beach , dropped into the tiny beach community to have a look. There was no concession at the beach, they were hot and thirsty, and there was no store around for miles. So it didn;t take them long to decide to open a little strore in Puako. Taken from Thursday North Hawaii News , thursday July 27th, 2000.

Lucky for us having the store next door keeps us happy and well fed. Its always fun going into the store for the coconut wireless.

Aina Malia means “Serene land of my Heart”

aina-kitchen-resize.JPGRoughly translated , Aina Malia means “serene land of my heart” and to artist, Candace Resnick, that is just what this stunning property has become.

“My connection with this place is undeniable. I can still remember camping on “beach 69″ when I first visited Hawaii in the early 70s”, she reminisces. The instant attraction she felt for the Big Island ( and Wailea Bay in particular) was in part due to her love of swimming and diving but even more fascinating than the underwater life, was the volcanic activity. Madam Pele, the creative spirit of this lush paradise , has fashioned her extravagant piece de la resistance from earth and fire, the same humble ingredients used in the potter’s craft and perhaps it is her powerful energy which continues to draw Resnick back to this spot. Not unlike this ancient , mythological goddess, she creates her beautiful art our of a mere lump of clay.

Over a decade ago, while vactioning in Hawaii, a series of highly improbable events culminated in and introduction to the original owner and master mind behind Aina Malia. This collaboration resulted in the romantic outdoor shower wall, the reflective “aquarium”, the gazebo banana tree and whimsical geckos which, like their living counterparts , playfully chase each other across the outside facade of the home. Resnick was allowed free reign (a rare luxury) to let her imagination run wild. The result was fanciful, fun and unforgettable.

During the ten years that followed, Aina Malia changed hands and it wasn’t until August of 2003, when Candace was commissioned to make a new “honu” for the kitchen wall (the original one was not sold with the property) that she again felt the island pulling her back. Happily , the current owner has carried the original vision forward and te recently completed bathrooms and fountain are a testament to Resnick’s reputation as one of the most original and innovative artists in the ceramic field today.

If you stay at the Aina Malia home you will be able to see all the contrasts and colors of her art and the natural colors of the most original and innovative artists in the ceramic field today.
Aina Malia is a true original and the art just gives it another taste of the islands.

January 7, 2008

Firewise Landscaping a really good idea

hoku-resize.JPGAloha All. Hope you are having a great day.

Well after the wild winds and brush fires last season we really had to take a look at our fire safety. With Firewise landscaping , you can create survivable space around your home that reduces your threat to wildfire.
Creating survivable space around your home also allows firefighters room to put out the fires. Do you have at least 10-30 feet of space around your home that is lean, clean or green?

Be Lean, Clean and Green.

Lean— Prune shrubs and cut back tree branches. Large trees and shrubs should be pruned so that the lowest branches are at least 6-10 feet above the ground to prevent fire spreading from the ground to the tree tops.

Clean– Remove all dead plant material from around your home, including dead leaves and dry vegetation. Clear away flammable plants that contain oily resins and replant with fire-resistant plants. If you have firewood, stack it away from the house. Avoid using dead banana fronds as shade covering.

Green– Plant healthy fire-resistant vegitation like aloe or agave drought tolerant plants.
Ask a local landscape specialist for suggestions.

Your roof is the number one source of ignition. Something as simple as making sure that your roof is clear of debris will reduce your fire threat. So will using fire resistive roofing materials, such as Class-A asphalt shingles, metal, tile, and concrete products.

Siding or wall materials that resist heat and flames include brick, cement, stucco and concrete masonry. Tempered and double pane windows can make a home more resistant to wildfire heat and flames.

Lanais, fence can act as a wick, bringing fire directly to the home. Make sure lanais, fences, and ohana units are also made of fire resistant materials.

Fire officials need your help. Prepare you home and protect your family and pets. Beware of accidentally starting a wildfire!

Be carefull out there.

January 4, 2008

Queen O Kolea showing at the Luxury Condo Section

view-rs-hide-away.JPGAloha Friday—

Kolea Waikoloa Beach Resort is really turning into a great area to have all the conveniences right outside your door. Right now we have the beautifully decorated Queen O Kolea condo going up for sale. We are hoping that the person who purchases this reasonably priced condo will see the benefits of Hawaii Vacation Rentals program.

Saturday January 5 and Sunday January 6 there will be showings over at the Kolea condo units. Please feel free to e mail us for any details on the area.

Located between the Marriott Waikoloa Beach Resorts and the Hilton Waikoloa Beach Resort, Kolea is a rare opportunity to live within a complex located adjacent to and just steps from a white, sandy beach (Anaeho ‘ omalu Bay) a wonderful name to learn in Hawaiian. Some know it as A Bay in the surfing community. Come and see the quality and beauty of these units at on of the daily open houses. There will be information on all available property in the resort areas throughout the island. This includes the private beach club of course.

Call Kelly Ann Wakayama , R -Summit to Sear Realty Corporation at 808-443-4839 with any questions on how to find the area or Patricia Freeman of Hawaii Vacation Rentals Inc. at 808-882-7000. They can both assist you with questions you might have.

Have a wonderful weekend and drive safe out there with all the extra visitors in our small commmunity.

Aloha!!!

January 2, 2008

Happy New Year —– 2008 Vacation Rentals For Sale

kolea9.JPGAloha and Happy New Years to all of you. We are very busy doing last minute bookings and working with many of the owners on their vacation after a hard year of work. We normally are so pressed at this time of year and often have to wait until the 2nd week of the New Year to get all of the little details worked out for all the guests and owners.

We have a few homes that have come on the market for sale. Mele Makani and Queen O Kolea are now for sale. One of the homes is in the Kohala Ranch are and the other condo is at the Kolea section of the Waikoloa. Both have enjoyed rental income over the years and they are both considered luxury quality. Feel free to contact Patricia Freeman at the office here if you have questions on these homes for sale. Right now we are able to take on new properties if you have a second or third home you would like to rent out.

We really like homes and condos between Waikoloa and Hawi. That really is the best for us as far as logistics go. You should be able to designate approx 2 years to really get reapeat guests and quality long term visitors.

Take the time to get out there and check out some Hula , the Bamboo out in Hawi often times has Hula shows for their dinner. There are also quite a few Hula shows over at the resorts.

Hula was and still is an important expression of the culture from which it sprang, the ancient tradition and strories handed down through time tell of beautiful stories of the past. Often times it includes chanting or what they call a mele (song) here in Hawaii. Hawaiian language is very poetic and often times made tribute to the famous fire goddess Pele. Pele was perhaps the most honored on the Big Island along with her sister Hi’ iaka, who according to legend was the first to learn the dance.

It is so nice to have such a rich oral history of the area and the islands. We always are humbled by the beauty of the Hula.

Most of the resorts have local Luas and Hula shows. Enjoy that rare experience while you are here.