A Utah developer has reported selling $76 million of residential condominiums at its planned Koloa Landing at Poipu Beach project on Kaua’i’s south shore.
Poipu Beach Villas LLC said 51 of 85 units available in the first phase of the 323-unit project were sold at an initial sales event Saturday.
Prices for furnished two- to four-bedroom units ranged from $900,000 to more than $3 million, and averaged $1.5 million, according to project broker S&P Destination Properties.
The developer said Koloa Landing’s initial response shows there’s still strong demand for luxury condos on Kaua’i despite Hawai’i’s generally waning real estate market.
“Our results are a clear indication that while many segments of the real estate market are in flux, affluent customers are still seeking thoughtfully planned, high-end real estate with numerous resort amenities that meet their interests and lifestyle,” said Kent England, Poipu Beach Villas president.
South Jordan, Utah-based Poipu Beach Villas in May announced plans for Koloa Landing, and said it would begin accepting reservations to buy units in early September. For reservation holders who bought units Saturday, the developer offered an incentive to pay one year of homeowner association dues, estimated at about $12,000 to $39,000.
Michael Schmidt, principal broker of Coldwell Banker Bali Hai Realty, said several resort home development projects around the Garden Island have helped keep Kaua’i’s real estate market energized by attracting affluent buyers mostly from Hawai’i and the Mainland.
“Like Honolulu and the rest of the state, our market has cooled,” he said. “There are fewer sales, but prices haven’t dropped. It’s stable. It’s healthy.”
New condo projects are planned or under way around Kaua’i — from Princeville in the north to Waipouli and Lihu’e in the east to Po’ipu in the south.
Schmidt, who isn’t involved with Koloa Landing, said the Po’ipu area has been a hotbed of luxury home development with projects including Koloa Landing, Kukui’ula, Royal Palms and Wainani at Kiahuna.
“It’s just a building boom down there,” he said.
The amount of existing and planned development has created some complaints and opposition from many longtime residents concerned about growing traffic congestion and loss of open space. Such community concerns have made it difficult for some projects to move ahead, though others have advanced.
According to property records, Poipu Beach Villas bought the 25-acre site for Koloa Landing in 2004 for $9.5 million.
The project, set back somewhat from the ocean near the Sheraton Kauai Resort, includes 22 condo buildings from one to four stories designed around a series of four lagoon-type pools with islands and waterfalls. Condo sizes range from about 1,000 square feet to 3,000 square feet plus lanais from about 300 square feet to 650 square feet.
Poipu Beach Villas said the initial sales will allow construction to begin early next year. Project completion is projected for 2010.
