The Islander on the Beach is a 198 unit condominium/hotel AKA condotel located on the east shore of Kauai in Kapaa, just behind the eclectic Coconut Marketplace shopping center. Anekona Management bought the property in 2003 and did a total facelift of the property. The developers then sold the units in 2004 and 2005.
One investor purchased 10 of these units oceanfront and that investor is now selling the condotel units in fractions, or two-month segments for around 70,000 per two month segment. That is FEE SIMPLE ownership on Kauai, on the ocean, for two months for 70K. Since the units, hotel rooms basically, are in the Visitor Destination Area, an owner can choose to rent them him/her self when they are off island or put the unit in the Resortquest Hawaii pool. ResortQuest currently manages 90% of the units in the condo complex.
Fractional ownership is coming of age in the islands. Island Fractional Homes is a nice site by a developer who has taken the time and spent the money to help educate the buying public with regards to the benefits and the nature of fractional ownership.
If you need any materials about fractional ownership or have any questions, I would be more than delighted to answer them or get you answers that i might not know.
Ron Margolis, RA, CDPE, ABR Hawaii Life Real Estate Services 808.346.7095 email: firstname.lastname@example.org