Mahalo to World Property Journal for naming Kukuiula as one of Hawaii’s “Best Neighbor Islands” this week. The list goes on to include a collection of island resorts located on both the Big Island and Maui. WPJ writes:
“Kukui’ula, a private 1,000-acre master-planned development on the southern coastline of Kauai, is one of the first major new luxury communities in Hawai’i in over a decade – joining the storied ranks of Wailea and Kapalua on Maui, and Mauna Lani and Hualalai on the Big Island. The community is being developed by Kukui’ula Development Company LLC, an affiliate DMB Associates, Inc. of Scottsdale, Ariz., and A&B Properties, Inc., a subsidiary of Alexander & Baldwin, Inc., one of Hawai’i’s largest private landowners.
The Club at Kukui’ula’s $100 million clubhouse serves as the social and recreational centerpiece of the community and includes the main clubhouse, known as The Plantation House, a spa, the Kukui’ula Golf Club, a Tom Weiskopf-designed 18-hole championship golf course and an elaborate array of swimming pools. The club also includes a community farm and 20-acre fishing lake.
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.