Un-built luxury townhome project sells out in less than ninety days

Only a few walls are in place for the 59-unit, three-bedroom, three-bath townhome project that is Villas of Kamalii. But already Realtors are engaged in resales of some of the units.

A combination of an influx of people who want to buy second homes and an “extreme lack of inventory” led the project to be sold out in 90 days flat, even before the first shovel of dirt was turned, said Don Schultz, a Realtor Associate with Century 21 All Islands and a partner in QEB II LLC, the project’s developer.

The under-construction homes, on a site along the Princeville Makai Golf Course roughly halfway between the Princeville Shopping Center and Princeville Resort (hotel), aren’t your typical townhomes, Schultz said.

The homes, being built by Shioi Construction, Inc. on 7.6 sloping acres, will have three levels of living area, mountain and waterfall views, around 1,800 square feet of living space, plus enclosed, one-car garages, and lanais.

Though they are attached townhomes, the way the units are laid out they have the look and feel of single-family, detached homes, Schultz said.

It is the sloping property more than anything else that makes these townhomes different, and the design intentionally uses that slope to take advantage of the mountain views from each level of the homes, he added.

It is the single-family-home feel of the townhomes that Schultz is certain led to their rapid sale earlier this year.

Prices have ranged around $500,000 or less, and construction is scheduled for completion in December of next year.

The Villas of Kamalii sold out even faster than the nearby Villas on the Prince, a 41-unit, luxury townhome project on the Prince Golf Course. Schultz’s QEB LLC (Queen Emma’s Bluffs Limited Liability Company) was developer of the Villas on the Prince as well.

Owners have taken delivery on all the units of Villas on the Prince. “These are very happy people,” said Schultz of the Villas on the Prince owners.

Up until very recently, Schultz and wife Ruthie Schultz, who is also a Realtor Associate with Century 21 All Islands and project facilitator for Villas of Kamalii, had been doing resales of Villas on the Prince units out of a sales trailer near the main entrance to Princeville.

Those resales had been averaging around $600,000 for three-bedroom, three-bath units just a bit smaller than the Villas of Kamalii layouts, Don Schultz said.

The trailer has since been moved to the Villas of Kamalii site.

The Villas of Kamalii, with its $17 million building permit value, is the seventh-largest residential construction project on the Neighbor Islands, when determined by permit value. Villas on the Prince, at $10,675,000, is 10th, and Marriott’s Waiohai Beach Club, under construction on the South Shore, is first, with a permit value of $90 million. It is a 220-unit timeshare resort.

Shioi is the general contractor for both the Princeville projects, and Conrad Murashige, Shioi president, is a partner in both QEB entities.

“I’m proud to call him my partner,” Schultz said of Murashige. Projects like the two Princeville Villas endeavors could not have been packaged without the experience and expert help of Shioi, Schultz added.

Architects Hawaii, Ltd. is the architectural firm hired for both projects. HomeStreet Bank handled the financing for the Villas of Kamalii project. Schultz said the bank officials he worked with are very experienced in construction financing.

Schultz and partners are already looking for more development opportunities, likely in Princeville or elsewhere on the North Shore, but aren’t in a real hurry, he said.

“We’re picky,” and won’t build just to build. When the partnership breaks ground again, it will be only for a project they can be proud of, and something people will want to buy, not feel they have to buy because it’s the only project around, he said.

Also, out of respect for the 100 buyers of Villas on the Prince and Villas of Kamalii, he wouldn’t want to flood the market with luxury townhomes that may work to diminish the value of the homes in those two projects, he said.

More information on both projects are available at the Web sites, www.villasofkamalii.com, and www.villasontheprince.com.

Business Editor Paul C. Curtis can be reached at mailto:pcurtis@pulitzer.net or 245-3681 (ext. 224).

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