3559 L. Honoapiilani Rd 2H

Lahaina, HI 96761

List Price: $50,000

List Date: 9/7/2009

MLS #: 339312

Remarks:

Short Sale! Large 1bed/1bath 2nd floor top corner end unit. Over 650 total sq. ft. including the lanai area. Maui Sands is a Direct Ocean Front property in North Kaanapali on the West side of Maui. This is a leasehold property! Current lease rent is $422/month and fixed until July of 2012. HOA fees are $531/month and include water, garbage, sewage, cable and flood/hurricane insurance. Just pay your electricity! Property Tax is currently $168/month. The lease renegotiating dates are July 2012, July 2122, July 2032 and expires 2037. Lease payments are fixed for 10 year periods and they cannot be raised to what ever the land owner feels like. If board and land owners can???t agree it goes to arbitration. According to last annual meeting the board of directors is currently trying to extend the lease by 10 to 20 years. The land owners offered to sell the land last year to the owners of the condos but it was during the global financial meltdown of 2008 so the timing was bad. April, 2010 owners meeting will have a lease buyout expert to discuss options to purchase lease. Check out the virtual tour for a realistic view of the unit and for detailed information about the property. Unit is near the middle of the property and over looks the pool and garden area. This unit is obviously dated and could use an upgrade. Turn this unit into a very nice vacation rental and bring in $65 to $150 a night in income. Maui Sands property is set in a park like setting with lots of open grass areas giving it that ???Old Hawaiian" feel and charm. It features a large swimming pool, 3 bbq areas and separate storage rooms for each unit. Walk down the BEACH to world famous Black Rock or take the mile long walking path.