Kai Malu at Wailea Owner Occupant Lottery

We are helping clients with lottery submissions for owner occupied units of the second phase of Kai Malu at Wailea. Kai Malu is a new 86 home development being constructed in the heart of Wailea. This gated community is nestled along the Wailea Blue Course and will feature ocean and mountain views, walking paths, a community pavilion with an exercise area and a community infinity pool. There are two model home types planned for the community. Two-thirds of the homes will be the Lewa model. The Lewa model is 1,796 square feet with 3 bedrooms and 2.5 baths. The remainder of the units will be the 1,852 square foot Honua model. This will also have a 3 bedroom and 2.5 baths. The main difference between the models is the location of the master with the Lewa having an upstairs master bedroom and the Honua a downstairs master bedroom.

Phase 2 will include 26 units available to owner occupants with prices ranging from $985,000 to $1,550,000.

Registration for the lottery will require an original signed and notarized Owner-Occupant Affidavit. Let the Jalbert brothers know if you would like an affadavit and we will obtain one for you from the listing broker. When completed, we will ensure that the document is submitted prior to deadline.

The lottery drawing will be held at 5:30 p.m. to 8:30 p.m., on Wednesday, March 16, 2005 at the Sea Watch Restaurant, Lower Lawn (100 Wailea Golf Club Drive, Wailea, HI 96753).

Selections for the 26 Owner-occupant units will begin at 10:00 a.m. on Saturday, March 19, 2005 at the Sea Watch Restaurant, Grill Room (100 Wailea Golf Club Drive, Wailea, HI 96753). The first 26 prospective Owner-occupants, in the order their names were drawn at the lottery, will be required to select a unit, execute a reservation/sales agreement and submit a $10,000 reservation deposit. All others who submitted an Affidavit will automatically be placed on a back-up list in the order in which their names were drawn at the lottery.

Phase 3 will consist of 36 units and Phase 4 will have 28 units. The units will be split equally between owner occupants and 2nd home/investor units. These units will likely go into lottery in early summer of 2006.

Site work is estimated to begin late April 2005. Phase 1 units (Sold Out) are anticipated in late Spring 2006. Build-out of the development is estimated by late 2007.

Contact the Jalbert brothers if you are interested in entering the Kai Malu owner occupant lottery or if you would like more information on this beautiful development.

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