Re: How does the government buying the land affect Turtle Bay Condo leased lands?
Kuilima Resort Company owns the fee interest under the Kuilima Estates East and West. This fee interest is part of the mortgaged property that Credit Suisse is trying to foreclose.
Re: How does the government buying the land affect Turtle Bay Condo leased lands?
Mahalo for the reply!
Wow, this seriously affects condo owners then. I am thinking an attorney might need to advise me of how it affects ownership regardless of which thing happens. The lease is up in I think around 37 years or around there. I asked this question because I have been investigating buying a condo there. Now I am not so sure if it is as attractive to do so. There were already concerns. This added to the pile might be the fact that makes my decision easier. If anyone else can explain more about it I am all ears! I am sure many are wondering the same thing, especially current condo owners.
Re: How does the government buying the land affect Turtle Bay Condo leased lands?
Many of us close to the fight to save Turtle Bay from over development are aware of the situation with the condo owners and will do everything possible to support their ability to purchase the land under their homes.
Re: How does the government buying the land affect Turtle Bay Condo leased lands?
I received this today from Gov Lingle. I'm not sure that it answers anything but I thought I would pass it on. It was in response to the same question I posted here after getting the form statement showing the position of her office that is being widely circulated the first time I wrote.
To me this is somewhat vague but sounds like that part of the property isn't in what they are considering buying. Does anyone know if I assume correctly?
"Thank you for your e-mail to Governor Lingle’s office. In response to your inquiry, the State does not intend to own or manage the current resort, golf course or condo units. Provisions of existing leases would, most likely, be assumed by a new owner if and when Oaktree (the current owner) no longer owns the property.
Re: How does the government buying the land affect Turtle Bay Condo leased lands?
The residents associations have been negotiating a potential fee purchase from KRC for a few years without success. Until such an agreement is reached with whomever owns the fee interest, the exisitng leasehold terms remain in effect. You should have your real estate agent or attorney look into the matter for a better understanding.
