July 18, 2009

Trump Tower Waikiki Lawsuit

About two and a half years ago, Irongate Developers had a lot to brag about. The 464 units of the Trump International Hotel and Tower Waikiki Beach, the flagship project of Irongate, sold out in one day for prices ranging from $500,000 to $4,500,000 for the most expensive penthouse. This extraordinary development set a record for the Hawaii real estate sales as the total topped $700,000,000. At the time, Irongate released a statement claiming that the sale was a world record for a one-day sale. Fast-forward thirty months from the economically very different times of November 2006, and the promised 38-story skyscraper is nearing completion, starting to make its own impression on the legendary Honolulu skyline. All is not well however – driven partially by the devastating economic depression that began in the year 2008, two groups have filed suit in District Court and Circuit Court, claiming that Irongate misrepresented the involvement of the internationally recognized real estate tycoon. The lawsuit is especially important because of the possibility of a plaintiff-friendly verdict setting a precedent for future, similar lawsuits. According to Robert Hastings, president of a local real estate appraisal firm, “These suits are a function of the times, and there will be other litigation like this.”

The plaintiffs consist of two separate groups, one of which chose to air their grievances in the state circuit court, and the other of which chose to file suit in Honolulu federal court. Combined, the trial groups include about twenty dissatisfied buyers, representing investors from the mainland, Japan, and Hawaii itself. The claims of both lawsuits are essentially the same – that Irongate incorrectly listed Donald Trump as a “co-developer” in its 2006 promotional brochure, when in reality Trump simply licensed his name to be used with the project. The lawsuit alleges that Trump had the option to terminate the contract at any point in time, since the real estate mogul did not have any material investment in the tower. The plaintiffs claim that their decision to invest in the development was based heavily on the brand name of Trump, which grants an inherent value to the complex. They are concerned that if Trump exercises the option to withdraw his name, the Trump Waikiki will plummet in value.

The suit was filed by former Hawaii Attorney General Warren Price, and seeks to recover the initial deposits of the plaintiffs. Price stated that “Our clients intended to invest in an exclusive, one-of-a-kind Trump project in Waikiki. They were making an investment in a Rolls-Royce. They weren’t told there’s a license and it can be terminated, at which time the Rolls-Royce turns into a GM type of car.” Irongate was quick to respond to the lawsuit, saying that “A small group of individuals filed suit today. We believe that all of the claims are without merit and we intend to vigorously defend ourselves. Furthermore, we intend to pursue all of our own claims against these individuals. The vast majority of buyers are moving towards closing and are looking forward to their first visit to Trump Tower Waikiki Beach Walk later this year.”

March 26, 2009

Moving to Maui

Moving to Maui
Are you planning on moving to Maui? Maui locals will tell you “Maui no ka oi” … Maui is best. Although many people think of Maui as a vacation or holiday destination, there’s something magical about this place that drives people from all over the world to move here. There’s truly a fascinating blend of opposites throughout Maui; from the large, sandy beaches, to the city, to the farms, to the mountain tops rising into the sky. There are even lush, tropical rain forest areas and some of the best whale watching can be found here. Moving to Maui is like moving to a completely different world.

Plan Ahead
Making a plan is important when you’re moving to Hawaii. When do you plan to move? Typically speaking, September or October is prime time to make your move. Travel expenses are normally cheaper around these times of years and you may even get breaks on food when you’re eating out (restaurants often run specials around the slower times).

Maui Weather
Life on Maui will vary according to where you decide to live. Where do you plan to live? There are many communities to choose from which offer their own special benefits. No matter where you choose to live, at least you know the weather is almost always friendly and welcoming. During the winter, the average temperature in Maui is 71 degrees and during the summer it’s usually about 78 degrees. Don’t panic if you hear tsunami sirens sounding off on Mondays. Monday is the day that they test them to ensure they’ll work in the event of the rare storms. (more…)

April 2, 2007

Maui Real Estate

Maui Real Estate  
Maui real estate is among the most coveted in the world. This island is famous for its lush beauty, pristine beaches and “Aloha” lifestyle. American Dream Realty can help you make a home on this island with a minimum of effort on your part. We listen to you, to what you need and want in a property, and we scour the island to find it. (more…)