Auction Announced For Residences And Homesites Owned By Castle & Cooke On The Hawaiian Island Of Lana'i

Accelerated Marketing Partners to Conduct Jan. 16th Sale with Opening Bids Between $435,000 and $845,000, which are Up to 68 Percent Below Previous Asking Prices. End Quote

Honolulu, HI (1888PressRelease) December 07, 2010 - Accelerated Marketing Partners (AMP) today announced it will conduct an auction for 11 new, luxury condominium residences and three oceanview homesites on the Hawaiian island of Lana'i, a popular destination with celebrities and world travelers alike. The homes and properties are located within four private developments owned by Castle & Cooke, and are surrounded by the island's charming plantation community, world-class amenities and two championship golf courses. The sale will be comprised of more than $20.5 million worth of real estate with opening bids for the available residences ranging from $435,000 to $845,000, which are up to 68 percent below previous asking prices. The event will be held on Sun., Jan. 16 at a Southern California location. All interested parties should check the auction website for the most up-to-date details at www.AuctionLanai.com.

The auction information center, located at 431 Seventh Street in Lana'i City, Hawaii, and homes are open daily from 9:00 a.m. to 5:00 p.m. HST through Jan. 15. Advance registration is required and financing is available for qualified buyers through Hawaii Wells Fargo Private Mortgage Banking, 866.483.7165.

"Unlike many other second home destinations, Hawaii has yet to see significant price adjustments of many resort destinations. In recent quarters, sales have been stagnant but general pricing has remained unchanged or has even increased," said Ken Stevens, West Coast CEO of Accelerated Marketing Partners (AMP), a national, full-service real estate firm that has conducted several high-end resort property auctions around the country. "The Lana'i auction is ideal for savvy, opportunistic buyers who not only want to purchase property, but also want a transparent process to determine fair market value. This is a once-in-a-lifetime chance to buy into the coveted island of Lana'i."

The residences and homesites being offered at the Jan. 16 sale are located within private Lana'i developments in Oceanside Manele and Upcountry Ko'ele. Each area offers distinct attractions, ranging from scuba diving and whale watching, to horseback riding, a world-class sporting clay venue and archery. All homes are available for immediate occupancy and include:

Oceanside Manele
• The Terraces: One 1,564-square-foot, two-bed, two-bath home with a spacious living area, gourmet kitchen and a gated-entry courtyard. The Terraces home offers dramatic ocean views and overlooks Jack Nicklaus' Challenge at Manele golf course. This residence has an opening bid of $695,000, which is 54 percent below its previous asking price of $1.5 million.

• The Palms at Manele: Four three-bed, 3.5 bath luxury homes that are approx. 2,835 sq. ft. and feature private-entry courtyards, deluxe kitchens and sprawling master suites. The Palms face the 18th fairway of Challenge at Manele golf course and provide panoramic views of the Pacific Ocean and outer islands. These residences have opening bids of $845,000, which are up to 68 percent below previous asking prices that ranged from $2.525 million to $2.675 million.

• Pu'upehe Estates: Three stunning homesites, ranging in size from approx. 25,351 sq. ft. to 28,836 sq. ft., await architectural visions and offer the exceptional opportunity to create a Hawaiian dream home. The Pu'upehe Estates feature 180-degree panoramic ocean vistas from Pu'upehe Rock in the southeast to the Pacific horizon in the southwest. These homesites have opening bids that range from $550,000 to $650,000 and are up to 50 percent below previous asking prices from $1.1 million to $1.375 million.

Upcountry Ko'ele
• The Pines at Koele: Six two- to four-bedroom, 2.5 to 3.5 bath, single-family, detached condominium homes that feature expansive great rooms, gourmet kitchens, indoor/outdoor gas fireplaces, and attached garages. The Pines boast mountain and valley views of the Ko'ele highlands, and overlook The Experience at Ko'ele golf course. All six homes range in size from 1,630 sq. ft. to 2,166 sq. ft. and have opening bids from $435,000 to $465,000, which are up to 52 percent below previous asking prices, ranging from $750,000 to $965,000.

"Today's economic environment has encouraged developers like Castle & Cooke to look to consumers to determine the current market value of some of Hawaii's premier real estate," said Harry Saunders, President of Castle & Cook Hawaii, majority owner and developer of the Island of Lana'i. "We look forward to results of the auction marketing efforts and are still committed to seeing out our vision for Lana'i, an island of tranquil living reminiscent of uncongested Hawaii of years ago, but now complete with modern resort amenities."

Known as the ultimate second home and vacation retreat, Lana'i City is just a 25-minute plane ride from Honolulu or a 45-minute ferry ride from Maui. The quaint town offers traditional island living, but Castle & Cooke residents also enjoy the best in resort-style amenities, including state-of-the-art recreation facilities and full-service spas. The oceanside Four Seasons Resort Lana'i at Manele Bay and the upcountry Four Seasons Resort Lodge at Ko'ele also bring an array of activities, including award-winning dining, Jack Nicklaus' Challenge at Manele and Greg Norman's Experience at Koele golf courses and more.

For information on the Lana'i auction, please call 855.678.3371 or visit www.AuctionLanai.com.

Accelerated Marketing Partners (AMP):
Accelerated Marketing Partners, a full-service residential real estate firm with offices in Boston and Danville, Calif., specializes in the development and implementation of both accelerated and conventional marketing and sales programs. The company has brought together the industry's most seasoned professionals with decades of experience providing strategic marketing solutions for residential real estate developments nationwide. Accelerated Marketing Partners offers comprehensive integrated services including detailed marketing analysis, management of on-site sales initiatives and accelerated marketing campaign development and implementation. Accelerated Marketing Partners is comprised of Accelerated Marketing Partners, LLC, the firm's east coast division; and Accelerated Marketing Group, Builder Marketing Services, LLC, the firm's west coast division. www.acceleratedmp.com.

Castle & Cooke Hawaii:
Castle & Cooke Hawaii, a division of Castle & Cooke, Inc. was founded in 1851 and is one of the nation's oldest and most respected companies that has provided for the needs of Hawai'i. Since 1968 its residential real estate operations in Hawai'i headed by Castle & Cooke Homes Hawai'i, Inc., has been the premier developer of master-planned communities and builder of quality, fee simple homes. Castle & Cooke's flagship master-planned community, Mililani, was completed in 2008 and is now home to more than 50,000 residents in more than 16,000 homes. Current real estate developments include the Villages of Kapolei and the future community of Koa Ridge. Castle & Cooke Resorts, LLC is the resort community development division of Castle & Cooke. The Company owns approximately 98 percent of the Island of Lana'i and has developed luxury hotels, such as the Four Seasons Resort Lana'i, The Lodge at Koele and the Four Seasons Resort Lana'i at Manele Bay, as well as championship golf courses and luxury residential communities. www.castlecookehawaii.com

Property Disclaimers: This material does not constitute an offering in any state where the offering is not registered as required by law. In reference to Pu'upehe Estates homesites, obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. In reference to The Palms at Manele and The Pines at Koele, refer to the Condominium Public Report(s) for details and specifications; these projects are registered only in Hawaii. Island of Lana'i Properties is the exclusive broker for Castle & Cooke Resorts, LLC and Lanai Developers, LLC.

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