|602 Honokohau, Plantation Estates|| 1206 Summer Road, Pineapple Hill|
Aloha from Kapalua!
After an absolutely beautiful summer in Kapalua, we welcome the the start of fall and whale season with sunny, bright days. The first humpback whales arrived early this year--in October. Even though I grew up here on Maui, I continue to look forward to their arrival. Each winter, I promise myself I'll spend more time sailing in hopes of catching a glimpse of the whales breaching.
In personal news, am thrilled to announce our new office has opened at Napili Plaza. Island Sothebyís International Realty now has three locations: Makawao, Wailea, and West Maui. I hope you'll stop by any time you are in the area.
With regard to the Maui resort real estate market, it is showing continued signs of improvement with a decrease in inventory and a rise in average sales prices. Comparing YTD sales in 2013 with those of the same period in 2012, we see an increase in the sales volume ($) and average sales prices across the board in Kapalua, Kaanapali, Launiupoko, and Wailea/Makena markets. Interestingly, the number of sales remains fairly constant in all markets with the exception of the Wailea/Makena market, which is up considerably. There are two markets not on trend: oceanfront homes and land in West Maui. This market consists of only a few sales each year, so meaningful data is difficult to gather. Pricing also varies dramatically depending on location, whether the property is beachfront or oceanfront, age, condition, and a variety of other factors.
|This Year vs. Last YTD||Kapalua Resort||Kaanapali||Launiupoko||Wailea/Makena||W Maui Oceanfront||S Maui Oceanfront|
You can review the complete report including all active listings, pending sales, and stats and figures in the Featured Maui Real Estate Market Update.
addition, I've worked on a new format for the market updates, which you
can now view as an online magazine, by clicking the link below. You
may also Request a PDF Copy via Email.
residential market in Kapalua has been quite active in 2013, with
triple the number of sales vs. the same period in 2012. With asking
prices for homes currently ranging from approximately $2.3 to $28
million, sales have been at the lower end of the market segments, with a
low of $1,350,000 (for an unfinished home that had been purchased at
foreclosure and then resold) to a high of $9,700,000 for an oceanfront
home overlooking the beach at Slaugtherhouse. Nearly half of the
residential sales in the resort were at Honolua Ridge, where the market
has been affected by several foreclosures of homes that were built on
spec. The market at Pineapple Hill, where nearly half of the sales have
taken place this year, has been more stable, with a slight increase in
average sales price and sales price/sq. ft., and a sales volume of over
$10 million. With only eight Homes, Kapalua Place is the only beachfront residential community in the resort. There are currently two homes on the market. In fact, these are the two highest priced residential listings on the island, priced at $20,880,000 million and $28 million.
In the third quarter, condominium sales in 2013 began to catch up to 2012 (30 compared with 34), however, average sales price is up approximately 16% and average SP $/sq. ft. is up 28%. In 2012, the Golf Villas began a remediation project which resulted in an assessment to the owners, resulting in an increase in sales and a decrease in sales prices. Now that the project is well underway, the market has stabilized at the Golf Villas and prices have started to increase again. The average sales prices are also affected by two sales at Coconut Grove that were both above $4 million.
Living and working here in Kapalua, I find myself often fielding questions about the resort and itís direction in the futureóspecifically with regard to the Residences at Kapalua Bay, which is under new ownership, and the Ritz-Carlton Kapalua Hotel, which is currently being offered for sale by Lehman Brotherís Holdings as part of their obligation to pay creditors. The hotel offering includes the 73 unsold Residential Suites units, the 297 hotel rooms in the south wing, as well common areas and commercial spaces located on the 54 acre resort.
new ownership group of the Residences at Kapalua Bay has begun an
extensive, multi-million dollar improvement program and has appointed
Montage Hotels & Resorts as the management group. Having visited two of the Montage properties (Beverly Hills and Laguna Beach), I personally see
appointment of a luxury hotelier as well regarded as Montage is a
positive direction for the Kapalua resort. Montage Hotels is known for
its incredible service as well as the commitment it makes to the
communities surrounding its resorts to preserve their sense of place. A new restaurant will be opening to the public next year--once again opening this spectacular property to those of us who loved the Bay Hotel so much.
The Montage Hotel group is anticipated to formally open the property in early 2014, offering both private Residences as well as 50 hotel suites. In the meantime, the property will continue to operate as the Residences at Kapalua Bay.
The Residences at Kapalua Bay was originally comprised of 84 wholly-owned, private luxury Residences, of which 56 remain unsold. A sales program for the remaining Residences has yet to be announced. If you'd like the latest news or to be kept updated on the property as information is made available and a new sales program is announced, please contact me.
Regarding the sale of the Ritz-Carlton Hotel, while new ownership often brings with it a renewed vigor and capital for improvements, it is impossible to know the direction the property will take until a new ownership group is announced.
Kapalua Vacant Land:
the third quarter of 2013, land sales totaled 6 compared with 4 in
2012. The average sales price is up 20%. With land sales, each
neighborhood within the resort is significantly different. The lots in
the Pineapple Hill neighborhood are commanding significantly higher
values now that there are so few undeveloped lots remaining
(approximately $111/sq. ft.). Meanwhile vacant land in Plantation
Estates and Honolua Ridge neighborhood, where lots are typically two+
acres, have averaged $12/sq. ft. in 2013. This average is lowered by
the Honolua Ridge lot sales. There are a variety of factors that
influence the lower price per square foot in Honolua Ridgeónotably, the
size of the lots to sell this year are twice that of the Plantation
Estates (four+ acres), they do not have golf course frontage, the
maintenance fees are higher, and there were many bought on speculation
during the initial launch.
Please note: To err is human--great care was taken in preparing this data from the Maui MLS, however, it is subject to error and should not be relied upon without independent verification.
Click Below for MLS Market Summaries including Active Listings, Pending Sales, and Sales from the prior year to date of posting for Homes, Condominium Properties, and Land in the Kapalua Resort, Kaanapali, and Napili :
View Listings in Kapalua, Kaanapali, Napili, and Oceanfront Properties island wide!
Thank you for making this your resource for news in Kapalua and on Maui. Please forward the link www.LuxuryRealEstateMaui.com/newsletter.asp to a friend or associate that might appreciate this information.