MAUI RESORT REAL ESTATE NEWSLETTER:
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May 17, 2013~New Featured Listings
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Aloha from Kapalua!
As summer approaches, and the whales have begun their trip home, I thought I'd share with you a few photos that I took on my last whale watch of the season.
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The big news in the Kapalua Resort is the upcoming sale of the Ritz-Carlton, Kapalua Hotel by Lehman Brothers to pay creditors. It is anticipated that a call for offers will take place sometime toward the end of June. Media speculates that the hotel could fetch as much as $200 million, with Maui's visitor industry strengthening in 2011 and 2012. The offering includes the 73 unsold Residential Suites units, the 297 hotel rooms in the south wing, as well common areas and commercial spaces located on the 54 acre resort.
The sale of the Ritz-Carlton, Kapalua is completely separate from the Residences at Kapalua Bay which was foreclosed on by the lender based Joint Venture in a court mandated confirmation in January, 2013. Prior to the confirmation hearing, the homeowner's association appointed Timbers Resorts as the interim management operator with a contract through June 30, 2013. It is anticipated that title will transfer in June, and that the operator will be confirmed very shortly. Once the process is completed, it is expected that sales of the unsold whole and fractional units will be relaunched sometime in the 3rd quarter. There are 56 unsold whole ownership Residences and 567 fractional interests.
New ownership of both properties is a positive direction for the Kapalua Resort, and I will continue to post updates to my Maui real estate blog. I am also continuing to compile an interest list of clients that would like to be kept updated as information is made available. If this is something you would be interested in, please contact me.
Initially, the 2013 West Maui real estate market lagged behind Wailea. Now, the Wailea, Kaanapali and Kapalua Resort markets are showing similar increases over the market in 2012: Sales Volume ($) is up in the resort markets (Wailea +31%, Kaanapali +20%, and Kapalua +26%), the average sales price is also up across the board (Wailea +15%, Kaanapali +31%, and Kapalua +23%). Oceanfront properties island wide are also up: Sales Volume is up 62% over this same period of time last year, and the Average Sale Price is also up 24%. The Maui Resort Real Estate Update follows below, including summaries of active listings, pending sales, year to date sales, and sales compared with the same period in 2012. Please don't hesitate to contact me with any questions!
Maui Resorts and Oceanfront Homes and Land: Real Estate Overview
|
Current Market |
Kapalua Resort |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront Homes and Land |
|
Active Listings |
101 |
206 |
30 |
157 |
55 |
|
Potential Short Sale |
1 |
3 |
0 |
1 |
0 |
|
Bank Owned (REO) |
1 |
2 |
0 |
1 |
0 |
|
Avg Days on Market |
276 |
306 |
262 |
186 |
295 |
|
Listing Volume |
$281,471,998 |
$270,780,013 |
$61,626,990 |
$374,104,898 |
$285,757,800 |
|
HOMES |
Kapalua Resort |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront/Beachfront |
|
Active Listings |
28 |
44 |
18 |
30 |
37 |
|
Low List Price |
$2,500,000 |
$995,000 |
$929,000 |
$899,000 |
$525,000 |
|
Average List Price |
$6,333,392 |
$2,300,102 |
$2,581,555 |
$4,743,626 |
$6,324,913 |
|
High List Price |
$28,000,000 |
$5,988,000 |
$5,699,000 |
$14,000,000 |
$28,000,000 |
|
VACANT LAND |
Kapalua Resort |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront/Beachfront |
|
Active Listings |
15 |
44 |
12 |
11 |
18 |
|
Low List Price |
$1,099,000 |
$349,000 |
$500,000 |
$400,000 |
$150,000 |
|
Average List Price |
$1,757,433 |
$1,044,111 |
$1,263,249 |
$1,138,672 |
$2,874,222 |
|
High List Price |
$3,500,000 |
$8,000,000 |
$3,200,000 |
$2,850,000 |
$8,000,000 |
|
CONDOS |
Kapalua Resort |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront Homes and Land |
|
Active Listings |
58 |
118 |
NA |
116 |
NA |
|
Low List Price |
$550,000 |
$150,000 Leasehold |
|
$525,000 |
|
|
Average List Price |
$1,340,956 |
$1,047,751 |
|
$1,890,264 |
|
|
High List Price |
$4,690,000 |
$3,779,000 |
|
$10,950,000 |
|
|
Pending Sales |
Kapalua Resort |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront Homes and Land |
|
Total |
9 |
26 |
8 |
31 |
6 |
|
Short Sale |
1 |
2 |
3 |
4 |
1 |
|
Bank Owned |
2 |
2 |
0 |
1 |
1 |
|
2013 YTD Volume |
Kapalua* |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront Homes and Land |
|
# of Sales |
23 |
88 |
8 |
69 |
12 |
|
Short Sale |
1 |
3 |
1 |
3 |
1 |
|
Bank Owned |
1 |
2 |
1 |
2 |
2 |
|
Low Sale |
$479,000 |
$215000 Leasehold |
$525,000 |
$310,000 |
$430,000 |
|
Average Sale |
$1,762,587 |
$947,969 |
$937,225 |
$1,762,280 |
$4,531,667 |
|
High Sale |
$9,700,000 |
$4,450,000 |
$1,400,000 |
$9,200,000 |
$9,700,000 |
|
DOM |
350 |
439 |
396 |
189 |
416 |
|
2013 YTD Volume |
$40,539,500 |
$83,421,292 |
$7,497,800 |
$121,597,348 |
$54,380,000 |
|
2012 YTD |
Kapalua* |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront Homes and Land |
|
2012 # Sales |
22 |
103 |
9 |
56 |
6 |
|
2012 Average Sale |
$1,356,359 |
$649,914 |
$886,111 |
$1,489,225 |
$3,441,250 |
|
2012 Volume |
$29,839,900 |
$66,941,200 |
$7,975,000 |
$83,396,625 |
$20,647,500 |
|
2012 Total |
Kapalua* |
Kaanapali |
Launiupoko |
Wailea/Makena |
Oceanfront Homes and Land |
|
2012 # Sales |
63 |
234 |
27 |
145 |
18 |
|
2012 Low Sale |
$330,000 |
150000 Leasehold |
$320,000 |
$370,000 |
$250,000 |
|
2012 Average Sale |
$1,113,104 |
$683,179 |
$1,178,564 |
$1,428,576 |
$4,483,472 |
|
2012 High Sale |
$5,988,888 |
$3,999,000 |
$2,900,000 |
$9,850,000 |
$23,000,000 |
|
2012 Volume |
$70,125,531 |
$159,864,015 |
$31,821,250 |
$207,143,560 |
$80,702,499 |
*Includes $5,000,000 Private Sale at Coconut Grove not in MLS. Kaanapali and West Maui Oceanfront Homes data may include Leasehold properties, which will affect average sale prices. 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 :
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View Listings in Kapalua, Kaanapali, Napili, and Oceanfront Properties island wide!
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