Aloha from Kapalua!
I hope this finds you and yours well and enjoying the beginning of the holiday season. As Thanksgiving approaches, I am reminded that there are so many things to be thankful for here in Maui. For me, it's Kapalua's warm weather, beautiful beaches, fantastic golf courses, world class restaurants, the return of the whales, and my favorite—the amazing hiking and walking trails.
This October, Kapalua hosted the 16th Annual Xterra World Championships, welcoming 675 of the world’s best triathletes to our playground. The event drew spectators from across the world, with a course that included a 1.5K swim at Flemming Beach, a 30K mountain bike race, and a 10K trail run.
With Xterra behind us, excitement is building for the resort’s next big event, the Hyundai Tournament of Champions, beginning on January 5, 2012. This year, the tournament has launched the “Golf For Maui Charities” program: over 30 local charities will sell tickets, with 100% of the proceeds donated to the charity promoting the sale. Lahainaluna High School Foundation tickets are available here through our office (contact me or Rob Shelton), and you can view other participating charities online at www.pgatour.com
The logo shop has reopened under new management, and has more inventory and variety.
In real estate, we continue to see a relatively stable market here in the resort, with slight increases in activity and average sales prices. Here are some highlights of the MLS activity in the Kapalua Resort since the beginning of the new year:
- New Listings: Since the last update, my listing partner, Rob Shelton, and I have listed some wonderful properties:
Mahana 507: an oceanfront upgraded one bedroom and Kaanapali Royal H303 a spacious two bedroom oceanview condominium, both in Kaanapali
124 Pulelehua Place: a lovely four bedroom home situated on the Bay Course in Pineapple Hill Estates
25 Coconut Grove: stunning oceanfront three bedroom Coconut Grove condominium in the heart of Kapalua Bay
600 Honokohau: a two acre homesite nestled on the Plantation Course in Kapalua's Plantation Estates
Golf Villa 27P3,4: a beautifully renovated two bedroom Golf Villa located on Kapalua's Bay Course - Active Listings: Kapalua Resort is comprised of approximately 993 properties*. Of those properties, there are a total of 104 active listings in the resort**, just slightly over the last update: 70 condominiums, 14 homesites, and 20 homes. The current asking price range remains the same, with properties available from $430,000 to $12,000,000.
**Note: this does not include developer inventory at the Ritz-Carlton Residences, or the Residential Suites at the Ritz-Carlton, Kapalua. - Short Sales/REO's: Of the active listings, there are five potential short sale listings noted in MLS (three Golf Villas, one Ridge Villa, and a home at Honolua Ridge). There are two active Golf Villa listings that are REO's (bank owned).
- New Development Sales: In 2011, there have been five developer sales at the Ritz-Carlton Residences, Kapalua Bay. Sales prices have ranged from $2,800,000 to $3,317,062, with an average sale price of $3,133,412. For more information on the developer offerings at the Ritz-Carlton Residences, Kapalua Bay please contact me.
- Escrows: There are five pending sales in the Kapalua Resort as of this update. Of the properties pending sale, one is a potential short sale, and none are bank owned.
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Recent Closings: we have had 37 closings in the resort year to date. Sales volume ($) is up 19% and the number of sales are up 11% over this same period in 2010. The average sale price is up only 10% over the same period in 2010, however, this is buoyed by two record high sales at the Plantation Estates at $9,600,000 and $14,000,000 and five closings at the Ritz-Carlton Residences.
Current Market
9/17/2011
11/20/2011
% Change
Active Listings 101 104 3% Short Sale 5 5 0% Bank Owned 1 2 -200% Low List Price $430,000 $430,000 0% Average List Price $2,275,117 $2,138,471 -6% High List Price $12,000,000 $12,000,000 0% Avg Days on Market 341 337 -1% Pending Sales 5 5 0% Short Sale 2 1 0% Bank Owned 0 0 Closed Sales 31 37 16% Short Sale 3 4 25% Bank Owned 2 2 0% Sales Volume Sept, 2011 Nov, 2011 % Change
# of Sales 31 37
16% Low Sale $425,000 $425,000
0% Average Sale $2,286,253 $2,195,915
-4% High Sale $14,000,000 $14,000,000
0% DOM 562
517
-9% Total Volume $70,873,862 $81,248,862
13% Sales: 2011 vs 2010 YTD Nov, 2010
Nov, 2011
% Change
# of Sales 33
37
11%
Low Sale
$425,000
$425,000
0%
Average Sale
$1,985,848
$2,195,915
10%
High Sale
$7,125,000
$14,000,000
49%
DOM
336
517
35%
Total Volume
$65,533,000
$81,248,862
19%
Absorption Rate # Sales Last 12 Months
# of Listings
Current Supply (in Months)
Kapalua (All Properties) 37 104 34 Homes 10 20 24 Condos 22 70 38 Land 5 14 34 Absorption Rate Change Last Update
Current Update
% Change
Kapalua (All Properties) 28 34 18% Homes 15 24 38% Condos 36 38 5% Land 30 34 12%
Each month, along with local event updates, you will find sales statistics for the entire island posted to Courtney's Blog, as prepared by the Realtor's Association of Maui. I'm often asked how the real estate market in Kapalua, or an individual property, is doing compared with prior years. I've prepared annual market summaries comparing such data points as number of sales, dollar volume, average sale price, and days on market. You can view these annual comparison reports for each neighborhood, as well as each market category, along with a 2010 market snapshot for the Kapalua Resort in the Market Report section of the website. Annual and Monthly Statistics can be found on the Market Reports section. And, if you are missing Maui's great food, you'll find some wonderful recipes in Local Flavors. Enjoy!