Luxury Real Estate Maui.com

APRIL, 2009

Aloha from the Kapalua Resort!

As summer approaches, the Kapalua Resort has been abuzz with news:

• The Ritz-Carlton Club and Residences is scheduled to open on May 31, 2009. The point is now green again and the famous coconut palm trees are back. The roadways leading to the newest addition to the Kapalua Resort have been repaved and are being landscaped in anticipation of the opening.
• In addition, the Kapalua Spa will open shortly thereafter. With approximately 30,000 square feet accommodating indoor and outdoor treatment rooms, a full service beauty salon, fitness facility, yoga/flex studio, and saline lap pool, the Kapalua Spa promises to be one of Maui's finest.
• Perhaps the most exciting news for the Kapalua Resort was announced just this past week: Seoul Broadcasting Systems will take over sponsorship of the Mercedes Championship through 2019. This invitational tournament is the PGA TOUR's first of the year, and draws quite a crowd to Kapalua and to Maui.

The Kapalua Resort real estate market continues to see price reductions. There are some wonderful values out there. I have a particularly fantastic listing that is a phenomenal opportunity: Bay Villa 21G5, an oceanfront, townhouse floorplan, Gold Villa has been reduced to $1,100,000. As mentioned last month, another interesting development ino our market is the auction of Ridge Villa 2512. Listed at an opening bid price of $495,000, this one bedroom villa will be auctioned off online to the highest bidder, with the auction closing on 5/15/2009. The winning bidder is notified, and can have their real estate agent write up a standard purchase contract with normal contingencies (financing, documents, inspections, etc). In speaking with the listing agent, it was emphasized that this is not a distressed sale, and the owner does have a reserve price that must be met, but will not be publicly revealed. With price reductions in many of the villas and increased inventory, we have noticed a pick up in showings.

The following is the MLS activity in the Kapalua Resort looking back at the month of April:

• There are a total of 147 active listings in the resort. Of these listings, 9 were new listings, ranging from a low of $495,000 as a starting price for the Auction of Ridge 2512 to a high of $2,350,000 for a vacant lot in Plantation Estates II.
• There was one new escrow: Bay Villa 15G1-3, a Gold Program, two bedroom listed at $1,575,000.
• There was one closing: the bank owned property at 406 Monarch sold at $1,700,000 and has been relisted at $2,300,000.
• We have had 4 closings year to date in 2009. By comparison, we had 16 closings as of this date in 2008.

Market updates for the Kapalua Resort, Napili, Kaanapali, and Maui Oceanfront Homes & Land follow below in a new format. Now you will find links to all active listings, maps, and a market summary of active listings, pending sales, and sales on separate web pages for each neighborhood. As there are more price reductions, I also added the original list price and current list price as categories, so that you can see if there has been a price adjustment. I will be working to add more information on Oceanfront properties and Kaanapali to the site as well, so please don't hesitate to contact me for updates.

I specialize in the Kapalua Resort, but also work across the island. Please don't hesitate to contact me with any questions or for additional information on the Maui real estate market.

Each month, along with local event updates (Don't forget the Kapalua Wine and Food Festival in June!), you will find sales statistics for the entire island posted to Courtney's Blog, as prepared by the Realtor's Association of Maui. This month Local Flavors features Roy's famous Chocolate Souffle, a favorite of many of its loyal followers.
Enjoy!

Aloha,

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• Active listings in MLS
• Floorplans if available
• Community Map
• Summary of active listings and sales YTD