The Coconut Grove on Kapalua Bay: A Maui Real Estate Market Update, 2016
Kapalua Bay is one of Maui's most loved beaches, known for it's beautiful coral reef, calm waters, and perfect sandy crescent beach. The much loved restaurant, Merriman's sits at the south end of the beach, on a rocky point that is a perfect spot to watch sunset at their very popular Happy Hour. At the north end of the bay is the Montage Residences, Kapalua Bay, which is home to the Beach Club, a lovely little restaurant, pool and bar that is open to both Montage residents and guests, as well as Kapalua Club members.
Nestled between these two properties is the 10+ acre beach front enclave of The Coconut Grove on Kapalua Bay. With just 36 condominium residences in 9 buildings, this gated community offers beachfront access to Kapalua Bay, as well as a tension edged pool, spa, BBQ and fitness center.
Coconut Grove #9, uniquely full of light and surrounded by tropical gardens
There are three ocean view buildings (residences #1-12) and six ocean front buildings (residences 13-36). Each building is home to four 3 bedroom condominiums, two ground floor residences with private courtyards, and two second floor residences, some with private elevators. At the time of this post, there are just two Coconut Grove condos for sale:
Coconut Grove #9, Floor Plan 1, 3B/3B ground floor, ocean-view with private courtyard, listed at $3,495,000 Coconut Grove #15, Floor Plan 2, 3B/3.5B ground floor, oceanfront with private courtyard, listed at $4,800,000
Coconut Grove #9, an extended garden in front of the lanai enhances the ocean views
With so few residences, there are only a handful of listings and sales each year--with some years having no sales reported due to a lack of inventory. There was a slow down in the market at Coconut Grove as the neighboring property The Ritz-Carlton Residences Kapalua Bay underwent a foreclosure and rebranding to the Montage Residences. Since the rebranding and relaunch of sales of developer inventory in 2014, sales at the Montage Residences have set record highs for West Maui condominiums, with a sale at $8,650,000 for a 4B/4.5B residence in September of 2016. Under the new branding the high sale for a 3B/3B oceanfront residence at the Montage Residences was $4,800,000 in 2014.
As the properties are often compared, it is helpful to know that the Montage Residences Kapalua Bay is hotel zoned and allows vacation rental. It is higher density and offers hotel services and amenities. The Coconut Grove is zoned apartment, and rentals are limited to a minimum of six months or longer.
Since the rebranding of the neighboring property, sales at the Coconut Grove have rebounded and are exceeding those of the residences next door. Coconut Grove #23, an oceanfront 3B/3.5B plan 2, recorded in MLS in 2014 at $5,000,000. This year, Coconut Grove #27, also an oceanfront 3B/3.5B plan 2, recorded at $5,250,000 (not in MLS--sales data from the county tax record).
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