KAPALUA RESORT CONDOS: Market Update 2018 | Q3
Ritz-Carlton Residences, Kapalua: Residence 1614-16 offered at $2,250,000
KAPALUA VILLAS & THE LUXURY CONDOMINIUM SECTOR
KAPALUA RESORT CONDOMINIUM: Active Listings
|KAPALUA LISTINGS||ACTIVE||AVERAGE LIST PRICE||DOM||INVENTORY (MONTHS)**||∆|
|Kapalua Bay Villas||25||$1,242,960||269||12.5||+6%|
|Kapalua Golf Villas||17||$827,229||225||9.1||-28%|
|Kapalua Ridge Villas||14||$1,163,700||314||11.3||+27%|
KAPALUA RESORT CONDOMINIUM SALES: Key Metrics
CONDO SALES: 2018 Q3 vs. 2017 Q3
|CONDO SALES||SOLD||∆||VOLUME||∆||SALES PRICE||∆||SP/LP||∆||DOM||∆||SP/SQ FT||∆|
|Kapalua Bay Villas||7||-36%||$7,612,500||-34%||$1,088,750||+2%||95%||+3%||257||-30%||$872||-1%|
|Kapalua Golf Villas||9||-40%||$7,175,400||-39%||$797,266||+2%||98%||+3%||158||-63%||$653||+3%|
|Kapalua Ridge Villas||5||+400%||$4,590,500||+217%||$918,100||-37%||97%||0%||215||+84%||$737||-10%|
Above Figures are Averages | DOM: Days on Market | SP: Sales Price | LP: List Price | Supply: Months of Inventory
*At Coconut Grove, no sales were recorded in the first three quarters of 2018, however, there were 3 transactions that recorded in the same period of 2017. There was one private transaction at $5.25M in July 2016 that is not included in the MLS data.
**At the Ironwoods, no sales were recorded in the first three quarters of 2017.
KAPALUA CONDO SALES: MARKET OVERVIEW
The Kapalua Villas:
Golf Villas, Ridge Villas and Bay Villas
With the Villas, the three communities tend to move in terms of relative value. They relatively similar price points, age, and one and two bedroom floor plans (there are some three bedrooms where lofts have been enclosed to create additional space). Activity at each property can affect those around it.
As prices rise in one property, buyers will often look at offerings at the other properties that are similarly priced. In 2017, the focus was largely at the Golf and Bay Villas, with very little activity at the Ridge Villas. As prices rose in those two developments, we are seeing renewed interest at the Ridge Villas in 2018.
While prices have been rising, they are still far below the peak of the market that we saw in 2008.
Kapalua Villas: Historical Average Sales Prices
Part of the substantial sales volume in the Kapalua Condominium Market can be attributed to sales at the Montage Residences Kapalua Bay with 11 sales ranging from $3.495-$8.95M, which is the second highest condominium sale on record for 2018 on Maui. The highest condominium sale YTD is an oceanfront 3B/3.5B Wailea Beach Villas residence at $10M and a whopping $3408/sq. ft.
There were no sales at Coconut Grove in the first three quarters of 2018. This is not surprising as there were 4 sales in 2017 ranging from $4.5-$5M. As there are only 24 oceanfront condominium residences at Coconut Grove Kapalua and it's rare to have so many Coconut Grove sales in one year.
It also should be noted that the Ritz-Carlton has been under new ownership since 2017, and the condominium residences have been rebranded as the "The Ritz-Carlton Residences, Kapalua" since their original offering as the Residential Suites at the Ritz -Carlton Kapalua. The new offering features renovated condominium suites with the option to add full kitchens for the first time, though there are no new. The data shown below does not reflect sales when the property was known as the Residential Suites at the Ritz-Carlton.
Inventory in the Luxury Condominium sector has decreased substantially with far less inventory in this market than at the Kapalua Villas.
Luxury Condominium Residences:
The Coconut Grove on Kapalua Bay, The Ironwoods, Montage Residences Kapalua Bay and the Ritz-Carlton Residences Kapalua.
Luxury Kapalua Condominium Residences: Historical Average Sales Prices
For more information on the Kapalua condominium market, including active listings and recent sales, please contact me.
|View Current Kapalua Condo Listings|
With such a small data sample resulting in limited data points, sales of luxury condominiums can increase the overall averages dramatically in resort areas and should be noted.
The information above is taken from the Realtor's Association of Maui MLS system and is deemed reliable, but is subject to change and not guaranteed. The current listings were taken the date of this post. Months Supply is as of Sept 2018.
Courtney M. Brown, R(S)
Island Sotheby's International Realty