Posted
by Courtney M. Brown
on Friday, December 3rd, 2021 at 12:49pm.
Market Spotlight: Montage Residences Kapalua Bay
Since being rebranded the Montage Residence Kapalua Bay in 2014, sales at the property have soared and 2021 is no exception.
When originally developed as a Ritz-Carlton Club and Residences in 2008, the property was comprised of 84 wholly-owned three and four-bedroom residences, some of the largest condominiums available in West Maui. These residences are known as the Grand Residences, and are located in buildings 1, 2, 5 and 6, have three and four bedrooms, and ranged from 2,789 to 4,055 sq. ft.
The development also included 62 smaller two and three-bedroom residences that were offered as 1/12 ownership located in buildings 3 and 4. When rebranded as the Montage Residences, all developer fractional sales were halted and 28 units were converted to whole-ownership residences, now known as the Hotel Residences
As an overview, when sales at the property first launched in 2009, the market was at a downturn after it's 2007/2008 peak. The average low for the Kapalua Resort real estate market took place in 2012.
To give you a better sense of how significantly the market has changed, between 2009-2011 there were 14 sales averaging approximately $3.83M, with a total sales volume of $53,747,552. The foreclosure took place in 2011, and sales ceased while improvements were made property-wide.
When sales began again, the building 1 which is oceanfront, saw the bulk of the activity, followed by buildings 5 (particularly upper floors) and 2. In 2019, the developer began sales of 15 of the smaller three-bedroom residences (approximately 2,000 +/- sq. ft.) in buildings 3 and 4, as well as the remaining inventory of larger residences in building 6.
As of the date of this post, there have been 24 Residences to sell at the Montage Kapalua Bay, averaging $4.299M and a Year to Date volume of $103,183,553 with another $31,094,000 in pending sales in MLS. This represents a dramatic 257% increase over 2020's total sales volume ($) and a 121% increase over the sales volume when the project relaunched in 2014.
It is expected that the days on market would increase in 2020 due to the quarantine that was in place for the better part of six months. As travel resumed, so did our market, as evidenced by a large increase in volume. It is also noteworthy that sales of the hotel residences, which are considerably smaller, began in 2019. Sales of the hotel residences have ranged from $2,750,000 to $3,795,000.
Comments on Montage Residences Kapalua Bay Condo Sales History (Year over Year):
Low Sales The low sales price would have been at its peak in 2014, when buyers of developer inventory were focused on the two oceanfront buildings (buildings 1 and 2) and at its lowest in 2019-2021 when the ground floor inventory in ocean view buildings (buildings 2, 5, and 6) sold, coupled with the introduction of the smaller residences Hotel Residences in buildings 3 and 4.
High Sales You'll also note a variation in the high sales--there are only 8 four-bedroom residences, which are located at the center of the two oceanfront buildings. These spacious residences command the highest sales prices for both their size and prime location. There were three four-bedroom sales in 2014, which served to also increase the average SP/Sq. Ft., one in 2016, two in 2018, one in 2019, and the last in 2021 at $8,500,000. With a pending sale of its first four-bedroom resale, Residence 1301 listed at $13,295,000, the Montage Residences Kapalua Bay is set to break a new record sales price for West Maui's condominium sales.
We are also starting to see resales in buildings 1 and 2, as well as high floors in building 5, reach new record highs, with a three-bedroom residence recording at $8,000,000 in October of 2021.
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