Market Spotlight: Montage Residences Kapalua Bay

Posted by Courtney M. Brown on Thursday, September 15th, 2022 at 2:27pm.

Market Spotlight: Montage Residences Kapalua Bay

Montage Kapalua Bay Condos for Sale

Since being rebranded the Montage Residence Kapalua Bay in 2014, sales at the property have soared setting record highs for condominium sales in West Maui. 

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, 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.  These residences range from 1,750-2,087 sq. ft. 

When sales at the property first launched in 2009, the market was beginning to experience a downturn after the market's 2007/2008 peak.  For reference, the average sales price bottomed across the Kapalua Resort 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, 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 21 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.

View Current Listings of Montage Residences Kapalua Bay Condominiums

Quick Market Overview Montage Kapalua Bay Condo Listings:

ACTIVE LISTINGS 4
Volume $24,295,000
Low LP $3,800,000
High LP $9,800,000
Average LP $6,073,750
Average LP/Sq. Ft. $2,263
Average DOM 319
   
PENDING SALES 0

Montage Kapalua Bay Condo Sales

View Recent Montage Residences Kapalua Bay Condo Sales

MONTAGE SALES 9.15.2022 2021 2020 2019 2018 2017 2016 2015 2014
Number of Sales 9 27 9 21 12 12 9 8 8
Sales Volume $44,905,000 $128,678,533 $28,939,000 $86,445,000 $58,780,074 $54,388,000 $41,000,000 $40,770,000 $46,785,000
Low Sales Price $3,000,000 $2,695,000 $2,750,000 $2,400,000 $3,495,000 $3,125,000 $3,125,000 $3,950,000 $4,300,000
High Sales Price $8,000,000 $13,295,000 $4,159,000 $7,950,000 $8,950,000 $6,475,000 $8,650,000 $4,900,000 $8,250,000
Average Sales Price $4,989,444 $4,765,872 $3,215,444 $4,116,429 $4,898,340 $4,532,333 $4,555,556 $4,530,000 $5,848,125
Average SP/Sq. Ft. $1,999 $1,742 $1,407 $1,556 $1,572 $1,582 $1,516 $1,609 $1,735
Average DOM 132 152 170 173 230 100 147 168 68
Average SP/LP 97% 98% 99% 97% 100% 99% 99% 100% 99%


Comments on Montage Residences Kapalua Bay Condo Sales History (Year over Year):
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 $5,300,000 for a penthouse location. 

As of the date of this post, there have been 9 Residences to sell at the Montage Kapalua Bay, averaging $4.989M and a Year to Date volume of $44,904,000.  While the high sales price is down (which can be attributed to no 4B sales in 2022) the average sales price and sales price/sq. ft. have increased.

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
It is important to note the 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 and will skew the data in any given year that a sale occurs.   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 two in 2021 at $8,500,000 and $13,295,000, which set a new record sales price for West Maui's condominium sales.

In 2022, we are continuing to see resales maintain or reach new record highs, with a penthouse Hotel Residence in building 4 recording at $5,300,000 and a third floor Grand Residence in building 5 at $6,225,000.  The sale of an oceanfront Grand Residence in building 1 at $8,000,000 matches the record set in 2021.

Status Building Name Unit List Price Sold Price SP/LP Close Date Beds Baths Liv-SF DOM $/SQFT MLS #
SLD Montage Residences Kapalua Bay 4301 $4,350,000 $4,350,000 100% 1/11/22 3 3.5 2,065 22 $2,107 394113
SLD Montage Residences Kapalua Bay 1302 $8,200,000 $8,000,000 98% 1/14/22 3 3.5 2,904 25 $2,755 394122
SLD Montage Residences Kapalua Bay 4305 $3,000,000 $3,000,000 100% 1/21/22 3 3.5 2,087 51 $1,437 394451
SLD Montage Residences Kapalua Bay 5103 $3,575,000 $3,150,000 88% 2/10/22 3 3.5 2,904 106 $1,085 393468
SLD Montage Residences Kapalua Bay 2704 $6,895,000 $6,800,000 99% 2/16/22 3 3.5 2,789 61 $2,438 394115
SLD Montage Residences Kapalua Bay 2204 $3,585,000 $3,580,000 100% 4/29/22 3 3.5 2,789 632 $1,284 388025
SLD Montage Residences Kapalua Bay 4606 $5,300,000 $5,300,000 100% 5/2/22 3 3.5 2,065 163 $2,567 393779
SLD Montage Residences Kapalua Bay 4201 $4,490,000 $4,500,000 100% 6/7/22 3 3.5 2,065 54 $2,179 395451
SLD Montage Residences Kapalua Bay 5301 $6,800,000 $6,225,000 92% 6/21/22 3 3.5 2,904 78 $2,144 395341

View Current Montage Residences Kapalua Bay Condos for Sale:

4 Properties Found. Page 1 of 1

Welcome To Oceanfront Resort Living At Its Fine...

Photo of Listing #396141

$9,800,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,904 ft²

Condominium

1 Bay Dr 1203, Kapalua, Hawaii

MLS® #396141

Listed By: Compass

Welcome To Oceanfront Resort Living At Its Finest. This Spectacular 3 Bedroom, 3.5 Bathroom Residence Is Exquisitely Furnished, Offers A Prime, Highly Sought After Front Row Location On The Kapalua Bay Side In Building 1 And Unobstructed Views Of Maui's Wo...

Montage Residences Kapalua Bay. A Truly One-of-...

Photo of Listing #395999

$5,800,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,904 ft²

Condominium

1 Bay Dr 2302, Kapalua, Hawaii

MLS® #395999

Listed By: Magnum Properties

Montage Residences Kapalua Bay. A Truly One-of-a-kind Opportunity To Own Along The West Maui Shoreline, Overlooking The White Sandy Crescent Of Kapalua Bay, With Panoramic Ocean Views Framed By The Neighboring Islands Of Molokai And Lanai. Located Within Th...

Welcome Home To Residence 3503 At Montage Kapal...

Photo of Listing #394131

$4,895,000 Pending - Cont. To Show Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,065 ft²

Condominium

1 Bay Dr 3503, Kapalua, Hawaii

MLS® #394131

Listed By: Compass

Welcome Home To Residence 3503 At Montage Kapalua Bay! A Truly One-of-a-kind Opportunity To Own Along The West Maui Shoreline, Overlooking The White Sandy Crescent Of Kapalua Bay With Panoramic Ocean Views Framed By The Neighboring Islands Of Molokai And La...

Come Home To Montage! Relax Amidst The Tranquil...

Photo of Listing #387459

$3,800,000 Active Fee Simple

  • 3 Beds
  • Baths
  • 21 Acres
  • 2,904 ft²

Condominium

1 Bay Dr 2206, Kapalua, Hawaii

MLS® #387459

Listed By: Keller Williams Realty Maui-Ki

Come Home To Montage! Relax Amidst The Tranquil Tropical Ambiance Of This Exquisite Grand Residence. 3 Substantially Large Ensuite Master And Guest Master Bedrooms, 3.5 Spacious And Luxurious Baths, Plus Den/office/guest Room, All Moments From The Mesmerizi...

Courtney M. Brown, R(S) & Team
Vice President
Island Sotheby's International Realty

 

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