Posted
by Courtney M. Brown
on Thursday, September 15th, 2022 at 2:27pm.
Market Spotlight: Montage Residences Kapalua Bay
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.
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.
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