Posted by Courtney M. Brown on Tuesday, September 28th, 2021 at 1:29pm.
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 20 Residences to sell at the Montage Kapalua Bay, averaging $4.022M and a Year to Date volume of $80,433,533 with another $15,270,000 in pending sales in MLS. This represents a dramatic 178% increase over 2020's total sales volume ($) and a 72% increase over the sales volume when the project relaunched in 2014.
| Current Listings | 4 |
| Low LP | $3,525,000 |
| High LP | $5,995,000 |
| Average LP | $4,205,000 |
| Average LP/Sq. Ft. | $1482 |
| Average DOM | 434 |
| Current Listings | 2 |
| Volume | $15,270,000 |
| Low LP | $6,975,000 |
| High LP | $8,295,000 |
| Average LP | $7,635,000 |
| Average LP/Sq. Ft. | $2738 |
| Average DOM | 227 |
View Montage Residences Kapalua Bay Recent Sales
| Montage Residences | 2021 YTD | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
| Sales | 20 | 9 | 21 | 12 | 12 | 9 | 9 | 8 |
| Volume | $80,433,533 | $28,939,000 | $86,445,000 | $58,780,074 | $54,388,000 | $41,000,000 | $40,770,000 | $46,785,000 |
| Low SP | $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 SP | $8,500,000 | $4,159,000 | $7,950,000 | $8,950,000 | $6,475,000 | $8,650,000 | $4,900,000 | $8,250,000 |
| Average SP | $4,021,676 | $3,215,444 | $4,116,428 | $4,898,339 | $4,532,333 | $4,555,556 | $4,530,000 | $5,848,125 |
| Average SP/Sq. Ft | $1,519 | $1,407 | $1,566 | $1572 | $1,582 | $1,516 | $1,609 | $1,735 |
| Average DOM | 160 | 169 | 172 | 229 | 100 | 147 | 168 | 67 |
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.
Low Sales
The low sales price would have been at its peak in 2014, when buyers 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.
We are also starting to see resales in building 1 reach new record highs, with three sales and two pending over $6 milion
| Status | Unit | List Price | Sold Price | Date | Beds | Baths | Sq. Ft. | DOM | $/SQFT | MLS |
| PNDS | 1205 | $6,975,000 | 3 | 3.5 | 2,789 | 428 | $2,501 | 387915 | ||
| PNDS | 1305 | $8,295,000 | 3 | 3.5 | 2,789 | 27 | $2,974 | 392838 | ||
| SLD | 1505 | $6,700,000 | $6,475,000 | 6/7/17 | 3 | 3.5 | 2,789 | 55 | $2,322 | 374387 |
| SLD | 1405 | $7,875,000 | $7,250,000 | 6/14/19 | 3 | 3.5 | 2,789 | 137 | $2,600 | 381518 |
| SLD | 2403 | $6,100,000 | $6,100,000 | 3/9/21 | 3 | 3.5 | 2,904 | 106 | $2,101 | 389402 |
Residential
1 Bay Dr, Unit 2202, Kapalua, HI
MLS® #407262
Listed By: Compass
Office Contact: Cell: 808-276-6881
Located In A Private And Serene Portion Of The Montage Residences Kapalua Bay, Unit 2202 Awaits Your Arrival! Conveniently Located On The Ground Floor, This Grand Residence 3-bedroom, Den, 3.5 Bathroom Property Is Centrally Located Between Kapalua Bay And O...
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1 Bay Dr, Unit 5102, Kapalua, HI
MLS® #407184
Listed By: Keller Williams Realty Maui-L
Office Contact: Cell: 808-870-7736
Experience The Pinnacle Of Maui Resort Living At Montage Residences Kapalua Bay. Residence 5102 Is A Spacious 3-bedroom, 3.5-bathroom Home Highlighted With Captivating Ocean Views And Convenient Ground-floor Location With Private Yard Perfectly Suited For Y...
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1 Bay Dr, Unit 5104, Kapalua, HI
MLS® #406929
Listed By: Coldwell Banker Island Prop(S)
Office Contact: Cell: 808-283-3436
Welcome To Montage Residences Kapalua Bay. Residence 5104 Is A Private, Truly One Of A Kind Ground Floor Offering Direct Access To Lush Lawn And Yard Space With Tropical Gardens. Ideally Located Just Steps From Kapalua Bay, The Montage Spa, Fitness Center, ...
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1 Bay Dr, Unit 6302, Kapalua, HI
MLS® #406691
Listed By: Keller Williams Realty Maui-Ka
Office Contact: Cell: 808-385-0882
Listing Update: Seller Is Offering The Option Of A 25% Co-ownership For $1,080,000. This Is A Turnkey Opportunity At Hotel Zoned Magnificent 5-star Montage Residences At Kapalua Bay. Secluded And Tranquil, Stand Alone Building 6, The Molokai Wing, Sits Con...
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1 Bay Dr, Unit 1103, Kapalua, HI
MLS® #406660
Listed By: Island Sotheby's International Realty(L)
Office Contact: Cell: 808-359-4245
With Views Of Kapalua Bay And Year-round Sunsets, The Montage 1103 Is One Of The Most Sought-after Direct Oceanfront Locations In All Of Kapalua. This First-floor Single-level Residence Spans Over 2900 Sq Ft With 3 Bedrooms Plus A Den And Offers Breathtakin...
Residential
1 Bay Dr, Unit 4505, Kapalua, HI
MLS® #406396
Listed By: Coldwell Banker Island Prop(S)
Office Contact: Cell: 808-283-3436
Rare, Turnkey 5th Floor Elevation Hotel Residence At Montage Kapalua Bay- One Of The Highest Locations On The Property, Offering A "premier Oceanview Residence" Category. This Home Is Hotel-zoned For Nightly Rentals In A 5-star Resort Allowing Access To Mon...
Residential
1 Bay Dr, Unit 1204, Kapalua, HI
MLS® #406018
Listed By: Coldwell Banker Island Prop(S)
Office Contact: Cell: 808-283-3436
This Exquisitely Furnished Residence Offers Luxury Resort-style Living, Elevating The Experience Of Coastal Elegance To New Heights. With Direct Oceanfront Access And A Walkout To A Tropical, Grassy Lawn Area, This Second-floor Elevation Home Presents An In...
Residential
1 Bay Dr, Unit 4406, Kapalua, HI
MLS® #405208
Listed By: Coldwell Banker Island Prop-KP
Office Contact: Cell: 808-446-5841
Your Luxurious Home Away From Home Awaits You At The Prestigious Montage Residences Kapalua Bay. Unit 4406 Offers Stunning Ocean Views From The Lanai, Living Room, Primary And Secondary Bedrooms And Spectacular Mountain Views From The Third Guest Bedroom. W...
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1 Bay Dr, Unit 3503, Kapalua, HI
MLS® #405113
Listed By: Keller Williams Realty Maui-Ki
Office Contact: Cell: 808-371-6475
Luxury Oceanfront Living At Montage Kapalua Bay – Residence 3503 Poised On The Fifth Floor Of The Prestigious Montage Kapalua Bay, Residence 3503 Is A Rare Opportunity To Own A Luxurious Oceanfront Retreat In One Of Maui’s Most Sought-after Resorts. This Sp...
*Statistics above are at the time of this post per MLS. Any interested party should do their own due diligence as the information is subject to change.
Courtney M. Brown, R(S) & Team
Vice President
Island Sotheby's International Realty