The Montage Residences, Kapalua Bay: Sales History and Real Estate Market Update
Since sales began at the newly branded Montage Residences, Kapalua Bay in 2014, the property has undergone a tremendous boost in sales with a 139% increase in sales volume ($) with 7% fewer sales.
Montage Residences, Kapalua Bay: Current Market Snapshot
Active Listings: 7 Price Range: $3,495,000 to $7,750,000 Pending Sales: 3 Price Range: $4,500,000 to $4,900,000 Sales Volume Prior to Rebrand: 28 sales totaling $53,747,552 Sales Volume Since Rebrand: 26 sales totaling $128,555,000
Sales initially began in 2009 while the property was branded the Ritz-Carlton Residences, Kapalua Bay. This was just after our market peak in 2007/2008, which was unfortunate market timing resulting in foreclosure. We saw a decline in average sales price and sales price per square foot as the property went through the foreclosure process.
Acquired by Island Acquisitions in 2012, the new ownership undertook extensive renovations to the property and re-branded it a Montage Residences.
Since then, we've seen four record breaking sales for West Maui, ranging from $7,500,000 to $8,650,000 for the four bedroom oceanfront residences. Prior to that, the highest condominium sales had been as follows:
Kapalua Ironwoods ($5,500,000 for a one of a kind 4,735 sq. ft. oceanfront condominium residence in 2004)
Honua Kai ($5,490,309 for a three bedroom condominium with a 2,200 sq. ft. lanai in 2016)
Coconut Grove ($5,250,000 for an oceanfront three bedroom condominium in 2016, this was a private transaction, not in MLS)
Kaanapali Alii ($5,000,000 in 2016 for a 2 bedroom oceanfront unit in 2006, close to the height of the market that sold for $500,000 over the asking price)
From the chart below, you can see that the Sales Volume, both in terms of number of sales and dollar volume, has increased dramatically since the rebranding.
In addition, with the record breaking sales of the four bedroom units, of which only 8 were built, we saw a logical and dramatic increase in sales price per sq. ft. and average sales prices when 3 of the grand residences sold in 2014.
Please contact me for more information on the remaining developer units at the Montage Residences Kapalua Bay.
MONTAGE RESIDENCES KAPALUA BAY: CURRENT LISTINGS FOR SALE
Listed By: Island Sotheby's International Realty(L) Office Contact: Cell: 808-250-0210
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Listed By: Island Sotheby's Int'l Rlty(W) Office Contact: Cell: 808-283-7965
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Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-344-2677
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