The Masters is one of my favorite condominium communities, having gotten my start in real estate working on the developer's sales team (far too long ago). The property overlooks the Royal Kaanapali golf course, with sweeping views of the ocean and outer islands. The low-rise, low-density development, lends a feeling of privacy and space, with 200 units on approximately 38 acres. Amenities in this gated community include two pools, two spas, and four tennis courts, and the ability to have BBQ's. It's a popular choice for both primary residents and second homeowners alike seeking to live in the Kaanapali Resort.
As we navigate an unusual time, many buyers and sellers are wondering how to value properties that are currently on the market. Questions like "How much has the market changed in the last real estate cycle?" "When was the peak?", and "When was the low?" are common.
To answer these questions and others, it is helpful to have context as to where the market has been over the last twelve years.
A Historical Overview of the Condo Sales Masters at Kaanapali Hillside
Year
Sales
Low SP
AVG SP
High SP
AVG $/sq ft
AVG DOM
AVG SP/LP
Volume
2007
14
$700,000
$1,148,143
$1,500,000
$773
165
87%
$16,074,000
2008
5
$825,000
$1,103,000
$1,300,000
$773
261
83%
$5,150,000
2009
5
$560,500
$1,022,100
$1,300,000
$732
283
92%
$5,110,500
2010
6
$571,500
$685,833
$915,000
$478
228
91%
$4,115,000
2011
11
$410,000
$731,536
$1,560,000
$513
155
94%
$8,046,900
2012
13
$470,000
$726,385
$930,000
$531
271
92%
$9,443,000
2013
20
$497,000
$863,525
$1,540,000
$580
241
92%
$17,270,500
2014
7
$515,000
$756,857
$1,200,000
$618
170
94%
$5,298,000
2015
17
$630,000
$966,006
$1,600,000
$662
179
92%
$16,422,100
2016
17
$510,000
$937,647
$1,650,000
$638
178
96%
$15,940,000
2017
6
$535,000
$684,500
$860,000
$582
229
95%
$4,107,500
2018
16
$540,000
$1,081,875
$1,500,000
$690
164
93%
$17,310,000
2019
18
$550,000
$861,028
$1,400,000
$660
226
95%
$15,498,500
3.31.2020
7
$575,000
$813,142
$1,100,000
$625
120
95%
$5,692,000
In general, we saw the market peak in 2007/2008 for most of Maui's resort communities, with the bottom following fairly shortly after the peak.
If we look at the average sales prices, the last cycle peaks at the Masters were in 2007/2008 and in 2018, with market lows in 2010 and again in 2017. So how does the market compare now? The average sales price for closings year to date is down -29% from the market high in 2007. It is up +19% from the market lows of 2010/2017.
It is important to note a few key points: the Masters has three different sizes of residences from 1B-3B, with the majority of the units being 2B floor plans. As a result, if there are no 1B or 3B sales in a calendar year, average sales prices can be affected. Built in 1989, many of the residences have been renovated, which will also impact final sales prices and averages. And while it can be hard to quantify, the view/location also has a huge impact on the value of a property.
Listed By: Island Sotheby's International Realty(L) Office Contact: Cell: 808-283-4922
Discover Luxury And Convenience With This Rare Single-level, 2-bedroom, 2-bathroom End Unit At The Prestigious Masters At Kaanapali. Located In A Quiet, Gated Community On The Scenic Kaanapali Hillside, This Beautifully Remodeled Condo Boasts No Stairs, A P...
Beautiful Two Bedroom Unit At The Masters, Kaanapali's Most Desired Property With Breathtaking Ocean Views, Gated Entrance, And Ideal Location On West Maui, Close To Kaanapali Beach, Golf Course, World Famous Dining And Shopping. Resort Living With Tropical...
Views, Views, Views: Molokai And Lanai, Nightly Sunsets, Whales Frolicking In Season All Can Be Yours When You Become The Owner Of #706 Masters At Kaanapali. Look Out Over The Kaanapali Golf Course Towards The Sheraton And Black Rock. Enjoy Pools, Pickle Ba...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-3067
Enjoy Stunning Ocean, Island, And Golf Course Views From This Beautifully Situated Upstairs 2-bedroom, 2-bathroom Unit Overlooking The 9th Signature Hole And 10th Fairway Of The Royal Kaanapali Golf Course. Located In The Highly Sought-after, Gated Communit...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-276-6061
This Lovely Upper Floor Unit Boasts Exceptional Ocean Views With The Magical Outer Islands Of Lanai And Molokai, Serving As A Beautiful Backdrop. The Special Location, Has Served As The Seller’s Principal Residence For The Past 10 Years. Building 17 Has A ...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-3067
This Two-bedroom, Two-bath, Corner Upstairs Unit Offers Panoramic, Gorgeous Ocean Views And Sweeping Vistas Of The Islands Of Lana‘i And Moloka‘i. It Overlooks The Ninth Fairway Of The Kaanapali Royal Golf And Its Signature Ninth Hole. With Only Seven Steps...
Oceanview Opportunity Available In The Top Row Of The Masters At Kaanapali. This Updated, Partially Furnished One Bedroom, One Bath Can Be Yours For Below The Current Tax Assessed Value. Two Spa Like Pools To Enjoy, Tennis And Pickle Ball Courts, Well-manic...
Discover One Of The Most Desirable Residences At The Masters In Ka'anapali. This Rare Corner Two-bedroom, Two-bath Condominium Offers An Expanded Floor Plan With Abundant Extra Windows, Allowing For An Exceptional Amount Of Natural Light And Cooling Trade W...
Welcome To Masters 903, Where Breathtaking, Panoramic Views Of The Pacific Ocean And Neighboring Islands Moloka‘i And Lana‘i Unfold Right From Your Ground-floor Lanai. This Exceptional Unit Boasts An Unmatched Front-row Seat To Maui’s Legendary Sunsets Whil...
Listed By: Keller Williams Realty Maui-Ka Office Contact: Cell: 808-269-2997
Welcome To Masters 3405, A Thoughtfully Designed 1-bedroom, 1-bath Residence Offering 901 Square Feet Of Bright, Comfortable Living Space In One Of Maui’s Most Desirable Communities. Perfectly Positioned To Capture The Beauty Of The Island, This Unit Featur...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-3067
This Is A One-of-a-kind Unit In The Masters Gated Community, With Beautiful Ocean Views From The Living Area, Kitchen, Primary Bedroom And Lanai! A Unique Ladder Loft, Completely Finished With Bamboo Wood Flooring, Upgraded Windows, Decorated And Furnished,...
Listed By: Real Broker LLC Office Contact: ReneSellsMaui@gmail.com
This One-bedroom, One-plus-bath Unit Is Located On Kaanapali Hillside In The Masters, An Exclusive Gated Community Featuring 2 Heated Pools, 2 Hot Tubs, 4 Tennis Courts, And On-site Security. The Warm Sunsets Entice You To Step Out Onto The Lawn, Where You...
