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
This Extremely Rare, Single Level, Two-bedroom, Two-bathroom End Unit With No Stairs And Private Entry, Is Waiting For You! Unit #4207 Is Exquisitely Remodeled With Extra Attention Paid To Those With Possible Mobility Issues. The Primary Suite Is Spacious ...
Listed By: Coldwell Banker Island Prop-Ku Office Contact: Cell: 808-283-3055
Masters #2305 Offers The Quintessential Location, Stunning Views Of The Ocean, The Island Of Molokai And Lanai, With Spectacular Golf Course Frontage, Located On The Royal Kaanapali Golf Course, With A Privacy Green Belt. The Corner Location Features Additi...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-250-1583
Luxurious, Spacious And Very Private. Elegant 1728 Sq. Ft. Executive Residence With Beautiful Ocean, Island, Golf Course And Sunset Views. Upper Level, North End, Capturing Tropical Trade Winds And Offers An Extra Large Kitchen And A Private Interior Entry....
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-3067
Don't Miss The Unique Opportunity To Own This Rare 3 Bedroom, 3 Bath Suite With 2156 Square Feet Of Living Area. This Private Corner Unit Offers All The Benefits Of A Ground Floor Unit, A Private Entrance With No Steps Going Into It And Two Assigned Parking...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-3067
Panoramic Sunset, Ocean, Golf Course And Island Views Of Lanai. The Unit Also Overlooks The 10th Fairway Of The Royal Kaanapali Golf Course. This 2 Bedroom 2 Bathroom Upstairs Fully Furnished Unit Has 1512 Square Feet Of Living Area. Three A/c Units. Large...
Masters Unit 901 Is Located In The Highly Sought After Ka’anapali Hillside Neighborhood. This Fully Gut Remodeled Residence Was Completed In 2023 Including New Windows, Sliding Glass Doors, High End Countertop, Cabinetry, Split Ac System And Much More. Re...
