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: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-5166
Beautiful Remodeled Single Level 2-bedroom 2-bath Unit With No Interior Stairs. This Unit Is One Of The Rare Locations Requiring Only A Few Steps Down From The Parking Lot To The Front Door. Enjoy Stylish Indoor-outdoor Living, Enhanced With 3 Split Air Con...
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...
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 Lanaâi And Molokaâi. It Overlooks The Ninth Fairway Of The Kaanapali Royal Golf And Its Signature Ninth Hole. With Only Seven S...
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 Mauiâs Most Desirable Communities. Perfectly Positioned To Capture The Beauty Of The Island, This Unit Feat...
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...
Enjoy A Jaw-dropping Backdrop Of The Bright Blue Ocean From This Pristine And Private Residence At The Prestigious Masters At The Kaanapali Hillside. Meticulously Renovated Down To The Studs, This Second-floor Condo Lives As A Home With Its Warm And Invitin...
Great Buy On Kaanapali Hillside. The Masters Is A Gated Community Which Sits On 38 Lush Tropical Acres With Two Swimming Pools, Two Hot Tubs, Tennis Courts And More. Spacious Grounds Meticulously Landscaped With Ocean And Sunset Views. This Is A Beautiful ...
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. Standing In Your Updated Kitchen Looking Out Over The Kaanapali Golf Course Towards The Sheraton An...
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...
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 Sellerâs Principal Residence For The Past 10 Years. Building 17 Has ...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-283-3067
The Masters 1005 Is A Beautifully Renovated Ground Floor Corner Unit Located In The Exclusive Gated Community Of The Masters In Ka'anapali. This 2-bedroom, 2-bathroom Condo Offers Sweeping Panoramic Ocean Views Of Lanaâi And Molokaâi And Overlooks The 1...
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...
