FEBRUARY, 2009


Aloha from the Kapalua Resort!

Historically, the Hawaii real estate market had lagged behind the mainland US market.  However, Paul Brewbaker, former Chief Economist for the Bank of Hawaii, recently pointed out that Hawaii's real estate market has become far more responsive to the mainland market conditions.

Our resort market does differ from other markets in the islands, as lenders typically would require larger down payments (20-30%).  As such, we did  not see as many speculative buyers, nor have we seen many foreclosures to date.  However, we are seeing more and more price reductions, and new listings coming on at prices far below previous listings.  In evaluating the past month's reductions, they ranged from a low of 3% to a whopping 34% reduction from the original asking price.  (Bay Villa 15G1-3 was originally listed at $2,395,000 and is now offered at $1,575,000).  As inventory increases, we are seeing more options for Buyers, including some prime locations that are seldom available.  

The following is the MLS activity in the Kapalua Resort looking back at the month of February:

  • There were 11 new listings, ranging from a low of $555,000 for a Golf Villa one-bedroom to a high of $4,500,000 for a renovated Ironwoods residence.
  • There have been 19 properties that have reduced their asking prices: six Bay Villas, 4 Golf Villas, 4 Ridge Villas, 3 Pineapple Hill homes, 1 Ironwoods Villa, and 1 lot at the Plantation Estates.   
  • There is one property in escrow that is not a developer sale, a home in Pineapple Hill, 406 Monarch.
  • One sale of a home in Pineapple Hill, 604 Silversword for $2,350,000, which closed at 80% of list price.

Outside the Kapalua Resort, we saw the first closings at Honua Kai at the north end of Kaanapali.  There are several properties on the market at pricing lower than the original developer offerings, which represent good values.  In oceanfront news, an oceanfront home in Olowalu offered at $3,950,000 is now pending sale.  Finally, 49 Hale Malia, a new oceanfront home in the small gated Hale Malia community closed escrow at $8,350,000.

A market update for the Kapalua Resort, West Maui Oceanfront properties, and Kaanapali Resort follows below. You will find links to all active listings and a summary of active listings, pending sales, and sales since the last update. I specialize in the Kapalua Resort, but also work across the island. Please don't hesitate to contact me with any questions or for additional information on the Maui real estate market.

Each month, along with local event updates, you will find sales statistics for the entire island posted to Courtney's Blog, as prepared by the Realtor's Association of Maui. This month Local Flavors features a twist on a local recipe, with I'O's famous Chocolate Martini.  Enjoy!
 
Aloha,
Courtney
KAPALUA RESORT, KAANAPALI AND WEST MAUI OCEANFRONT MARKET UPDATE
KAPALUA RESORT CONDOMINIUMS:
COCONUT GROVE
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
334106 ACTIVE 12 $3,600,000 3 3.50 2638 130
335507 ACTIVE 5 $3,650,000 3 3.00 2312 52
334418 ACTIVE 30 $5,300,000 3 3.50 2625 117
335200 ACTIVE 15 $5,850,000 3 3.50 2280 72
334417 ACTIVE 23 $6,300,000 3 3.50 2280 117
 
BAY VILLAS
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
329968 ACTIVE 37G2 $795,000 1 1.00 989 368
331713 ACTIVE 16G2 $840,000 1 1.00 989 276
336071 ACTIVE 15G4 $875,000 1 1.00 1006 20
335836 ACTIVE 25B4 $975,000 1 1.00 1006 34
328962 ACTIVE 29G4 $995,000 1 1.00 1006 416
335054 ACTIVE 33G1 $1,099,000 1 2.00 1118 76
335537 ACTIVE 17-G-4 $1,225,000 1 1.00 1006 53
335028 ACTIVE 17G5 $1,290,000 1 2.00 1206 79
331023 ACTIVE 32B3 $1,350,000 1 1.50 995 317
332760 ACTIVE 28G3 $1,375,000 1 1.50 1320 223
312429 ACTIVE 20G4 $1,395,000 1 1.00 1006 1340
331795 ACTIVE 23G2 $1,395,000 1 1.00 983 272
329222 ACTIVE 34B4 $1,445,000 1 1.00 1006 407
329575 ACTIVE 30G2 $1,449,000 1 1.00 1006 389
328790 ACTIVE 14B1 $1,475,000 1 1.00 1006 422
331765 ACTIVE 24 B1,2 $1,569,000 2 3.00 1447 271
328372 ACTIVE 15G123 $1,575,000 2 3.00 1529 442
335203 ACTIVE 21G5 $1,650,000 1 2.00 1206 70
335536 ACTIVE 25-B-3 $1,699,000 1 2.00 1096 52
331810 ACTIVE 23B1 $1,749,000 1 1.00 1006 272
331638 ACTIVE 12B 1&2 $1,795,000 2 3.00 1569 279
333733 ACTIVE 16G3-5 $1,949,000 2 3.00 1619 151
325733 ACTIVE 35G3,4,5 $1,950,000 2 3.00 1529 586
331840 ACTIVE 22G4 $1,995,000 1 1.00 1006 271
333882 ACTIVE 30 G3-5 $2,195,000 2 3.00 1529 146
335492 ACTIVE 16 B 2-3-4 $2,275,000 2 2.50 1503 53
333951 ACTIVE 14B3-4 $2,490,000 2 3.00 1750 139
 
GOLF VILLAS
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
336466 ACTIVE 14V2 $555,000 1 1.50 899 1
334428 ACTIVE 26T1,2 $575,000 1 2.00 972 111
333827 ACTIVE 27V3 $599,000 1 1.50 899 145
324080 ACTIVE 11T6-7 $599,000 1 2.00 972 682
335715 ACTIVE 12V3 $599,000 1 1.50 899 40
331610 ACTIVE 16V1 $649,000 1 1.50 899 283
332329 ACTIVE 18V-4 $675,000 1 1.50 899 246
320974 ACTIVE 15T3,4 $690,000 1 2.00 972 839
322416 ACTIVE 21T5-6 $698,000 1 2.00 972 768
334619 ACTIVE 20P1,2 $725,000 2 2.00 1440 101
335889 ACTIVE 25P 3-4 $750,000 2 2.00 1344 32
334496 ACTIVE 18P3&4 $780,000 2 2.00 1407 107
324378 ACTIVE 17 P5,6 $795,000 2 2.00 1432 661
330347 ACTIVE 21P1,2 $795,000 2 2.00 1344 352
331680 ACTIVE 12T5,6 $799,000 1 2.00 972 276
335919 ACTIVE 27T7 $825,000 1 1.50 987 29
321922 ACTIVE 12T2 $850,000 1 1.50 987 790
335204 ACTIVE 15V3 $850,000 1 2.00 899 70
326218 ACTIVE 16P3,4 $890,000 2 2.00 1344 558
332739 ACTIVE 26P1,2 $899,000 2 2.00 1344 218
324755 ACTIVE 14P5,6 $900,000 2 2.00 1344 639
335128 ACTIVE 14T6,7 $939,000 2 2.00 1344 74
334464 ACTIVE 18P5,6 $990,000 2 2.00 1344 108
332234 ACTIVE 25T4,5 $999,999 2 2.00 1032 248
329083 ACTIVE 23T3 $999,999 2 2.00 1350 411
334401 ACTIVE 18P7/8 $1,080,000 2 2.00 1344 114
329555 ACTIVE 20P5,6 $1,100,000 2 2.00 1344 391
329590 ACTIVE 19T4,5 $1,100,000 1 2.00 972 388
335127 ACTIVE 14P7,8 $1,245,000 2 2.00 1344 74
333475 ACTIVE 17V-2 $1,280,000 2 2.00 1880 168
328819 ACTIVE 11T5 $1,350,000 3 2.00 2000 421
333019 ACTIVE 23T6,7 $1,400,000 2 2.00 1344 201
 
IRONWOODS
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
335855 ACTIVE 83 $2,950,000 2 3.00 2482 33
328864 ACTIVE 14 $3,150,000 2 3.00 1935 419
328858 ACTIVE 24 $3,225,000 2 3.00 2102 419
335542 ACTIVE 52 $3,300,000 2 3.00 2336 51
334037 ACTIVE 53 $3,549,000 2 3.00 1998 135
336057 ACTIVE 102 $3,750,000 3 4.00 2400 22
334309 ACTIVE 22 $3,995,000 2 3.00 1960 120
331771 ACTIVE 23 $3,995,000 2 3.00 2264 272
336017 ACTIVE 11 $4,500,000 3 4.00 2400 23
 
RIDGE VILLAS
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
332868 ACTIVE 2512 $785,000 1 2.00 1125 212
336100 ACTIVE 1412 $875,000 1 2.00 1125 18
328409 ACTIVE 815 $895,000 1 2.00 1162 440
331689 ACTIVE 2712 $925,000 1 2.00 1125 276
336274 ACTIVE 2122 $945,000 1 2.00 1150 13
333958 ACTIVE 1914 $965,000 1 2.00 1125 142
333266 ACTIVE 1812 $975,000 1 2.00 1125 184
336371 ACTIVE 411 $985,000 1 2.00 1162 8
335801 ACTIVE 714 $995,000 1 2.00 1125 37
332594 ACTIVE 1512 $999,000 1 2.00 1125 228
336206 ACTIVE 2011 $1,050,000 1 2.00 1162 17
333502 ACTIVE 524 $1,050,000 1 2.00 1125 167
328143 ACTIVE 2611 $1,150,000 1 2.00 1162 457
335993 ACTIVE 915 $1,235,000 1 2.00 1162 24
332933 ACTIVE 1511 $1,275,000 1 2.00 1162 209
330735 ACTIVE 2214 $1,300,000 1 2.00 1125 333
328342 ACTIVE 21 13-15 $1,300,000 2 3.00 1778 445
332864 ACTIVE 2313-15 $1,495,000 2 3.00 1778 212
331426 ACTIVE 221-23 $1,495,000 2 3.00 1906 292
334778 ACTIVE 921-23 $1,500,000 2 3.00 1778 90
330613 ACTIVE 2723-24 $1,500,000 2 3.00 1756 338
331313 ACTIVE 1213-15 $1,995,000 2 3.00 1778 299
326459 ACTIVE 623-24 $1,995,000 3 3.00 1922 545
 
THE RESIDENTIAL SUITES AT THE RITZ-CARLTON®, KAPALUA
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
334072 ACTIVE 1602 $950,000 1 1.00 872 134
334856 ACTIVE 1221-23 $1,990,000 2 2.00 1323 88
333954 ACTIVE 1321-23 $2,150,000 2 2.00 1323 139
 
THE RITZ-CARLTON RESIDENCES®, KAPALUA BAY
Please note: the MLS contains only a sampling of listings. For a complete price list, please contact me
 
MLS # Status Unit L Price Bds Bths Liv-SF Days On Market
319899 ACTIVE 5102 $4,285,000 3 3.50 3002 919
335320 ACTIVE 1303 $6,900,000 3 3.50 3125 61
335444 ACTIVE 1403 $7,110,000 3 3.50 3002 53
319902 ACTIVE 2401 $9,395,000 4 4.50 4271 919
319901 PENDING - CONT. TO SHOW 1303 $6,245,000 3 3.50 3125 365
 
THE RITZ-CARLTON CLUB®, KAPALUA BAY
The Ritz-Carlton Club, Kapalua Bay offers fractional ownership for those who are looking to spend just a few weeks a year on Maui. The one twelfth ownership guarantees owners three weeks per year, in either a floating or fixed interval program. The new Ka Papa program provides three consecutive fixed weeks of occupancy. For more information, please contact me.
 
HOMES:
KAPALUA PLACE
 
MLS # Status Address L Price Bds Bths Liv-SF Land Acres Days On Market
334064 ACT 7 Kapalua Place $19,500,000 5 6.50 7499 0.6488 135
 
PINEAPPLE HILL AND PINEAPPLE HILL ESTATES
 
MLS # Status Address L Price Sold Price Closing Date Bds Bths Liv-SF Land Acres Days On Market
331282 ACT 104 Woodrose Place $2,495,000 4 3.50 3314 0.2329 303
334266 ACT 1200 Summer Road $2,600,000 3 3.50 3321 0.3778 121
329687 ACT 516 Pacific Drive $2,950,000 3 3.50 3666 0.2190 383
328738 ACT 710 Fairway Drive $2,950,000 3 3.50 3666 0.2015 424
330289 ACT 102 Woodrose Place $2,995,000 3 3.50 3812 0.2642 353
334160 ACT 1000 Sunset Place $3,500,000 4 4.50 3368 0.3072 132
334434 ACT 334 Cook Pine Drive $3,695,000 4 5.00 3493 0.2509 111
327033 ACT 232 Crestview Road $3,800,000 3 3.00 3354 0.4478 517
334617 ACT 614 Silversword $3,895,000 3 4.50 3426 0.2324 99
334066 ACT 402 MONARCH PLACE $3,995,000 4 4.50 3712 0.2556 132
327885 ACT 1206 Summer Road $3,995,000 4 5.50 3624 0.2519 468
334013 ACT 228 Crestview Drive $4,195,000 4 4.50 3939 0.4695 136
329685 ACT 514 Pacific Drive $4,200,000 4 4.50 3704 0.2181 383
335288 ACT 233 CRESTVIEW ROAD $4,250,000 4 4.00 4400 0.4600 62
335238 ACT 618 Silversword Drive $4,475,000 3 3.50 4100 0.2432 68
335591 ACT 224 Crestview Road $4,500,000 4 3.50 4260 0.4456 47
334119 ACT 116 Pulelehua Street $4,790,000 4 4.50 4081 0.4716 130
333284 ACT 238 Crestview Road $4,795,000 4 4.50 4055 0.4668 183
334015 ACT 106 Pulelehua Street $5,200,000 4 5.00 4500 0.4703 136
324672 CNTRL 406 MONARCH PLACE $2,490,000 3 3.00 2794 0.2820 645
331926 SLD 604 Silversword Drive $2,950,000 $2,350,000 2/26/2009 4 4.50 3458 0.2499 262
 
PLANTATION ESTATES I & II and HONOLUA RIDGE I & II
Plantation Estates I and II Home Listings Honolua Ridge I and II Home Listings
 
MLS # Status Address L Price Bds Bths Liv-SF Land Acres Days On Market
333766 ACT 231 KAUPALENA PL $5,495,000 4 4.50 5253 7.9000 151
334006 ACT 94 Keoawa $6,800,000 6 6.00 7199 3.9713 136
329568 ACT 501 Honokohau Street $7,400,000 5 6.50 6386 2.0100 391
329665 ACT 229 Plantation Club Drive $7,500,000 3 3.50 4085 2.5250 385
332085 ACT 708 Mokuleia Place $8,950,000 5 5.50 7800 2.1000 256
333834 ACT 212 Plantation Club Drive $10,700,000 4 4.50 4790 2.0200 146
334647 ACT 226 Keoawa Street $12,000,000 6 6.00 13,705 5.9600 96
334124 ACT 305 Plantation Estates Drive $12,250,000 5 8.00 8610 2.0100 130
328523 ACT 222 Plantation Club Drive $16,000,000 7 7.50 11,399 2.4900 436
 
VACANT LAND:
*Maps with parcel numbers are available for all Kapalua Properties on this website under Kapalua Information, Vacant Land.
KAPALUA PLACE
While there are no Active Listings on the date this newsletter was posted, click the link above, as a new listing may have been entered into MLS since.
PINEAPPLE HILL AND PINEAPPLE HILL ESTATES
 
MLS # Status Address L Price Land Acres Days On Market Par
333324 ACTIVE 216 Crestview Road $950,000 0.280000 179 009
 
PLANTATION ESTATES I & II and HONOLUA RIDGE I & II
 
MLS # Status Address L Price Land Acres Days On Market Par
336237 ACTIVE 221 Plantation Club Drive $1,275,000 2.340000 16 013
332977 ACTIVE 104 Honolua Place Lot#3 $1,275,000 2.180000 208 003
330637 ACTIVE 122 Keoawa St. $1,325,000 5.580000 335 018
330878 ACTIVE Lot 3 Honolua Ridge Phase I lot 3 $1,400,000 3.400000 324 003
335155 ACTIVE 98 Keoawa Place (HRI, lot # 8) $1,550,000 4.200000 73 008
335041 ACTIVE 110 Ke'oawa $1,600,000 4.337000 76 015
335355 ACTIVE lot 10 Honolua Ridge Phase 1 $1,640,000 3.500000 58 041
332485 ACTIVE 101 Ke'oawa Place $1,650,000 9.300000 234 012
335163 ACTIVE 111 Keoawa Place (HRI, lot # 4) $1,750,000 3.400000 73 041
334628 ACTIVE 102 Kapahiki Street (HRI, Lot # 13) $1,825,000 6.690000 97 013
332797 ACTIVE 707 Mokuleia $1,849,000 2.040000 213 063
332486 ACTIVE 228 Keoawa Street $2,300,000 6.260000 234 022
331516 ACTIVE Lot 19 Honolua Ridge Phase 1 lot 19 $2,400,000 3.230000 289 019
333864 ACTIVE 710 Mokuleia Place $3,500,000 4.390000 144 061
316411 ACTIVE Lot 24 Honolua Ridge II $4,500,000 25.400000 1124 tbd
334069 ACTIVE PHASE II B PLANTATION ESTATES $14,995,000 75.700000 132 068
 
WEST MAUI OCEANFRONT HOMES AND LOTS
 
KAANAPALI RESORT PROPERTY
All information is taken from the Maui Multiple Listing Service on March 1, 2009, and is deemed accurate, but is subject to change and should not be relied upon without verification. You should conduct your own investigation and consult with appropriate professionals to determine the accuracy of the information provided and to answer any questions concerning the property and structures located thereon. Please note that listings in the MLS represent many different broker's listings and sales, and are not just those of Kapalua Realty. At times, those noted in the pending or sold categories may have never been active in MLS, but rather put immediately in the pending/sold. All listings are fee simple unless designated leasehold. All Summary Charts are © 1995, Realtor's Association of Maui, Inc. All rights reserved.