It has been a beautiful, warm summer in Kapalua. In Resort News:
- The gorgeous Kapalua Spa opened its doors on July 3, 2009, providing the Kapalua Resort with a new fitness center, along with spa treatments and more.
- The Kapalua Club opened it's newest amenity for members: the Beach Club. This gorgeous little spot is nestled between the Coconut Grove and the Ritz-Carlton Club and Residences. It features an infinity edged saline pool, hot tub, and a small restaurant/bar.
- The Ritz-Carlton Residences, Kapalua Bay had its first closings of the whole ownership villas, welcoming four new owners to the property. Others are slated to close over the upcoming months.
Real Estate News:
I'm often asked when the real estate market will bottom. I've noted that showings are increasing and many prospective purchasers are beginning their research. Overall, the total number of resales in the resort is down 55% from last year, with average sales prices down 22%. There are some great values out there, as inventory continues to increase. Each marketplace is different, and we are starting to see price reductions and movement at the lower end of both the condominium and residential markets. Land sales continue to be slow, and prices have come down in many of the listings.
Here are some highlights of the activity in the Kapalua Resort looking back at July,:
- Active Listings: There are a total of 137 active listings in the resort, ranging from $515,000 to $19,500,000. Of these listings, 10 were new listings (down from 20 new listings last month), ranging from a low of $735,000 for a one bedroom Golf Villa to a high of $8,250,000 for a home in Plantation Estates II.
- Short Sales/REO's: There are two potential short sales noted in MLS. Ridge Villa 1511 was foreclosed on by the lender.
- New Development Sales: While information can be hard to calculate with regard to developer sales, as they are not posted in MLS, I have heard that 4 sales have occurred at the Ritz-Carlton Residences, Kapalua Bay
- Escrows: There are currently 4 escrows
- Closings: There were three closings: A one bedroom Golf Villa for $520,000, a two bedroom Golf Villa for $550,000 and a beautifully renovated home in Pineapple Hill I at $2,650,000.
- 2009 vs. 2008 YTD: We have had 9 closings year to date in 2009. By comparison, we had 20 closings as of this date in 2008.
THE FOLLOWING CHARTS COMPARE THIS PAST MONTH WITH THE PREVIOUS MONTH AND THE YEAR TO DATE FIGURES FOR 2009 VS. SAME PERIOD IN 2008.
OVERALL RESORT MARKET SNAPSHOT (CONDOS, LAND, HOMES)
August-09
July-09
Percent Change
Active Listings
137
134
2%
Pending Sales
4
6
-33%
Sold YTD
9
6
50%
Active Listings
Avg List Price
$2,743,064
----
----
Avg Days on Market
297
----
----
Low List Price
$515,000
----
----
High List Price
$19,500,000
----
----
Solds
Avg List Price
$1,693,222
$1,773,333
-5%
Avg Sale Price
$1,473,333
$1,594,166
-8%
Avg Days on Market
200
204
-2%
Solds 2008 vs. 2009 YTD
2009
2008
Total Number of Sales
9
20
-55%
Avg List Price
$1,693,222
$2,055,000
-18%
Avg Sale Price
$1,473,333
$1,885,675
-22%
Avg Days on Market
200
212
-6%
Low List Price
$599,000
$675,000
-11%
High List Price
$3,350,000
$6,850,000
-51%
CONDOMINIUMS
| July-09 | June-09 | Percent Change | |
| Active Listings | 91 | 86 | 6% |
| Pending Sales | 4 | 6 | -33% |
| Sold YTD | 5 | 3 | 67% |
| Active Listings | |||
| Avg List Price | $1,697,197 | ---- | ---- |
| Avg Days on Market | 318 | ---- | ---- |
| Low List Price | $515,000 | ---- | ---- |
| High List Price | $9,395,000 | ---- | ---- |
| Solds | |||
| Avg List Price | $927,800 | $1,130,000 | -18% |
| Avg Sale Price | $852,000 | $1,063,333 | -20% |
| Avg Days on Market | 218 | 268 | -19% |
| Solds 2008 vs. 2009 YTD | 2009 | 2008 | |
| Total Number of Sales | 5 | 15 | -67% |
| Avg List Price | $927,800 | $1,114,700 | -17% |
| Avg Sale Price | $852,000 | $1,046,000 | -19% |
| Avg Days on Market | 218 | 207 | 5% |
| Low List Price | $599,000 | $675,000 | -11% |
| High List Price | $1,575,000 | 2,100,000 | -25% |
HOMES
| July-09 | June-09 | Percent Change | |
| Active Listings | 29 | 28 | 4% |
| Pending Sales | 0 | 0 | 0% |
| Sold YTD | 4 | 3 | 33% |
| Active Listings | |||
| Avg List Price | $5,603,272 | ---- | ---- |
| Avg Days on Market | 229 | ---- | ---- |
| Low List Price | $1,999,900 | ---- | ---- |
| High List Price | $19,500,000 | ---- | ---- |
| Solds | |||
| Avg List Price | $2,650,000 | $2,416,600 | 10% |
| Avg Sale Price | $2,250,000 | $2,125,000 | 6% |
| Avg Days on Market | 178 | 144 | 24% |
| Solds 2008 vs. 2009 YTD | 2009 | 2008 | |
| Total Number of Sales | 4 | 5 | -20% |
| Avg List Price | $2,650,000 | $4,779,000 | -45% |
| Avg Sale Price | $2,250,000 | $4,404,500 | -49% |
| Avg Days on Market | 178 | 228 | -22% |
| Low List Price | $1,700,000 | $2,500,000 | -32% |
| High List Price | $3,350,000 | 6,850,000 | -51% |
LAND
| July-09 | June-09 | Percent Change | |
| Active Listings | 17 | 20 | -15% |
| Pending Sales | 0 | 0 | 0% |
| Sold YTD | 0 | 0 | 0% |
| Active Listings | |||
| Avg List Price | $2,868,117 | ---- | ---- |
| Avg Days on Market | 273 | ---- | ---- |
| Low List Price | $950,000 | ---- | ---- |
| High List Price | $1,499,500 | ---- | ---- |
| Solds | |||
| Avg List Price | NA | NA | NA |
| Avg Sale Price | NA | NA | NA |
| Avg Days on Market | NA | NA | NA |
| Solds 2008 vs. 2009 YTD | 2009 | 2008 | |
| Total Number of Sales | 0 | 0 | 0% |
| Avg List Price | NA | NA | NA |
| Avg Sale Price | NA | NA | NA |
| Avg Days on Market | NA | NA | NA |
| Low List Price | NA | NA | NA |
| High List Price | NA | NA | NA |
Market updates for the Kapalua Resort, Napili, Kaanapali, and Maui Oceanfront Homes & Land follow below. 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. Even if you are not ready to buy or sell a property right now, I would be happy to keep you up to date.
If you enjoy this newsletter, please feel free to forward a link to www.luxuryrealestatemaui.com/newsletter.asp to a friend that might appreciate this information.
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. Annual and Monthly Statistics can be found on the Market Reports section. This month I was fortunate enough to have Spago in Wailea contribute to Local Flavors. Enjoy!
Aloha,