Aloha from the Kapalua Resort!

As Maui basks in warm spring weather, its exciting to report that the Kapalua Resort is close to completing a transformation that began several years ago, with the construction of the new Kapalua Spa and the Ritz-Carlton Club and Residences, Kapalua Bay. Currently scheduled to open on May 31, 2009, the tall coconut palm trees are back on the point, landscaping has begun, and the construction fences are down. With approximately 30,000 square feet accommodating indoor and outdoor treatment rooms, a full service beauty salon, fitness facility, yoga/flex studio, and saline lap pool, the Kapalua Spa promises to be one of Maui's finest.

The resort real estate market continues to reflect US economic conditions, with an increase in price reductions over last month. Perhaps the most interesting development is the auction of Ridge Villa 2512.  Listed at an opening bid price of $495,000, this one bedroom villa will be auctioned off online to the highest bidder, with the auction closing on 5/15/2009.  The winning bidder is notified, and can have their real estate agent write up a standard purchase contract with normal contingencies (financing, documents, inspections, etc).  In speaking with the listing agent, it was emphasized that this is not a distressed sale, and the owner does have a reserve price that must be met, but will not be publicly revealed.

In evaluating the Kapalua Resort market reductions during the month of March, they ranged from a low of 2% to a 40% reduction from the original asking price. (Ridge Villa 1213-15 was originally listed at $2,500,000 and is now offered at $1,495,000). In addition, new listings are coming on at prices far below previous listings. 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 March:

  • There were 12 new listings, ranging from a low of $650,000 for a two-bedroom Golf Villa one-bedroom to a high of $12,995,000 for a 13,705 sq. ft. estate home on over five acres in Honolua Ridge II.
  • Of the new listings, one was a bank owned property: 406 Monarch, Pineapple Hill I, was listed at $1,700,000 and received an accepted offer the first day it was listed. The offering price was at approximately 70% of the average sale price of $2,358,333 for homes in Pineapple Hill since 1/2008.
  • There have been 21 properties that have reduced their asking prices: 7 Bay Villas, 2 Golf Villas, 4 Ridge Villas, 1 Pineapple Hill home, 1 fractional ownership of a home in Pineapple Hill, 1 Plantation Estates Home, 1 Oceanfront Home, 2 Ironwoods Villas, and 1 lot at the Plantation Estates.
  • There are two new escrows in March: a Bay Villa oceanview one bedroom in original condition, and the 406 Monarch in Pineapple Hill
  • One sale of a home in Pineapple Hill, 1200 Summer at $2,325,000, which closed at 90% of the asking 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 follows below in a new format. Due to higher MLS inventory, I had to change the structure of the newsletter web-page.  Now you will find links to all active listings, maps, and a market summary of active listings, pending sales, and sales on separate web pages for each neighborhood.  As there are more price reductions, I also added the original list price and current list price as categories, so that you can see if there has been a price adjustment.  I will be working to add more information on Oceanfront properties and Kaanapali to the site as well, so please don't hesitate to contact me for updates.

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 Chopin recipe from Capische?. This Wailea Restaurant will be participating in the Kapalua Wine and Food Festival and is referred to by Fodor's as one of Maui's best kept secrets.

In personal news,  I am so pleased to announce that my mother, Sarah K. Howard, is now affiliated with Maui Hands, a local art gallery dedicated to showing the work of local Hawaiian artisans.  You can view her work, which depicts island scenes and botanicals, at the gallery's three locations (Front Street in Lahaina, Paia, or at the Hyatt in Kaanapali). 

Enjoy!
Aloha,
Courtney
 
KAPALUA RESORT MARKET UPDATE
 
Or visit the Kapalua Resort Neighborhood to view:
  • Active listings in MLS
  • Floorplans if available
  • Community Map
  • Summary of active listings and sales YTD

 
All information is taken from the Maui Multiple Listing Service, 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.